Wednesday, April 13, 2011

Shocker: Obama’s Brilliant Plan To Fix The National Debt Is Tax Hikes

Or, “end the Bush-era tax cuts on the wealth” in the parlance of the liberal media. Because eliminating tax cuts that have been with us for nearly a decade now isn’t a tax hike.

Washington (CNN) – President Barack Obama will call Wednesday for an end to the Bush-era tax cuts for Americans making over $250,000 annually, according to a senior administration official.

This is actually a pretty handy maneuver by the liberals. Democrats have been losing the rhetorical battle on spending, so switching tacts and forcing Republicans to defend “tax cuts for the rich” takes the focus away from their absurd defense of federal funding for cowboy poetry and blossom festivals and puts it on squarely on class war.

Where they are a lot more comfortable.

Will this work? It depends on whether or not Republicans can convince the public that the problem is spending, not revenue, and that more money taken out of the economy and put into government hurts us all.

By the way, Walter Williams explains how taxing the rich is hardly the solution to our problems:

This year, Congress will spend $3.7 trillion dollars. That turns out to be about $10 billion per day. Can we prey upon the rich to cough up the money? According to IRS statistics, roughly 2 percent of U.S. households have an income of $250,000 and above. By the way, $250,000 per year hardly qualifies one as being rich. It’s not even yacht and Learjet money. All told, households earning $250,000 and above account for 25 percent, or $1.97 trillion, of the nearly $8 trillion of total household income. If Congress imposed a 100 percent tax, taking all earnings above $250,000 per year, it would yield the princely sum of $1.4 trillion. That would keep the government running for 141 days, but there’s a problem because there are 224 more days left in the year.

The only solution is cutting spending.