Fox News - WASHINGTON – President Obama, drawing immediate condemnation from congressional Republicans, unveiled a new deficit reduction plan Monday anchored by $1.5 trillion in new taxes, including an end to Bush-era rates for upper income earners making $250,000 or more and additional taxes on millionaires.
Keying in on a populist message that millionaires and billionaires should pay more in taxes than their secretaries, the president announced a plan in the Rose Garden that includes more than $2 trillion total in entitlement cuts and tax increases over the next decade.
Together with spending cuts enacted last month and projected savings from interest payments, the savings in the president's plan total more than $3 trillion. The Obama administration is also adding on another $1 trillion in savings over 10 years from winding down the wars in Iraq and Afghanistan, though that kind of accounting has been dismissed in past debates as a gimmick.
The $4 trillion effort is tied to his American Jobs Act, aimed at putting nearly 14 million unemployed back to work. Critics have stated that targeting job creators -- the top 1 percent pays 38 percent of the tax burden, according to 2008 estimates -- won't help the jobless find employment.
House Speaker John Boehner last week warned that tax hikes should be off the table as a newly formed bipartisan committee meets to extract long-term deficit savings. - Continue reading...
Blog author's comments - Obama's jobs bill will not produce new jobs or help grow the economy. Now he plays the class warfare game with his deficit reduction plan. Does he believe this will save him in 2012?
When he announced the plan for his jobs bill he repeatedly said it must be passed right away. The Democrat controlled Senate does not have it on their calendar until some time in October. I don't believe they want any part of it either.
He told everyone he wanted to raise taxes while he was campaigning in 2008. This is the reason businesses pulled back and unemployment started to rise. But he and his regime continued to blame Bush for the problems they created during his first two years in office when the Democrats also controlled the House.
My hope is that enough voters now understand that he has been a dreadful mistake for our country and will remove him in 2012. Whatever he attempts to do now will not help the economy. Most businesses will continue to sit on their money and wait for the outcome of the 2012 election.
For the private sector to grow and private sector jobs to be created and Obama's tax plan to happen at the same time, is not possible.
In 2009: Obama in Elkhart, IN: "The last thing you want to do is raise taxes in the middle of a recession because it would take more demand out of the economy"
HT: GWP
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