Posts Tagged ‘Wealthy’
I’ve heard some liberals excuse Obama’s frequent vacations by saying “Reagan and Bush used to go back to their ranches all the time.” Exactly. Those ranches were their own private property, and the only expense was security. No hotel bills, no lavish parties, no celebrity entertainment, no room service.
The Obamas, on the other hand, choose to vacation in the most expensive accommodations at the most exotic destinations that have NOTHING to do with building foreign relations.
Daniel Halper at the Weekly Standard points out that the first family’s pricey excursions average about once a month:
In the first three months of the year, members of the first family have been on three vacations, averaging a vacation a month. And now it’s being reported that the first daughters are on a spring break vacation in the Bahamas.
The Obamas began the new year in Hawaii. “President Obama departed Hawaii this morning for Washington, after spending NINE days vacationing with family and friends in his native state. Here’s a quick look at how he spent his vacation,” ABC reported on January 6, 2013.
[...] Then the first lady and their daughters vacationed in Aspen over President’s Day weekend. “First Lady Michelle Obama arrived in Aspen on Friday afternoon and is here with her daughters for a ski vacation,” Aspendailynews.com reported in February. “Few details about her trip were available. Sources said she is staying at the home of Jim and Paula Crown, owners of the Aspen Skiing Co. She is reportedly skiing at Buttermilk today, where the Crowns, of Chicago, own a home on the Tiehack side.”
While the rest of the family was in Colorado, Obama went to Florida for a golf weekend. [...]
For spring break, Michelle and the girls kicked back at the Atlantis Resort in the Bahamas…at a time when millions of Americans are struggling to make ends meet (thanks to her husband’s policies) and White House tours have been cancelled supposedly due to sequestration:
Even First Daughters Sasha and Malia need a break — a spring break, to be exact — from the White House every once in a while. The sisters and mom Michelle escaped the cold wintry weather of Washington, D.C. in favor of sun and surf in the Bahamas on a recent trip, a source tells Us Weekly exclusively.
The siblings made the most of their vacation at the Reef Atlantis, the source says. In addition to soaking up the sun at the family-friendly cabanas and swimming with dolphins, Sasha, 11, and Malia, 14, also got the chance to dance the night away at CRUSH, Atlantis’ teen club, on Sunday, March 24.
How many children could have gotten to see “the People’s House” this spring break for the cost of the First family’s swanky vacation?
Too bad we can’t afford a vacation this year. We’re too busy busting our butts and paying taxes so the ruling class can go instead.
Sorry, peasants. If you’re just an average citizen wanting a tour of the “People’s House” for your duly elected public servants, you’re out of luck.
If you’re a big donor to Obama’s revamped campaign arm, “Organizing For Action,” however, we’ll be happy to grant you a front row seat to the King Obama.
Once, only nobles were granted an audience with the King.
In America, we’ve prided ourselves on abandoning those privileges of class some 237 years ago, following that little uprising in the 13 colonies.
And we again congratulated ourselves at 12:01 pm Eastern Time on January 20, 2009, just moments after Barack Obama was sworn in as the 44th president of the United States and as he committed to making his administration the most transparent and open in history.
But more than four years later it is time to ask questions. The most transparent administration ever? The most transparently political, yes. The most open government? If you have the money to buy access, yes.
Since last weekend, Mr and Mrs Regular Citizen have been denied the access people used to be granted to tour the White House, purportedly because of the clampdown on federal spending since the “sequester” that imposed cuts across the board.
These tours, most recently guided by volunteers though monitored by paid Secret Service staff, have been an American tradition since John and Abigail Adams, the first White House residents, personally hosted receptions for the public.
And their cancellation is an austerity measure that saves a pittance, while more frivolous taxpayer funding for items like the White House dog walker continues.
Meanwhile, noble Americans can buy time with the president for a suggested donation of $500,000 to his new campaign group, Organising for Action.
Yes, the announcement offering access to the president for cold, hard cash was made openly and with total transparency. But it was also made without shame.
It’s the third version of Obama’s original monster campaign machine, Obama for America, which then morphed into a re-election campaign machine, Organising for America, on the third day of his first term.
It has now re-launched again as Organising for Action (OFA) – a non-profit, tax-exempt group headed by his former campaign advisers. Apparently no longer “for America”, the group might just as well be called Organising for Obama’s Agenda.
Its mission: to support the president in his attempt to achieve enactment of gun control, environmental policies and immigration reform.
Did you watch the news tonight? According to the Obamamedia, the sequester has “forced” the FAA to close 149 air traffic towers.
Of course, there’s apparently still enough money to give $200 million to Jordan, to send Vice President Biden to Paris at a cost of $585,000 a night, and to pay federal benefits to descendants of Civil War veterans long dead.
Just not to pay for pilot and passenger safety in the skies. Or training our armed forces.
Julie Gunlock explains the deceitful agenda behind these twisted priorities:
The president told Americans to gird for a disaster. Sequestration would result in unspeakable suffering. The elderly would starve; kids would miss vaccinations; teachers would be laid off; airplanes would crash mid-air due to a dearth of air traffic controllers. And don’t bother calling for help—no one’s coming thanks to massive layoffs of police and firefighters.
Fast forward to today. America is still standing. The public is still waiting for the wave to hit. Now President Obama has launched a charm offensive toward the Republicans who called his alarmist bluff.
Sadly, such alarmism isn’t limited to budget debates and sequestration cuts. Today, alarmism permeates nearly every nook and cranny of our culture. Americans are told to be on high alert about everything from their common household cleaners, toys, plastic bottles and canned food, to their child’s favorite pair of sandals, garden hoses, school supplies and playground equipment.
Women—particularly mothers—are the prime target for such messaging. For mothers, there’s nothing more distressing than the idea that something might harm her child. In today’s information age, mothers face a daily avalanche of information—much of it meant to terrify.
[...] Alarmism also presents vast opportunities for politicians. If you tell a mother that a product might harm her child, she’s far more likely to utter those magic words — the words every alarmist yearns to hear — “something must be done!” Enter the helpful, eager and desperately concerned politician who will suggest regulations, bans and taxes to address the so-called problem.
In this case, the alarmist is meant to convince Americans that any kind of spending cut will create so much pain and danger that they must no longer demand cuts – and allow our spendaholic politicians to continue digging us into deeper debt to the tune of over $48,000 PER SECOND.
During a Thursday luncheon with Republicans, President Barack Obama reportedly was unable to dine on the lobster feast set before him. Daily Caller obtained audio of Collins explaining the reason why.
“He honestly did look longingly at it,” said Collins. “But apparently he has to have essentially a taster, and I pointed out to him that we were all tasters for him, that if the food had been poisoned all of us would have keeled over so, but he did look longingly at it and he remarked that we have far better food than the Democrats do, and I said that was because I was hosting.”
Collins described the forbidden feast for the Daily Caller:
“University of Maine recipe for healthy lobster salad — I pointed that out to the president in keeping with the first lady’s initiatives and Fox Family Potato Chips made in Aroostook County where I’m from and wild blueberry pie full of anti-oxidants, see this was a healthy lunch as well. We did have a little ice cream on the pie too, also made in Maine, Gifford’s Ice Cream.”
I think this is a serious case of projection. If Obama honestly believes that people on the other side of the aisle would resort to poisoning him over political differences, it’s obviously because in his world, the ends justify the means, and he assumes that Republicans must be just as morally bankrupt and willing to resort to evil and violence as his team is.
Marie Antoinette would be proud.
Visitors to the nation’s capital looking for a White House public tour are out of luck starting this weekend, courtesy of what the Secret Service says is its own decision to deal with the sequester cuts.
But while the agency said it needed to pull officers off the tours for more pressing assignments, the budget ax didn’t swing early or deep enough to curtail a host of recent Secret Service-chaperoned trips like President Obama’s much-discussed Florida golf outing with Tiger Woods and first lady Michelle Obama’s high-profile multi-city media appearances.
Knowing sequestration was looming, there was still enough money for an extra $15 million in Pakistan aid, $50 million for TSA uniforms and even hundreds of thousands for portraits. Even post sequestration they were somehow still able to scrape $250 million from under the country’s couch cushions to give to Egypt.
BoomTown: A must watch!
View on YouTube
“All animals are equal, but some animals are more equal than others.” ~ Animal Farm
In a recent Sean Hannity program entitled, Boomtown, his 2 guests used the entire hour to show how corrupt Washington DC politics has become. “While one out of every 6 Americans wonder where their next meal is coming from, Washington DC has the highest rate of fine wine consumption in the United States,” said author Peter Schweizer of the Government Accountability Institute. Mr. Schweizer also pointed out that one out of four Americans has a mortgage that is underwater, while 7 out of 10 of the wealthiest counties in the nation are in the DC area. Furthermore, DC now has the highest per capita income in the US, recently passing Silicon Valley. How was this wealth created in a geographical area that doesn’t produce a product or create anything the public wants to purchase? Other boomtowns in our history became prosperous because they offered something to build upon. DC, however, offers nothing but connections to power and patronage. The result is a permanent political class invested in the growth of government as they grow their personal portfolios.
Bannon, the executive chairman of Breitbart News, said the best and the brightest now come to Washington because they see Washington as a Tammany Hall that will allow them to get rich off of influence peddling. He noted that Washington D.C. runs the equivalent of a $4 trillion private equity fund every year and essentially doles out 25% of the country’s wealth to those who are connected.
“Nobody has ever turned a camera on them,” Bannon said, indicating he intends to change that in the future. “This is a permanent political class that has now formed an aristocracy. That’s why nothing has changed in Washington.”
Bannon explained people arrive in Washington as country lawyers and then decide to “turn the business of government into a family business” by having their wives and kids work in lobbying.
“And this is how they become a permanent political class,” he concluded.
Hannity mentioned that Washington politicians “kick money back to family, friends, or people that hire them when they retire.”
And Schweizer concurred. He claimed the permanent political class is bipartisan and those who are a part of this permanent aristocracy either marry or are born into it.
It’s almost like they’re holding the budget hostage for more ransom money from the “evil rich.”
The Constitution REQUIRES congress to pass a budget – no conditions, no excuses. Of course, they’ve been flaunting the law of the land for years, and Republicans won’t hold them accountable, so what do they care?
Sen. Chuck Schumer, D-N.Y., said the U.S. Senate will only fulfill it’s legal obligation to pass a budget if the budget, which has not been passed since 2009, includes new tax increases.
“We need a budget,” Schumer conceded on Meet the Press. “It’s a great opportunity to get us some more revenues to help in part deal with sequestration and deal with the debt issue . . . We’re going to do a budget this year and it’s going to have revenues in it and our Republican colleagues better get used to that fact.”
Senate Democrats have refused to pass a budget since Obamacare was passed, prompting Republicans to accuse their counterparts of hiding the amount of spending they desire to avoid electoral rebuke.
Even some Democrats are willing to say that. “I think there would be just too much risk for the next election,” Sen. Joe Manchin, D-W.Va., suggested last year when asked why his party leadership wouldn’t pass the budget. “They don’t want to risk the next election.”
Like they care. This is all about their ideological obsession to “spread the wealth,” regardless of whether or not the end result is to drag everyone down to equal levels of state-imposed misery.
With the fiscal cliff deal and many Obamacare taxes taking effect, Americans will be slammed with an estimated $264 billion in new taxes this year alone — making 2013 memorable for delivering one of the largest one-year tax increases in American history.
The math breakdown of the new taxes is simple: Key parts of the Bush tax cuts will expire as a result of the new fiscal cliff legislation, hitting American taxpayers with taxes of about $39.5 billion each year for the next decade.
In addition, the expiration of the so-called “payroll-tax holiday” will fill federal coffers with another $160 billion each year, on average, over the next 10 years.
And finally, several new Obamacare taxes begin this year, costing Americans an estimated $41.8 billion of additional taxes.
In the wake of this tax tsunami, a growing chorus of economists is warning that Congress’s last-minute effort to dodge the fiscal cliff — which added some $2.2 trillion in new revenue over 10 years, could function as a massive “anti-stimulus” — pushing a teetering economy into a full-blown recession within the next 12 to 18 months.
Check your emergency stores and buckle up for a bumpy ride.
Low-information voters are finally getting a wake-up call.
“What happened that my Social Security withholding’s in my paycheck just went up?” a poster wrote on the liberal site DemocraticUnderground.com. “My paycheck just went down by an amount that I don’t feel comfortable with. I guarantee this decrease is gonna’ hurt me more than the increase in income taxes will hurt those making over 400 grand. What happened?”
Shocker. Democrats who supported the president’s re-election just had NO idea that his steadfast pledge to raise taxes meant that he was really going to raise taxes. They thought he planned to just hit those filthy “1 percenters,” you know, the ones who earned fortunes through their inventiveness and hard work. They thought the free ride would continue forever.
So this week, as taxes went up for millions of Americans — which Republicans predicted throughout the campaign would happen — it was fun to watch the agoggery of the left.
“I know to expect between $93 and $94 less in my paycheck on the 15th,” wrote the ironically named “RomneyLies.”
“My boyfriend has had a lot of expenses and is feeling squeezed right now, and having his paycheck shrink really didn’t help,” wrote “DemocratToTheEnd.” [...]
The Twittersphere was even funnier.
“Really, how am I ever supposed to pay off my student loans if my already small paycheck keeps getting smaller? Help a sister out, Obama,” wrote “Meet Virginia.” “Nancy Thongkham” was much more furious. [...]
“_Alex™” sounded bummed. “Obama I did not vote for you so you can take away alot of money from my checks.” Christian Dixon seemed crestfallen. “I’m starting to regret voting for Obama.” [...]
I’d like to be able to smirk, “we told you so,” but there’s no joy in knowing that millions of innocent people are suffering because of an ignorant electorate that was suckered by a lying administration and their accomplices in the deceitful media.
For liberal spending addicts, it’s NEVER enough.
With the fiscal cliff deal signed into law, the nation’s attention now turns to the debt ceiling debate, scheduled to hit in the next two months. As America reaches the debt ceiling yet again – an unbelievable $16.4 trillion debt ceiling needs another increase in order to allow us to borrow more cash to pay our bills – Republicans insist that we finally begin dealing with our spending problem. That, of course, was the purpose of the fiscal cliff deal in the first place: to preserve as many of the Bush tax rates as possible, consider tax rates a finished issue, and move on to spending cuts. As Senate Minority Leader Mitch McConnell (R-KY) said on ABC’s This Week, “The tax issue is finished, over, completed. That’s behind us. Now the question is: what are we going to do about the biggest problem confronting our country and our future? And that’s our spending addiction.”
Not so fast.
The bullies in the Democratic Party have no intention of cutting a single dollar. Instead, they want to tighten their stranglehold on the windpipes of job producers and entrepreneurs. This morning, virtually every Democrat on virtually every Sunday show said the same thing: no cuts, more taxes. So much for the Republican attempt to take the tax discussion off the table.
Obama used his weekly address to declare that he “will not compromise” with the co-equal branch of government that constitutionally holds the power of the purse:
In his weekly address, Obama lashed out at Republicans for even suggesting that the debt ceiling issue be used as leverage to cut spending:
As I said earlier this week, one thing I will not compromise over is whether or not Congress should pay the tab for a bill they’ve already racked up. If Congress refuses to give the United States the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic. The last time Congress threatened this course of action, our entire economy suffered for it. Our families and our businesses cannot afford that dangerous game again.
This is nonsense. We’ve racked up bills, and we will not have to default to pay them – we just have to cut. Even if we hit the debt ceiling, we will not need to default on our debts – we will simply stop providing non-essential government services (which, for the most part, we should do anyway) and then use that money to pay our debts.
But Obama is a bully, and so he thinks he can unilaterally dictate America’s debt policy. He demonizes anyone who disagrees. He ignores the Constitution, and instead plays the class warfare card…
Happy New Year! Your paycheck just shrank!
Taxes for most Americans will still go up this year despite declarations from President Obama and others touting Tuesday night’s fiscal crisis deal as a victory for middle-class workers.
At the same time, tax relief that was included in the package comes at a cost — contributing, along with new spending, nearly $4 trillion to the deficit over the next 10 years, adding to the nation’s more than $16 trillion debt.
But there will be federal tax hikes in 2013. That’s because the legislation pushed through the Senate and House on Jan. 1 does nothing to prevent a temporary cut in the Social Security payroll tax from expiring. That means, under the agreement brokered by the White House and Senate Republicans, 77 percent of American households will be forced to fork over higher federal taxes in 2013.
Households making between $40,000 and $50,000 will face an average tax increase of $579 in 2013, according to the Tax Policy Center’s analysis. Households making between $50,000 and $75,000 will face an average tax increase of $822.
For most families, the increase will end there. But for top earners, taxes will get considerably higher this year.
Boy, did Mark Levin call it.
Speaking Jan. 1 at the White House at 11:20 p.m., less than an hour after the House voted 257 to 167 to approve new tax hikes, President Barack Obama announced that he will assert the authority to raise the debt ceiling for spending approved by Congress.
“One last point I want to make,” said the president flanked by Vice-President Joseph R. Biden Jr., whose Capitol Hill summitry closed the deal on a “fiscal cliff” compromise. “I will negotiate over many things, I will not have another debate with this Congress over whether or not they should pay the bills, they have already racked up through the laws they have passed.
This is a critical pivot for the president, who previously dismissed the idea floated among liberals that Section 4 of the 14th Amendment, one of the three amendments passed at the end of the Civil War, authorizes the executive to borrow the funds to make good federal debt payments.
It reads: The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned…
This is the second time the administration has wielded the debt ceiling as a hammer against the Republicans in Congress.
[...] The president was direct. Either Congress raises the debt ceiling or he will go ahead and borrow the money to pay the bills on his own in order to avoid damage to the U.S. and world economies.
Last I checked, the co-equal branches of government are not required to obey one another’s commands. In fact, they are there to hold one another in check. Congress is under NO obligation to give the president the money he demands. But they are too spineless to hold him accountable for his unconstitutional power grabs and blatant disregard for the separation of powers.
An honorable congress would impeach him and throw him out the door for his flagrant assault on the constitution and grabs for dictatorial powers. Sadly, we don’t have an honorable congress.
Obama has succeeded in his ultimate goal of getting Republicans to break their “no tax hike” pledge. And for what purpose? So the Democrats can continue their uncontrollable spending binge, while Republicans take the blame.
First day of the year, and we’ve already been royally screwed over by the so-called “conservatives” in congress. More debt on my kids’ backs, more money stolen from our paychecks, and for what? So they can flush more money down the toilet on shrimp treadmills, rum subsidies and blatant assaults on our constitutional rights. America, if THESE are the clowns you want running your lives, you deserve what you get.
The House of Representatives late Tuesday night voted 257 to 167 to approve a “fiscal cliff” deal that had been negotiated by Senate Minority Leader Mitch McConnell (R.-Ky.) and Vice President Joe Biden and approved by the Senate in the wee hours of Tuesday morning.
The majority of House Republicans voted against the bill, with 151 opposing it, 85 supporting it, and 5 not voting. House Speaker John Boehner voted for the bill. House Majority Leader Eric Cantor voted against it.
[...] According to a Congressional Budget Office analysis, the deal will increase federal spending by $332 billion over the next ten years.
The deal phases out exemptions and deductions for individuals earning more than 250,000 per year and for couples earning more than $300,000, according to a summary published by the New York Times. It also increases the income tax rate for individuals earning more than $400,000 per year and couples earning more than $450,000 per year.
The deal also suspends for two months the $110 billion future spending cuts, set to take place in 2013, that House Speaker John Boehner and President Barack Obama agreed to when they made a deal in August 2011 to increase the federal government’s debt limit by $2.4 trillion.
The federal government exhausted that $2.4 trillion in new borrowing authority on Monday. So, the government has thus far been able to borrow all of the additional $2.4 trillion that Boehner and Obama agreed to in seventeen months ago without actually carrying out any of the spending cuts they agreed to at that time.
The bill also spends $30 billion–with no offsetting spending cut–to provide extended unemployment benefits to people who have not worked for more than half a year.
The bill, according to the Republican Study Committee, would also permanently reinstate the federal death tax, requiring a family to pay 40 percent of the value of all assets above $5 million when the senior member of the family dies.
While taxing family-owned businesses through the death tax, the bill would also pay out $134 billion in “refundable” tax credits to low-income people who did not, in the first place, pay the “tax” they are being refunded by the federal government.
It also, as the Republican Study Committee points out, will reimpose the “marriage penalty” by starting the top federal income tax rate at $400,000 for individuals but at $450,000 for married couples.
To add insult to injury, Obama’s favorite cheerleaders in Hollywood got the kickbacks they wanted. So much for “the rich” paying their “fair share.” Obama’s pets get special perks while everyone else gets slammed. Welcome to the new Banana Republic of Amerika, where corrupt politicians pick the winners and losers.
The “fiscal cliff” deal includes more taxes, more ridiculous spending, and NO significant spending cuts!
The REAL cliff is yet to come, when we crash like Greece, but on a MUCH LARGER scale!
While you were sleeping—or ringing in 2013—the Senate voted to raise taxes.
After missing the midnight deadline, Congress and the President have technically sent the nation over the fiscal cliff, meaning higher tax rates are already in effect for all income tax brackets. But the Senate’s deal, brokered by Senate Republican Leader Mitch McConnell (KY) and Vice President Joe Biden, would target the tax increases on those making more than $250,000.
The Senate voted 89-8 to limit deductions for taxpayers making more than $250,000, which would raise their taxes, and to hike tax rates for those making more than $400,000.
As Heritage has pointed out, trying to tax the top income brackets to close the deficit is impossible. To overcome the massive federal deficit, top earners would have to be taxed atmore than 100 percent. And J.D. Foster, Heritage’s Norman B. Ture Senior Fellow in the Economics of Fiscal Policy, reminds us that President Obama has already raised taxes on “the wealthy”:
Never mind that Obama already raised taxes on upper-income taxpayers through the 3.8 percent Medicare surtax imposed under Obamacare. Never mind that tax rate hikes would weaken an economy stumbling so badly the Federal Reserve doubled its risky efforts to keep the economy from recession. Never mind Obama’s approach would likely put the kibosh on any hopes for tax reform. Never mind the resulting revenues would be a small drop in a very big bucket compared to projected budget deficits. Never mind that the only justification for higher taxes is spite and envy to be exercised through the extortive power of the federal government.
Some of the key points in the Senate deal, which could go to the House as early as today:
- Raises taxes on incomes over $400,000 for individuals and $450,000 for households
- Raises taxes on investment income for those taxpayers as well
- Limits tax deductions for incomes over $250,000—raising their taxes, too
- Increases the death tax rate for estates over $5 million
- Extends long-term unemployment benefits for one year
- Postpones sequestration’s automatic spending cuts (including those to defense) by two months
Matthew Boyle at Breitbart makes this shocking observation:
According to the Congressional Budget Office, the last-minute fiscal cliff deal reached by congressional leaders and President Barack Obama cuts only $15 billion in spending while increasing tax revenues by $620 billion—a 41:1 ratio of tax increases to spending cuts.
When Presidents Ronald Reagan and George H.W. Bush increased taxes in return for spending cuts—cuts that never ultimately came—they did so at ratios of 1:3 and 1:2.
Senator Rand Paul called the deal a “joke,” and refuses to vote for it:
Last night, without any legislative language, the Senate Republicans and Democrats voted to raise taxes. They did not just vote to raise income taxes. They voted to raise the payroll tax on all Americans.
This will hurt small businesses.
Ironically, this plan generates less revenue than even John Boehner’s Plan B option. But both options, as I have long maintained, were only about breaking the will of the GOP and getting the GOP to violate its tax pledge.
Well, today the White House is telling Fox New’s Ed Henry that this was the game all along. According to Ed Henry, the White House staff is saying that getting the GOP to break their tax pledge is, “One of the most consequential policy achievements of the last couple of decades.” The plan cuts $1.00 in spending for every $41.00 in tax increases. Contrary to what Senator Pat Toomey is claiming today, everyone’s taxes will also go up – the 99% and the 1%.
That will be the headline if the House Republicans vote for this plan.
Mike Lee, Marco Rubio, and Rand Paul were defiant. They know what is at stake.
Now, many of you think this is the best deal we can get. I understand that. But consider this — the White House has designed this solely for purposes of getting the GOP to break their tax pledge. Any way we play the game we lose.
The only way to even think of winning is to not play this game.
Sadly, the GOP leadership has played into Obama’s hands every step of the way, and it doesn’t look like this is going to be any different.
The Almighty Welfare State has a voracious appetite for other people’s money, that is NEVER satiated.
President Barack Obama is demanding yet more tax increases, shortly after using his clout to win Senate approval of $620 billion in new taxes over the next 10 years.
“Tonight’s agreement ensures that, going forward, we will continue to reduce the deficit through a combination of new spending cuts and new revenues from the wealthiest Americans,” he said in a 2:30 a.m. “victory” statement, following the Senate vote in the wee hours of New Year’s Day.
[...] The administration’s demand for “reducing tax expenditures” is progressive shorthand for extending tax laws to incomes and investments not covered by current taxes.
Although vague, it could include demands for new taxes on middle-class mainstays like charitable giving, home mortgages, and income from investments, and further extend the power or influence of government officials and political progressives over Americans’ personal and business preferences.
But Obama and other progressives likely will not seek to “reduce tax expenditures” on activities backed by their favored special-interest groups.
Those sectors include green-tech investments, donations to liberal political causes, income from municipal bonds, tuition payments to universities and profits from Hollywood productions, all of which now are fully or partially exempted from routine business and personal taxes.
Why not just take 100% of our paychecks, declare us all serfs, and call it a day?