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August 11, 2010

Democrats Using Need to "Plug Deficit" As Excuse to Expire Bush Tax Cuts

I wanted to write a follow-up to my previously popular blog on what will happen when the Bush tax cuts expire at the end of the year.

There's been a ton of talk from every politician and Obama administration cabinet member about not only what's going to happen when the Bush tax cuts expire, but which provisions have already been extended and which have not.  One thing seems clear to me; like FinReg and ObamaCaid, nobody knows what the hell is going on with these taxes.

The left tells us that the tax increases are needed in order to reduce the deficit.  However, what they don't tell us is that government spending has increased by 100% since 2004.  That means that government spending has doubled in 6 years (actually it only took five with the same level of spending in 2009).  Couple this with a 15% decrease in tax revenues and we should all understand what the real problem is.  Even if we take the so-called "lost revenue" into account from the Bush tax cuts, that $100 billion per year accounts for less than 5% of total government revenue.

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