Monday, November 19, 2012

Obama's Pre-Election Lie On Taxing The Rich

Before the election, Obama said that all he wanted to do is to return to the Clinton-era tax rates for the rich; arguing that they wouldn't miss the extra money and that the economy actually did well when those higher taxes were in place.

Well, now that the election is over, guess what?  The President has doubled-down on taxes for the rich.  No longer is he just calling for a return to the Clinton-era taxes for those making more than $200,000, individually, and families making $250,000 and up; resulting in a supposed $850 billion dollar increase in tax revenues, he now has added an additional $750 billion in new taxes on the rich by capping deductions and imposing a minimum 30% tax for those making more than a million dollars a year; referring to the later as the Buffet rule.

Further, he argues that the new taxes should be imposed immediately and that we can look at spending cuts and tax law revisions later.  Obama calls this a balanced approach. But, I'll bet money that he will never agree to any significant cuts; unless, of course, they are in defense.  This is the same kind of crap that the Democrats pulled on George H. W. Bush.  The Congressional Democrats got Bush to raise taxes, first, by promising to address spending cuts later.  But, no cuts were ever legislated on.  Thus, Bush lost reelection by violating  his promise of "Read my lips.  No new taxes!" 

--- CNN Money: Obama's opening bid: $1.6 trillion in taxes:

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