If you combine all the other tax increases from 1980-1993, they add up to 3.3% of GDP, according to the brilliant budget team at Strategas Research. The coming “taxmageddon” of 2013 surpasses all those tax hikes combined! How could the Obama White House even toy with the idea, which it has, of letting them happen?
The expanding Internal Revenue Service scandal could hardly be any more Drudgeriffic.
It was an unusually feisty weekend in corners of the blogosphere and Twitterverse where dwell economists and economic-policy wonks.
The disappointing first-quarter GDP report dashed hopes that 2013 might prove a breakout year for the U.S. economy.
The ugly news – for it to happen, all Obama and Congress need to do is nothing.
How could he? For the
Fairness!Social Justice!Diversity?err, Deficit reduction?whateverIs there a faster way for him to achieve his goal of Fundamentally Transforming America?
What would the chart look like if the tax CUTS were also included?
We are just going back to tax policies that helped balance budgets as recently as 2000. The present tax rates are extremely low by historic standards and are the major cause of the deficits that the Republicans, who initiated the tax cuts of the Bush era, now complain about.
It’s after the 2012 election.
What a coincidence!
This graph makes absolutely no sense. If all that happens is that the Bush tax cuts of 2001 expire, you have to account for the effect of those cuts, which the graph ignores. In part, we are just retrieving the amount of those unnecessary tax cuts. I remember a Wall Street Journal editorial admitting there was no huge demand for those cuts, Bush and Cheney and co. were just “rewarding the base.”
Get a Clue Dude.
There are more tax increases than just letting the Bush tax cuts expire.
165 Billion from expiring Bush Tax Cuts.
124 Billion from the 2% payroll tax cut.
118 Billion AMT Patch
23 Billion in new Obama Care taxes.
13 Billion Death Tax
50 Billion in assorted other taxes.
So as you can see the Bush Tax cuts only make up 33% of the coming tax hike.
Cheers!
I agree with the first commenter; this makes no sense. Where are the tax cuts represented in this graph to show what the net effects are?
er, last commenter. Not first.
I have no problem going back to the “balanced budget tax rates” of 2000, as long as we go back to the “balanced budget spending levels” at the same time
Funny how no one that wants the first part wants that second part…
The present tax rates are extremely low by historic standards and are the major cause of the deficits that the Republicans, who initiated the tax cuts of the Bush era, now complain about.
No. Just… NO!
Federal revenues increased after the implementation of the Bush tax cuts. The sole cause of the deficits I and many others bemoan is increased spending. The easiest way to balance a budget is to quit spending so much money.