This is the easiest post I have EVER done --
Mish's Global Economic Trend Analysis: Give America a Raise: Fire Obama, Eliminate the Fed; State of the Union Sap: "As sappy as [Obama's State of the Union Address] was (and it was the sappiest state of the union address ever), the official republican response was even worse." (read more at the link above)
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Showing posts with label State of the Union. Show all posts
Showing posts with label State of the Union. Show all posts
Thursday, January 30, 2014
Wednesday, January 25, 2012
State of the Union and entitlement reform
Most people probably missed it because it went by so quickly, but this is what the President said on entitlement reform last night in his State of the Union speech:
"The American people know what the right choice is. So do I. As I told the Speaker this summer, I'm prepared to make more reforms that rein in the long term costs of Medicare and Medicaid, and strengthen Social Security, so long as those programs remain a guarantee of security for seniors. But in return, we need to change our tax code so that people like me, and an awful lot of Members of Congress, pay our fair share of taxes. Tax reform should follow the Buffett rule: If you make more than $1million a year, you should not pay less than 30 percent in taxes. And my Republican friend Tom Coburn is right: Washington should stop subsidizing millionaires. In fact, if you're earning a million dollars a year, you shouldn't get special tax subsidies or deductions. On the other hand, if you make under $250,000 a year, like 98 percent of American families, your taxes shouldn't go up. You're the ones struggling with rising costs and stagnant wages. You're the ones who need relief."
"The American people know what the right choice is. So do I. As I told the Speaker this summer, I'm prepared to make more reforms that rein in the long term costs of Medicare and Medicaid, and strengthen Social Security, so long as those programs remain a guarantee of security for seniors. But in return, we need to change our tax code so that people like me, and an awful lot of Members of Congress, pay our fair share of taxes. Tax reform should follow the Buffett rule: If you make more than $1million a year, you should not pay less than 30 percent in taxes. And my Republican friend Tom Coburn is right: Washington should stop subsidizing millionaires. In fact, if you're earning a million dollars a year, you shouldn't get special tax subsidies or deductions. On the other hand, if you make under $250,000 a year, like 98 percent of American families, your taxes shouldn't go up. You're the ones struggling with rising costs and stagnant wages. You're the ones who need relief."
I can't argue with that and in fact it matches up with my proposal for comprehensive tax and entitlement reform. If the Republicans are serious, they ought to send Obama a comprehensive tax and entitlement reform bill that does exactly what he says and make him sign it BEFORE election day, or otherwise call his (or the Democrats) bluff.
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