Friday, January 4, 2013
Years ago a co-worker completed a master's degree, earning a boost on the pay scale -- and into the next higher tax bracket. After receiving his next paycheck (with less take home) he commented he wasn't sure he could afford many more raises like that.
Hearing the president's praise of legislation passed to "reduce the deficit" reminded me of that incident.
A CBS News report stated that piece of legislation contained $70 billion of tax loopholes, including for rum, wind energy, race car owners and Hollywood movie producers. (These used to be called earmarks introduced by individual legislators. Apparently they have found it better to include them in "necessary" legislation -- less accountability.)
It's reported the legislation also results in 77 percent of us paying higher taxes, $620 billion in tax hikes and $15 billion of spending cuts. That's been reported as $1 in cuts for every $41 in tax increases.
The question to pose to those in the other Washington is: "How many more of these "deficit-reduction plans" can taxpayers and our country afford?"