Site for Free Markets and Free People

Thursday, July 21, 2011

Gang of Six Tax Increase Proposals

The Senate's bipartisan "Gang of Six" is a disaster. They buy into Obama's rhetoric that the government needs more money. This, despite the fact that spending has gone from $2.7 trillion per year to $3.7 trillion since Pelosi and Reid have controlled Congress in 2007. A 40% increase in the size of the government since the recession began but we still need more?!?

So the gang of six says sure, and by news accounts, is threatening to eliminate all sorts of deductions for the "wealthy" including 401-Ks and mortgage deductions - and perhaps even capital gains. Regardless of what the deal might look like, the premise that the government needs more money is completely absurd.