Obama-messiah proposes raising taxes nearly $1 trillion over ten years…

irs-shaking-money-out-of-taxpayerThe Obama-messiah has proposed raising taxes nearly $1 trillion over ten years.  Isn’t that wonderful? 


As you can see from the news article below, these gargantuan new taxes appear to fall solely on businesses as well as on people making more than $250,000 annually (who are most likely, business owners). 


In other words, these are “stick it to the rich” taxes.


But the gullible American public never get it.  They are the only ones who pay taxes.  Period. 


In reality, business owners will simply be forced to lay off workers and raise the prices of their goods and services in order to pay the extra one trillion dollars in taxes foisted upon them by the Obama-messiah. 


That means the general public who purchase those goods and services will in reality pay those taxes in the form of higher and higher prices on virtually everything they buy, and in the form of fewer and fewer raises at work.  Many workers will simply be laid off, so the salaries they were getting can go toward paying those extra taxes, instead.


This of course will make it impossible for many middle-class families to afford the goods and services they are used to having.  As the comedian on the Tonight Show said the other night, “Better learn to love soup.” 


Conservatives have explained this until they are blue in the face.  But the general public simply doesn’t listen.  They think they are “sticking it to the rich.”  In reality, they are sticking it to themselves.  Ouch.


The bottom line is that when businesses are forced by government edict to pay higher taxes, they simply can’t pull the money out of their rectums.  They have no choice but to raise the costs of their goods and services proportionately, hold off on giving raises, and start laying off non-productive workers. But when businesses are blessed with lower taxes, the costs of their goods and services generally remain affordable, and workers keep their jobs. 


Dumb, envy-driven middle-class Americans apparently will never understand this. 


So let’s stick it to the “rich”…and all hail the Obama-messiah and his brave new socialist order!


— Spencer



Obama’s Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011



February 26, 2009 12:00 PM


President Obama’s budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.


1) On people making more than $250,000.


$338 billion – Bush tax cuts expire

$179 billlion – eliminate itemized deduction

$118 billion – capital gains tax hike


Total: $636 billion/10 years


2) Businesses:


$17 billion – Reinstate Superfund taxes

$24 billion – tax carried-interest as income

$5 billion – codify “economic substance doctrine”

$61 billion – repeal LIFO

$210 billion – international enforcement, reform deferral, other tax reform

$4 billion – information reporting for rental payments $5.3 billion – excise tax on Gulf of Mexico oil and gas

$3.4 billion – repeal expensing of tangible drilling costs

$62 million – repeal deduction for tertiary injectants

$49 million – repeal passive loss exception for working interests in oil and natural gas properties

$13 billion – repeal manufacturing tax deduction for oil and natural gas companies

$1 billion – increase to 7 years geological and geophysical amortization period for independent producers

$882 million – eliminate advanced earned income tax credit


Total: $353 billion/10 years


One Response to Obama-messiah proposes raising taxes nearly $1 trillion over ten years…

  1. […] what’s the deal with this “new deal”?  Simple.  The British public gets tax cuts, while we get saddled with $1 trillion in new taxes, and have to help pay for the financial profligacy of our western European […]

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