Allow me an explanatory metaphor: Let's suppose a super-tanker is springing a leak, and taking on a lot of water. That tanker is our (now bloated) government, and the leak is our (rapidly) rising deficit.
The Democrat plan is to go at the problem with a bucket and start bailing water. Their plan to raise taxes for families earning $250,000 or more would bring in new revenue, but the revenue raised by that tax increase pales in comparison to the massive deficit that we have sunk ourselves into (pun intended). Mathematically pertaining to our deficit, spending, and costs, these hikes are useless.
Without a concerted effort to rein in the absurd amount of spending going on, as well as entitlement reform, this tax hike on the wealthy is one tiny, miniscule drop in the bucket when it comes to the deficit. The Democrat plan could run the United States Government for a grand total of 8 days. When we are facing a 16 trillion dollar bill and a habit of spending even more, there is no amount of tax increase that could help us.
The GOP is fighting against determined and stubborn opposition, but the Republican plan makes more sense. Spending cuts and serious entitlement reform, are parts of a plan that fixes the leak. This affects every American, whether they earn $250,000 or not. The Fiscal Cliff, and the national debt will inevitably hit every demographic. The precious little revenue that they could raise would power us for barely more than a week before the fiscal pendulum would swing us back into a pit of spending despair.
John Stossel frames the argument differently but succinctly...
"The problem is that the rich don't have enough money to put so much as a dent in America's $16 trillion national debt. "If the IRS grabbed 100 percent of income over $1 million, the take would be just $616 billion," writes John Stossel. "That’s only a third of this year’s deficit. Our national debt would continue to explode."
Don't let the liberal media sell these tax hikes to you as a solution, when they are not even a band-aid on the larger issue.
VA GOP Caucus