$1.6 Trillion in New Taxes?

The games have begun. Countering the Republican’s ridiculous opening position that any solution to the Fiscal Cliff must include a tax rate reduction, the President has taken an equally ridiculous opening position that proposes $1.6 trillion in new corporate taxes and taxes on the wealthy over the next decade.

That’s simply not going to happen and he knows it. Or, at least, I hope he knows it.

This is an opening gambit. Boehner and the Republicans have previously offered about $800 billion in new taxes and a restructuring of the tax code. Obama clearly wants more but then he’s going to have to pony up some additional cuts.

Hopefully he already has those in his back pocket.

This is going to be a game of chicken. Two machos staring at each other about two inches apart each waiting for the other to blink.

Obama is in the stronger position but Democrats are traditionally wimps in fiscal confrontations so I’m betting the Republicans will do a lot better than then they should.

Keep the numbers $1 trillion in tax restructuring and $1.2 trillion in budget cuts over the next decade in the back of your head. That’s where I’m betting we end up.

Either that or we’re going right over the cliff. I can make you a good deal on a parachute? Especially designed for the Fiscal Cliff. Personally packed by Ross Perot. No ripcord.