{"id":13926,"date":"2012-11-16T17:17:49","date_gmt":"2012-11-16T17:17:49","guid":{"rendered":""},"modified":"2012-11-16T17:17:49","modified_gmt":"2012-11-16T17:17:49","slug":"gop_signals_fold_on_tax_hikes","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2012\/11\/16\/gop_signals_fold_on_tax_hikes\/","title":{"rendered":"GOP Signals Fold on Tax Hikes"},"content":{"rendered":"

RUSH: Folks, this was predictable, too. The Republicans are establishing the mechanism to cave on tax increases. McConnell, we\u2019ve got the sound bite, ready now to talk about revenues as long as there\u2019s talk of spending cuts, but you and I know that there won\u2019t be any of those because Obama doesn\u2019t have to cut any spending. That\u2019s the last thing there\u2019s gonna be, and so Obama wants $1.6 trillion in new taxes. <\/p>\n

<\/p>\n

Now, here\u2019s something to think about. How\u2019s he gonna get that — and he will. See, this is the thing that we\u2019ve gotta realize. This is going to happen. It may be 1.2. He is going to get this. Boehner, we had our note from the chief of staff for Congress say Boehner said let Obama lead and see where it takes us. McConnell says we\u2019re fine and dandy on the revenue side now. The Republicans are the ones that always, “Okay, we lost the election, we\u2019re gonna have to moderate our tone and our beliefs,” and all this. So we\u2019re on the verge here of watching the cave. Benghazi, too. I hope the Republican Party understands what\u2019s at stake for them politically in making sure that there is a single select committee on this. If you have a bunch of different committees looking into it or no committees looking into it, it\u2019s gonna blow the opportunity. There has to be a single select committee on this. Not just for the political value of it, but because it\u2019s the right thing to do.<\/p>\n

We got four dead Americans, and it is a large scandal, which, of course, takes us back to Petraeus<\/a>. No, let me finish one thought. How do you get $1.6 trillion in new taxes? Now, politics like this is quite simple. The Republicans have sworn in every campaign that they\u2019re not gonna permit a tax increase. The Democrats have said, “We\u2019re gonna raise taxes on the rich.” Well, raising taxes on the rich and even getting rid of deductions is not gonna get you anywhere near $1.6 trillion. It\u2019s not gonna get you anywhere near $800 billion, just raising taxes on the rich<\/a>. So how are they gonna do it? <\/p>\n

My friends, I just want to alert you to a possibility. I\u2019m like the old Hogan\u2019s Heroes prison camp guard, Sergeant Schultz, “I know nothink. Nothink!” But in thinking about it, how do you get to $1.6 trillion and both parties being able to claim that they were true to their political promises. There is a way to do it, and it\u2019s called the Alternative Minimum Tax, and it\u2019s called expanding the Alternative Minimum Tax to practically everybody. The Alternative Minimum Tax will not involve one change in income tax rates. So Obama, for example, will be able to go out and raise the rates, marginal rates on the rich at 39.6 and the Republicans will be able to say that they fought raising marginal rates on the middle class. The rates won\u2019t change, but over here is gonna be this thing called the Alternative Minimum Tax, which says that everybody\u2019s gotta pay a minimum of 30%. And a bunch of deductions are gone. <\/line><\/p>\n

They\u2019ll probably leave the home mortgage deduction in for cover. And then the cherry on the top is making it retroactive to 2012, just like Clinton did when he raised taxes in 1993. So if you have an Alternative Minimum Tax that, say, hits 60 million taxpayers, but you haven\u2019t changed rates, except on the rich, and you get rid of a bunch of deductions for the rich, why, you\u2019re looking at a win-win, until people file. And of course the economic impact of this would be an abject disaster, taking $1.6 trillion away from people under the guise of reducing the deficit, when there is no spending cut anywhere near any of this. There\u2019s a patch, as you people who have been caught in the AMT, you know what hell it is. There\u2019s a patch that will expire I think this year. They\u2019ll let that go.<\/p>\n

Look, I\u2019m just talking off the top of my head here trying to figure out how they could get this done and, within the realm of politics, be able to tell their voters that, “I didn\u2019t break any promises.” And it\u2019s right out there waiting, AMT. And then if you want, put a VAT on top of it, and just claim that, “Well, yeah we\u2019re gonna tax the rich even more. We\u2019re gonna tax every level of consumption, it\u2019s gonna really hit the rich,” and of course the Obama educated voters, “Yay!” Economic impact of this will be an abject disaster. You know, some people have to file an Alternative Minimum Tax even though it doesn\u2019t apply to \u2019em. The Alternative Minimum Tax form is a nightmare to have to deal with. Talk to your accountant. Well, you know if you pay the AMT, if it hits you. <\/p>\n

But just think about it. I could be all wet here. I\u2019m just thinking how do they do this. And I\u2019m thinking about this because I\u2019m seeing the signs of Republicans giving in on opposing new taxes. At the highest levels. Three governors, including Bob McConnell of Virginia. They\u2019re all saying, “We\u2019re willing to put revenue on the table, as long as we get some spending cuts.” Well, yeah. And I\u2019m sure that the regime will say, “Oh, spending, we\u2019ll certainly look at that. We\u2019ll lop a couple hundred million off of this and a couple hundred –” and bam, everybody gets, “Yeah, we cut spending,” and there really won\u2019t be. I can see this. Well, elections have consequences.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Here\u2019s Tom in Dexter, Michigan. Tom, I\u2019m glad you called. Welcome to the program, sir.<\/p>\n

CALLER: Glad to be here. You earlier talked about the tax increases that are coming. The impending tax rate increases will not translate into increased revenue for the government because we\u2019re on the wrong side of the Laffer curve.<\/line><\/p>\n

RUSH: Yeah, you\u2019re right, you\u2019re right. I\u2019m not arguing with you, but it will at first. There\u2019s gonna be a huge transfer of money from the private sector to the public sector, they\u2019ll be able to show it. But the point is over the not so very long term it\u2019s gonna shut down economic activity, and ultimately, you\u2019re right, it is going to cost the government money. But Obama doesn\u2019t care about that. If he cared about that we wouldn\u2019t have had the last four years. The Obama tax plan — I\u2019m glad you mentioned this, Tom — the Obama tax plan\u2019s not about raising revenue. It\u2019s not about reducing the deficit. He says it is, but it\u2019s not about that because it won\u2019t do that. It\u2019s going to fundamentally change the relationship of citizen to state. It\u2019s going to fundamentally remove capitalism as the US primary economic system. All it\u2019s gonna do is grow government and we\u2019re gonna implode. We can\u2019t at some point sustain any of this, and that\u2019s not far down the road.<\/p>\n

CALLER: In a nod the Hostess<\/a>, the government eventually is gonna have half a box of Twinkies, you know, as opposed to having 20% of a truckload of Twinkies, \u2019cause that\u2019s where they\u2019re at on the Laffer curve.<\/p>\n

RUSH: Well, even about that, that\u2019s, again, 18,500 people losing their jobs. It\u2019s a union struggle. If anybody thinks the Democrats are willing to compromise about anything, here\u2019s the perfect chance for them to come in and compromise, do a good thing. No way, not interested in compromise, folks. <\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Folks, this was predictable, too. The Republicans are establishing the mechanism to cave on tax increases. McConnell, we\u2019ve got the sound bite, ready now to talk about revenues as long as there\u2019s talk of spending cuts, but you and I know that there won\u2019t be any of those because Obama doesn\u2019t have to cut […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[],"tags":[],"yoast_head":"\nGOP Signals Fold on Tax Hikes - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/admin.rushlimbaugh.com\/daily\/2012\/11\/16\/gop_signals_fold_on_tax_hikes\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"GOP Signals Fold on Tax Hikes - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Folks, this was predictable, too. The Republicans are establishing the mechanism to cave on tax increases. McConnell, we\u2019ve got the sound bite, ready now to talk about revenues as long as there\u2019s talk of spending cuts, but you and I know that there won\u2019t be any of those because Obama doesn\u2019t have to cut […]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/ObamaTaxtheRichBoehner.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"GeorgePrayias\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.rushlimbaugh.com\/#website\",\"url\":\"https:\/\/www.rushlimbaugh.com\/\",\"name\":\"The Rush Limbaugh Show\",\"description\":\"Excellence In Broadcasting\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.rushlimbaugh.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/admin.rushlimbaugh.com\/daily\/2012\/11\/16\/gop_signals_fold_on_tax_hikes\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/ObamaTaxtheRichBoehner.jpg\",\"contentUrl\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/ObamaTaxtheRichBoehner.jpg\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/admin.rushlimbaugh.com\/daily\/2012\/11\/16\/gop_signals_fold_on_tax_hikes\/#webpage\",\"url\":\"https:\/\/admin.rushlimbaugh.com\/daily\/2012\/11\/16\/gop_signals_fold_on_tax_hikes\/\",\"name\":\"GOP Signals Fold on Tax Hikes - The Rush Limbaugh Show\",\"isPartOf\":{\"@id\":\"https:\/\/www.rushlimbaugh.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/admin.rushlimbaugh.com\/daily\/2012\/11\/16\/gop_signals_fold_on_tax_hikes\/#primaryimage\"},\"datePublished\":\"2012-11-16T17:17:49+00:00\",\"dateModified\":\"2012-11-16T17:17:49+00:00\",\"author\":{\"@id\":\"https:\/\/www.rushlimbaugh.com\/#\/schema\/person\/9a33276eb9dc5b6d3f8218957f30e6b4\"},\"breadcrumb\":{\"@id\":\"https:\/\/admin.rushlimbaugh.com\/daily\/2012\/11\/16\/gop_signals_fold_on_tax_hikes\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/admin.rushlimbaugh.com\/daily\/2012\/11\/16\/gop_signals_fold_on_tax_hikes\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/admin.rushlimbaugh.com\/daily\/2012\/11\/16\/gop_signals_fold_on_tax_hikes\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.rushlimbaugh.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"GOP Signals Fold on Tax Hikes\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.rushlimbaugh.com\/#\/schema\/person\/9a33276eb9dc5b6d3f8218957f30e6b4\",\"name\":\"GeorgePrayias\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.rushlimbaugh.com\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/d290ab65e2eaca3719268528f83b85bf?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/d290ab65e2eaca3719268528f83b85bf?s=96&d=mm&r=g\",\"caption\":\"GeorgePrayias\"},\"url\":\"https:\/\/admin.rushlimbaugh.com\/daily\/author\/GeorgePrayias\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"GOP Signals Fold on Tax Hikes - The Rush Limbaugh Show","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/admin.rushlimbaugh.com\/daily\/2012\/11\/16\/gop_signals_fold_on_tax_hikes\/","twitter_card":"summary","twitter_title":"GOP Signals Fold on Tax Hikes - The Rush Limbaugh Show","twitter_description":"RUSH: Folks, this was predictable, too. The Republicans are establishing the mechanism to cave on tax increases. McConnell, we\u2019ve got the sound bite, ready now to talk about revenues as long as there\u2019s talk of spending cuts, but you and I know that there won\u2019t be any of those because Obama doesn\u2019t have to cut […]","twitter_image":"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/ObamaTaxtheRichBoehner.jpg","twitter_misc":{"Written by":"GeorgePrayias","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/www.rushlimbaugh.com\/#website","url":"https:\/\/www.rushlimbaugh.com\/","name":"The Rush Limbaugh Show","description":"Excellence In Broadcasting","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.rushlimbaugh.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","@id":"https:\/\/admin.rushlimbaugh.com\/daily\/2012\/11\/16\/gop_signals_fold_on_tax_hikes\/#primaryimage","inLanguage":"en-US","url":"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/ObamaTaxtheRichBoehner.jpg","contentUrl":"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/ObamaTaxtheRichBoehner.jpg"},{"@type":"WebPage","@id":"https:\/\/admin.rushlimbaugh.com\/daily\/2012\/11\/16\/gop_signals_fold_on_tax_hikes\/#webpage","url":"https:\/\/admin.rushlimbaugh.com\/daily\/2012\/11\/16\/gop_signals_fold_on_tax_hikes\/","name":"GOP Signals Fold on Tax Hikes - The Rush Limbaugh Show","isPartOf":{"@id":"https:\/\/www.rushlimbaugh.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/admin.rushlimbaugh.com\/daily\/2012\/11\/16\/gop_signals_fold_on_tax_hikes\/#primaryimage"},"datePublished":"2012-11-16T17:17:49+00:00","dateModified":"2012-11-16T17:17:49+00:00","author":{"@id":"https:\/\/www.rushlimbaugh.com\/#\/schema\/person\/9a33276eb9dc5b6d3f8218957f30e6b4"},"breadcrumb":{"@id":"https:\/\/admin.rushlimbaugh.com\/daily\/2012\/11\/16\/gop_signals_fold_on_tax_hikes\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/admin.rushlimbaugh.com\/daily\/2012\/11\/16\/gop_signals_fold_on_tax_hikes\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/admin.rushlimbaugh.com\/daily\/2012\/11\/16\/gop_signals_fold_on_tax_hikes\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.rushlimbaugh.com\/"},{"@type":"ListItem","position":2,"name":"GOP Signals Fold on Tax Hikes"}]},{"@type":"Person","@id":"https:\/\/www.rushlimbaugh.com\/#\/schema\/person\/9a33276eb9dc5b6d3f8218957f30e6b4","name":"GeorgePrayias","image":{"@type":"ImageObject","@id":"https:\/\/www.rushlimbaugh.com\/#personlogo","inLanguage":"en-US","url":"https:\/\/secure.gravatar.com\/avatar\/d290ab65e2eaca3719268528f83b85bf?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/d290ab65e2eaca3719268528f83b85bf?s=96&d=mm&r=g","caption":"GeorgePrayias"},"url":"https:\/\/admin.rushlimbaugh.com\/daily\/author\/GeorgePrayias\/"}]}},"_links":{"self":[{"href":"https:\/\/admin.rushlimbaugh.com\/api\/wp\/v2\/posts\/13926"}],"collection":[{"href":"https:\/\/admin.rushlimbaugh.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/admin.rushlimbaugh.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/admin.rushlimbaugh.com\/api\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/admin.rushlimbaugh.com\/api\/wp\/v2\/comments?post=13926"}],"version-history":[{"count":0,"href":"https:\/\/admin.rushlimbaugh.com\/api\/wp\/v2\/posts\/13926\/revisions"}],"wp:attachment":[{"href":"https:\/\/admin.rushlimbaugh.com\/api\/wp\/v2\/media?parent=13926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/admin.rushlimbaugh.com\/api\/wp\/v2\/categories?post=13926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/admin.rushlimbaugh.com\/api\/wp\/v2\/tags?post=13926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}