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Thursday, November 17, 2011

Et Tu, Toomey?

I'm not convinced I should believe this story, but it appears that even Pat Toomey, a conservative member of Obama's 2nd Super Committee (he ignored his first one) is now acquiescing to raising taxes on wealthy Americans through the back door.

Toomey is apparently pushing a plan designed to raise taxes by eliminating or capping deductions in favor of reducing tax rates. The desired result, according to sources, is to raise taxes on wealthier Americans and reduce them further on lower class Americans. Unfortunately it appears that even the GOP is agreeing with Obama that we have a revenue problem and not simply a runaway spending problem. If so, it's extremely unfortunate. (And certainly won't help the housing situation either as owning homes will not be advantageous.)

Oh, and if the Super Committee is successful, it will merely increase the debt from $15 trillion today to $23 trillion in 10 years rather than CBO's estimate of $24.2 trillion. And that is if they are "successful."