Saturday, December 29, 2012

Hopelessly naive comment of the day

By Donald Sensing

Higher Taxes for All: The Dems' Terrible Fallback Plan for the Fiscal Cliff - Matthew O'Brien - The Atlantic:

Matthew O'Brien at The Atlantic explains how in the "fiscal cliff" negotiations in Congress, "the fallback option Democrats are talking about now, a bill the Senate passed last summer, wouldn't undo nearly enough of the austerity set to kick in."

The Senate tax bill is just that -- a tax bill. It would extend the Bush tax cuts for a year for all but the top 2 percent of households, and limit the deductions they can take. It would bring the estate tax back to its 2001 level with a $1 million exemption and 55 percent rate. It would raise taxes on capital gains and dividends from 15 to 20 percent -- which is really 23.8 percent when you include the Obamacare surtax. And that's it. It wouldn't extend the payroll tax cut. It wouldn't extend unemployment insurance. It wouldn't undo the sequester. It wouldn't do the doc fix. It wouldn't start any new infrastructure projects. If you add up all of the things it doesn't do, it comes out to about 1.8 million fewer jobs in 2013 than in a world without the fiscal cliff.
To which a commenter, one Tim_Sims replied,
They can let all the tax cuts expire for all I care, as long as they're going to engage in reforms and cuts to at least match the increased revenue.
To which one can only say, "Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha! Good one, Tim!"

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