Why ‘soaking the rich’ won’t work – and Obama the Divider knows it!

Posted on 14 April 2011

The Wall Street Journal this morning had an opinion piece this morning that was particularly negative toward the President’s speech on the deficit. You can read the article here and it would be well worth your time. However, there was one stunning statistic that I think that every American should know:

Under the Obama tax plan, the Bush rates would be repealed for the top brackets. Yet the “cost” of extending all the Bush rates in 2011 over 10 years was about $3.7 trillion. Some $3 trillion of that was for everything but the top brackets—and Mr. Obama says he wants to extend those rates forever. According to Internal Revenue Service data, the entire taxable income of everyone earning over $100,000 in 2008 was about $1.582 trillion. Even if all these Americans—most of whom are far from wealthy—were taxed at 100%, it wouldn’t cover Mr. Obama’s deficit for this year.

Re-read the last line. If EVERY PERSON who makes over $100,000 per year were taxed 100%, it still would not cover Obama’s deficit for this year alone! And notice, that is the millionaire, or the $250,000 a year person or family, it is $100k. And folks, in New Jersey for many families, that is just getting by. So for the President to continue the rhetoric he is spewing he is either stupid (which he is NOT) or dishonest (which he very well may be) or his is doing this to PURPOSELY create a rift in the very fabric of our society.

And THAT is scary.

Category: Barack Obama, Democrat hypocrisy, Economic speech, spending problem

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Why ‘soaking the rich’ won’t work – and Obama the Divider knows it!

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