Obama again declared that any deal to pull back from the financial cliff must include raising taxes on the 'rich'. Citing his reelection as a mandate, he has warned Rublicans in Congress that thsy will have to accept that 'small' adjustment to the upper tax bracket, all in the name of fairness.
Listening to Obama, and Reid, and all the idiot left wing talking heads, you would think that soaking the 'rich' for their fair share will fix our financial woes. All we have to do is get them to pay a little bit more, and our debt will go away, financial woes will disappear, and everyone will get all the free shit they've been promised.
Simple math exposes this as the pile of steaming cow crap that it really is.
Our Federal Government burns through over $1.4 trillion dollars per year, under Obama's watch.
The CBO has estimated that Obama's goal, of letting the Bush tax cuts for the 'rich' expire, will result in an additional $52 billion per year additional revenue for the government to spend. That is enough money to allow the government to run for 13.4 days.
Yes, 13.4 days.
So, all of the harm this tax increase will do to small business, and the negative impact on employment and economic growth will gain us 13.4 days worth of money for Obama to squander.
And squander he will. Will that $52 billion be used to pay down the debt? Will it be used to cut our yearly deficit? Hell no - that's $52 billion more that Obama can give out to his green energy donors, union thugs, campaign contributors, etc.
If the $52 billion was going to be used for something that would actually help our financial disaster, that would be one thing. However, you know it's just going to pad Obama's slush fund ...
By The Way - the Bush era tax cut expiration for the rich is only one of several tax attacks Obama is mounting on the 'rich'. The tax rate for couples making $250,000 or more will increase 3.5% due to Bush expiration, but will also go up 3.8% for a surcharge to support Obamacare. That's a 7.3% increase on Jan.1, just in Federal income tax rates, in addition to SS, Medicare, and all the other tax increases that are due to hit.
7.3% doesn't sound like much, though. Surely that's fair? 7.3% of 250,000 is over 18 thousand dollars.
Folks who earn over 250,000 in areas like New York, where taxes are sky high already, will see their effective tax rates rise to between 55-60% next year.
As usual, the Obama telepromoter delivered story line sounds reasonable, especially to those who aren't affected. However, when you look at the details and what is not said, the truth is there to see.
I'd like to see the tax returns for next year of uberrich left wingers like John Kerry, Nancy Pelosi, George Soros, and that hateball Bill Maher. Lets see how their teams of accountants figure out how to sidestep Obama's rules.