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Jul 26, 2012

Taxing the Sort Of Rich

Fred:  The Democrats are going to tax the rich. I like that.
Mike:  They might collect $60 billion more per year.

Fred:  That's a lot.
Mike:  They need $1,140 billion more.

Fred:  Where are they going to get that?
Mike:  Guess.

Over the Cliff We Go
07/26/12 - WSJ Opinions by Stephen Moore

[edited]:  The Democrats' official position is to continue current tax rates for the middle class and raise taxes on upper-income individuals by ending their "tax cuts".

Un-advertised, Senate Majority Leader Harry Reid's (D. NV) tax plan retains the alternative minimum tax, with Obama's support. It imposes a $3,400 tax hike on 28.8 million middle-class families. The Republican controlled House will probably ignore it.

House Ways and Means Committee Chairman Dave Camp: "The Democrats almost have to raise taxes on the middle class. Where else could the money come from?"

Reid's and Obama's plan would reduce the deficit by only 5%  (if it raises any money at all), and Democrats don't want to cut spending. Democrats will have to tax the middle class if they want to seriously reduce the $1.2 trillion deficit. There aren't enough millionaires and billionaires to pay for it.

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