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Soaking the rich has consequences
Waterbury Republican-American ^ | March 5, 2009 | Editorial

Posted on 03/05/2009 11:13:41 AM PST by Graybeard58

Democratic Sen. Christopher Dodd is heaping praise on President Obama's proposed $3.55 trillion budget with its built-in (lowball) $1.75 trillion deficit — the entire federal budget 10 years ago was $1.6 trillion — and record $1 trillion in new soak-the-rich taxes over 10 years to fund the next step toward health-care rationing and other socialism.

The budget "makes critical investments in our economic future," said Sen. Dodd, whose years of deal-cutting with financiers left the U.S. economy in tatters, cost millions of Americans their jobs, and led to trillions in new government borrowing, hundreds of billions in bailouts for irresponsible businesses and homeowners, millions of layoffs, and now a $1 trillion tax increase on "the rich" to be achieved by raising marginal rates, limiting deductions and letting the Bush tax cuts for high earners expire.

The budget stands to inflict the most hurt on Connecticut. For one thing, it cuts deeply into Pentagon spending, which will require Electric Boat, General Electric and United Technologies, major employers already at a competitive disadvantage because of the state's tax and regulatory schemes, to vie even harder for dwindling dollars. Also, Sen. Dodd's constituents have carried the No. 1 federal tax burden since 1986. The budget's more progressive tax structure would increase their load, but not Sen. Dodd's because his income would be below the $250,000 threshold. How convenient.

But Sen. Dodd isn't the only one swinging at the soak-the-rich piñata. Your Democratic legislative supermajority's priorities include a $132,500-aires tax for people who already pay more than half of all income taxes. And since the state is bound to shift some of its fiscal woes onto cities and towns, local property taxes are sure to rise and take another bite out of the wallets of higher earners.

Since this triple whammy will affect a small percentage of taxpayers, the rest won't care, but they should because of the many unintended consequences. For example, as evidenced by the demise of the Connecticut Opera and the state's reduction of grants for the arts, cultural organizations, charities and such, nonprofits are under the gun. But their chief benefactors are businesses that have closed or seen their profits disappear; foundations whose endowments have been eroded sharply by the Chris Dodd Bear Market; and those whom the president, Sen. Dodd and supermajority Democrats are targeting for huge tax increases.

Multiple new soakings of the rich, necessitated in part because tin-eared Sen. Dodd fancied himself presidential timber, tug at liberals' heartstrings, but they would cause higher earners to donate less, imperiling nonprofits further.


TOPICS: Crime/Corruption; Editorial; Front Page News; Government
KEYWORDS: 111th; bho2009; democratcongress; democrats; dodd; economy; obama; obamanomics; obamataxplan; spreadthewealth; taxes
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1 posted on 03/05/2009 11:13:41 AM PST by Graybeard58
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To: rockinqsranch; paltz; ZirconEncrustedTweezers; OldPossum; Andonius_99; The Californian; ...

Ping to a Republican-American Editorial.

If you want on or off this list, let me know.


2 posted on 03/05/2009 11:15:06 AM PST by Graybeard58 (Selah)
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To: Graybeard58

Can’t we just buy Dodd a few waitress sandwiches and get him out of there?


3 posted on 03/05/2009 11:15:42 AM PST by Paladin2 (No, pundits strongly believe that the proper solution is more dilution.)
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To: Graybeard58

“Sen. Dodd fancied himself presidential timber,”

Methinks the heartwood of that timber is rotten.


4 posted on 03/05/2009 11:15:57 AM PST by No Truce With Kings (The opinions expressed are mine! Mine! MINE! All Mine!)
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To: Paladin2

Is he still vulnerable as was being reported a few weeks ago?


5 posted on 03/05/2009 11:16:55 AM PST by txnativegop (God Bless America! (NRA-Endowment))
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To: Graybeard58

One of the requirements for the redistribution of wealth is wealth.


6 posted on 03/05/2009 11:17:50 AM PST by The_Victor (If all I want is a warm feeling, I should just wet my pants.)
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To: Graybeard58

If the Bush tax cuts expire it will raise everyone’s taxes.
We’ve never been anywhere near anyone’s definition of rich and those tax cuts cut our taxes in half.


7 posted on 03/05/2009 11:20:31 AM PST by westmichman ( God said: "They cry 'peace! peace!' but there is no peace. Jeremiah 6:14)
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To: Graybeard58
Democratic Sen. Christopher Dodd is heaping praise on President Obama's proposed $3.55 trillion budget
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8 posted on 03/05/2009 11:22:09 AM PST by Son House (National Disasters Will Be Devastating Since Mr. Øbama's Spending Will Erode First Response Funding)
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To: Graybeard58

9 posted on 03/05/2009 11:22:48 AM PST by Bobalu (McCain has been proven to be the rino flop I always thought he was.)
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To: Graybeard58

Thanks for the ping Graybeard58. I appreciate it.


10 posted on 03/05/2009 11:23:14 AM PST by rockinqsranch (Dems, Libs, Socialists, Call 'em what you will, they ALL have Fairies livin' in their Trees.)
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To: Graybeard58
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11 posted on 03/05/2009 11:29:26 AM PST by Son House (National Disasters Will Be Devastating Since Mr. Øbama's Spending Will Erode First Response Funding)
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To: Graybeard58

Reducing take home pay for those pulling the economic wagon only makes sense to leftwing socialists. Or community organizers.


12 posted on 03/05/2009 11:53:30 AM PST by Oldeconomybuyer (The democRATS are near the tipping point.)
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To: Graybeard58

Without totally socializing America (yet), Obama has already subscribed to the most reprehensible practice of leftist governments; protecting and enriching the inner party at the cost of the standard of living of the proletariat. Under the guise of stimulus legislation, Obama is raiding the public purse to insulate groups and individuals who are faithful to the party and its glorious leader from the deteriorating economy. The rest of us can eat cake.


13 posted on 03/05/2009 12:14:47 PM PST by Spok
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To: Graybeard58

“Soaking the Rich Has Consequences”

Democrat scu*bag punks don’t care about consequences. They only care about the revolution.

IMHO


14 posted on 03/05/2009 12:15:29 PM PST by ripley
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To: westmichman
We’ve never been anywhere near anyone’s definition of rich and those tax cuts cut our taxes in half.

Same situation in my house. I can't say that the cuts halved our taxes but it made a real noticable difference.

To a liberal, a "rich" person is someone who is a net tax payer and they are supposed to support net tax takers.

If I were king, nobody would get to vote if they receive more from government than they pay in, excluding the military. No democrat would ever win public office again.

15 posted on 03/05/2009 1:51:36 PM PST by Graybeard58 (Selah)
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To: Paladin2

better idea, can’t we just put Dodd in prison?


16 posted on 03/05/2009 1:58:47 PM PST by peace with honor
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To: peace with honor
"better idea, can’t we just put Dodd in prison?"

Why not just keel-haul and then draw and quarter?

17 posted on 03/05/2009 2:22:15 PM PST by Paladin2 (No, pundits strongly believe that the proper solution is more dilution.)
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To: Spok
I wonder how much hurt this "tax the rich" will affect some of the very rich, like Hollywood liberals, people like Trump, Buffet, Bill Gates? Or do they have so much money socked away that might be untouchable, that this will seem like no more than a mosquito bite.

I ask this because some if not most of those types seem to have been for Obama.

Those closer to that $250,000 "line of demarcation" will undoubtedly feel the pinch. Which will trickle down to the rest of us and we'll feel the pinch even harder.

18 posted on 03/05/2009 2:51:11 PM PST by 3catsanadog (I plan to give the new President the same respect and dignity the other side gave Bush.)
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To: Paladin2

WORKS FOR ME!!


19 posted on 03/05/2009 4:13:02 PM PST by peace with honor
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To: ripley

It’s all about “feelings,” “fairness,” and good intentions with these people.

They don’t care if it makes everyone miserable as long as everyone is miserable equally. Usually, however, they feel the rules they make don’t apply to THEM. They get a pass for imposing the rules on others.


20 posted on 03/05/2009 5:24:05 PM PST by beagleone
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