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.