Cincinnatus BLOG *** Political Commentary - Social Commentary

  The Obama 10 year budget includes trillions in new spending programs at a time when tax revenues are declining at a precipitous rate. The projected deficit in the Obama Budget is $7.0 trillion for the decade 2010 to 2019. That's the good news! The Congressional Budget Office (CBO) has concluded that, if the Obama budget were approved, the federal government would actually run even larger deficits averaging nearly $1 trillion a year over the next decade. The cumulative deficit from 2010-19 would be $9.3 trillion, according to the report - $2.3 trillion more than the Obama administration's forecast. The main reason for the difference in budget estimates is a difference in economic growth, with congressional views of long-term growth less optimistic than those of the White House. … Continue reading | 7 Comments

  The top 1% of U.S. taxpayers earns 22% of the income and pay nearly 40% of all income taxes. The bottom 50% pays just 3%. We are told that this is unfair, and the "rich" should pay their "fair share". It would probably not overburden the top earners to pay 43% and eliminate all taxes on the bottom 50%. After all, it would only take a 5.5% increase in the amount the top 1% already pays to eliminate the need to collect from the bottom 50%. Can the rich afford it - yes, but can the poor. Could a house so divided prosper? Given the class-warfare rhetoric from the administration and Congress it appears that this is just the country they wish to create. Use tax credits for the bottom 50%… Continue reading | 4 Comments