Wednesday, July 6, 2011

Here Come the Phony Tax Cuts to Offset the Real Tax Increases

Majority Leader Eric Cantor is signaling that he's willing to consider White House proposals to close tax loopholes, in advance of a meeting tomorrow with President Barack Obama over cutting the budget, reports AP.

Of course, Cantor goes on to say the closing of loopholes must be countered by tax cuts. The problem with all this is that any trade between the closing of loopholes and tax cuts will be worded in bureaucratic gobbledygook, where the tax revenue generated will be greater than the matching tax cuts, that is simply how Washington works. Trading closing loopholes for tax cuts is a big red flag.

As I have said before, the current tax structure needs to be frozen right here and only tax cuts allowed going forward. That's the only way it will be about tax cuts. Anything else is just Congress running a new scam.


  1. Agreed Robert. Smoke and mirrors for the inevitable tax hikes headed our way. The morons think they'll stick to the rich while they dance on the grave of liberty. The awful rich will simply take their money offshore beyond the reach of the government and guess who's going to be left without a chair when the music stops--the rest of us.