There will be no new taxes anytime soon. I wasn’t sure, until I went back and re-read the Constitution. The power to levy taxes rests with the House of Representatives. And no matter what the President might say with regard to sharing the burden, the House, is being held hostage by the Tea Party, not to mention the “no tax pledge” Republican lawmakers were cajoled into signing by lobbyist, Grover Norquist. All six Republicans on the new and surely marvelous “Super Committee” have signed the Norquist pledge. So it’s really very simple. Grover Norquist, the Tea Party and Wall Street are running the country. I’m including Wall Street, as “Politifact” has confirmed that Michael Moore’s assertion that “The richest 1 percent have more financial wealth than the bottom 95 percent combined,” is “mostly true.”
A tiny but wealthy minority is controlling the vast majority. There may be cuts, but there will be no new tax revenues — no new money — anytime soon.