Those of us who weren’t entranced by Obama’s campaign in 2008 knew he was just another tax-and-spend liberal. I know people who were absolutely opposed to his policies but still voted for his charm and voice.
Today’s speechifying on the economy, budget, and spending by Mr. Obama left no doubt about his ideology of vilifying the rich and promoting class warfare. I call it “The Envy-Frenzy!”
Obama claimed he would reduce the deficit by $4 Trillion over the next 12 years. But, based on CBO’s analysis of Obama’s FY2011 budget, U.S Debt will increase another $9.5 Trillion. So, the net of the President’s Debt Reduction Plan still gives future generations another $5.5 Trillion to pay off.
He still doesn’t notice the sweeping rebuke of his Tax-And-Spend Policies given by the voters in November 2010.
Along with Obama’s ambiguous plans to cut spending, he makes a clear plan to raise taxes on the evil rich. The top 2% (who pay about 40% of Income Taxes) “can afford to pay a little bit more.” Democrats and Liberals all over the airwaves are lauding Obama and decrying the tax cuts over the last 40 years. But facts don’t lie.
Digging through lots of Office of Management and Budget spreadsheets, I found the Tax Receipts by Source document and added a couple of columns. Below, you can see tax receipts INCREASED each time the tax rates were lowered. Other than the Internet Bubble during the 90’s, years after taxes were decreased reported the highest increase in tax receipts. Only AFTER the tax cuts did we even think of seeing 15-20% increases in Tax Receipts.
Repealing the tax cuts for the evil rich makes for good envy-frenzy politics. But, it doesn’t make for good tax policy.
Notes: It looks as if the Fiscal Year was changed between 1976-1977 that accounts for the big increase there.