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The Spectacle Blog
Spectator alum Phil Klein makes a number of important points in this post, but the main one is this: “Tax increases aren’t required, but Republicans are being told they must accept them because they’re the price of doing business with Democrats.” But by 2035, federal spending’s share of GDP will be 13 points ahead of the postwar, Clinton-era peak in tax revenues as a percentage of GDP.
“From a purely technical standpoint, it’s possible to put the nation on a sustainable fiscal course without raising taxes,” Phil continues. “But it isn’t possible to increase taxes high enough to balance the long-term budget without cutting spending.” That’s because as even many Democratic budget officials have conceded, the tax increases that would be required to bring the budget into long-term balance would be so injurious to the economy that they would be unlikely to bring in the anticipated revenues. And major Democratic politicians aren’t proposing tax increases of anywhere near the magnitude necessary for balancing the budget.
Peter Orszag is no wild-eyed supply-sider. The truth is, even with top marginal tax rates as high as 91 percent, our current tax code has never raised revenues equivalent to more than 21 percent of GDP. There are political considerations in favor of raising taxes — in theory, bipartisan budget and entitlement reforms would prove more durable; a new Pew poll shows 60 percent of Americans would rather leave Social Security and Medicare alone than reduce the deficit — but these assume a.) that Democrats are really willing to give major spending cuts in exchange for relatively modest tax increases and b.) that tax increases on the middle class would prove anymore popular than entitlement reform.
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More Blog Posts by W. James Antle, III
http://spectator.org/blog/2011/07/07/tax-increases-are-the-price-of
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Derek Leaberry| 7.7.11 @ 10:21AM
But David Brooks said.
LC Jackboot | 7.7.11 @ 10:35AM
60% of those polled would RATHER leave SS and Medicare alone THAN reducing deficits? Polling never ceases to amaze me. It seems one could take a poll on any given day, say if you are 'for' or 'against' microwaving fluffy bunnies and some percentage of respondents would be in favor of it. OR......is 60% of the general populace too misinformed to see that EVERY spending program is in need of review and reforms?
Chuck| 7.7.11 @ 10:49AM
We knew all along the GOP would cave, yes you will get a tax increase (several of them), yes you will get a debt-ceiling increase (when needed), yes you will get a reneging on budget cutting (remember Gramm/Rudman). It's the same old story and the results of the 2010 election has gone for naught and a boon to the President.
Bob| 7.7.11 @ 10:56AM
It will be interesting to see if the geography wizard from Waterloo/Winterset will vote for a tax increase, if so what will the Tea Baggers do? What? go for the LDS global warming enthusiast. This is delicious! Re-elect the President.
Morgan Taylor| 7.7.11 @ 12:01PM
The tax increase ploy by the Democrats is purely ssymbolic and spiteful. The reality of what is gained by raising taxes on the so-called rich was well pointed out in an article at the American Thinker site yesterday: (http://www.americanthinker.com/articles/2011/07/obamas_class_warfare_harms_america.html)
Jeff Perren| 7.7.11 @ 1:05PM
"a new Pew poll shows 60 percent of Americans would rather leave Social Security and Medicare alone than reduce the deficit"
Tough. Both SS and Medicare are immoral, impractical, and absent any unconstitutional authority.
Cut ALL welfare. Free the citizens.
Erik Olson| 7.7.11 @ 2:22PM
Taxing the rich will never bring in the necessary revenues because they have the means to avoid paying them. The only way to get European level % of GDP tax revenues is to hit the middle and lower classes where the real money is. Here in Norway they tax your income (highest marginal rate about 50%), they tax your spending (25% minimum sales tax on everything, but much higher than that on cars, alcohol, tobacco, fuel), and they tax your net worth if you manage to save and invest. Even my handicapped wife with no annual income pays taxes here.
artesian jacket| 7.7.11 @ 2:28PM
"Reelect the President"? Son, put the crack pipe down. It is not going to happen. Obama is going to pay the price for economic failure.
anon| 7.7.11 @ 2:30PM
The Republicans are far enough out on the limb on no tax increase that when it is sawed off the ensuing noise will make GHW Bush look like a promise keeper....
David W| 7.7.11 @ 2:48PM
Raise taxes on me (and I'm making way less than $100K) and I'll invest in muni bonds (federal tax free - happily I'm in Texas). Which will mean that my investment income won't be taxed. HA HA, take that you stupid libtards (though I'm sure you'll come up with some other money grab idea).
Derek Leaberry| 7.7.11 @ 3:30PM
Tax Bill Gates, Tiger Woods, Oprah Winfrey, Jeffrey Immel, LeBron James, Jayson Werth, Dan Snyder, Tom Cruise, Tom Hanks, Sean Penn, Bill Clinton, Al Gore, Mayor Bloomberg....etc., etc. Volunteer tax money for the good of the country.
yisong| 10.28.11 @ 2:17AM
Slewing ring may be used for slewing conveyer, welding arms and positioners,light,medium duty cranes,excavators and other engineering machines. http://www.1stbearing.com