Skip to comments.Obama's 'deficit reduction' plan = He can only contain his inner Lenin for so long
Posted on 04/11/2012 5:44:45 PM PDT by Starman417
The real Vladimir Ilyich Obama stands up
As part of his fantasy "deficit reduction" plan, Barack Obama proposed a number of new taxes. One of them was the so-called "Buffett Rule." When it was initially proposed, it was part of the plan to reduce the deficit.
"Middle-class families shouldn't pay higher taxes than millionaires and billionaires," he said. "It's hard to argue against that."
Mr Obama suggested a "Buffett rule", which would see Americans who earn more than $1m pay the same rate of tax as those who earn less.
The proposal refers to billionaire financier Warren Buffett, who has complained that he and his wealthy peers pay relatively less tax than the people who work for them.
Many high-income Americans benefit from tax loopholes that see earnings on investment taxed at lower rates than wages.
On Sunday Republican Paul Ryan, chairman of the House budget committee and a proponent of deep cuts and no tax rises, described Mr Obama's plans as "class warfare".
The president referenced Mr Ryan's criticism on Monday, justified his tax-and-cut package by saying simply: "It's not class warfare, it's math."
So how much impact would the Buffett rule have on either the debt or the deficit? The White House refused to say.
But for the moment, the White House wants to keep the attention focused on Obamas argument that its unfair to tax Buffetts secretary at a higher rate than her boss.
Im not going to give you a schedule of how broad individual tax reform would break down and what impact it would have, White House press secretary Jay Carney said at the Wednesday briefing. The president simply believes that as a matter of principle that unfairness ought to be changed.
Republican lawmakers noting the absence of real numbers attacked the plan as a political charade, an attempt to score points in the November election instead of a serious policy to reduce federal debt. One outside analysis by the non-partisan Tax Foundation indicates the rule would generate another $36.7 billion a year in revenue far from enough to make a serious dent in a national debt of $15 trillion.
It's estimated that the "Buffett Rule" would bet around $4 billion per year.
A bill designed to enact President Obamas plan for a Buffett rule tax on the wealthy would rake in just $47 billion over the next 11 years, according to an estimate by Congress official tax analysts obtained by The Associated Press.
That figure would be a drop in the bucket of the over $7 trillion in federal budget deficits projected during that period. It is also minuscule compared to the many hundreds of billions it would cost to repeal the alternative minimum tax, which Obamas budget last month said he would replace with the Buffett rule tax.
Obama's proposed deficits run over a trillion dollars for as long as anyone can imagine.
Since the Buffett rule would have essentially no impact on the debt or the deficit, Obama has shifted tactics. It's no longer about deficit reduction- now it's all about fairness.
The Obama administration is emphasizing fairness over deficit reduction in its renewed pitch for the Buffett rule ahead of next weeks scheduled Senate vote.
Introducing a minimum 30 percent income tax on millionaires was never our plan to bring the deficit down and get the debt under control, Jason Furman, the principal deputy director of the White House National Economic Council, told reporters on a conference call Monday afternoon. This is not the presidents entire tax plan. Were not trying to say this solves all our economic problems, all our budget problems.
So it's not the math? It's fairness? OK, then.
"Fairness" was Vladimir Lenin's central campaign theme- equality of outcome. It's what Communism is all about.
(Excerpt) Read more at floppingaces.net...
We’ll never survive the ignorance of the voters in this country.
Countdown until Jackwagon leaves Office: 284 days as of April 11, 2012.
A dictator, such as Obama, only has the power that the people give him.
Currently at least 40 % of American voters are gladly willing to give Obama the necessary power to continue his dictatorship.
Dictator Obama has designed Obamacare to become active only AFTER he is re-elected, thus enabling THE NINE SUPREMES to delay ruling on the Constitutionality of the dictate of the individual mandate until Obama is once again the Illegal Foreign White House Occupier, (IFWHO).
The purpose of Dictator Baby-Doc Barack is simple: 1.) Regulate; 2.) Control; and 3.) Destroy. By his own count he as achieved 60 % of his goals, according to the note he says he carries in his pocket.
Obamas obvious deep hatred of America could have only come from his childhood.
Since there are no known networks of childhood friends from Obamas past, Obama was probably a member of a Marxist sleeper cell funded by wealthy men with a Marxist view of the World.
The lack of credible evidence that has NOT been forged requires a long-term, highly skilled and well-funded support group.
Who the key members of Obamas probable support group and probable sleeper cell were and are is well known to the CIA and the FBI.
Will the Citizen Journalists such as Breitbart Editor Joel Pollack be able to out-spy these two tax-funded spy entities?
BTW, forget about the LAM, (Liberal Agenda Media), as they are saving their notes to write their tell-all Obama books after Obama has SAFELY retired back home in Kenya.
BTW, BTW, to all the doubters of the above speculation: what does your gut tell you?
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