Back to the Future
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“The day has dawned, the grass is ris’, I wonder where my money is.”
Obama got his taxes approved and marched us resolutely 180 degrees from the brink of disaster at the “Fiscal Cliff” to the verge of calamity as he wants more middle-class taxes while lying about taxing the rich some more. We’re no longer facing a precipice; we’re facing a firing squad of avarice and covetousness to supply those who won’t with the same benefits as those who do. (Work that is.)
Obama wants more taxes. Where the heck have we heard that before?
Instead of demanding and enacting a re-vamp of the Tax Code and straighten out the problems it presents all Americans (not just those alleged “fat cats” he always puts up as targets) while picking the middle class’ pockets for greater taxes.
The man’s a greater illusionist than David Copperfield. Invariably, he shows us what he thinks we want to hear; then he gets his social media network to start pumping up the rhetoric. As the groundswell grows and the fears of insolvency pile on top of each other, he switches gears, changes subject and adjusts his program while his fiscal assassins do their best to get their dirty work done behind the scenes in Congress.
It’s been shown and is now being understood the tax increase levied against the “top 1%” was spent before the ink was dry on the checks sent to pay the increase. We said this before the election. This was understood before Obama started his latest effort to chisel more money from the middle class. This will continue until he’s driven from office. It’s unbelievable so many Americans could accept the fallacy of 1% of a population solving the Imbalance of Payments debacle for an entire nation. It smacks of outright stupidity.
When all of this was being negotiated, it was supposed to allow for phase-outs of personal exemptions and limiting itemized deductions. This was supposed to start at $250 thousand dollars for individuals and $300 thousand for joint filers. This means there was a $3800 loss for each person in a household or translated- a 4.4% elevation in tax rates for married couples with incomes over $250 thousand. Families in the 33% tax bracket could ultimately see a 5% increase in taxes. This isn’t Voodoo economics. It’s Black Magic with the cauldron of lies and deceits spicing the witches’ brew of self-serving politics.
This situation is so bad labor unions are asking for exemptions from paying health benefits under Obama Care. It seems the droids have the ‘rhoids because they didn’t pay attention to the unread “Affordable Care Act” and its effect on every aspect of American life. Trumka was fooled and passed on the benefits of ignorance being bliss as his union members suffer the same pocket book draining influence of Obama’s need to supplement those who produce nothing and live in an entitlement society going madder by the moment.
Obama always presents the statement he’ll cut spending as well as increase taxes. The liar hasn’t done it yet. And the only thing he can actually do is pilot the American Ship of State onto the shoals of fiscal insolvency and national bankruptcy. We spend $41 for every $1 in cuts realized under Obama’s administration. The Congress offered to cap itemized deductions thus raising $800 billion rather than raise tax rates across the board. That wasn’t good enough and Boehner caved to Obama’s bullying. This is because Boehner doesn’t possess a backbone with any structural integrity.
The Personal Exemption Phase-out (PEP) and the “Pease” deduction cap — named for Rep. Don Pease (D-Ohio) — were introduced to try helping balance the budget by taxing the rich more. PEP reduced the exemptions for high-income earners by as much as 2 percent for every $2,500 earned over a set amount. The “Pease” aspect limited itemized deductions for the wealthy. It’s through reenacting this element of Clinton’s tax program Obama expects to regain the monies lost by any expenditures cut from his entitlement budget. But instead of granting phase-outs he’ll raise taxes; again.
It’s another case of “Back to the future”.
Thanks for listening