Skip to comments.President Obama’s tax plan to cost an additional $333K per year for those earning more than $200K
Posted on 09/19/2011 6:31:15 PM PDT by Todd Kinsey
Back in July President Obama went on national television to deliver a lie filled speech on why we had to raise the debt ceiling. In that speech the president stated that the federal government needed to raise an additional $1.2 trillion in new revenue.
First lets dispel the myth that the government actually does anything to earn revenue. First of all, revenue is simply Madison Avenue speak for taxes. The only way the government can receive funds to the treasury is by taking money, by levying taxes, from hard working Americans.
More recently the president has been championing his much vaunted jobs plan which is little more than Stimulus Light. To help pay for this boondoggle, President Obama is now calling for an additional $1.5 trillion in additional taxes. In July the president stated that it could be done simply by raising taxes on those earning more than $250,000 per year. At the time I proved that the presidents tax plan was not feasible and that he would have to tax the middle class to achieve his lofty trillion-dollar goal.
Now President Obama says he needs an additional $300 billion and has raised his tax demand to a whopping $1.5 trillion. Now he says he can accomplish this by raising taxes on those earning more than $200,000 per year. Once again the president is purposefully misleading the American people.
President Obama says hes not engaging in class warfare, however, the presidents math does not add up and he will have to raise taxes on the middle class to achieve his objective. You see, only 4-percent of American households earn more than $200,000 per year according to census data. If you multiply this by 112,611,029, which according to the census is the number of households in America, and youll find that just over $4.5 million households will be able to contribute to the presidents tax goal. So if we divide the presidents aforementioned goal of $1.5 trillion by the number of households, then each household will need to pay an additional $333,000 in additional taxes in addition to what they already pay.
The president and his propaganda machine, the mainstream media, have begun an all-out assault to sell this mammoth tax increase. President Obama tried to say this is not class warfare, its math. Well Mr. President, it appears you may need some remedial math.
The fact is the rich already pay more than their fair share in America. We already have a glorious progressive tax system that ranges from 10 to 35-percent. Moreover, only 53-percent of Americans pay any taxes at all and the top 10-percent pay about 70-percent of the nations bill. Cant you see the ghost of Karl Marx grinning from ear to ear?
Couple this burdensome tax structure with the highest corporate tax rate in the world and you have the recipe for disaster, which, if Im not mistaken, were right in the middle of.
The fiscal policies of President Obama, Nancy Pelosi, and Harry Reid have created economic conditions that are now worse than the Great Depression. Well to quote Pete Townsend, we wont get fooled again.
Give him his tax hike and new jobs will fly out of his magical backside. They will pay the taxes, and Tinker Bell will recover. Believe!
The 1.5 million is over ten years, not annually.
The 1.5 million is over ten years, not annually.
It would still be 33,000 which is excessive.
I caught my error and it now reads “President Obamas tax plan to cost an additional $333K ($33K per year) for those earning more than $200K per year.
I also added the following paragraph: Take a small business owner earning $200K per year; they already pay an alarming $70K per year in taxes. The presidents plan would force them to pay an additional $33K per year totaling a staggering $103K per year or 53% of their income. This is before he pays Social Security, state taxes, property tax, etc. In short, he now works simply to pay the government rather than higher an employee or make capital improvements to his business. What we now have socialism plain and simple.
Thanks for taking the time to point out my error and more importantly taking time to read.
The lowest individual income affected would change NET, after deductions are made and after taxes are paid from $11,166 a month to $10,666 a month.
Payroll expenses are deducted prior to determining the net income that is taxed. Meaning salaries are paid BEFORE tax. The higher the payroll costs, the less income taxes paid. Ending the 3% - 6% temporary tax cuts will not lose jobs.
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