595.) President Obama called for, you guessed it, tax hikes on the upper class, the job creators. What his plan does is “cut” the deficit by 2 trillion over the next ten years. He plans on taxing the rich, and in return he will give Republicans a “Cut” in spending on entitlements.  This is great news a balanced approch, with each side giving a little to the other side. Lets look at how President Obama plans on getting this 2 trillion in “cuts”, to see if there is any funny math involved, but I doubt it, this President has never done anything along those lines before.
     -1.5 trillion in new taxes on the rich. First and for most by of course repealing the evil Bush Tax Cuts for the demonic rich people. Also by closing tax loopholes and limiting deductions that those making over $250,000 can make.
     – $580 BILLION in cuts for “mandatory” benifits programs. divided out it is something along the lines of $240 billion from medicare, and $72 billion from medicade, and the rest comes from various other farm subsidies and other such programs. 
     –  $430 Billion from reduced intrest payments on the national debt. 
I like how balanced this approach is.  The sacrifice that President Obama and the rest of the Progressives are making is mind boggling. Less than half that they are demanding of the evil rich.  President Obama was quick to put to bed the claims that this is about class war fare. “This is not class warfare. It’s math.” He also said, “It’s only right we ask everyone to pay their fair share”.  So lets examine the President’s claims shall we?  So it is not about class war fair, it is about asking everyone to pay their fair share.   In 1999, the top 1%, the top 1% mind you, of tax payers was comprised of couples making $293,415 and they paid 36.1% of the income taxe in this country.  So that was 1999, that was under President Clinton before the evils of George W. Bush. Let us fastforward to 2008. The top 1% of tax payers were made up of couples making $380,000 paid a total of 38.2% of the income taxes.  So the evil Bush tax cuts made it so that fewer people pay the top percentage tax rates, and the percentage that those people paid went up over two percent.  Now let us look at what happened on the other end of the spectrum during that same time frame. In 1999 the bottom 50% of the tax payers, a group made up of people making under $26,000 paid 4% of the federal income tax.  In 2008 the bottom 50% of the tax payers, a group made up  of people making less than $30,000 a year pays on 2.7% of the federal income tax. So the Bush Tax cuts reduces taxes for the lower class, and the upper class ended up paying more…. and yet President Obama wants to raise taxes on the rich because it is math…. I don’t get the math…. rich people pay more with lower taxes… more lower income people pay less taxes….. yet it is math? President Obama’s claim rest upon the fact that investment income is taxes less than wage income. Investment income is taxed at 15%, while the top tax rate reserved for those making over 300,000 dollars is 25%.  So yes rich people have more money to invest so they are making more in the markets, but they are taxed at the same rate as middle class and lower class Americans. The fact is, President Obama’s claims just do not hold water.

Now some will probably site that there are is yet another place that this Bill is trying to save money, The President sited over a trillion in additional savings from ending the wars in Iraq and Afghanistan, well the President has counted this in every cost cutting measure, you only get to use it once. 

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4 comments
  1. I am glad there are people like you that understand the “old shell game” that goes on in Washington.  I may not always agree with you but at least I know where to look..Thanks.

  2. NewDog2 said:

    5.) President Obama called for, you guessed it, tax hikes on the upper class, the job creatorsFINALLY.  It took him long enough.

  3. Good post, I’m definitely going to subscribe. Keep up the good work!

  4. O’Bama’s call for tax hikes is simply a trick like the one Democrats pulled on President Reagan and George H. W. Bush pulled on himself.Reagan got suckered into accepting $1 in new taxes for $3 in spending cuts. Guess what?We got the the tax increases but no spending cuts. That’s the way it always works in Washington with the Democrats.And after Bush the Elder’s repudiation of his own “Read my lips! NO NEW TAXES!!” pledge he lost the election to a nobody Democrat from Arkansas named Bill Clinton.

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