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Fiscal Cliff Deal: $1 In Spending Cuts For Every $41 In Tax Increases

Posted By admin On January 1, 2013 @ 9:50 am In Featured Stories,Tile | Comments Disabled

Breitbart [1]
January 1, 2013

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 3:1 and 2:1.

“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.”

Full story here. [1]

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URL to article: http://www.prisonplanet.com/fiscal-cliff-deal-1-in-spending-cuts-for-every-41-in-tax-increases.html

URLs in this post:

[1] Breitbart: http://www.breitbart.com/Big-Government/2012/12/31/Fiscal-cliff-deal-41-1-in-tax-increases-to-spending-cuts-ratio

[2] Paul, Lee, Rubio Vote No on ‘Fiscal Cliff’ Deal that Hikes Taxes, Puts Off Spending Cuts: http://www.prisonplanet.com/paul-lee-rubio-vote-no-on-fiscal-cliff-deal-that-hikes-taxes-puts-off-spending-cuts.html

[3] Rand Paul slams ‘spending bill’ fiscal cliff deal: http://www.prisonplanet.com/rand-paul-slams-%e2%80%98spending-bill%e2%80%99-fiscal-cliff-deal.html

[4] Obama, Boehner close gap on fiscal cliff deal, eye trillion-dollar tax hike: http://www.prisonplanet.com/obama-boehner-close-gap-on-fiscal-cliff-deal-eye-trillion-dollar-tax-hike.html

[5] Fiscal Cliff Deal: More Taxes, More Poverty: http://www.prisonplanet.com/fiscal-cliff-deal-more-taxes-more-poverty.html

[6] The Fiscal Cliff Deal: Taxpayers Pay More, Deficits Rise: http://www.prisonplanet.com/the-fiscal-cliff-deal-taxpayers-pay-more-deficits-rise.html

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