Fiscal Cliff

The budget proposal the administration has put forth for the "fiscal cliff" talks is essentially to raise taxes now on the top 2% percent of income earners and talk about spending cuts and tax reform and entitlement programs later.  So much for the president's pledge to enter into negotiations with an approach that is "fair and balanced".  Instead of negotiating he is out campaigning trying to convince the public that his approach is the right one and that it is the obstructionist republicans who are gumming up the works because they want to reform the tax code and control government spending and not raise taxes.  What Obama is selling is snake oil because he wants to raise taxes on the top 2% of Americans who already pay 46% of all income taxes collected by the federal government.  Further, he ignores the fact that the top 10% of earners pay a combined 58% of all income taxes collected while the bottom 50% only pay 3%. This is the behavior of a president whose last two budget submissions did not receive a single republican or democrat vote either in the Senate or House of Representatives.  So much for his fiscal credibility.  In addition, unless it happens this year the democrat controlled senate has failed to even submit a budget for the third straight year (a violation of federal law) so we have been operating without a federal budget (with the exception of the Bush budget in his first year) for the entire time Obama has been president.  Is there any wonder why government spending is totally out of control?  Both the administration and the congress need to get serious and stop playing politics at the expense of our country. 

George

http://finance.townhall.com/columnists/johnransom/2012/12/01/merry_christmas_this_tax_increase_is_for_you_america/page/full/

http://www.defeatthedebt.com/take-action/how-much-should-the-two-percent-pay/

http://www.cnn.com/2012/04/29/opinion/johnson-budget/