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11/18/2009
Of course – War on Deficits means more taxes. Lots more.

Many of us still stand slack-jawed at the pure gumption of last week’s news that President Obama will announce, via next year’s State of the Union, that he wants to focus extensively on cutting the federal deficit. The Politico headline says it all: “After spending binge, White House says it will focus on deficits.” In the press I’ve read on the subject, the discussion is of cutting spending – and of course, on the folly of it all, given wide-eyed dreams of the Obama administration..

For me it’s as natural as breathing to think “reduce deficits” = “reduce spending.” However… what does a liberal think?

For that answer, take a look at the end-of-year tax advice you’re probably getting from your accountant and a collection of would-be advisors all over the media – and you can pretty easily rewrite the equation as “reduce deficits” = “increase taxes.” The end-of-year spiel goes something like this:

As part of the tax law that passed in 2001, which created the lower tax rates in place for 2009, tax rates jump back up in 2011 to the 2001 rates. This means the ordinary income tax brackets now 10%, 15%, 25%, 28%, 33% and 35% will increase to 15%, 28%, 31%, 36% and 39.6%. Capital gain rates currently at 0% and 15% will increase to 10% and 20% - and all this without Congress needing to lift a finger.

Then of course, there’s the estate tax, which technically expires at the end of this year. Most likely, Congress will extend current rates and exemption levels for a year. But in 2011, that gig may very well be up – with tax rates headed up and exemption levels headed down.

All that doesn’t even include the trillions of dollars in new taxes to fund any new health care “reform” or cap-and-trade folly congress is daring to pass in the next weeks and months.

So how do most Democrats handle a deficit? They increase the revenue side of the equation. So when you see “war on deficit” mentioned in the coming days, weeks and months, go ahead, sneer first. But then substitute “big huge tax hikes” for “war on deficit.”

Jo Egelhoff, FoxPolitics.net

COMMENTS

Simple isn't it. You need to pay for what you spend. But that really isn't the case with the Federal government. We just borrow it from the Chinese and inflation (via devaluation) is the only check on that. So, taxes or inflation? Take your pick. I have read that even if all federal expenses other than entitlements (social security etc.), defense and interest are eliminated we will still have a deficit. Yes, a big part of the solution is taxes and just restoring them to pre-2001 levels will go a long way.

dave allen (Thu Nov 19 06:48:12 2009)

We have a serious debt problem and the poor people can't fix it. Only the rich can, and that means higher taxes.

Get used to it. As long as we allow special interests to buy government spending, it will continue.

Jack Lohman (Thu Nov 19 08:00:01 2009)

Do you believe as most economists do that without the spending particularly the stimulus spending and the bailouts that we would have been plunged into a depression that would have had world wide consequences? When Obama took office he did infact inherit an economy on the verge of collapse. Why are you not as indignant about the fact that Wall Street and the Bush administration left the country's economy in shambles. endless wars, a broken credit system, derivitives that no sane person can explain and millions out of work. The only way to dig ourselves out at this point is to attempt to finance the future betting on the come that the American spirit will prevail. All economic indicators point to a recovery albeit not as robust as past recoveries. Warren Buffet is bullish enought to by a railroad, the stock market is finding its way back and all because the President and Congress reacted in the nick of time. Spending is about priorities. The first priority was to pull us back from the abyss. I am convinced we are fully capable of working this out and remaining a world power whose respect is garnered from civility, care and trust. If you want to be angry, be angry at those that created this chaos and crisis not those trying to find solutions.

billie (Thu Nov 19 08:02:02 2009)

The only way to 'help' these fiscal crack-heads (just one more - then we're gonna quit) is an intervention.

I say we set aside a little time each week ... each of us who understand how much help they need ... and use that time each and every week to help with the intervention process.

By the time November 2, 2011 rolls around we just may have put enough helpers in place to begin the 12-step process for all those currently afflicted.

Jeff Riedl (Thu Nov 19 08:15:25 2009)

Billie, as a world power the US is on a downswing because our politicians caved to corporate pressure for "open trade." The economy will not improve until jobs return, and that will not happen unless congress re-visits the trade agreements and compensates for low wage countries and China's lock on the yuan.

An American gets paid 10 apples for a day’s work and a third-worlder gets only 1 apple. So how do you stop a CEO from outsourcing his jobs to China or India when the resulting profits go into his pocket? Certainly not with uncontrolled capitalism.

Jack Lohman (Thu Nov 19 08:25:29 2009)

We must vote the Democrat and Republican idiots who spew tax money all over the landscape out of office. Then we must stop and reverse the "nanny" state that is trying to centrally plan every facet of citizens' lives and return to Constitutional principles and the powers enumerated therein.

I support the war efforts. We are at war everywhere, including at home, with radical Islam. Our way of life, as well as our very lives, are seriously imperiled by this clash of civilizations.

The grassroots is in a struggle to take back this nation from the arrogant meddlers in Washington and our state capitols. You can snivel while continuing to pay taxes -- and lose your freedom, or you can join the grassroots that is pushing back. America is beginning to awake.

Jan T (Thu Nov 19 13:27:13 2009)

Jan, those "arrogant meddlers" are the special interests who fund the elections. You want politicians to quit spending your money but the fat Cats want exactly the opposite. See Teabaggers overlook “cause and effect”

Jack Lohman (Thu Nov 19 14:13:46 2009)

It's hard to wage a war on deficits while fighting pre-emptive wars in Iraq and Afghanistan and doing so with expensive volunteers rather than much cheaper draftees.

Just asking -- from a fiscal conservative viewpoint -- do we really need a military that's 13 times bigger than the world's second-biggest military?

Northern Pike (Thu Nov 19 16:57:12 2009)

It's a fair question. And not small potatoes. $400B the last ten years in Iraq and Afghanistan, is what I understand. A huge amount of dollars - but in comparison to the proposed health care plans, it is dwarfed. Not trying to avoid the defense issue, however. A strong defense is critical - I don't have the expertise to suggest how much the budget should be; also don't know the implications of the buildup in China.

Jo (Thu Nov 19 20:45:23 2009)

I disagree Jan T. It's time for conservatives and constitutionalists to take over the Republican Party. I've written on it a couple of times. David Broder writes on it today. Too long of a discussion to have this morning though, as I'm sorting through the news of the day....

Jo (Fri Nov 20 04:16:15 2009)

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