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
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