Harry Reid Believes S&P's Downgrade Supports Dems Call For Revenue Increase

by: Les Carpenter
Rational Nation USA
Birthplace of Independent Conservatism
Liberty -vs- Tyranny

In a nutshell folks get ready for the biggest TAX increase you likely have witnessed in your lifetime. The taxing party of America will be peddling "good ole Harry's" line for sometime to come. That would be until they get the tax increases they have been salivating for since Obama extended the Bush tax cuts.

The Hill Standard & Poor's decision to downgrade the nation's credit rating reinforces Democrats' call for increasing tax revenue, Senate Majority Leader Harry Reid (D-Nev.) said Friday.

In a statement, Reid said:

The action by S&P reaffirms the need for a balanced approach to deficit reduction that combines spending cuts with revenue-raising measures like closing taxpayer-funded giveaways to billionaires, oil companies and corporate jet owners. This makes the work of the joint committee all the more important, and shows why leaders should appoint members who will approach the committee’s work with an open mind - instead of hardliners who have already ruled out the balanced approach that the markets and rating agencies like S&P are demanding. {Continue Reading}

Someone ought to design a head piece for "good ole Harry" that represents the class warfare he so readily pushes. Wait, make that three for troika of Obama, Reid, and Pelosi.

Via: Memeorandum


  1. The Tea party were the ones who kept on saying the deficit cuts didn't go far enough and that the spending had to be cut more.. Standard and Poors downgraded because the cuts were not deep enough.
    So I guess that the Tea Party was correct!

  2. The Tea Party was always correct, because their arguments were based on math, not Utopianist dreams.

  3. "Math" like referring to "income taxes" as proof of who pays the lion's share of the government's revenue? Since individual income taxes only make up 42% of the governments revenue stream then the top 10% of tax filers only make up 29.4% of the governments revenue....so the top 10% may pay 70% of the income taxes but they only account for 29.4 of the governments revenue. Since they control 87.8% of this nation's wealth it looks to me like they got themselves quite a deal....own 87.8% and only pay 70% of the income taxes....

  4. Tristan: And they have the public interest in mind. Unlike the President, who acts like he only rarely considers that.

  5. Tao, I assume that you're referring to the payroll tax. You do know, don't you, that the poor people are (at least theoretically) going to get most of (if not more than) that money back in the form of Social Security and Medicare.......I'm also assuming that you're referring to Federal taxes. Again, poor people pay very little in the form of state income and property taxes (yes, they do pay sales and sin taxes).

  6. Will, I was referring to federal taxes only. You also tend to forget that companies get tax credits to create jobs and or relocate.

    These tax credits basically allow companies to keep the state income tax that they deduct from their employees pay. At the end of the year if the employee gets a state refund the state pays the refund for taxes that were collected but never paid to them.

    Actually, in regards to social security and medicare you might be wrong! You see, poor people have lower life expectancy thus they get less back not more because they do not live as long.

    Again, if you talk just income taxes you are not seeing the full picture, if you talk government revenue then you see the whole picture.

  7. Donald in Bethel, CT says:

    Oh, screw it. I'm throwing in with the socialist America-haters and I'm going to run with the whole "Robin Hood" mentality that the rick need to be punished.

    My first financial attack will be on Hollywood and all the richie rich liberals, and...what's that?...oh...I see...sorry, folks. I'm not allowed to go after rich menstruating heart liberals, especially those in Hollywood.. I am allowed to only go after white GOP richie riches.

    Long Live the Poor Republic! Taxes on the rich! Viva Taxes!

  8. Tao, how can you say that you're looking at the "whole" picture when you don't look at state and local taxes (of which the poor pay exceedingly little). And one of the reasons that the poor die earlier is because they're 4X as likely to smoke. A little bit of personal responsibility wouldn't be the worst thing in the world here.

  9. Also, Tao, not every person making this magical $250,000 owns a company. A lot of them draw a salary and, if you happen to live in New York state, the top state income tax rate there is nearly 9%.

  10. (1) Source of these numbers? and (2) Put them in context: Compare and contrast taxes paid with wealth owned and controlled.


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