Obama wants tax increases? Let him have it. But he will damn well wear the consequences. He can’t blame Bush for ending the Bush tax rates and the subsequent economic decline will be his legacy. He is a total, ignorant ass.
I am with Republicans taking the Obama route of voting present. Do nothing. Let Obama “lead.” But he gets to take the credit for the ensuing results.
Obama has not offered a credible plan other than to demonize the so-called wealthy. It is laughable and delusional to label people who make more than $200,000 as wealthy. If you are living in a small town in the midwest I would agree, $200,000 is a lot of money and goes along ways. But go to New York or Boston or Philadelphia or Los Angeles and see how far you get with $200,000. Sorry, that’s not even comfortable middle class. But such is the lies and deceit of Obama.
The Wall Street Journal took a look at this claim back in 2011:
In 2008, there were 236,883 tax filers reporting income of $1 million or more. The Patriotic Millionaires, a group advocating the repeal of the Bush tax cuts on tax filers making $1 million or more a year, estimated that their plan would raise $500 billion to $600 billion over 10 years. That sounds like a lot.
But only $100 billion of that is projected savings from lower government debt costs. So the tax would actually raise $40 billion to $50 billion a year: equal to about 3% of the annual federal deficit.
Obama’s new taxes will do little to dent the pocketbooks of Mitt Romney and Warren Buffet. They don’t earn income from paychecks. There money comes from investment proceeds. For example, if Romney putts $10 million dollars in tax free municipal bonds that earn 7%, he will get $700,000 tax free to live off of every year.
What Obama is doing with the full support of the Dummycrats is to score a political point that will harm the economy in both the short term and long term. There is some good news, however. The taxes will fall most heavily on people who live in Democrat states:
With their enthusiastic backing of President Obama and the Democratic Party on Election Day, the bluest parts of America may have embraced a program utterly at odds with their economic self-interest. The almost uniform support of blue states’ congressional representatives for the administration’s campaign for tax “fairness” represents a kind of bizarre economic suicide pact.
Any move to raise taxes on the rich — defined as households making over $250,000 annually — strikes directly at the economies of these states, which depend heavily on the earnings of high-income professionals, entrepreneurs and technical workers. In fact, when you examine which states, and metropolitan areas, have the highest concentrations of such people, it turns out they are overwhelmingly located in the bluest states and regions. . . .
The people whose wallets will be drained in the new war on “the rich” are high-earning, but hardly plutocratic professionals like engineers, doctors, lawyers, small business owners and the like. Once seen as the bastion of the middle class, and exemplars of upward mobility, these people are emerging as the modern day “kulaks,” the affluent peasants ruthlessly targeted by Stalin in the early 1930s.
Suck on it Barack. You deserve it.