Hurricane Sandy ate our $60 billion deficit reduction tax hike.
Congress approved a $60 billion aid package to help victims of Hurricane Sandy in New York and New Jersey, and to pay for storm cleanup.
Lots of damage from the storm, lots of people homeless and still hurting….
And by the way, the new higher income tax rates approved a couple weeks ago for the very wealthy will bring in about $60 billion in the first year.
Ergo, the tax deal ain't going to do anything for deficit reduction this year.
It would make more sense, in terms of state and national finance and fiscal responsibility, to impose a special tax to pay for massive hurricane cleanup.
And just for clarity, I support state and federal assistance in cleaning up after horribly destructive storms. I do not support allowing homeowners and businesses to re-build in the path of the next storm, unless they purchase storm insurance that will completely bail them out next time.
Translation: I don't want to help pay for re-building your lovely beachfront vacation home, or your rental property "with ocean view."