If Obama gets his tax increase in the 2%, it will only fund the govt for less than 9 days.
9 days = a 3% increase in federal revenue, which is a substantial amount of money.
I would immediately question the source of this citation because they dismissed it as a mere 9 days of funding (spin).
If you look at all the big inventions of the last 60 years, were they derived from the public sector, or the private sector?
Take something we all know: the internet. Developed in academia through federal grant funding. And its free, imagine that?
"If Obama gets his tax increase in the 2%, it will only fund the govt for less than 9 days.
"9 days = a 3% increase in federal revenue, which is a substantial amount of money.
"I would immediately question the source of this citation because they dismissed it as a mere 9 days of funding (spin).
It isn't spin, Tony. It's math.
In 2011, federal spending was $3.8 trillion. That is equal to spending $10.4 billion a day.
Actually, the 9 days number is incorrect. It's in the popular press (and easier to say on the streets) but it isn't correct. According to the Congressional Budget Office August 2012 update report, the total amount in 10 years of the uncollected Bush tax cuts on the upper 2 percent of incomes is equal to about $950 billion. However, the amount of collections is different every year. In fact, the collections don't even pass the $95 billion in any year until 2018.
Look at this chart, my friend: www.offthechartsblog.org.
The end of the Bush tax cuts on the upper 2 percent will raise $42 billion in their first year (2013) and $39 billion in their second year (2014).
This also assumes that the ever-changing tax code doesn't change for 10 years.
Based on 2011 revenues - the latest available - if my math is correct, the end of the upper 2 percent Bush cuts is equal to a 1.9 percent increase in 2013.
And, keep in mind, this tax increase doesn't include one iota of entitlement reform, like changes to keep solvent our programs of Medicare, Medicaid and Social Security. There is no downsizing of government. There is no merging of agencies with this tax hike.
I think you would have to agree with me that in the final analysis this picture isn't "substantial" reform by any stretch of the facts.