FOX News reports:
President Obama, ahead of his first press conference since winning re-election and a meeting later this week with congressional leaders, staked out his starting point for fiscal cliff negotiations -- $1.6 trillion in tax hikes.So. Out go the 'Millionaires and Billionaires' who pay most of the taxes anyway. This is about anybody making over $250,000 Out goes 'fair share', seeing as how half of the wage earners in this country don't pay taxes at all.
White House Press Secretary Jay Carney made clear that the president is sticking by his original budget plan, which includes $1.6 trillion in new revenue, by raising taxes on households making more than $250,000.
What King Barack will do, and the Republican RINOs will bend over to give him -- is give us a nice big tax hike to the tune of 1.6 trillion to go with the twenty new taxes that are attached to ObamaCare.
Republicans, though, are adamantly opposed to raising tax rates, despite a willingness to deal on closing loopholes and deductions. Further, while Carney said the president would consider cuts to entitlements and other domestic programs, it's unclear how far he can go without engendering a backlash from Democratic lawmakers. Whether the sides can bridge those gaps is the big question -- if they cannot, the country will dive over the so-called "fiscal cliff," a combination of spending cuts and tax hikes set to take effect in January.Which deductions exactly? Charitable contributions? Dependent credits? No matter how we look at this, it'll bring the already faltering economy to a stuttering halt. Because of Obama's reelection, companies like Papa John's and Applebee's are threatening to reduce work force so that they can stay in business.
Speaking of which, remember to support Papa John's this Friday. Read more about them here, and here.