Here's the reason that every candidate in the recent Presidential debate said they would not accept a budget deal that included $10 in spending cuts for every $1 tax increase:Whereas tax hikes are immediate and painful to most (except Warren Buffett, apparently), spending cuts are like unicorns--they DON'T exist, except in the liberal fantasy world stoked by OPiuM (Other People's Money).
Much like President Obama's lamentation of a government system that lets him keep his "unneeded" income, Warren Buffett doesn't mind a tax increase BECAUSE HE CAN AFFORD IT. You see, Mr. Buffett takes all his income as LONG-TERM CAPITAL GAINS, rather than salary. Why? Because the long-term cap gains tax rate is 15% instead of the highest rate of about 35%.
Accounting gimmicks like this is how our Federal Government addresses spending cuts. They will reduce "projected" spending increases in future years and call that a spending cut. Kinda like opting for a new Lexus instead of a new Mercedes...EVEN IF YOU DON'T NEED A NEW CAR!
Tax hikes can even be imposed via "automatic triggers" as found in the bogus and unconstitutional Budget Control Act of 2011. These "automatic triggers" give our elected idiots the leeway to say "Hey, I didn't vote for that last tax increase!" (no offense to true idiots intended) .
Congress costs WE THE PEOPLE $107,000,000 a week--did you get YOUR money's worth?
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