By Taylor Armerding
The Hendricks County Flyer
Tue Nov 20, 2012, 02:42 PM EST
And that will expose the fact that, as the president also surely knows, raising taxes on millionaires and billionaires won't be enough to "pay down our debt in a balanced way" as he claimed all through the campaign - not nearly enough.
The president also knows that even if he gets exactly what he has demanded - increased taxes on everybody making more than $200,000, it won't be enough. Estimates on both sides of the partisan divide are that it might be enough to cut the current annual deficit by about 7.5 percent.
It might not bring in even that much. As a few Republicans have pointed out, not very successfully, Obama could set tax rates on the very wealthy as high as 90 percent, but if the current byzantine collection of deductions and loopholes remain in place, the rich will be able to dodge them.
But that argument will have to wait. Nobody will listen to it until government sticks it to the rich. Obama himself said even if raising taxes on the rich didn't bring in any more money to government, he wanted to do it, "as a matter of fairness."
So, Republicans should vote unanimously to let the Bush tax rates expire on millionaires, and let the president explain why it won't be enough. Only then will everybody be able to get to a conversation that has something to do with the fiscal realities facing the nation.
- Taylor Armerding is an independent columnist. Contact him at email@example.com.
August 18, 2014
August 14, 2014
July 30, 2014
July 12, 2014
July 10, 2014
July 7, 2014
An NPR broadcast examines the question of how communities can better prepare for tornadoes like the one that struck Moore, Okla. on Monday. The broadcast features commentary from Michael Fitzgerald, who reported a five-part disaster series for the CNHI News Service.
May 22, 2013
Part I: Are We Prepared? | Part II: Disaster Dollars Part III: Lessons Learned | Part IV: Warning Signs Part V: The Big One
Americans might run on sleep, but those living in the country's largest cities don't appear to run on much.
August 20, 2014
© 2014 Community Newspaper Holdings, Inc. ·
CNHI Classified Advertising Network ·
CNHI News Service
Associated Press content © 2014. All rights reserved. AP content may not be published,
broadcast, rewritten or redistributed.
Our site is powered by Zope. Some parts of our site may require
you to download the Flash Player Plugin.
Terms and Conditions
Hendricks County Flyer, Avon, IN
8109 Kingston St., Suite 500