Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011
Some of the tax hikes hit people earning over $250,000.
President Obama's budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.
1) On people making more than $250,000.
$338 billion - Bush tax cuts expire
$179 billlion - eliminate itemized deduction
$118 billion - capital gains tax hike
Total: $636 billion/10 years
What 'til you see what he has planned for businesses! To read the full article, go here.
Dick Morris notes that Obama has been doom & gloom's biggest spokesman. He claimed that unless something is done (i.e., raise taxes and spend like crazy), there will be a catastrophe. Morris knows why:
Why does Obama preach gloom and doom? Because he is so anxious to cram through every last spending bill, tax increase on the so-called rich, new government regulation, and expansion of healthcare entitlement that he must preserve the atmosphere of crisis as a political necessity. Only by keeping us in a state of panic can he induce us to vote for trillion-dollar deficits and spending packages that send our national debt soaring.
And then there is the matter of blame. The deeper the mess goes — and the further down his rhetoric drives it — the more imperative it becomes to lay off the blame on Bush. He must perpetually “discover” — to his shock — how deep the crisis that he inherited runs, stoking global fears in the process.
So, having inherited a recession, his words are creating a depression. He entered office amid a disaster and he is transforming it into a catastrophe, all to pass every last bit of government spending and move us a bit further to the left before his political capital dwindles.
Fortuately, there are some of us who can see through Obama's bullplop. Unfortunately, there's not really enough to stop him, Pelosi and Reed.
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