Tax Breaks for Millionaires and Billionaires

That’s what got us here. On the backs of the poor and elderly, of course. Praise Obama, the President has a plan:

According to Democrats, officials discussed a framework for deficit reduction that would aim to cut $4 trillion in deficits and trigger automatic tax and spending-cut provisions if the deficit is not on a path to reaching 3% of gross domestic product by 2014, down from nearly 10% now.

That means automatic tax rate increases. COOL, huh?

“To meet our fiscal challenge, we will need to make reforms,” Mr. Obama said. “We will all need to make sacrifices. But we do not have to sacrifice the America we believe in.”

And that “America we believe in”? That’s one of entitlements for just about everyone, except those evil millionaires and billionaires.

Mr. Obama’s plan includes a number of tax increases. He would eliminate the Bush-era tax cuts for people making more than $250,000 a year and eliminate a number of tax breaks, which he didn’t detail. His plan would cut discretionary spending, including on the Pentagon, as well as aim to cut Medicare costs by building on changes to the health care system begun under the Democrats’ new health care law.

He’s going to cut Medicare costs by making health care more affordable. DUH. Easy peasy when you have Obama’s Jedi power.

Mr. Obama said he could accomplish these goals while “investing” in medical research, road construction, education and other Democratic priorities. Social Security, Medicare and low-income programs would be protected from the proposed mechanism that would trigger automatic spending cuts and tax increases to make sure deficit-reduction targets are met.

He’s going to cut the deficit while continuing to spend invest in Democratic priorities. And if we run out of money to pay for all that crap, AUTOMATIC TAX INCREASES.

Isn’t that awesome?

Mr. Obama doesn’t support raising the Medicare retirement age, a senior administration official said Wednesday.

Of COURSE he doesn’t. That would mean he’s addressing some economic realities, instead of living in progressive la-la land

Mr. Obama said this [Ryan’s plan ] would undermine the programs and force seniors to pay more for health care. “Their vision is less about reducing the deficit than it is about changing the basic social compact in America…There’s nothing courageous about asking for sacrifice from those who can least afford it and don’t have any clout on Capitol Hill,” he said.

Quick Review
Average contribution to medicare =$64,491
Average benefit/cost per senior of medicare = $173,866
Math is hard, huh? But, this is going to work GREAT!

Times like this call for Daniel Henninger:

After spending about a decade getting a feel for the realities of a new century—itself defined by a constant state of financial and physical vulnerability—Americans next year have to decide which of their institutions are most likely to take the nation forward to a successful result. Is it Democrats or Republicans, Washington or the states, the public sector or private sector?

The Ryan-GOP budget’s core goal is to pare spending as a percentage of GDP to 20%. Mr. Obama, referring obliquely yesterday to his two successive $3-trillion-plus budgets as “emergency steps,” has reset federal spending at 24% of GDP.

Within those four percentage points are trillions of dollars, taken from the tax payer (or borrowed from China) and spent by the government.

The central trust issue is taxes. The Ryan budget proposes a maximum tax rate of 25% for individuals and corporations. The president dragged the “millionaires and billionaires” onto the stage yesterday for another round of pistol-whipping (three mentions of the shameless duo).

It may be that Mr. Obama is obsessed by this subject, but that misses what he really wants. Since FDR, the Democrats (and Washington) have depended on maintaining a tax system with no identifiable ceiling. Taxes can always “rise.”

Obama believes that the government should have the money. The wealth. Because they spend it so well. He could confiscate ALL the wealth from the millionaires and billionaires, and there still wouldn’t be enough money to fund all he wishes.

Steyn on the speech, points out one of the many untruths uttered by the TOTUS yesteday:

“If there are bright young Americans who have the drive and the will but not the money to go to college, we can’t afford to send them… South Korean children are outpacing our kids in math and science.”


That last bit is true – but it’s nothing to do with money. According to the most recent OECD figures (2007), the Koreans spent $5,437 per primary-school pupil; we spent $10,229. For education as a whole, the Koreans spent $7,325 per pupil; we spent $14,269. They not only “outpace our kids in math and science”; they do it by only spending half as much.

Why don’t the Koreans spend invest more into their children’s education? I bet there are millionaires and billionaires over there holding out.


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2 Comments on “Tax Breaks for Millionaires and Billionaires”

  1. PCachu Says:

    Personally, I have a hard time believing that anyone can actually find the word “spending” appropriate when it comes to the way the US government deploys money. “Pissing away” is so much more suitable, and perfectly encapsulates the care and efficiency with which it’s handled.

  2. Car in Says:

    Very true.

    I almost LOLed at Obama explaining how he’s going to save money by finding waste and fraud in Medicare.

    Isn’t that what he said he was going to do two years ago?

    AND, shouldn’t they always be doing that? How can that possibly be a policy? Cut waste and fraud. It’s idiotic.

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