The “Right” has been calling for a Balanced Federal Budget–but, only since President Barack Obama took Office. George W. Bush didn’t face such a Roadblock. HMMM…
Initially, Republicans tried to convince people that lower taxes on the Wealthy will help create jobs. Oddly enough, however, when the second President Bush signed substantial Federal Income Tax Cuts into Law, mostly for the Uber-Wealthy, the Economy tanked. Very few Economists, except very conservative ones, fell for it. The Surplus that Bush inherited from President Clinton quickly evolved into a huge Deficit.
I recently wrote a Blog Post, before the Presidential Election, that noted several Billionaires who said that we needed a Politician who would do more for “Small Businesses”. Just two percent of these so-called Small Business owners would have to pay the Higher Tax Rates that kick-in for Taxpayers earning $250,000 per year, or more. Using the IRS classification of Sub-S, Billion Dollar Businesses, however, such as Koch Industries would be considered “Small”. HA!
Recently, President Obama appeared before The Business Roundtable (of very large corporations) and his Administration has been meeting with key business leaders, both on Wall Street and in the Corporate Community, in general. So far, many of them appear to be On-Board.
But, the overall agreement of the Very Wealthy in general is uncertain, at this time. And, if they call-off their lobbyists in fighting Higher Taxes for the Wealthy, perhaps the message will get through to the both sides of the Aisle in. Congress.