If you don’t know already the fiscal cliff deal done earlier this week is full of tax credits to big businesses of all sorts. That’s bad enough, but it appears that the money going to these businesses is actually more than what the new taxes will raise.
In other words, the deficit gets worse while the tax burden increases. That’s pretty good for the overall economy. All the while the big companies who have access to the White House, GE, Starkist, Hollywood, the crony capitalists, get paid. The tax payer loses on 3 fronts.
It feels good doesn’t it America?
(From the Washington Examiner)
Think about this: just the business and energy tax extenders reduce federal revenue by $67.7 billion in 2013. The tax hikes on the rich Obama won — higher rates on those over $400,000 and reduced deductions on those over $250,000 — raise $620 billion over a decade. As far as I know, we can safely guess that this would be less than $62 billion in 2013.