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Obama’s Tax Plan: Partisan Class Warfare

America Going Out Of Business?“The report that the president is planning to ask millionaires and billionaires to pay taxes at a higher rate than their secretaries pay is welcome news that will be wildly popular with voters. We applaud the president for heeding the advice from progressives that he go big on his jobs plan.”

Roger Hickey
Co-director of the Campaign for America’s Future
(A Liberal Special Interest Group)

It looks like Obama will be revealing his new plan for massive tax increases on American businesses and private sector investors today.

No doubt it will please lefty whackjobs like Roger Hickey, Adriana Huffington, and Code Pink, but the truth is, it’s just a big piece of red meat for the socialist crowd who what the government to seize wealth from the people who create it and redistribute it to those who don’t.

Stupid is as Stupid Does

Obama’s latest act of flagrant partisanship is stupid politically and economically:

1. It’s Dead on Arrival: It’s politically dumb because it will never pass congress. If fact, like most of Obama’s plans –that never go beyond the teleprompter, this so-called plan will never even be written up as proposed legislation.

USA Today reported that democrat senators Joe Manchin, Jim Webb, Mark Begich, Mary Landrieu, Robert Casey and Tom Carper have already spoken out opposing the tax increases in Obama’s plan.

2. It Will Cost Obama Votes: Just a few months ago, Obama was pushing for similar tax increases during the debt limit debate. Perhaps the most reliable poll in America reported that voters opposed raising taxes by a 55% to 34% margin. Included in these numbers are the precious “independents” who voted Obama into office in 2008. They strongly opposed tax increases by a 51% to 34% margin.

The truth is, the only people who support a tax increase during a recession are either economically clueless or far left partisans who have contempt for the private sector.

3. Tax Hikes Don’t Work: Famous democrats like John F. Kennedy and Bill Clinton cut taxes for one simple reason – tax cuts grow the economy and create jobs.

The liberals in England recently passed a “tax the rich” plan that promised to bring in about $5,000,000,000 a year in incremental tax collections.

Guess what? It didn’t do squat. In fact, last week the British Institute for Fiscal Studies reported that the tax increases brought in zero incremental tax revenue and may end up costing British tax payers as much as $500,000,000! The reason for this failed tax policy is simple – the rich are taking their money and investing it elsewhere.

This should not have been a surprise to anyone. A few years ago Maryland passed a so-called millionaire tax that was supposed to bring in $106,000,000 in new tax revenue – it didn’t. Even more dramatic than the results in England, Maryland actually lost $100,000,000 in revenue from millionaires in the year following the new tax!

It’s Just More Politics as Usual

So here we are. Double dip recession, unemployment rates heading back to 10%, and rather than adding new jobs, we hear about new rounds of lay-offs every day.

So what’s our president doing about it? He’s playing political games with the lives of millions of American’s; pandering to the extreme left by tossing out a tax plan that plays on the very dark emotion of class warfare.

His plan isn’t going to pass and even if it did, it would just make matters worse, not better.

Stupid…

Dave

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Obama’s Tax Plan: Partisan Class Warfare
Monday, 19 September 2011

Who Stole My Career?

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