President Obama today spoke to the nation and gave an outline of the budget that he will be proposing to congress sometime in April.
And it is a doozy.
And, it is chock-full of. . .TAX INCREASES!
I noted in an earlier post that one way President Obama is going to raise taxes is by letting the tax cuts that former President Bush 43 instituted in 2001 expire. That is called a tax increase on the cheap.
But, look at some of the tax increases that President Obama and the Democrats are going to force on the American people:
On people making more than $250,000:
1) $338 billion - Bush tax cuts expire
2) $179 billion - eliminate itemized deduction
3) $118 billion - capital gains tax hike
Total: $636 billion/10 years
Now, I know that a lot of people are going to say that people making $250,000 should pay a lot more in taxes. But, lets keep in mind that $250,000 could be combined income. In other words, a husband and wife, both professionals, work. One makes $175,000 a year. The other makes $150,000 a year. That makes $325,000 a year combined income. People that make that kind of money tend to be higher educated and also the type that may take some of that income and start a small business. Will they do that when their taxes are raised? When they can not use itemized tax deductions? (As an aside, a good reason to look at a flat tax).
What this does is create class envy and warfare.
To stipulate, the combined income of Mrs. rightviewfromtheleftcoast and I comes no where near $250,000 a year.
But some day, we may. And under President Obama's tax hike scheme, we will pay a lot more. where is the incentive to get out of the middle class to upper middle class?
It is not there under President Obama.
What he will do is take the money from the "rich" and pay for the most massive increase in federal government control of the economy since to so-called New Deal.
Lets call this the Raw Deal.And the following chart shows the breakdown by department of a $3,000,000,000,000 federal budget.
Note that the budget breakdown shows that the overwhelming amount of money the federal budget goes to Medicare, Medicaid, Social Security and other non-defense spending. Sixty-percent goes to the above programs.
And, it will be the most productive people paying to increase the size and scope of the federal government.
Again, you were warned. You Hope and Change voters believed that you were going to get that middle class tax cut. You know, for the "95%" of "the middle class". Too bad that it will only be a whopping $13 a week. But, remember, you will be getting that whopping $13 a week because President Obama is just going to tax the "rich".
Hype and the Same, baby! Hype and the Same!
5 comments:
Now what can I do with that $13? Perhaps a big mac meal.
It will be Obama's depression. Great post.
I look for the $250,000 mark to be reduced-alot. Is there anywhere I can get a clearer copy or bigger of the breakdown? Just having a hard time seeing it all. I need new glasses.
I guess this is Obamanomics
Upper income people have talked about reducing their tax liability by working less which will hurt the rest of us indirectly by decreasing the need for our employment and services, which would mean the government would collect less in taxes.
However keep in mind that the government can continue to lower the tax bar until no one can limbo under it.
First off we would like to congratulate you on your fine public speaking skills. It looks like those who said the Obama Administration would strike while the iron is hot may have been correct, and the Administration may be doing it in a way that does not require them to even get a vote in Congress.
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