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Obama Demands $1.5 Trillion In New Taxes

From Jake Tapper at ABC News:

President Obama to Pitch Higher Taxes and Means-Testing Medicare

Jake Tapper
September 18, 2011

President Obama on Monday will outline more than $2 trillion in new deficit reduction over the next decade, senior administration officials tell ABC News, including $1.5 trillion in new taxes and means-testing Medicare for wealthy recipients — both in higher fees and benefit cuts for top income brackets.

Just what this economy needs. Higher taxes and class warfare.

But where is the outrage about taking away people’s Medicare that they have paid into all their lives? Oh, that’s right – we’re talking about millionaires and billionaires who make over $200,000 a year.

Combined with savings from the debt deal and drawing down the wars in Iraq and Afghanistan, the proposal will guarantee that the size of the debt — as a share of the economy and percentage of GDP — will fall, with more than $4 trillion in deficit reduction total.

And never mind that the ‘draw downs’ in Iraq and Afghanistan have already been counted in everyone’s budget projections.

The president’s purpose in laying out this detailed plan is to avoid the criticisms that have dogged him throughout this year for not putting out a more assertive deficit reduction plan, and to further illustrate his “balanced approach,” requiring “shared sacrifice.”

Except that all of the sacrificing is from the same people who always have to sacrifice. The so-called rich and the military.

The president will propose roughly $580 billion in cuts to mandatory spending programs, including $248 billion from Medicare and $72 billion from Medicaid and other health programs.

Part of this will include asking wealthier seniors who receive Medicare to pay higher premiums and accept fewer benefits — means-testing the program.

But that said, the president will not accept any cuts to Medicare if tax increases on wealthier income brackets and corporations are not part of the final package.

“He will say that he will veto any bill that takes one dime from the Medicare benefits seniors rely on without asking the wealthiest Americans and biggest corporations to pay their fair share,” a senior administration official said.

Whatever happened to the quaint concept of equal protection under the law? ‘Rich’ has become the new black.

Obama’s remarks will push the so-called “super-committee” charged with finding at least $1.2 trillion in deficit reduction by November to undertake comprehensive tax reform guided by five principles: lowering tax rates; eliminating wasteful loopholes and tax breaks; reducing the deficit by $1.5 trillion; boosting job creation and growth; and being consistent with the “Buffett Rule.”

The Buffet Rule, named in honor of billionaire investor Warren Buffett, will state that those who make more $1 million a year “should not pay a smaller share of their income in taxes than middle-class families pay,” a senior administration official said.

How perfect. A ‘rule’ based upon a propaganda lie. It is also wonderfully fitting to pay tribute to a man whose company has not paid its taxes for many of the last ten years.

And never mind that the rich pay a lower tax rate on their capital gains and dividends because this is the second time that same money is being taxed. When both income and capital gains and dividend taxes are added up, the rich are paying a far higher tax rate than Mr. Buffet’s secretary.

Other ways to raise taxes that the president will propose are now familiar: $800 billion from letting expire the lower Bush tax rates for the top two tax brackets; and $700 billion from other revenue — capping income tax deductions for wealthier Americans; eliminating subsidies for petroleum companies; eliminating tax loopholes for corporate jets; and requiring hedge fund managers to pay a higher tax rate than the 15 percent carried interest rate they pay now.

Obama is seeking to draw contrasts with Republicans

And any other sane persons.

This article was posted by Steve on Monday, September 19th, 2011. Comments are currently closed.

2 Responses to “Obama Demands $1.5 Trillion In New Taxes”

  1. Petronius says:

    If you love me, ask Congress not to raise my taxes.

  2. Astravogel says:

    Look carefully at the photograph.
    The eyes are not smiling… More
    like a hyena smiling at a lamed

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