Its on
Obama has announced that he wants to do as much damage to the econmy as he can by raising taxes on corporations and the “rich.” Real Americans call those people entrepeneurs and employers.
From Fox News:
WASHINGTON – President Obama, drawing immediate condemnation from congressional Republicans, unveiled a new deficit reduction plan Monday anchored by $1.5 trillion in new taxes, including an end to Bush-era rates for upper income earners making $250,000 or more and additional taxes on millionaires.
Keying in on a populist message that millionaires and billionaires should pay more in taxes than their secretaries, the president announced a plan in the Rose Garden that includes more than $2 trillion total in entitlement cuts and tax increases over the next decade.
Together with spending cuts enacted last month and projected savings from interest payments, the savings in the president's plan total more than $3 trillion. The Obama administration is also adding on another $1 trillion in savings over 10 years from winding down the wars in Iraq and Afghanistan, though that kind of accounting has been dismissed in past debates as a gimmick.
Obama now threatens he will veto any bill that does not have a massive tax increase.
From the National Journal:
President Obama warned that he will veto any deficit plan brought to him by Congress that wasn't "balanced" between taxes and spending cuts.
"We are not going to have a one-sided deal that hurts the folks who are most vulnerable," Obama said on Monday morning, speaking from the Rose Garden.
He rejected accusations that tax increases for the wealthy was "class warfare."
The president argued, as he has repeatedly, that wealthier Americans "shouldn't get a better deal than ordinary families."
"This is not class warfare; it's math. The money's going to have to come from some place," the president said, speaking to reporters. "If we're not willing to ask those who've done extraordinarily well to help America close the deficit, the logic, the math says everybody else has to do a whole lot more. "
The president's plan calls for a combination of spending cuts and $1.5 trillion in new tax revenue increases that would save $3 trillion over the next decade.
Deficit reductions will total $4.4 trillion when new cuts are coupled with the $1.2 trillion in discretionary-spending reductions included in the bill signed into law by Obama last month after the debate over raising the debt ceiling.
Obama is now going to give the Republicans a choice. They can cave, and go along with his massive tax increases or be blamed for gridlock when they stand on principle.
One way or another, it is on.
Replies to This Discussion
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Permalink Reply by Zbigniew Mazurak on -
"The Obama administration is also adding on another $1 trillion in savings over 10 years from winding down the wars in Iraq and Afghanistan, though that kind of accounting has been dismissed in past debates as a gimmick."
That's because it IS a gimmick. It represents money that will never be spent anyway.
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Permalink Reply by Lois K. Knoffer on
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Ohhhh correction! ! ! There WILL be independent contractors that will be paid much more
than our military. These are mostly comprised of past military personnel that see a huge
profit that can be made as non-military in the occupied territories of the sand pests!
Savings on winding down the war is just another Ovomit's accounting fuzzy math. He is
an amazing crook and yes the money WILL be spent anyway.
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Permalink Reply by Kimberly Sturdevant on
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If they took out all the gobblyde-gook from the taxes and ran a flat rate across the board it would be much easier and everyone would pay their fair share, nothing more. But that is too simple and Obama dose not want America to thrive.
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Permalink Reply by Gail Cohen on -
Email and call your reps - GRIDLOCK is preferable to caving
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Permalink Reply by alan b. catlett on -
Funny, the Prez never talks about laying off bureaucrats. In 2009 O's administration expanded the government some 20%. This is why the Senate won't pass a budget cause Obama got it all two years ago,plus the automatic raises. The most expensive item in business is people. The median income in my state is $50,000. What is the median income of a D.C bureaucrat? $71,209 in 2009!
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Permalink Reply by Edward M. Plitt on -
Obama, keeps talking about shared sacrifice. I agree with him. The sacrifice should start at the White House and then extend into the congress and then down to the rest of the federal government until the budget is balanced.
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Permalink Reply by Brenda on
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Obama only has 13 1/2 more months to destroy the country.....he needs more money for his "groupies" and less for those of us who actually work......we cannot allow him to do another of his "stimulus" packages..........
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Permalink Reply by b mathews on
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I hope every Jew who is even considering voting for obama, sees his freudian slip when he started to say Jews dont pay their fair share and changed it to janitors(?). did he subconsciencely slip and show his dislike for the Jews? (not that many of us didnt already know it) now hes sucking up to them in regard to Isreal but if hes reelected you can be sure he will vote for a palistinian state. he cant be trusted.
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