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.
"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.
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.
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.