...In other news:
“Raising taxes on the top 2% of households, as Mr. Obama proposes, would bring in $34 billion next year: enough to cover nine days’ worth of the deficit,” notes The Economist. So that is what all the political fuss about extending the Bush tax cuts for another year is all about. Does this make any sense? After all, errors in estimating next year’s revenues are typically much larger than $34 billion.It makes sense if you want to punish and wreck this country.
The arithmetic is even more absurd than it appears, because the alleged $34 billion of extra revenue is a static estimate. That means the number assumes higher tax rates do literally no damage at all to the affected taxpayers, and therefore no damage to consumer spending, business investment, employment, stock prices, housing prices, new car sales, etc.
--cartoon by Michael Ramirez, Investors Business Daily