Great News! The Obama Holiday Continues- He’s Back in Hawaii!
Please note, before flying off to resume his Hawaiian holiday (with it’s $7 million tax-payer price-tag), Obama uttered the following:
Today’s agreement enshrines, I think, a principle into law that will remain in place as long as I am President: The deficit needs to be reduced in a way that’s balanced. Everyone pays their fair share. Everyone does their part. That’s how our economy works best. That’s how we grow.
Well, that’s how the government grows. Because there is no balance in this agreement.
The deficit isn’t being reduced, and spending is still going up.
Everyone doesn’t pay “their fair share”. Many people don’t pay anything. And the rich DO pay more and always have. Obama thinks the money earned by American’s is the government’s to confiscate. They are to determine what we should be allowed to keep.
“That’s how our economy works best?”
What is he, in kindergarten?
Honestly, he is either the next Stalin, or an imbecile.
Let’s review what’s in this thing; in addition to tax rate increases on “the wealthy” and increase in the death cases, their is a nice shit-sammich for the economy and small businesses:
As for small business, the overall tax increase this year is substantial. The new listed top rate of 39.6% doesn’t include the phaseout of deductions that will take the actual rate to 41% or so for many taxpayers. Add the ObamaCare surtaxes on investment income (3.8%) and Medicare (0.9%), as well as the current Medicare tax of 1.45% (employee share), and the real top marginal tax rate on a dollar of investment income from a bank savings or money-market account will be about 46%. Throw in state taxes, and the marginal rates in many places will be in the mid-50%-or-higher-range.
Meanwhile, even as Democrats claim these tax rates won’t matter to investment, Senators stuffed their bill full of tax subsidies for special business interests. The wind tax credit survived (cost: $12.1 billion), and so did the tax breaks for cellulosic ethanol ($59 million) and the impoverished producers of Hollywood ($248 million).
This is what Obama calls deficit reduction. A $30 billion increase in spending.
More gloom and doom.