Obama Tax Hike vs. Obama Deficit And US Debt
The folks at Media Matters for America are outraged! that Fox News is pooh-poohing Obama’s proposed tax hike:
Fox Dismisses New Revenue From Expiration Of Bush Tax Cuts For The Wealthy As “A Drop In The Bucket”
Let’s see, the tax hikes will allegedly bring in $850 billion over 10 years….divide by 1, carry the zero and that’s, $85 billion per years. Lots of money in the real world but in the world of government spending and $1.2+ TRILLION deficits, not so much.
Let’s do a little old school data visualization for the folks at MMFA…
Let’s add in another variable: FY 2012 (which ends at the end of this September) spending ($3.796 Trillion) as enacted by the Congress and signed by Obama.
Oh my, that makes the $85 Billion per year seem even less consequential.
And one more, this time with our total federal debt (almost $16 Trillion and growing).
Nope, that didn’t help.
Official ruling: A drop in the bucket to the federal government whose spending is out of control but a serious hit to people who earned it.
Of course all of this is based on the silly notion that increasing people’s taxes won’t impact their behavior in any way. And mind you, Obama hasn’t said this supposed new revenue will go to cutting the deficit or paying down the debt, it will go to new payoffs for his cronies, er, “investments”.
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