Nearly $1 Trillion Net Tax Hike Proposed in Fiscal Commission’s ‘Tax Reform’ Plan

[Geee]

CNSnews:


(CNSNews.com) – Over the next 10 years, Americans could see a net federal tax hike of $961 billion if the draft recommendations of the National Commission on Fiscal Responsibility and Reform are enacted. This proposed tax hike would include those earning below $250,000, the people that President Barack Obama has repeatedly pledged would not see a tax hike.

The draft of the National Commission’s report from co-chairmen Erskine Bowles, a Democrat, and Alan Simpson, a Republican, talks about “lower rates” and “comprehensive tax reform.” But the lower rates in question do not offset the tax deductions and tax credits that are eliminated under the plan. Thus there would be a net tax increase.

[Stella]

It's hard to see how this can be avoided. Once that health care law hits, the US will face bankruptcy if something isn't done. With all the federal pensions owed, there is way too much debt. The Democrats pushed us to this point and somehow this will have to be dealt with. Of course, the people who will get thrown under the bus first will be the evil elderly.