The wealthy in the United States already pay something like 75% of all federal taxes, but according to the left that’s not enough. Despite the fact that raising their taxes won’t do a darned thing to reduce the national debt, President Obama continues to insist in forcing them to pay higher tax rates. (Which is why they’re all running to their accountants to find out how to avoid higher tax rates next year.) This morning Tim Geithner said that he is willing to take the country over the fiscal cliff if he doesn’t get his way.
The treasury secretary later told host Candy Crowley that without those hikes, there would be no deal.
GEITHNER: I mean, Candy, there — there’s not going to be an agreement without rates going up. There’s not going to be —
CROWLEY: So you’ll go off the fiscal cliff if it will — if the Republicans say, sorry, no way are we going to raise rates for the — on the wealthy. You guys are willing …
GEITHNER: If we’re —
CROWLEY: — to go off the fiscal cliff?
GEITHNER: If Republicans are not willing to let rates go back up — and we think they should go back to the Clinton levels, a time when the American economy was doing exceptionally well — then there will not be an agreement.
Charles Krauthammer says the GOP should let Obama give the people the “full Clinton” and let tax hikes rise on everyone.
Obama is claiming an electoral mandate to raise taxes on the top 2 percent. Perhaps, but remember those incessant campaign ads promising a return to the economic nirvana of the Clinton years? Well, George W. Bush cut rates across the board, not just for the top 2 percent. Going back to the Clinton rates means middle-class tax hikes that yield four times the revenue that you get from just the rich.
So give Obama the full Clinton. Let him live with that. And with what also lies on the other side of the cliff: 28 million Americans newly subject to the ruinous alternative minimum tax.
Republicans must stop acting like supplicants. If Obama so loves those Clinton rates, Republicans should say: Then go over the cliff and have them all.
Hey, the people voted for Big Government, may as well make them pay for it. Unfortunately, even those of us who didn’t vote for it are going to pay. May as well get it over with and jump.
Update: Linked by Expose the Media – thanks!