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.