Monday, September 19, 2011

Obama Calls For Huge Tax Increase for Everybody

Without a shadow of a doubt, Obama support tax increases. There hasn't been a recent president that ran on raising taxes and won re-election. Without knowing the consequence, I am baffled how there are a swarm of individuals who want taxes to be raise. All of the sudden, these individuals feel charitable and want to give more of their hard earn money for the government to waste. That is the purpose of the government. The government is to take taxes from the American people and waste it on idiotic projects. Each year since Obama took office, the president created trillion dollar deficits that can never be repaid. These wasteful spending has not created jobs or stimulated the economy. Liberals say Obama hasn't spent enough. Republicans say how much is too much. A trillion dollar is a lot of money.

(Washington Times) President Obama on Monday proposed a deficit reduction plan that calls for about $3 in new tax increases for every dollar in additional spending cuts as he seeks to put his imprint on the ongoing talks with Congress over reducing the government’s staggering debt.

In a plan his advisers described as his ideological vision rather than a compromise offer to Hill Republicans, Mr. Obama also threatened to veto any plan Congress sends him that makes changes to Medicare benefits without also raising taxes on the wealthy, which he argues is central to a “balanced” approach.

“This is not class warfare, it’s math,” Mr. Obama said in the White House’s Rose Garden as he laid out the outlines. “The money’s got to come from some place.”

The White House argues his plan totals $4.4 trillion in deficit reduction over the next 10 years, though $1.1 trillion of that comes from savings on war-fighting expenses that all sides agree were going to happen anyway as the U.S. missions in Iraq and Afghanistan shrink. Another $1.2 trillion has already been signed into law in last month’s debt deal and another $430 billion comes from lower interest payments because of the potential lower debt.

Yet another $450 billion comes from the tax increases the president proposed last week — and has already accounted for in new spending he wants on infrastructure, and other tax cuts.

That means in terms of actual new proposals, the president’s plan totals about $1.2 trillion, of which the lion’s share comes from his longstanding vow to raise taxes back to Clinton-era rates on the top income brackets. The rest is $580 billion in reductions to formula-driven entitlement programs such as Social Security, with much of the savings coming from reducing overpayments and finding waste.