Big coverage of Obama’s
plan to raise taxes on “the rich”
($1.5
trillion in higher taxes is the number being quoted.) The stories portray this
as his move to fight the budget deficit, which is on everyone’s mind right now.
A few points:
Obama added at least $3 trillion to
the deficit in two years (with his “stimulus” package and Obamacare,)
He advocated higher taxes
in his book The Audacity of Hope in 2006 (when the economy was still relatively
good and no one was taking about the deficit.)
The math doesn’t
work. The government will spend about
$3.8 trillion in 2011. If you taxed the
top 1% of taxpayers at 100% -- every single bit of their income – you’d collect
about $1.7 trillion, or only enough to pay one year’s bills through about June
12th. Guess who will pay for the rest of the year? (And every year after that,
as all those people leave the country.)
Is it not reasonable to assume
that his push for higher taxes --
Has nothing to do with the
budget deficit, and
Has nothing to do with the
amount of revenues that would be collected, and
Has everything to do with
exploiting class envy for political purposes?