IBD: Policymakers piled up a $1.4 trillion deficit for fiscal 2009. The figure is so high that if Congress were to use the income tax to balance the budget, rates would have to be nearly tripled.
The 2009 deficit was larger than the combined federal debt of the first two centuries of the country’s existence. As staggering as that is to the mind, the 2010 deficit projects to be even bigger, roughly $1.5 trillion.
And do remember that Congress has been under Democrat control since 2007.
A new Rasmussen Reports national telephone survey finds that 49% still blame the economic situation on the recession that began under Bush. But 45% now say the nation’s economic problems are caused more by Obama’s policies.
Just a month ago, 55% pointed the finger at Bush, while only 37% said the policies Obama has put in place since taking office were at fault. These findings had remained largely unchanged since May.
Sixty-two percent (62%) now trust their own judgment more than the president’s when it comes to the economic issues facing the nation, up three points from a month ago and up 13 points from early February. Twenty-seven percent (27%) trust Obama’s economic judgment more, and 11% are not sure.
Predictably, nearly eight-out-of-10 Democrats (79%) see the Bush recession as chiefly to blame, while 71% of Republicans say Obama’s economic policies are at fault. But unaffiliated voters are now evenly divided on the question.
Way to take responsibility and create your post-partisan, unified Country. 🙂
But back to the Bloat:
Rassmussen: Just 42% now support the health care reform plan proposed by Obama and congressional Democrats. Most voters expect the plan if passed to drive up health care costs and hurt quality and expect a middle-class tax hike to pay for it.
For nearly four-out-of-five voters, the bigger problem for the country is not their unwillingness to pay higher taxes. It’s their elected representatives’ refusal to cut government spending.
But these are Liberal Socialist Democrats. They don’t know how to do anything else. It’s not like they can cut taxes when they’ve been demonizing Tax cuts as only for “the rich” and no one else ever benefits from them.
And they can’t cut government programs in the middle of creating the largest, most expansive, and intrusive web of bureaucracies in American History.
Besides, there are no consequences for their drug addiction. The drug being money, that brings them power.
It’s not like they feel threatened or anything.
While it’s unlikely policymakers would try to use income tax revenues — which provide almost half of all federal revenues — to close the deficits, it’s instructive to see how high the rates would have to go to do that. Data from the Tax Foundation show this Congress and administration are poor stewards of other people’s money and are failing their constitutional duty to protect the future of the republic.
The biggest hit in a world in which Washington bridged the budget gap with income tax revenues would be, naturally, on those who have the largest incomes.
The rates for joint filers earning at least $373,601 would have to be almost tripled, from 35% to 95.2%, to help close the 2010 deficit. (See table.) Though the brackets are at different income levels, the rate progressions are the same for single filers.
The rates would not be as punitive in 2012, when the deficit is smaller, but they would still be excessive. Those at the top of the income scale would be moved from 39.6%, the rate that will be reinstated after the Bush tax cuts expire, to 74.1%.
Those on the lowest end of the income scale would not fare much better. Their rates would have to jump from 10% to 27.2% to help eliminate the 2010 deficit, and from 10% to 18.7% to help close the 2012 deficit.
In terms of overall tax bills, the increases are just as alarming.
The average tax bill for a joint return in 2010 will be $7,169. If the deficit were to be closed, however, the federal government would have to have an average of $19,001 from each couple filing jointly (See table). For joint filers with taxable incomes from $50,000 to $75,000, the tax bill would triple, from $4,208 to $12,537.
Obama: “Here’s what you need to know. First, I will not sign a plan that adds one dime to our deficits – either now or in the future. Period. And to prove that I’m serious, there will be a provision in this plan that requires us to come forward with more spending cuts if the savings we promised don’t materialize. “
Or when Pelosi says “Thank you, insurance companies of America,” to protesters. And it won’t raise the deficit (at least not initially because the massive new taxes that aren’t taxes will be front-loaded on your sorry ass first)
And with 15+ New Taxes and New Bureaucracies of Just Health Care Reform (because Cap & Trade is next) alone, doesn’t this promise just give you the warm fuzzies… 🙂
So what’s a Trillion here, a Trillion there, if it feels good.
Yeah, so does Crack, Or Meth…
But what happens to the addict when the juice runs out!?
And who’s going to pay for it…
You’ve won the Booby Prize and you have a permanently addicted drug addict setting up residence in your bank account.