0
GD Star Rating
loading...

Fiscal Cliff Deal: $1 in Spending Cuts for Every $41 in Tax Increases

RightMarch January 1, 2013

Matthew Boyle at Breitbart reports:

According to the Congressional Budget Office, the last-minute fiscal cliff deal reached by congressional leaders and President Barack Obama cuts only $15 billion in spending while increasing tax revenues by $620 billion—a 41:1 ratio of tax increases to spending cuts.

When Presidents Ronald Reagan and George H.W. Bush increased taxes in return for spending cuts—cuts that never ultimately came—they did so at ratios of 1:3 and 1:2.

“In 1982, President Reagan was promised $3 in spending cuts for every $1 in tax hikes,” Americans for Tax Reform says of those two incidents. “The tax hikes went through, but the spending cuts did not materialize. President Reagan later said that signing onto this deal was the biggest mistake of his presidency.

“In 1990, President George H.W. Bush agreed to $2 in spending cuts for every $1 in tax hikes. The tax hikes went through, and we are still paying them today. Not a single penny of the promised spending cuts actually happened.”

 

GD Star Rating
loading...
Tagged with: , ,

Comments are closed.

Login to your account

Can't remember your Password ?

Register for this site!

RightMarch.com is the "Rapid Response Force" against the ongoing liberal onslaught. It was born out of the frustration of thousands of decent, hard-working Americans when they saw the attacks from the left on conservative American values. It's time to STAND UP for traditional, conservative, patriotic American values. JOIN US TODAY as we lead the "Virtual March from the Right"!