Our President just told us (and be sure you're sitting down, because this 'spin' might make you dizzy)--
"..The fourth step in our approach is to reduce spending in the tax code.
"In December, I agreed to extend the tax cuts for the wealthiest Americans because it was the only way I could prevent a tax hike on middle-class Americans. But we cannot afford $1 trillion worth of tax cuts for every millionaire and billionaire in our society. And I refuse to renew them again.
"Beyond that, the tax code is also loaded up with spending on things like itemized deductions. And while I agree with the goals of many of these deductions, like homeownership or charitable giving, we cannot ignore the fact that they provide millionaires an average tax break of $75,000 while doing nothing for the typical middle-class family that doesn’t itemize.
"My budget calls for limiting itemized deductions for the wealthiest 2% of Americans – a reform that would reduce the deficit by $320 billion over ten years.."
(Source)
[So I think what he said was-- if we raise taxes, we're spending less. Is that what he said? --Editor]
"..The fourth step in our approach is to reduce spending in the tax code.
"In December, I agreed to extend the tax cuts for the wealthiest Americans because it was the only way I could prevent a tax hike on middle-class Americans. But we cannot afford $1 trillion worth of tax cuts for every millionaire and billionaire in our society. And I refuse to renew them again.
"Beyond that, the tax code is also loaded up with spending on things like itemized deductions. And while I agree with the goals of many of these deductions, like homeownership or charitable giving, we cannot ignore the fact that they provide millionaires an average tax break of $75,000 while doing nothing for the typical middle-class family that doesn’t itemize.
"My budget calls for limiting itemized deductions for the wealthiest 2% of Americans – a reform that would reduce the deficit by $320 billion over ten years.."
(Source)
[So I think what he said was-- if we raise taxes, we're spending less. Is that what he said? --Editor]
I didn't see the speech. Did he say this with a straight face?
ReplyDeleteAll these 'academic' types that fill the White House must be really smart, cause I'm having a time figuring out what they're saying.
Either that, or they've got some special 'crack' room set up in the basement.
Conservatives loves to state the projected 10 year deficits that the CBO predicts under Obama's plans. What they often don't mention is that almost half comes from proposed tax CUTS.
ReplyDeleteOnce this is translated into German and Hindu (and even Chinese), you'll be able to hear them laughing clear over here..
ReplyDeleteWhat liberals don't understand, 4:25, is that it ISN'T YOUR MONEY. It's OUR money.
ReplyDeleteYou don't PAY FOR tax cuts. You just reduce taxes. Which means you don't take as much of our money by threat of force.
Which means you can't SPEND as much, because you don't have as much.
So then you must CUT SPENDING.
Do you get it?
It will fall in our laps once again. I'm lucky if I am able bank $1000 a year with the way the price of everything is going up. I haven't had an increase in pay in over five years. My home is in dire need of repair, which I can't afford. I don't have anything against the rich. A lot of them have earned their money the hard way... others were born with it and do not even know what a hard days work is. However, if I were to make 10 million dollars per year, I might not like paying 5 million in taxes. That still leaves me with half of what I earned in the bank... 5 MILLION DOLLARS!!! I can't keep 3 percent of what I earn. The rich get richer and poor get poorer. That is the American way.
ReplyDeleteDo liberals speek and hear a different language alltogether? because I'm having a difficult time believing anyone is that stupid.
ReplyDeleteI'm having a difficult time believing that they think WE'RE that stupid, 4:59.
ReplyDeleteObama referred to new taxes as "spending reductions in tax code". If Obama confiscated 100% of income from the top 2% we would have enough to pay for the federal Government spending for 6 months. After you have taken the money away from those making over 250,000 per year (the top 2%) it will have to come from those making less-alot less. Poverty for most Americans is right around the corner, as planned by Soros and the Rothschilds.
ReplyDeleteWhy do we, the vast majority of average to low income Americans who make up the electorate, continue to allow General Electric and all the rest of the rich thieves dodge their fair share of the tax burden? So what if the rich can't pay all the national debt? They should forced to pay their fair share or be jailed or shot as traitors! No more loopholes for the rich or anybody, but especially the rich because they are the ones paying armies of lawyers to get them out of paying taxes!
ReplyDeleteIts hard to understand the total BS thinking of taxing more to "save money" when spending is the primary problem.
ReplyDeleteHis speech went over like breaking wind in church.
ReplyDeletess, medicare and medicade are the major anchors on the budget. The same old baby boomer conservatives whining about spending are the same ones screaming "don't touch my medicare or ss"
ReplyDeleteForgot to throw in defense too. Again, same conservatives are ready to go into full scale war at the drop of a hat, then complain about spending
ReplyDeleteThe top 1% of earners (those rich folks Barry keeps vilifying for not paying their "fair" share) pay over 40% of all Federal income taxes. How much does Barry think their fair share should be? The top 50% of earners pay 97% and the bottom 50% pay less than 3%, the equivalent of a free ride. And Barry thinks the "rich" are the freeloaders! God help us all. The next 20 months will seem like an eternity.
ReplyDeleteI think they should stop paying the President's salary and the democrat representatives, seize the Yachts they own; like the IRS wuld do you if you owe back taxes, and give the money back to the people.
ReplyDeleteThis can be done with an written order from the TEA PARTY and signed by the 280 million people that make up the Tea Party.
Exactly 4:36! what 4:25, 4:55 and several others don't seem to get! With what he stated he must truely believe that the money is the gov.s in the 1st place referring to a tax cut as a expenditure?( if that is not socialist thinking what is? ) This is nothing more than an attempt to rally the liberal base in preparation of the 2012 election.
ReplyDelete