Barack Obama is threatening to allow Federal taxes to increase on the 54% of Americans who actually pay Federal taxes, unless the GOP agrees to increase taxes on families and small businesses who earn more than 250k per year. There is no justification for increasing these taxes, being the tax increase does nothing to offset deficit spending or pay down the national debt.
Economists warn that the increased taxes would actually hurt the economy by limiting growth, resulting in fewer tax dollars flowing into the treasury, which would actually balloon the debt and deficit.
So why would Obama push for this? Well, Obama has stated that it’s just a matter of “fairness”. Clearly, the president cares more about punishing successful families and businesses, than solving the dire fiscal issues that we face as a nation.
The NYT and other media outlets have calculated that the increased taxes would generate $850 billion over 10 years, which works out to only $85 billion per year. Considering the U.S. government spent $3.5 trillion in 2011, $1.3 trillion in borrowed money, it’s clear the $85 billion per year in increased taxes does nothing to solve the fiscal issues that face all Americans. When you factor in the decrease in economic growth that comes with higher taxes, Obama’s misguided tax policy, based on some leftist notion of “fairness”, is much more detrimental to solving America’s fiscal problems, than it is beneficial.
Isn’t it time for America to reject the device class warfare policies that do nothing to solve problems? Aren’t we tired of politicians, on both sides of the aisle, who refuse to limit the size and scope of government? Perhaps it is time to point the finger at the Democrat and Republican parities for their utter failure and place the blame on squarely on them. It’s time for voters to recognize that the two parties are simply blaming one another for the problems that both of the them are equally responsible for causing.
If the two parties are unwilling to take responsibility for the problems they have caused, perhaps it’s time to consider rejecting both parties and supporting a 3rd party of responsible citizens who are actually interested in solving the critical issues we face.