Obama: A Tax And Spend Liberal Blast From The Past
Thursday, February 26th, 2009An editorial in the Wall Street Journal makes it clear that the current administration policies will lead America into the deepest recesses of a debtor’s prison:
President Obama has laid out the most ambitious and expensive domestic agenda since LBJ, and now all he has to do is figure out how to pay for it. On Tuesday, he left the impression that we need merely end “tax breaks for the wealthiest 2% of Americans,” and he promised that households earning less than $250,000 won’t see their taxes increased by “one single dime.”
This is going to be some trick. Even the most basic inspection of the IRS income tax statistics shows that raising taxes on the salaries, dividends and capital gains of those making more than $250,000 can’t possibly raise enough revenue to fund Mr. Obama’s new spending ambitions.
The editorial goes on to analyze the tax receipts for the tax year 2006 and shows how ridiculous Obama’s plans are. Apparently, Obama plans to bankroll his spending spree by raising the tax rates on the top 2% of earners to nearly 42% from 35%. Now, given that small businesses are the largest employers in the country, and Obama is going to be picking the owners’ pockets for even more money, how is small business supposed to start hiring new employees and lead the economic recovery? The answer is: They can’t. In fact, depending on how large the tax increase on small businesses turns out to be, they may even start dismissing employees to be able to afford to stay in business.
So, as it turns out, Obama’s constant assertion that he can spend all of this money because he’s going to raise taxes on the wealthiest 2% is nothing more than a disguise for the old liberal class warfare scheme. He figures nobody will care if he raises their taxes because we’re all envious of the wealthy. However, when all is said and done, even if he does increase taxes on the wealthy, it won’t be enough to pay the bill he’s racking up.
Who’s he going to blame for that, George Bush?
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