Where's the rest of the $1.6T going to come from?
Reader comment on: Now He Tells Us
Submitted by steve lewis (United States), Nov 14, 2012 23:09
I agree with Fast Eddie, that projections over 10 years are tough to make as policy and Congress changes many times over such a period.
President Obama still wants that number, however. That means he is looking to raise $160B a year starting with fiscal year 2014 (I presume) and some what less than that in fiscal year 2013 as the tax policy won't change till January 1.
I've heard various numbers from $60B to $80B as the amount that the expiration of the Bush Tax Cuts on the 2% will generate each year. I know, again, those are just estimates. But those numbers have always seemed reasonable to me.
So, where will the other $80B to $100B each year he wants come from? I wonder where President Obama thinks it will come from. Remember, this is a tax hike he's talking about not a cut in spending.
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