Obama’s Budget Bomb, Worthy of Garbage Can
Here we go again with President Obama demanding one class of citizens pay more in taxes than everyone else to help pay for his Ponzi scheme called a 2013 budget Through his irresponsible spending, Obama has added $5 trillion to our now $15.3 national debt in his three short years in office and had the nerve this week to tell Congress he wants them to pass a nearly $4 trillion budget for 2013.
Making it more outrageous, Obama wants to slap higher earners in the face with $1.5 trillion tax increases by allowing the Bush tax cuts to expire for this special class of citizens. Families making more than $250,000 would go from a 35% to 39.6% tax rate and individuals making more than $200,000 would go from paying 33% tax rate to 36%. Also included would be raising the death tax (estate tax, money that’s already been taxed.
Of course Obama would allow the Bush tax cuts for everyone else to remain in place. Obama’s logic that 10% of those Americans who pay 70% of ALL taxes, just “don’t pay their fair share,” is preposterous, especially when 50% of Americans pay zero taxes at all. I think higher earners should be paying less and others should either start paying and paying more.
In defense of extending the holiday for the payroll tax through the end of 2012, the White House tweeted, “Obama: First and foremost, that means Washington shouldn’t hike taxes on working Americans. #40dollars” I guess Obama doesn’t consider higher earners some of which are business owners, who create jobs, as part of “working Americans.” If he did, he wouldn’t think they are any more deserving of tax hikes than any other class.
Many people have forgotten Obama and Democrats included a whopping $569 billion in new taxes in Obamacare, which includes taxes on higher earners such as: higher Medicare payroll tax, tax on investment income, and a tax on Cadillac insurance plans, among others.
Apparently, Obama won’t be satisfied until he can tax nearly 100% of higher earners’ income, making them indentured servants to the federal government.
Obama’s relentless assault on higher earners is a particularly obstructionist move on his part because Republicans have repeatedly and firmly warned him any talks of tax hikes is a non-starter for working together. He has tried this wealth redistribution move many times over (Americans Jobs Act, payroll tax extension, Congressional deficit reduction committee, debt ceiling debate, 2010 government budget, etc.) to no avail.
Yet, this president persists in pushing his extremist, leftist ideology that believes “the rich” should pay for the gains of everyone else, which is about as un-American as you can get. No where in the US Constitution does it state one class of citizens should ride to prosperity on the backs of another class who are taxed to death for their success.
After racking up our debt to $15.3 trillion, there is no way Obama can tax his way out of this mess. Instead of coming up with a meaningful plan to shrink government to meet revenue, as Newt Gingrich has oft said, Obama wants to increase spending to try to catch up with an out-of control, unsustainable government.
Never mind Obama’s budget projects a deficit exceeding $1 trillion for 2013, the fourth straight year in a row the country is running a $1 trillion deficit. What makes this budget even more of a joke is it does nothing to address the unsustainable growth of Medicare, Medicaid and Social Security.
Once again the president ignored the Simpson-Bowles deficit reduction commission, which Obama created by executive order in 2012, that recommended the critical need to reform our entitlement programs, as well as our tax code, among other things to bring down our soaring debt.
Even more grotesque is White House estimates that if Congress gives Obama $4trillion to spend, he’ll reduce the deficit by $4 trillion over 10 years. If you believe this, you believe pigs can fly. If government spending continues at this rate, cutting $4trillion over 10 years is like using a water gun to help quell a towering inferno.
You don’t need to read Obama’s budget tome in its entirety to know that unlike its title “An America Built to Last” this $3.8trillion budget is anything but built to last and should be called “An America Destined for Destruction.” The Simpson-Bowles report described our dire situation best:
“Our challenge is clear and inescapable: America cannot be great if we go broke. Our businesses will not be able to grow and create jobs, and our workers will not be able to compete successfully for the jobs of the future without a plan to get this crushing debt burden off our backs.”
But it seems Obama wants his legacy of hope & change to be dumping a pile of debt on America and being able to look back and say, after he’s finally voted out of office, “see that’s what I left behind.” The chapter on President Barack Obama won’t be a flattering one in the history books. Republicans are right to first denounce this fiscally irresponsible budget and then throw it in the trash can where it belongs.