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Punitive taxes always fall short
Waterbury Republican-American ^ | September 24, 2011 | Editorial

Posted on 09/24/2011 11:55:39 AM PDT by Graybeard58

It's been nearly four decades since America last had such a rudderless presidency. Not long after trying to raise his plummeting poll numbers by endorsing reductions in Medicare spending, and reforms of the federal tax code and Social Security, President Obama now is demanding $1.5 trillion in new taxes to underwrite out-of-control federal spending and fund patronage for unionists in and out of government.

Headlining his so-called deficit-reduction plan is a millionaires' tax, historically a favorite among Americans who want the rich to — all together now — pay their fair share so nearly half of Americans can have their fair share reduced to $0. Trouble is, even if America's 237,000 millionaires paid today's highest rate (35 percent) on every dollar they earned, the combined revenues would hardly dent in the budget deficit, let alone the $14.5 trillion in accumulated debt and the $110 trillion in unfunded liabilities for Medicare, Medicaid and Social Security.

So the president's millionaires' tax is nothing more than red meat for his party's rabid liberal base from which he has alienated himself of late with phony promises of trimming federal spending and slowing government growth.

Since he knows full well his plan wouldn't pass muster with House Republicans, his Monday news conference must be written off as a political stunt.

Yet in the days to come, Americans should expect to hear a great deal more from him about his "Buffett Tax," named for billionaire investor Warren Buffett who says he and other wealthy Americans exploit tax loopholes, nee targeted tax cuts, to avoid taxes they easily could afford.

But it must be noted that to the best of our knowledge, Mr. Buffett and other billionaires known to sing that refrain have never calculated their own fair share and then cut the government a check. Until they back up their words with actions, they leave ample room for Americans to question their sincerity and motives.

Worse, taxpayers in Connecticut know all too well what happens when government punitively taxes the well-off. New revenues fall short of forecasts, but the spending they were supposed to support increases every year.

Soon, the millionaires' tax becomes the half-millionaires' tax, then the quarter-millionaires' tax and finally "shared sacrifice."


TOPICS: Crime/Corruption; Editorial; Government
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1 posted on 09/24/2011 11:55:47 AM PDT by Graybeard58
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To: gogogodzilla; Bockscar; Loud Mime; 4Liberty; ColdOne; JPG; Pining_4_TX; jamndad5; Biggirl; ...

Ping to a Republican-American Editorial.

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


2 posted on 09/24/2011 11:57:12 AM PDT by Graybeard58
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To: Graybeard58

I hear his lips flapping, i’ve seen a ream of paper in his hand but I have not seen his proposal with a house or senate bill number on it.

Our president is like a puppy barking at the mail carrier.

it’s sad really.


3 posted on 09/24/2011 11:59:39 AM PDT by cableguymn
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To: cableguymn

You probably never will see the proposal come to the floor of the House or Senate. The tax increases are tied to gutting the military retirement system... and this is so filled with politically unpalatable ideas that even the Democrats don’t want to touch it.

Specially with an election year coming.


4 posted on 09/24/2011 9:10:23 PM PDT by gogogodzilla (Live free or die!)
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To: cableguymn

How dare you denigrate puppies, what did a puppy ever do to you?


5 posted on 09/25/2011 4:20:43 AM PDT by eyeamok
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