The purpose of the Obama tax increases is to reward Obama’s cronies

January 4, 2013
Money suitcase

Payoff

Consider this: contained within the recent “fiscal cliff” legislation are tax increases to make those evil wealthy people (You know, those job creators who make over $400,000 per year) pay their fair share, to the tune of $620 billion over ten years, so about $62 billion in 2013.

But the Washington Examiner’s Tim Carney became curious about tax break extensions for business and energy concerns the White House insisted be included. So, he ran the numbers and… guess what?

…it undermines Obama’s professed desire to close the deficit.

Think about this: just the business and energy tax extenders reduce federal revenue by $67.7 billion in 2013. The tax hikes on the rich Obama won — higher rates on those over $400,000 and reduced deductions on those over $250,000 — raise $620 billion over a decade. As far as I know, we can safely guess that this would be less than $62 billion in 2013.

Unless I’m missing something, the special-interest tax breaks Obama demanded look to be bigger than the money he raised by taxing the rich. If he had just let all these special tax breaks expire — like wind tax credits, algae subsidies, and railroad track maintenance — it would have raised more revenue than his tax hikes on rich individuals and small businesses.

In other words, Obama doesn’t give a damn about shrinking the deficit in the least; instead, the whole charade serves largely to subsidize tax breaks as rewards for (I’m willing to bet) big donors. It’s redistribution from the taxpayers to favored interest groups. And it stinks.

Remember that as ever more is taken out of your check each payday and you hear yet more promises from Obama and the Democrats about how they’re fighting for you. Then compare their words to their deeds.

“By their fruits you will know them.”

via Avik Roy

(Crossposted at Sister Toldjah)


January 4, 2013

Phineas Fahrquar:

Ugh. And Congress did so well with the “cliff,” I can’t wait to see how they’ll handle entitlement reform. Argh.

Originally posted on International Liberty:

Back in early December, I wrote in the New York Post that the fiscal cliff was just a speed bump and that our real problem was an ever-expanding burden of government spending.

Well, I should have waited until this cartoon was published, because it captures in one image what I tried to say in more than 800 words.

Spending Cliff Cartoon

I’m not familiar with this cartoonist, but he or she deserves kudos for recognizing the problem is spending. Deficits and debt are merely symptoms of the disease of excessive government.

Makes me wonder, by the way, whether this monster is related to the one in this classic cartoon from Lisa Benson.

P.S. If we want to slay the monster in today’s cartoon, we need to copy the very successful Swiss Debt Brake and restrain the growth of government spending. And to make sure we abide by that cap…

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January 4, 2013

Phineas Fahrquar:

Your host saw this same phenomenon at The Day Job: person after person who voted for Obama and the Democrats upset that they were taxed more… just as Obama and the Democrats promised, if you were paying attention. Trouble is, they weren’t. God love the low-information voter. smiley d'oh!

Originally posted on Twitchy:

Happy New Year and happy payday! Thank goodness our “lord and savior” Obama signed the fiscal cliff bill into law after proudly proclaiming, “Under this law, more than 98 percent of Americans and 97 percent of small businesses will not see their income taxes go up.”

Promises, promises.

While PolitiFact will likely rate Obama’s statement “Mostly Swoon,” around 70 percent of Americans are going to pay more taxes in 2013. If you like your payroll taxes (and even if you don’t), you can keep them andpay two percent more than you did in 2012.

Earlier this week, many Americans realized the “fair share” fiscal cliff deal didn’t seem so fair. One Democratic Underground commenter was a little behind yesterday and was shocked — shocked! — to learn that the fiscal cliff crapwich didn’t extend the payroll tax holiday. (They don’t call ‘em DUmmies for nothing.)

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