The ink is barely dry on President Obama’s latest tax hike, and he’s already pushing for more.
Millions of Americans, rich and middle class, are still recovering from the shock of the income and payroll tax hikes in their first 2013 paychecks, while ObamaCare’s new taxes have also just kicked in. These are the biggest tax increases in at least 20 years, yet Mr. Obama is already stumping for another revenue raid.
The President even invoked the American people to support his third huge tax hike, saying Monday that “They don’t think it’s smart to protect endless corporate loopholes and tax breaks for the wealthiest Americans rather than rebuild our roads and our schools . . .” You already know the rest.
But wait. It was President Obama who insisted that the recent tax bill be loaded with tens of billions of dollars worth of additional “corporate loopholes,” including for his billionaire buddies in the green-energy business. Too bad no one in the White House press corps asked about that contradiction. Maybe next Presidency.
The big fiscal news here is that Mr. Obama and the Democrats are all but conceding that the recent tax hike is little more than a token reduction in the deficit. The tax hike, while the biggest in 20 years, will raise only $620 billion at most over 10 years, and probably less. Yet Mr. Obama conceded in passing Monday that the debt ceiling will have to rise by something like $1.25 trillion to accommodate this year’s deficit alone.
Other Democrats are also bellying up again to the tax bar…. (Read More)
Well, nobody ever accused him of being honest. This is the same guy that told John Boehner that there is no spending problem. He’ll keep spending like there’s no tomorrow, only someone has to pay for it. Do you really think it’s going to be those “special interest groups” he’s always talking about, or will you, your kids and grandkids pay for it?