On this day, Monday, November 26, Congress, returned from its week-long Thanksgiving holiday at which time lawmakers and President Obama will attempt to avert a looming fiscal crisis which very will could send the US economy plunging into another recession.
If the top 5% percent already pay 40% of taxes, what is their ‘fair’ share?
Republicans, until recently, insisted that “raising taxes on the wealthy would be counter-productive and only serve to slow economic growth and ensure that the country continues to be plagued by economic stagnation.” Also, “that higher taxes would dampen spending and hiring and investment by business owners.”
Now there is a new wrinkle. 38 Senators and 219 House members have signed Grover Norquist’s anti-tax “Taxpayer Protection Pledge. Norquist heads his Americans for Tax Reform advocacy group and is a powerful political player in the US budget debate. Over the span of two decades Republican lawmakers signing Norquist’s pledge have vowed never to vote for tax hikes, brought about when George H.W. Bush broke his “read my lips” no-new-taxes promise and then lost his bid for a second term. The pledge was successful. Since 1993 there hasn’t been a major tax increase in Washington with the exception of the 2010 ObamaCare law, which not a single Republican voted for.