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In the most predictable move ever, President Obama has now signaled that he will indeed be raising taxes on the “wealthy” and businesses. This makes perfect sense, of course, because it’s not like private corporations create jobs and drive our economy, right?
Obama’s goal is to essentially halve the current deficit by the end of his first term. I assume that passing the largest spending bill in the history of the nation is, perhaps, a key element of cutting government spending?
Either way, here’s the details:
Most of the savings will come from ending the war in Iraq, raising taxes on the wealthy, and a more efficient government.
“Over time, the budget deficit will make it harder for our economy to grow and create jobs,” the official said. “That’s why the President’s budget for FY 2010 puts us on the path to cut the deficit he inherited on January 20, 2009 in half by the end of his first term.”
The official pointed out that the deficit the Obama administration inherited was $1.3 trillion — 9.2 percent of GDP. By 2013, the end of the President’s first term, the official said, the president’s budget would cut the deficit to $533 billion-or 3.0 percent of GDP.
“Most of the savings will come from winding down the war in Iraq; increased revenue from those making more than $250,000 a year; and savings from making government work more efficiently and eliminating programs that do not work,” the official said.
The first question that comes to my mind is, what qualifies as “wealthy” in the eyes of the Obama administration. In the details released above, it’s conveniently at $250,000 right now. The number has changed a dozen times.
In this clip, McCain couldn’t be more correct, watch Obama weasel around with the numbers:
According to Obama, if you make $97,000 a year, you’re upper class. Where I live in Northern Virginia, that’s most households with more than one working adult and I can tell you people here don’t consider themselves “upper class” by any stretch of the imagination.
See, there is a disconnect between President Obama and reality. It’s easy to toss around numbers because to him, none of us pay high enough taxes, the secret is hiding his desire to increase taxes down to the $50k level and even lower.
In fact, give me the scenario in the next few years, after the massive spending/entitlement bill he passed, where his administration won’t be arguing for higher taxes on those making $75k, and perhaps lower. We’re all going to pay in some way, shape or form.
Think about it this way. If I work for a small to medium company with an annual revenue of anywhere between $250,000 to $10 million a year, how is raising that company’s taxes going to benefit me as an employee? That answer is that it’s not, it’s going to hurt me when I don’t get a bonus because the company has to make up for increased tax hikes from the Obama administration.
So while Obama halves the deficit he just helped add to, he’ll be saddling this on the backs of workers at any company making $250,000 or more, today. Tomorrow it could be companies making $150,000 or more. Perhaps the next day $100,000 or more, the number will drop as Obama’s welfare state grows.
People don’t understand the simple fact that corporations create jobs and the only thing that gets in the way will be President Obama and his class warfare tax hikes.
I say cut corporate taxes in half, or lower, and let them start keeping revenue and creating jobs.
The bottom line is that no matter where you are on the economic totem poll, you are affected directly or indirectly by President Obama’s greedy tax hikes. Whether you work for a company who will face a higher tax burden or you yourself have worked your way to success, we will all be paying through the nose for Obama’s failed socialist policies of the past.
Obama will be spreading the wealth, as promised. Joe the Plumber was right, God bless him.
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I wonder if the name of this website should be “AngryRepublicansdecidepolitics.com” Instead of “Youdecidepolitics.com”
Like a belly button, I am outie. You guys enjoy your haterade and good luck in 2010\2012. Shameful, on what happened to this site.
Here we go again with another temper-tantrum. What is this sore loser mentality all about? I swear liberalism is emasculating men.
Conservative Gal
I see you have the flag behind you. Don’t let it fall
jd
I want you to make comments. I want to learn the other side. But I want substance from you. Stop running away when I tear you apart. If you make mistake say so. ..I have admitted my mistakes to you and will continue.
But if you want to insult, I’m your man. I want let go
You and your friends had great time on old site. I remember. You feel now how I felt then. So much of past was cussing,insulting etc.. I doubt if anybody been warned on this new site. I have seen no comments blocked
New site you must know what your talking about and be able to prove. Those garage remarks that CNN tells you will not pass mustard anymore. Accept that the old way is gone
” When you can’t make them see the light make them feel the heat.”…………President Ronald Reagan
I guess jd has loss so many times he gave up talking issues.
“According to Obama, if you make $97,000 a year, you’re upper class”.
When o pulled his charms, wife got big raise. o, everybody doesn’t have a Senator for a spouse. Did they investigate you for this ?
” One of Obama’s Earmarks Went to Hospital That Employs Michelle Obama. In the list of earmarks he requested, $1 Million was requested for the construction of a new hospital pavilion at the University Of Chicago. You know who works for the University of Chicago Hospital? Michelle Obama. She’s vice president of community affairs. As Byron noted, “In 2006, the Chicago Tribune reported that Mrs. Obama’s compensation at the University of Chicago Hospital, where she is a vice president for community affairs, jumped from $121,910 in 2004, just before her husband was elected to the Senate, to $316,962 in 2005, just after he took office.” Looks like that raise was worth it.”
(Excerpt) Read more at campaignspot.nationalreview.com …
……….
Things changed daily in America. o has been saying $ trillions would be needed for future yeas. We are near Drepression. How much is o going to take from people earning more than $25,00. I mean $79,000.
Tell me something, is this “unknown” factor, o. conductive for business . I think not. Many saw signs of improvement in our economy around Aug.. o has shut those people up. Good work El Presidente
……….
“Most of the savings will come from winding down the war in Iraq; increased revenue from those making more than $250,000 a year; and savings from making government work more efficiently and eliminating programs that do not work,” the official said.
Iraq war ending is posible because Bush did not listen to o. Bush added troupe buld-up.
As far as the other points…Give me a break. o is expanding government.
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Nate said..”I say cut corporate taxes in half, or lower, and let them start keeping revenue and creating jobs”.
Good strong Reagan economics that led American through the longest BULL MARKET
O thinks the guy on welfare will provide the jobs for Americas. Or more accuately, government will provide
……
Nate sums it up best
” there is a disconnect between President Obama and reality”
I’m getting a big kick out of the part that says we can halve the deficit (partly) by ending the war in Iraq. Wake up people. We’re not ending the war – we’re transferring it to different real estate. Haven’t you noticed that obama is trying very hard to keep his troop deployments on the back page while keeping his rhetoric on the front. Perhaps it’s time we take notice of his foreign policies – and his new Secretary of State.
Babs
You should read Oliver North. o is stopping production on world’s best fighter plane. Only plane that can defeat Russia’s security system. The one Iran has. He talks about what you mentioned.
Only thing Ms. Clinton ever said I agreed with is o is not ready to be El Presidente
Looks like chapter 11 for GM . Market going to pot because o is handing out more money. o smoke pot get high and do nothing
Economist see things getting better around Aug.. If o doesn’t blow it
http://finance.yahoo.com/.....35746.html