Obama’s ‘Debt Reduction Class Warfare’ Plan: Romney “He Has No Clue”

Then:

President Obama: “… you don’t raise taxes in a recession.” (President Barack Obama, 8/5/09)

Now:

U.S. President Barack Obama announced $3 trillion long-term deficit reduction plan, including $ 1.5 trillion tax increase plan. (Forex Currency Trading News 9/20/11)

I’ll throw this in for good measure - Obama’s own words:

Perhaps President Obama thought that delivering his deficit reduction speech outside in the White House Rose Garden on Monday would perfume his populist odoriferous reversal on raising taxes during a ‘recession’ (no specifics on entitlements):

From Obama’s speech (transcript):

Either we ask the wealthiest Americans to pay their fair share in taxes, or we’re going to have to ask seniors to pay more for Medicare. We can’t afford to do both.

Either we gut education and medical research, or we’ve got to reform the tax code so that the most profitable corporations have to give up tax loopholes that other companies don’t get. We can’t afford to do both.

This is not class warfare. It’s math. (Laughter.)

Data reveals a different story than Obama is telling. The rich do pay considerably more in taxes:

There may be individual millionaires who pay taxes at rates lower than middle-income workers. In 2009, 1,470 households filed tax returns with incomes above $1 million yet paid no federal income tax, according to the Internal Revenue Service. But that’s less than 1 percent of the nearly 237,000 returns with incomes above $1 million.

This year, households making more than $1 million will pay an average of 29.1 percent of their income in federal taxes, including income taxes, payroll taxes and other taxes, according to the Tax Policy Center, a Washington think tank.

Households making between $50,000 and $75,000 will pay an average of 15 percent of their income in federal taxes.

Lower-income households will pay less. For example, households making between $40,000 and $50,000 will pay an average of 12.5 percent of their income in federal taxes. Households making between $20,000 and $30,000 will pay 5.7 percent.

Let’s close tax loopholes and enforce laws already on the books so the 1% of the wealthy who are gaming the system no longer get away with it. What Obama isn’t saying is that his claims about high-income Americans are based on money invested – income that has already been taxed.


After Obama’s speech, Mitt Romney issued the following statement on Obama’s plan to raise $1.5 TRILLION in taxes:


PRESIDENT OBAMA HAS NO CLUE HOW TO BRING ECONOMY BACK

“President Obama’s plan to raise taxes will have a crushing impact on economic growth. Higher taxes mean fewer jobs – it’s that simple. This is yet another indication that President Obama has no clue how to bring our economy back. I encourage President Obama to look at my detailed economic plan to create long-term growth and prosperity for our nation. The only way to get our economy moving again is to elect a president who understands how to create jobs and rein in spending – that is why I am running.”

(link added)

Rep. Paul Ryan (R-WI) added his voice to the burgeoning criticism of Obama’s deficit-reduction plan.

Ryan slammed Obama’s new tax rate for millionaires as “class warfare.” Class warfare…may make for really good politics but it makes for rotten economics. We don’t need a system that seeks to divide people,” Ryan argued.

Believing that Republicans won’t support tax increases, Obama’s reelection plan debt reduction plan employs ‘the rich should pay their fair share’ class warfare rhetoric he hopes will save the day for him come November 2012. He sees the writing on the wall:

Americans Say Federal Gov’t Wastes Over Half of Every Dollar

A new Gallup survey reveals that Americans believe that the government wastes more than half of every $1 that it spends. President Obama’s solution? To ask for $1.5 trillion more.

Why Obama should withdraw

When Ronald Reagan ran for re-election in 1984, his slogan was “Morning in America.” For Barack Obama, it’s more like midnight in a coal mine.

The sputtering economy is about to stall out, unemployment is high, his jobs program may not pass, foreclosures are rampant and the poor guy can’t even sneak a cigarette.

His approval rating is at its lowest level ever. His party just lost two House elections — one in a district it had held for 88 consecutive years. He’s staked his future on the jobs bill, which most Americans don’t think would work.

If Obama wasn’t president, we would be ‘marching on the White House’

Unhappy members of the Congressional Black Caucus “probably would be marching on the White House” if Obama were not president, according to CBC Chairman Rep. Emanuel Cleaver (D-Mo.).
[...]
CBC members have expressed concern in recent months as the unemployment rate has continued to rise amongst African-Americans, pushing for Obama to do more to address the needs of vulnerable communities.

What should the White House do now? James Carville, Democratic strategist says “PANIC!”



(emphasis added to articles)

► Jayde Wyatt