Top 10 Percent of Earners Paid 71 Percent of Federal Income Taxes....

 Top earners are the target for new tax increases, but the federal income tax system is already highly progressive. The top 10 percent of income earners paid 71 percent of all federal income taxes in 2009 though they earned 43 percent of all income. The bottom 50 percent paid 2 percent of income taxes but earned 13 percent of total income. About half of tax filers paid no federal income tax at all.

Cal Thomas: More of the same....

As with previous Congresses, this one (again) delayed the debt issue for two months and will have to face it again, along with what to do about the debt ceiling. Only expletives that can't be printed in a family newspaper accurately characterize this bunch, so I'll have to settle for pathetic, unprincipled and irresponsible.

Krauthammer: Cliff deal ‘surrender’ ......

“Look, there are a lot of conservatives in the Republican caucus in the House who hate the bill for good reason. This is a complete surrender on everything,” he said about the ratio of tax hike to spending cuts.

On Fox’s “Special Report,” Krauthammer offered his prediction on how House Republican leadership will proceed.

This Prediction From the CBO Shows How Wrong They Were About The U.S.’ Economic Future

“Instead of publicly-held debt as a share of GDP being a microscopic 7.4% this year, it was closer to 74% – or 72.8% to be specific (as of the August update from the CBO),” Pethokoukis explains.

Yes, our national debt as a share of GDP is approximately 74 percent. This is absolutely unsustainable.

Obama’s Fiscal Cliff Plan Still Not Balanced.....

Obama’s latest counteroffer is no more acceptable than his first offer. Short on details concerning actual spending reductions, especially on entitlements, it is replete with his requisite tax hikes and (we are shocked) new stimulus spending. The cherry on top is an extension of the debt limit for two years, essentially handing over authority to raise it to the President.

Right.

President Obama’s Economically Destructive Tax-Hike Plan....

All this is is the "Left's" belief that once taxes are raised - everyone will pay at the "projected" rate - which, of course won't happen due to high money earner's doing whatever it is they have to do to protect what's theirs and less jobs and hours worked.....they haven't a clue.

This is entirely about divide and conquer - class warfare at it's worst. Envy and fear instead of leadership and hope....what a wonderful world....

Not only that, but the tax hike wouldn’t achieve its intended effect of increasing revenue by $160 billion per year. Instead, it would generate only about $68 billion per year.” This is due, the report notes, “to a smaller tax base commensurate with the smaller economy. For example, fewer hours worked and lower real wages result in less federal income and payroll tax receipts.”

Tax rich liberals......

 I note that rich liberals — who somehow manage to avoid paying high taxes themselves — are always wildly enthusiastic about raising taxes on the middle class to keep the strivers down.

Forget the top 2 percent. The top 1 percent of the top 1 percent keep voting for higher taxes — and then take advantage of indefensible tax loopholes and deductions. Get them.

Let’s have a class warfare bloodbath.

Elizabeth Warren ended Senate campaign in debt despite record fund-raising ......

Yup...blame bad planning on the volunteers!

Even after raising a whopping $42 million for her Senate race this year - more than any other congressional candidate in the country – the senator-elect from Massachusetts told her supporters that her campaign does not have enough cash to pay its bills.

In an e-mail, the Harvard Law professor - considered one of the nation’s preeminent scholars of American debt - asked for donations to help her wash away the red ink.

Warren did not say how much debt she needs to pay down, but blamed the shortfall in part on the thousands of volunteers who flocked to her campaign, saying “that meant even more last-minute coffee and pizza.”

Before Raising Rates, Obama Aides Should Pay Their Taxes......

This is what happens when you begin to establish a "Ruling Class".....Road to Serfdom folks!

The debt among Hill employees has risen at a faster rate than the overall tax debt on the government's books, according to Internal Revenue Service data. It comes at a time when some Republican members are pushing for the firings of government workers who owe the IRS and President Obama has urged a crackdown on delinquent government contractors.

As Americans face a fiscal cliff, the Obamas make do with 54 Christmas trees.......

 "We have 54 trees in the White House," an excited Michelle Obama proudly told visitors the other day. "54! That’s a lot of trees."

In fact, the Obamas' 54 trees this year are almost 50% more Christmas trees than last year. That was during the campaign before Obama whispered a reminder to the Russians that he had to be careful until Nov. 6, when a victory would give him more "flexibility."

Now, how much carbon do you suppose those 54 trees could be sequestering had they not been chopped by this green president?

Republicans Control Best-Run States in America, 24/7 Wall St. Survey Shows.....

...And we're surprised why???

The list is based on a review of data for financial health, standard of living and government services. While noting that current situations may stem from decisions made years ago and that external factors like weather can be as much to blame as poor governance, 24/7 Wall St. also points out that all of the high-ranking states have “well-managed budgets” and the worst states have “high debt relative to both income and expenditure.”

The Left's Scrooge McDuck Mythology of the Wealthy.....

The money is just sitting there. Never mind Scrooge McDuck earned the money; he isn't using it, so McDuck doesn't need it. In fact, McDuck would still be rich if he gave over half of it away to those who really need it -- like kids in Mexico, the Philippines, and Afghanistan. Obviously, the rich foreigners, like McDuck, are selfish jerks for not sharing their 'luck.'

Student-Loan Delinquencies Now Surpass Credit Cards......

Moreover, the actual rate of student loan delinquency is far higher than the official tally suggests. According to the New York Fed, “these delinquency rates for student loans are likely to understate actual delinquency rates because almost half of these loans are currently in deferment, in grace periods or in forbearance and therefore temporarily not in the repayment cycle.”

An Overdue Book....

Since Who's The Fairest of Them All? was published in October, there was little chance that it would affect this year's election. But this little gem of a book exposes, in plain language and with easily understood facts, the whole house of cards of assumptions, fallacies, and falsehoods which constitute the liberal vision of the economy.

Black Friday: Treasury Borrowed $211.69 Per U.S. Household on Day After Thanksgiving.....

Only on Friday - when you want to dump bad news....REALLY bad news...dump on Black Friday - when NOBODY is watching.....

The U.S. Treasury increased the net debt of the United States $24,327,048,384.38 on the day after Thanksgiving, which equals approximately $211.69 for each of the nation’s 114,916,000 households.

Magical thinking about Amnesty......

Interesting case against Amnesty...

Instead, California is living proof of the harmful economic impact caused by mass immigration. Over the last two decades, California grew by 10 million new people, but gained only 150,000 new taxpayers. As a study by a team of economic and public policy professors found, "From the mid-1980s to 2005, California's population grew by 10 million, while Medicaid recipients soared by seven million; tax filers paying income taxes rose by just 150,000; and the prison population swelled by 115,000." This is the make-up of a demographic and economic catastrophe, and it is the open borders Republican model for the rest of the nation.

Treasury Secretary Geithner: Lift Debt Limit to Infinity .....

Treasury Secretary Timothy Geithner said Friday that Congress should stop placing legal limits on the amount of money the government can borrow and effectively lift the debt limit to infinity.

On Bloomberg TV, “Political Capital” host Al Hunt asked Geithner if he believes “we ought to just eliminate the debt ceiling.”

“Oh, absolutely,” Geithner said.

“You do? Will you propose that?” Hunt asked.

Paul Ryan Emerges as Power Broker in Fiscal Talks ......

Speaker John A. Boehner has tapped Mr. Ryan, who has returned to his post as the House Budget Committee chairman after an unsuccessful run for vice president, to help strike a deal to avoid big tax increases and spending cuts by the end of the year, and to bring along fellow Republicans.

“He helps us toward creating a product,” said Senator Rob Portman, Republican of Ohio, “and he helps sell the product.”

Prepare for a Massive Market Meltdown.....

 “I don’t think markets are going down because of Greece, I don’t think markets are going down because of the ‘fiscal cliff’ — because there won’t be a ‘fiscal cliff,’ ” Faber told CNBC’s “Squawk Box.” “The market is going down because corporate profits will begin to disappoint, the global economy will hardly grow next year or even contract, and that is the reason why stocks, from the highs of September of 1,470 on the S&P, will drop at least 20 percent, in my view.”

Budget deficit rises to $120 billion in October.......

So interesting how all this information seems to trickle out AFTER the election....just sayin'....

The budget deficit rose in October, the first month of fiscal year 2013, as looming negotiations over expiring tax cuts and imminent spending reductions dominated the post-election political landscape.

The Treasury said on Tuesday the October deficit was $120 billion, larger than economist forecasts for a $114 billion gap and up from $98 billion in October of 2011.