As with almost every policy he has issued, Obama stands on the opposite side of most Americans. In his typical liberal thinking ways, Obama believes he can reduce the deficit by raising taxes on the rich. If I could ask Obama only one question, I would ask him where does he get his belief that raising taxes will stop his record spending spree?
WASHINGTON (AP) — For all the complaining this time of year, most Americans actually think the taxes they pay are fair.
Not that they’re cheering. Fewer people expect refunds this year than in previous years, a new Associated Press-GfK poll shows. But as Monday’s filing deadline approaches, the poll shows that 54 percent believe their tax bills are either somewhat fair or very fair, compared with 46 percent who say they are unfair.
Should taxes be raised to eat into huge federal deficits? Among the public, 62 percent say they favor cutting government services to sop up the red ink. Just 29 percent say raise taxes.
That’s sure to be a major issue as Congress takes up budget legislation for next year and the 2012 presidential campaign gets under way in earnest. On Wednesday, President Barack Obama revived his proposal to raise taxes on the wealthiest Americans to help reduce government borrowing.
Kevin Eder has a challenge for liberals:
Here are the facts: the largest amount of revenue the federal government has ever brought in during one fiscal year was $2.7 trillion in FY 2008 – under the dreaded George W. Bush and his ‘tax cuts for the rich.’ Even if the government were to raise this much revenue in FY 2011, we would still be over $1 trillion short of what Obama wants to spend this year.
My challenge to liberals is simple: Can you please explain to me how raising taxes on ‘the rich’ is going to close this gap? The government is only going to collect $2.2 trillion dollars in FY 2011, and the CBO’s best estimates show that even if the Bush tax rates had expired at the end of last year, the government would have brought in an additional $60 billion per year. That leaves us at $2.26 trillion for FY 2011 – still over $1.5 trillion less than what we’re scheduled to spend.
So, even by ending the Bush tax cuts for the wealthiest Americans, Obama will still spend more revenue than what the government brings in. Obama’s 2012 budget calls for $3.7 trillion in additional spending. The CBO estimates that Obama’s current spending spree with push the nation debt to $$20.8 trillionby 2021.
The simple fact is that Obama could tax the wealthiest Americans at 100% and it would not make up for his deficit spending.