IBD
The cliff deal only whets Obama’s appetite for more taxes
Politically, Obama also may find it harder to get any new tax hikes through Congress. He’s already boosted them twice on the so-called rich (the first was a $500 billion hike to pay for ObamaCare).
And he’s lost his best political leverage — the threat that taxes on the middle class would go up if he didn’t get his way — as soon as he agreed to make the Bush tax cuts permanent.
Even Democrats might be less enthusiastic about future tax hikes that will, by definition, have to reach further down the income scale, hitting an increasing number of their well-heeled urban constituents.
At the moment, none of that seems to matter to Obama, whose unquenchable thirst for higher taxes has finally been exposed.
Blowback
Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.
Trackbacks/Pings
Trackback URL
Comments
Yep.
Gird your loins, it’s going to be a rough 4 years.
UltimateBob on January 3, 2013 at 5:37 PM
Here comes the cap on deductions. I think Obama wanted an increased tax rate AND a cap on deductions.
Oil Can on January 3, 2013 at 5:37 PM
An unending appetite for increased taxation? Ah, but Governor Perry wanted your daughters injected with whore juice.
We elected a socialist We got a socialist.
Marcus on January 3, 2013 at 5:45 PM
My company has about 100 employees. We already had numerous calls to HR wondering why their paychecks were less than last week. They are not happy and do not understand why (until explained).
I doubt the public will have much appetite for tax increases. They heard this was going to only affect the rich, but, due to the payroll tax, it has not…in their eyes.
WashJeff on January 3, 2013 at 5:46 PM
Why not? He has NO opposition.
Schadenfreude on January 3, 2013 at 5:47 PM
Obama will address the nation and tell them we need to attack our deficit. He will mention a VAT, or other means of stealing more money. Stupid sheep-like people will nod their heads and agree, not fully comprehending what he’s saying but believing him when he says it’s all the Republicans fault.
darwin on January 3, 2013 at 5:55 PM
I’m guessing he’ll want to create a new $1M+ bracket and set the rate at 45%.
BKeyser on January 3, 2013 at 6:09 PM
You’re not kidding with the lsms help for sure
cmsinaz on January 3, 2013 at 6:11 PM
Spread the pain. Pass the salt.
Bmore on January 3, 2013 at 6:38 PM
Life’s good for Madame de Pompadour.
Schadenfreude on January 3, 2013 at 6:59 PM
The Sotu is coming, and President Obama is bound to act snarky and make fun of some of his enemies, “Again.”
The response, given by the republicans is usually chatted thru on most of the stations, so, I think they should use it for a media campaign on the economy.
1. Harry Reid has failed to uphold the law and pass a budget for three years, and he has the Ryan budget sitting on his desk since last summer for the Fiscal year beginning Oct 2012. Obama is already out of money operating without budgetary constraints. What penalty shall be put against Harry Reid, is there “No controlling legal authority?” (Al Gore, moment of brilliance.)
2. If he won’t sign that,write an even more austere budget turning spending back to the 2008 models that were there when the president arrived. Put that on Harry Reid’s desk. Tell him to vote on it, and then the House can fund exactly what it says.
3. Include laws directing the Treasury to pay bills in an order of fiscal priority, including essential services. Directly prioritize pentagon spending, so games cannot be played to hurt Americans for political gain.
4. Do not fund No Budget Harry or No budget Barry with any more borrowed cash. Shut it down.
Fleuries on January 4, 2013 at 7:46 AM