Already Talking Tax Hikes

By Neal Boortz

Democrats want tax policy to be part of the debate over the 2012 budget.  Great!  I’m all up for a discussion over a way to overhaul our tax system.  But apparently that isn’t what the progs have in mind.  You know what’s coming here, don’t you?  They want to force the Republicans to endorse tax increases on the filthy, vile, disgusting rich as a “compromise” to the Democrats agreeing on spending cuts.  Does this sound like a fair tradeoff?  The Republicans are trying to cut spending .. just a little!  They’re not even talking about cutting spending down to 2008 levels when Obama took office .. we are talking about $30 billion in spending cuts in a budget of over $3 trillion.   Let’s get real with this.  There has been a 24% increase in non-defense discretionary spending since 2008, and that is excluding the Pelosi/Obama $850 billion economic stimulus plan from hell.  But because the Democrats have come so far in their “compromising,” they now have their own demands: higher tax rates for millionaires, companies that move factories overseas and wealthy people who make charitable contributions.  Democrat Senator Carl Levin says, “It’s fair that there’s a surtax on millionaires or that we not extend the upper brackets that the Bush administration got [for wealthy families].”  Where would liberals and progs be without the word “fair?”

Facts?  You want facts?  Can we solve our economic woes by taxing these evil rich SOBs?  Answer!  No.  We can’t.  No way.  Not gonna happen.  Fact is, there just aren’t enough millionaires to solve our budget problems.  Click on the link and you’ll run across the following excerpt:

If you want to tax millionaires to get rid of the deficit, you have to hit each of those 200,000 households with an average tax hike — not an average tax bill, but tax increase — of $6 million. And a lot of those Club 1 households don’t have $6 million in income to start with, much less $6 million left after the taxes they’re already paying. 

But wait a minute!  Even though Obama and the progs talk about taxing “millionaires and billionaires,” look at the details of their rhetoric.  Obama’s proposal is to not only raise taxes on people who have incomes of a million dollars in any given year, but to raise taxes on all households that earn over $250,000.  So … let’s see just how high the taxes on the $250K club would have to be.  There are about 2.2 million households who earn that kind of income, and most of them fall a lot closer to the $250K figure than they do to the $1,000,000 figure.  The Democrats win, and we’re going to raise the taxes on all of these rich people to cover our dangerous budget deficit.  Let’s get out the calculators:  

  • The Obama 2012 budget deficit will be $1.1 trillion dollars.
  • We have 2.2 million households earning more than $250K a year
  • Clickety Clickety on the calculator

Well, well.  Here we are with the figures.  Each of these households is going to have to pay an extra $500,000 in taxes to cover the deficit.  That’s $500,000 for the year!  Not over ten years … no gimmicks … but $500,000 for 2012.  They don’t have that money!  It’s a pipe dream!  You simply cannot balance the budget by taxing our economic high-achievers.  I know it sounds awfully good for those suffering from wealth envy .. but it just can’t work!  

Why do Democrats keep pushing this “tax the rich” idea?  They lay this game because it makes Republicans look bad as we gear up for an election.  There are people out there suffering under our current economy .. and while it doesn’t make rational sense, it might make emotional sense for these people to be resentful toward people they see as not suffering as they are.  This gives the Democrats the perfect storyline: Republicans worked to defend tax breaks for millionaires while fighting to cut benefits for the poor and the middle class!  

It’s all about pandering to the wealth-envy crowd.  It’s been with us forever.  Isn’t going away anytime soon.  

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