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Home🌌Off TopicsOff Topics News & Politics › Going to be tough for taxpaying Americans
11-11-2012 04:46 AM  7 years ago
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texas - USA

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Going to be tough for taxpaying Americans
Obama is expected to legalize 11 to 20+ million illegals in the near future. That alone will bring more voting power to the already over strained social services tax burden.

Obama has already served notice on Congress that he will be raising taxes.
Congress's Joint Tax Committee estimates that raising taxes on income over $250,000 ($200,000 if you're single) will raise $823 billion over 10 years on a static revenue basis. That includes all revenue from increases in marginal income tax rates, capital gains, dividends, reinstating the phaseouts of deductions for the wealthy and also treating dividends as ordinary income.

That's only $82 billion a year in extra revenue when the federal deficit in fiscal 2012 was $1.1 trillion. So even if Mr. Obama gets his way, his tax increase would only cut the deficit by about 7.5%. And that assumes the tax increase would have no impact on economic growth. If growth slows below its already paltry pace, tax revenue would rise by less than expected despite the higher rates.
Obama supporters are calling for Obama to push the US over the "fiscal cliff" so that Republicans will take the blame.
Paul Krugman: Obama should call the GOP's bluff on 'fiscal cliff'

To say the obvious: Democrats won an amazing victory. Not only did they hold the White House despite a still-troubled economy, in a year when their Senate majority was supposed to be doomed, they actually added seats.

So President Barack Obama has to make a decision, almost immediately, about how to deal with continuing Republican obstruction. How far should he go in accommodating the GOP's demands?

My answer is, not far at all. Obama should hang tough, declaring himself willing, if necessary, to hold his ground even at the cost of letting his opponents inflict damage on a still-shaky economy.

In saying this, I don't mean to minimize the very real economic dangers posed by the so-called fiscal cliff that is looming at the end of this year if the two parties can't reach a deal.

Nobody wants to see that happen. Yet it may happen all the same, and Obama has to be willing to let it happen if necessary.
The anti Republican mentality of Harry Reid in the Senate comes out in the open. Harry openly said that he would not work with the GOP president if he were elected:
Harry Reid Has Already Cast Himself As The Democrats' Obstructionist

Majority Leader Harry Reid having declared Mitt Romney’s bipartisan overtures dead on arrival
And lastly the Obama revenge factor against Obama opponents:
Valerie Jarret – “After We Win This Election, It’s Our Turn. Payback Time.” (WSI)

Openly declared as “Obama’s Brain”, and the figure whose second story West Wing office has been described by political insiders as the true Oval Office of the Obama White House, Valerie Jarrett is letting it be known that if Barack Obama secures election victory next week, there may be, quite literally, hell to pay for those who opposed him.
90% of life is "showing up"
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