So Much For Only Taxing The Rich

Two Obama administration officials, Treasury Secretary Timothy Geithner and National Economic Council Director Larry Summers, were on the talk shows this weekend and they were asked about tax increases. Both of them left the door open to taxing the middle class in order to reduce the deficit and to pay for the expansion of health care.

During the campaign Obama promised that 95% of earners would see no tax increase. He made it clear that he intended to pay for his follies by taxing the rich. The top 1% of earners already pay more in taxes than the bottom 95% of earners and even if they took every dollar the rich earned they could not pay the bills. Besides, once the taxes increase the wealthy will find a way to avoid them. The wealthy stopped going through Sherwood Forest when Robin Hood started robbing them. The wealthy know how to protect their money.

Anyone with common sense knew that Obama was not being accurate (I don’t say he lied because he probably believes his own rhetoric) but people voted for him anyway. The electorate was happy when the money they would be getting was coming from someone else but how will they feel when they start getting hit with tax increases to pay the bills?

Geithner and Summers would not rule out the increases and made it clear that the administration is trying to balance campaign promises with reality.

I have no doubt that the taxes will increase for everyone who actually pays them. The suckers who bought into the Obama hype will be the ones surprised when they are taking home less pay.

Let’s hope that this will be the straw that breaks Obama’s back and limits him to one term.

The Democrats have always been the party of tax and spend and this time will not be different.

Sources:
ABC News
Yahoo News

Big Dog

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4 Responses to “So Much For Only Taxing The Rich”

  1. So much for BHO’s campaign promises.

    Remember what happened to George H.W. Bush when he broke his promise of “Read my lips. No new taxes.”

    History will replay itself with BHO.

  2. Blake says:

    Only a Liberal, or some other form of invertebrate life could have believed Hussein’s words- the man is slicker than snail snot, and about as appealing.
    Anyone who truly thought that “95% of you will not have your taxes raised ONE CENT” was a promise that he would keep, had to have rocks in their head.
    And they want power to reach into your bank accounts to get the money they need?
    Now I know why they wanted to take over the banks- it all makes sense now.

  3. Hal says:

    What continues to be stunning to me is that no one in DC really cares a whit about what the people have to say on the matter. Whether it’s the Senators and Congressman standing before the people demanding explanations and that they read the bills and be true representatives of the people, or the administration force feeding the media and pushing what looks personally to me like a Fascist agenda it scares me to think we’ve reached this point in our country.

    Looking at the long term picture my plan is to clear out all my debts and start stocking wealth securing commodities because I think things are only going to get a lot tougher from here on out.

    • Blake says:

      In the Healthcare bill is a provision for the feds reaching into your bank accounts and making you pay for this insurance.
      Why do you think they went after the banks first?