Sunday, July 25, 2010

Obama Commission Will Call
For Trillions In Tax Hikes

by Floyd and Mary Beth Brown - July 24th, 2010 -

Obama debt commission member, Republican Sen. Judd Gregg of New Hampshire, launched a scary trial balloon on ABC News. Gregg suggested the debt commission will likely recommend a massive $26.7 trillion tax increase. Here are Gregg's actual words:

"Everything has to be on the table - there's no question about that... Erskine Bowles, one of the co-chairmen of the commission, has suggested a 75-25 split -- 75 percent of the savings being in spending, and 25 percent in revenues... I think it's likely that there will have to be a revenue component, but it should be significantly, dramatically -- and a 3-1 ratio is pretty dramatic -- dramatically less than the initiatives in the spending side of the ledger."

According to an analysis by Americans for Tax Reform if Bowles wants $3 in spending cuts for every $1 in tax hikes then the tax increases will be larger than anyone expects: "Bowles and Gregg can only be talking about cutting $3 in promised Social Security and Medicare benefits in exchange for $1 in tax increases."

Social Security recipients fit in two different categories. Those who paid in to the system and those who were given a free ride by politicians. Like the millions of immigrants who draw social security despite never paying a dime into the system. Come here after age 65 and you are imputed to have paid in. What a hoax. The Social Security system has been used like a social welfare piggy bank by Democrats since the time of Jimmy Carter. Of course you can be sure that all these solidly Democrat voters will not have their free ride ended. That would be "unfair".


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