Norquist: “This Fiscal Cliff is a Spending Problem”
My guest last Thursday was Grover Norquist, president of Americans for Tax Reform and the single man most responsible for the Bush tax cuts we now enjoy--which Obama will likely allow to expire at the end of the year. What does that mean for you and me? Along with ObamaCare, written in large part by Senator Max Baucus and voted for by both of our US Senators, you can expect to be hit with nearly $4,000 more in personal income tax. Overall, in 2013, it's nearly a $500 billion increase in taxes. Grover also discussed the five tax increases in 2013 attributed to Obamacare that'll affect middle income families.
I've known Grover for over 30 years and he has taken serious heat over the Taxpayer Protection Pledge, signed by most Republicans who pledge to their constituents to not raise taxes. I saw Grover recently in DC and attended Politico's News Makers Breakfast at the Newseum, where he was grilled by Mike Allen who tried to get Grover to let Republicans disavow their pledge. Break the pledge and you've broken the GOP brand, on top of further hurting a fragile economy. The interview is a case study in how to handle the media. Check it out here.
If it's one thing that economists of all political persuasions agree on, it's that tax increases have a negative effect on an economy in recession. It will hurt the economy, result in lost businesses and less jobs. In short, it will hurt the middle class. If you want to know more, read Joe Balyeat's Op-Ed here.
At some point, we've got to make the spending cuts and the tough decisions. If you taxed everyone in America and seized everything of value they possessed it would not pay off the national debt and unfunded liabilities. So extend the tax cuts, cut the budget as promised and go home, for God's sake and let us all get back to celebrating Christmas.