‘Spend, then Tax’ has been the Democrat template for decades. Creating program after program, many paid for with future revenue projections that can’t possibly produce economic stability, nor success. We’ve witnessed this practice, and its results, in real-time over a mere 3 years under the Obama Administration. And the emotional manipulation to condone this habit is as old as the irresponsible practice itself. Class warfare and wealth redistribution are the tools of the trade. This administration’s mantra is constantly recited from top down, “the rich need to pay their fair share.” Never mind that the rich already pay towards the vast majority of EVERYTHING (top 10% pays 70% of taxes), while nearly 50% pay virtually NOTHING, then receive benefits among 77 welfare programs and become lifetime dependents of government. And that’s somehow fair?!
With that prefaced, and acknowledging that Obama has already wasted $1T on stimulus, now he’s proposing to confiscate even more to create jobs…and, as always, the easy target is the rich. From Reuters:
Obama's plan, which will be sent to the "super committee" of six Republicans and six Democrats considering deficit reduction, proposes $3 trillion in savings over the next decade. Roughly half of those savings come from higher tax revenues, under the president's proposal.
That would include allowing tax breaks for upper income Americans to expire at the end of 2012, capping popular deductions for things like mortgage interest and charitable donations, and closing corporate tax loopholes.
His call to overhaul the U.S. tax code included a "Buffett Rule," named after billionaire investor Warren Buffett, that would set a minimum tax rate for people earning more than $1 million a year.
How peculiar, what does taxing the rich have to do with job creation? Well, actually, this scheme is antithetical to job creation! Waging war on job creators through higher taxation loses more jobs.
How many times does it have to be restated: government doesn’t create jobs. And the proof couldn’t be more obvious than with the latest headlines focusing on companies that Obama has given half-a-trillion dollars to…they’ve all gone bankrupt! Job creation is the role of private industry.
Only Barack Obama would use what he’s coined the “Buffett Rule” to raise $1.5T in new taxes on investors and job creators (a.k.a. ‘the rich’ and ‘big corporations’) to offset the largest Democrat spending spree in U.S. history over the past 3 years, and call it a “Jobs Bill.” Likewise, only a man, who owes more than 1 billion in back taxes, be absolutely “fine” with his name being used as the political motivator for such an ideologically devious plan.
If you can venture beyond the poisonous class envy and jealousy that Obama feeds to Americans, one might be able to recognize that since most income for the wealthy is in the form of capital gains and dividends (of which are already double taxed), Obama and Buffet are launching an assault against the general concept of investing. Despite the media’s portrayal, the overall act of investing isn’t evil. Investing creates opportunities, inspires innovation and provides jobs…there’s where the focus of any jobs bill should be, if at all. But honestly, the more freedom in investing, the less government should feel the need to intrude in our daily lives. The most important point that these men fail to grasp, or perhaps they do and they're hoping we won't, is that increased taxation, or revenue, put towards debt doesn’t insure increased efficiency in government or its spending. We've witnessed and lived quite the contrary for decades.
As Rush said earlier today, perhaps “it’s time for Democrats to start paying their fair share” for continuing to support statists, who drive our economy off a fiscal cliff with their programs and policies, then always turn to higher taxes as the answer for their recklessness. Oh, that's not fair? It's not meant to be.
