A bit more on Obama's tax increase mantra | Nealz Nuze | www.boortz.com

A bit more on Obama's tax increase mantra

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Barack Obama photo
Barack Obama

By Neal Boortz

We’ve gathered some additional statistics to share with you on the idea of balancing our budget with tax increases. Do you remember that Obama budget proposal a few months back? If not, let me remind you. It contained tax increases and – believe it or not – spending increases! The Senate shot it down 97-0. Still .. tax increases remain the Democrat solution to our debt woes. The plan the Democrats proposed last week called for increasing income taxes on individuals earning more than $500,000 and families earning more than $1 million (Obama wants the new taxes to kick in at $250,000). Do you know how much of a tax increase these filthy millionaires would have to pay just to balance our budget? Each of those households, about 200,000 of them, would have to see an average tax hike — not an average tax bill, but tax increase — of $6 million.

What are other ways the Democrats think they can solve our debt woes? By closing tax loopholes for the filthy rich. In Obama’s latest radio address over the weekend, he again used this line again about “spending in the tax code.” He said, “And it means taking on spending in the tax code — spending on tax breaks and deductions for the wealthiest Americans.” Too bad this won’t make a dent. Want to know the extent to which we would have to go through to reduce our debt on the back of these corporate jet owners and oil subsidies? Charles Krauthammer has done the math:

I did the math. If you collect that tax for the next 5,000 years — that is not a typo — it would equal the new debt Obama racked up last year alone. To put it another way, if we had levied this tax at the time of John the Baptist and collected it every year since — first in shekels, then in dollars — we would have 500 years to go before we could offset half of the debt added by Obama last year alone.

Obama’s other favorite debt-reduction refrain is canceling an oil-company tax break. Well, if you collect that oil tax and the corporate jet tax for the next 50 years — you will not yet have offset Obama’s deficit spending for February 2011.

So we have spending at these record levels, with Democrats complaining that the evil rich need to pay their fair share. Meanwhile, businesses aren’t hiring and we are seeing an increase in the moocher class. I’ve told you for a while now that we have 1.9 million fewer Americans working now than we did when Barack Obama signed his grand stimulus plan into effect. That number has since been revised to reflect job figures from June 2011. There are now 2.4 fewer Americans working in June 2011 compared to when Barack Obama signed his stimulus plan in February 2009. Meanwhile, according to the latest figures from the Committee on Joint Taxation, 51% of Americans pay nothing in income taxes while 30% of American households actually make money off of the system .. in the form of refundable tax credits.

As Marco Rubio said last week, “Let’s stop talking about new taxes and start talking about new taxpayers, which means jobs.” Agreed. Instead of focusing on tax increases for the rich and closing loopholes, let’s get Americans working again. But that is hard to do in an Obama economy with outrageous spending, regulations and uncertainty. The problem is that Barack Obama doesn’t know how to do that. Again, in Obama’s weekly radio address over the weekend, do you want to know the “job-creating measures” that he highlighted as a way to help get our fiscal house back in order? Obama actually said:

By getting our fiscal house in order, Congress will be in a stronger position to focus on some of the job-creating measures I’ve already proposed — like putting people to work rebuilding America’s infrastructure, or reforming our patent system so that our innovators and entrepreneurs have a greater incentive to generate new products, or making college more affordable for families.

That’s Obama’s job plan: More government spending, reforming our patent system and making college more affordable.

Just one question: How many small businessmen do you know that are in the starting blocks, ready to rip and start producing and hiring, just as soon as we reform our patent system.

Is this guy really that economically ignorant.

Yes --- he is.