By G. Tracy Mehan, III on 4.14.11 @ 6:07AM
President Obama put all his cards on the table yesterday. He made his big announcement on his response to our current fiscal crisis and festering national debt.
He wants to raise taxes (Quelle surprise!) and will not touch any entitlement program to reduce uncontrollable spending.
He has got to be kidding, right? Wrong. The President is hunkering down, pushing for a raft of new taxes, passing off more cuts in discretionary spending (necessary but hardly sufficient) and going into campaign mode for the 2012 re-election campaign.
Americans for Tax Reform, beating to quarters, excoriates the President for combining the worst of his 2012 tax increases and those also proposed by the Simpson-Bowles commission and the Gang of Six, the bipartisan group of U.S. Senators who are supposedly working on a proposal of their own.
According to ATR, the Obama plan would raise the tax revenue from 18-19 percent of the economy, the historic average, to 21 percent. Of course, this 21 percent is on top of state and local taxes which cumulatively burden workers and their families.
In addition, the President would raise taxes, oh, $1-3 trillion over the next decade. He also de-accelerates from the GOP plan put together by Budget Chairman Paul Ryan. He, Obama, supposedly cuts $4 trillion over 12 years versus 10 years as proposed by Ryan while raising taxes substantially.
There will also be tax hike “triggers,” an increase in taxes on capital gains and dividends from 15 percent to 23.8 percent and a boost in the death tax rate from 35 to 45 percent with a corresponding cut in the exemption from $10 million to $3.5 million. All this is on top of the 20 new or higher taxes that came along with Obamacare.