On Monday, U.S. Senator Bob Corker, R-Tenn., issued the single most responsible, reasonable and realistic plan to address the “fiscal cliff” seen thus far.
In order to evade the economy-butchering tax hikes and the automatic spending cuts scheduled to go into effect on Jan. 1, Corker proposed a blueprint to curb entitlements and reduce other spending by common-sense solutions. These solutions, such as slowly increasing the age of eligibility for Medicare and Social Security to reflect soaring longevity, introducing means testing for entitlements and implementing a benefits system for federal employees more in line with what private sector workers enjoy, will save taxpayers trillions of dollars without impacting the quality of government services.
In his plan, Corker also champions a long-overdue change in how the federal government calculates price increases and inflation for inflation-indexed federal programs. This improvement would help federal spending increases stay more in line with economic growth, rather than expanding astronomically year after year.
Corker’s plan isn’t all trimming budgetary fat and controlling future spending. The senator also takes a page out of failed GOP presidential candidate Mitt Romney’s idea of capping federal tax deductions. In Corker’s case, he wants to limit loopholes and tax write-offs to $50,000 a year.
Corker deserves praise and admiration for taking the lead on this pressing issue and, barring unwarranted and irresponsible opposition by Senate Democrats or President Barack Obama about the very reasonable methods used to contain future entitlement spending, almost single-handedly solving the fiscal cliff crisis.
The problem we face as ( the c word ) is that the other side, the Obamists, care only about getting political credit for perceived moves such as "soaking the rich" and "protecting the little people". Anyone who THINKS about it clearly sees that the ultra rich and movie starts making 10-25 million d per picture almost ALL support him. Do they want to have their money taken away?? OF COURSE NOT. Buffet, for example, NEVER sells anything and so wouldn't care if the capit9al gain rate was 99 percent. Same with Gates. Both are passing their combined 120 BILLION or so into a tax free foundation. Gates' wealth is almost completely in MSFT stock holdings he acquired for under a dollar. He will NEVER pay a capital gain nor will Buffet. They have actually found a way to "take it with them." The GOP should put in bill that says capital gains that have NEVER BEEN TAXED cannot, repeat CANNOT be passed into such an entity upon the death of the holder without paying, at that point, the capital gain must be collected. Just Bush and Buffet will pay 18 Billion with that little change and --since we LOVE the little people, too-- just exempt anyone's estate that is less than 100 million. OK? Obama??? OK???