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Eliminating Bush Tax Cuts Would Barely Cover October Deficit
Posted By Daniel Greenfield On November 14, 2012 @ 5:33 pm In The Point | 6 Comments
You’re going to hear a whole lot of noise about how we need to pass tax hikes on the rich and end the Bush middle class tax cuts.
Fine, let’s see what that gets us. The Obama tax hikes would add 42 billion dollars in revenue. Ending the Bush middle class tax cuts would bring in 179 billion dollars.
Meanwhile the deficit for October alone is 120 billion. We would have to find three times as many rich people for the Obama tax hikes to even cover a monthly deficit. And ending the Bush middle class tax cuts, would cover one month’s deficit. And next month we’re back in the hole.
While Obama and his greedy cronies bay about more revenue, there’s no way for him to tax his way out of his spending disaster. There just isn’t enough money to cover annual trillion dollar deficits.
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