The next Republican middle class tax cut is in the works, come hell or high fiscal cliff.
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In 2012, Obama similarly fabricated specific cuts in the Ryan budget and then campaigned against that dishonest caricature of the Ryan/Republican spending proposals. Obama is taking advantage of the excessive politeness of conservatives in failing to call out Obama for deceitful dishonesty when he is blatantly misrepresenting conservative Republican positions as a strategy to duplicitly discredit reasonable proposals. Conservative organizations and honest media need to call out the President specifically on that strategy when he returns to that this year.
The Fiscal Cliff Deal
The fiscal cliff compromise seems to focus the Obama tax increases on the top 1% of income earners, singles making over $400,000 and couples making over $450,000 a year. Two-thirds of the taxpayers reporting that income are successful small businessmen, which drive the new jobs in the American economy.
For these now officially disfavored taxpayers, the top two income tax brackets will climb by close to 20% (counting the reestablishment of the Pease deduction phaseouts at these higher income levels, which are also in the deal), the capital gains and dividend tax rates will soar by 58% (counting the Obamacare tax increases also now going into effect), Obamacare raising the Medicare payroll tax by 62% on these most productive workers is also now going into effect, and the death tax is saved from the original Bush grave with a new 40% top tax rate.
Watch closely for the results. Except for the payroll tax increase, I predict the other tax increases will result in less rather than more revenue. When combined with Obama’s ongoing regulatory tsunami, record-smashing spending and deficits, and the Fed’s continued mischief, I predict as well that the economy will go back into recession later this year, or next. If that happens, total federal revenues will fall rather than rise, and the deficit will rise rather than fall.
Contributing to that further deficit and debt increase is that the fiscal cliff deal involves zero spending cuts. It actually delays the sequester by two months. That reflects the actual budget policy of President Obama and the Democrats, of no spending cuts, and no entitlement reform, even reform that would make entitlements more efficient and effective in helping the poor and seniors while still reducing spending, like the 1996 welfare reforms, and personal savings, investment, and insurance accounts for Social Security.
Instead what we hear from the left is further idiot drivel, like the press release on the fiscal cliff deal of the so-called MoveOn.org (what a dumb name for an organization). That release criticized President Obama from the left for not increasing taxes on “the rich” enough to make them pay their “fair share.” The press release stated, issued in the name of Move On Executive Director Justin Ruben:
We just finished an election in which the American people made clear that they want the wealthiest 2% to finally pay their fair share of taxes, but this agreement fails to meet that test…. [A]t the end of the day, poor and middle class families deserve a better deal than more tax cuts for the rich…. As budget debates continue, MoveOn members will continue to fight for a more equitable tax code in which the wealthy finally pay their fair share….
This is representative of the dishonest rhetoric we will hear from the Marxist Progressives not only at MoveOn.org, but also at the New York Times, Washington Post, and elsewhere in the Democrat party media. CBO reports official IRS statistics as showing that the top 1% of income earners pay 39% of all federal income taxes, 3 times their 13% share of income. It also reports that the middle 20% of income earners pay only 2.7% of all federal income taxes, while earning 15% of the income. Yet the Marxist Communists at MoveOn tell us the wealthy still don’t pay their fair share, even after all the tax increases on them just adopted in the fiscal cliff deal. Moreover, they tell us that those tax increases are still “more tax cuts for the rich.”
This is all so unhinged from reality that it is evidence of mental disability or illness on the part of Mr. Ruben. And that more widespread mental disability or illness among this nation’s current leadership has this generation of Americans on the expressway to the decline and fall of America.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?