U.S. House of Representatives Republican leaders on Monday called for $2.2 trillion in new deficit-reduction over 10 years in their latest effort to avert an end-of-year fiscal cliff.
When counting deficit reductions enacted last year and anticipated savings from winding down the wars in Iraq and Afghanistan, the package would amount to $4.6 trillion in savings over a decade, according to House Republicans.
House Speaker John Boehner and six other House Republican leaders made the offer in a letter to President Barack Obama.
(Reuters)
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2 Responses
Perhaps they could compromise and combine the Republicans’ spending cuts with the Democrats’ tax increases. That would be fiscally responsible.
The usual compromise in the past have been combine the Republicans’ opposition to taxes with the Democrats’ desire to spend money, which is civil servants today spend half a day working for the taxpayer, and half a day getting paid by the ability of the Treasury to “borrow” money from the Federal Reserve’s “printing press”.
Perhaps they could compromise and combine the Republicans’ spending cuts with the Democrats’ tax increases. That would be fiscally responsible.
Why? What is responsible about raising tax rates? The Democrats’ demands would raise very little money, if any at all, and is motivated entirely by jealousy and hatred.
If they want tax increases just for the optics, Glenn Reynolds has proposed some doozies: when an executive official leaves the government and moves to private industry, for the first five years any income he earns that is higher than his government salary should be taxed at 50%. After all, they’re only earning that big money because of their government experience, so why shouldn’t the public benefit from it? And how about reimposing the 20% excise tax on movies? Hollywood stars keep saying how much they want to pay more taxes, so let them!