In a recent report released by the Presidential Commission on balancing the roughly 13 trillion dollar overall deficit, some conservative members of the group have taken the trouble to, once again, try to reduce taxes on the very rich (taking the highest tax rate from 35 percent down possibly to 23 percent) while making 2.2 trillion dollars in cuts to domestic programs over the coming years. While there would be some increases in dividend taxation (long overdue) the ultimate gains in taxation on the richest Americans would be offset by these income tax cuts.
President Obama himself has not commented on the proposals that may or may not be voted on by Congress, but it is clear that lowering taxes on the wealthiest income-earners right now is the direct opposite of any logical program to reduce the the Federal Budget.
The problem has been that over the last thirty years Presidents Reagan and George W. Bush and much of the Congress has engaged in too many untaxed programs, including most recently the 2008 Wall Street banking bailout and the two long wars in Irag and Afghanistan.
Too many politicians can't seem to get used to the idea that investment bankers, corporate honchos and their lobbyists agents who ring the capitol have to pay the piper like the rest of us.
One of the few who does get it is Bernie Sanders of the state of Vermont, the one true democratic social-progressive Senator in Washington. In this interview he correctly identifies what has caused the record-high deficits, and its NOT the Social Security system.