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It’s not just the rich who’ll pay for Obama’s budget

Posted by Richard on February 15, 2012

According to Investor’s Business Daily, it’s not just the rich who’ll pay for the massive expansion of government envisioned by the latest Obama budget (no surprise; it can’t be just the rich because there aren’t enough rich people). And, typically, the administration is looking for an international way to cram their plans down America’s throat (emphasis added):

Discussing President Obama’s new budget, Gene Sperling, the White House’s top economist, said “we need a global minimum tax” so no one escapes paying “their fair share.”

This idea is not just bad; it’s likely unconstitutional. In any event, it starkly reveals the underlying premise behind Obama’s latest budget plan: To hike taxes massively on all Americans to pay for an unprecedented expansion of federal government.

To pay for it, the president and his aides are using class-warfare to build a case for a big tax hike on “the rich.” But beware: The Obama budget includes a $2.8 trillion jump in total taxes over the next 10 years, $1.5 trillion coming from income taxes alone. That amount is so large it can’t come solely from the well-off. It will require huge new taxes on all Americans.

Americans for Tax Reform has just totaled up the tax increases in Obama’s budget. It makes for scary reading:

• ObamaCare alone includes 20 separate tax hikes.

• Tax rates on most small businesses are expected to go up to 39.6% from 35%.

• Tax rates on capital gains, the fuel for economic and job growth, will jump to 23.8% from 15%.

• Rates on dividends surge to 43.4% from 15%.

• The death tax will jump to 45% from 35%.

• Large businesses will take a job-killing $147 billion tax hit as the U.S. double-taxes overseas profits.

• Families will pay a $100 billion energy tax over the next decade as oil, gas and coal companies get hit with new levies that they will simply pass on to consumers.

• The proposed new “Buffett Tax” will hit wealthy Americans with a marginal tax rate of 90% or higher.

Such massive tax increases will cripple the American economy, retarding economic growth and ensuring high unemployment for the next decade. It’s hard to imagine that all the brilliant Ivy-league-educated people in the Obama administration don’t understand that. Either that’s their goal — to preside over the decline of America, to diminish this country — or they simply don’t care as long as their redistributionist goals are achieved.

The current administration and the Democratic Party leadership are going to destroy this country in the name of egalitarianism if they aren’t stopped. If only there were an opposition party leadership and an opposition party presidential candidate capable of passionately, articulately, and with conviction making that point and offering an alternative of freedom, opportunity, limited government, and individual sovereignty. If only there were someone capable of contrasting their own vision of a “shining city on the hill” with the grim future of dependence and shared poverty offered by the leftists/progressives. If only there were another Reagan.

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One Response to “It’s not just the rich who’ll pay for Obama’s budget”

  1. Rick Shultz said

    Well there’s not another Reagan on the horizon and I wouldn’t take him if there was. I didn’t like the first one that much. There IS, however, a certain percentage of the population of this country that I claim membership in and it’s damned rare that I claim membership in ANY group but this one I’ll make an exception for. I am a member of the Three Percent and this is our doctrine.
    The Doctrine of the Three Percent.
    The Three Percent are the folks the Founders counted on to save the Republic when everyone else abandoned it.

    And we will.
    There will be no more free Wacos and no more free Katrinas.
    For we are the Three Percent.
    We will not disarm.
    You cannot convince us.
    You cannot intimidate us.
    You can try to kill us, if you think you can.
    But remember, we’ll shoot back .
    We are not going away.
    We are not backing up another inch.
    And there are THREE MILLION OF US.
    Your move, Mr. Wannabe Tyrant.
    Your move.

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