To hear conservatives tell it, you’d think mobs of shiftless welfare moms were marauding through the streets of Greenwich and Palm Springs, lynching bankers and hedge-fund managers, stringing up shopkeepers, and herding lawyers into internment camps. President Obama and his budgeteers, they say, have declared war on the rich.
On Tuesday, Washington Post columnist (and former Bush speechwriter) Michael Gerson argued in an op-ed that “Obama chose a time of recession to propose a massive increase in progressivity—a 10-year, trillion-dollar haul from the rich, already being punished by the stock market collapse and the housing market decline.” The plans are so radical, “there will not be enough wealthy people left to bleed.” CNBC’s Larry Kudlow wrote that “Obama is declaring war on investors, entrepreneurs, small businesses, large corporations, and private-equity and venture-capital funds.”
[…]
Obama’s proposals don’t mean the government would steal every penny you make above the $250,000 threshold, or that making more than $250,000 would somehow subject all of your income to higher taxes. Rather, you’d pay 36 cents to the government in income taxes on every dollar over the threshold, rather than 33 cents.
[…]
Second, this return to 2001’s tax rates was actually part of the Bush tax plan. […] Third, we know from recent experience that marginal tax rates of 36 percent and 39 percent aren’t wealth killers. […] Fourth, we also know from recent experience that lower marginal rates on income taxes, and lower rates on capital gains and dividends, aren’t necessarily wealth producers.
[…]
What would happen if the marginal rate on the portion of your income above $250,000 were to rise from 33 percent to 36 percent? Under the old regime, you’d pay $16,500 in federal taxes on that amount. Under the new one, you’d pay $18,000. The difference is $1,500 per year, or $4.10 per day. Obviously, the numbers rise as you make more. But is $4.10 a day bleeding the rich, a war on the wealthy, a killer of innovation and enterprise?
The markets appear to disagree with your headline. He’s turned Bush’s recession into Obama’s depression. Heckuva job, Barry!
#1: So, the markets only started declining when Obama was elected? Odd, I guess I missed that.
As an actual authentic rich person…
Right now I am in vacation in florida and once I arrived I found out there is a shuttle launch next week. So I had to extend my vacation a few days to watch.
While I am down here I only have budgeted about 3k to spend on misc activities. With all the theme parks and such, that 3000 won’t make it very far. On the otherhand, I could go out and eat at fancy restaurants every night I was here if I had that extra 1500 to spend.
So just think about how you are hurting all those waiters and cooks and extra peons who wont have access to my trickle down because of your war on rich people!
I will make sure I post pictures with todays paper(?) of the golf course from the veranda here (with a heated pool!) if there are any doubting thomases of my story!
Brrrr its about 77degrees right now. Oh wait, that is warmer than I keep my house back in michigan;) I am sweating in this heat!
Yep. Repuglican playbook: disable all safety controls and put the economy into a deep dive and then hand off to a democrat.
Unless you have a “real clear better alternative” this mindless criticism of Obama is just that: dittohead BS.
Alfie and contempt to ejaculate here soon.
#3–Greg==I’m jealous. I’d really like to see a shuttle launch. I hope it goes off on time. Report back?
Uncle Dave cried, “Obama’s ‘War On The Wealthy’ Is Total BS”
Well, if you mean by “war”, attacking them with soldiers & bombs, you are correct. If it’s defined as seizing more of their assets & and an even higher % of their earnings, you are dead wrong.
#4 bobbo
You’re a class act bobbo. Your humor resembles that of the chronic masturbator.
Obama is barely raising the taxes on those earning more than $250k per year.
Not a bad deal considering that land in the USA is far less expensive than any other Western nation (aside from Canada).
Another good one. In the spending bill there is a provision that would end the D.C. school voucher program. It allows the poor blacks kids to go to private schools. There are two of these kids that go to the same school as Omama’s daughters. Omama wants to end this voucher program so more of these poor kids can’t enter his daughters school.
Change indeed.
#7–contempt for rational discussion==”Whoops, there it is!!!” Right on time, and right behind Paddy-Zero who “sometimes” even has something to contribute unlike maximum zero contempt.
Ok, genius===what would you do in response to the CURRENT economic situation?
We’ll wait but your silence will be understood for what it is==much less a continuing completely irrelevant rant.
Even though I sympathise with middle class because I am one myself. I understand the fellings against the rich. Especially since some like Madolph have screwed so many. But their will always be rich and poor and the rich if they become less rich will only reduce those below them to make more money. They will not employ more, and they will not contribute more to benefits. Obama cannot punish the rich in order to pay for the recession bailout which even many in business think is wrong.
Yes, I cringe too at what the oil companies made and yet I continue to buy gas. Yes, I hate all the millions in big bonuses that these CEO’s made even though tens of thousands lost jobs. But those guys did not do all of this by themselves. They had help from below them. I think the Obama administration has a misconseption that all businesses have money to give for taxes.A flat tax would be more fair to evryone.
#10 bobbo
>>what would you do in response to the CURRENT economic situation?
The obvious answer is do the opposite of what Obama is doing. Clearly his plan sucks.
Tap into the oil companies record profits!
Still waiting for Congress to vote themselves a pay cut…)
#12–cotempt for all things rational==”The obvious answer is do the opposite of what Obama is doing. Clearly his plan sucks.” //// hahahahahahahahh. wait – – – – hahahahahahahah.
What a dolt.
Ok, what is “the opposite” of what Obama is doing?
This is rich. We are all waiting.
# 8 Hmeyers said, “Obama is barely raising the taxes on those earning more than $250k per year.”
It isn’t $250k & above. You forgot about the marriage penalty. It can be much lower than that. The Obama is in the details. Oops, typo, replace Obama with devil.
Americans are not responsible for the needs of their nation.
Republicans are not responsible for anything.
Didn’t you already know this?
#18 bobbo
>>Now, lets do the math: lower taxes on 95% of taxpayers and raise them on 5%.
First of all this is a flat out lie. Everyone’s taxes will increase. A fee here and a fee there, a rate increase over there and before you know it everyone will be scratching their heads asking what happened.
Do you even know how government works?
#19–contempt for the dialectic process==
Any other details to your plan than don’t tax anyone?
Any more to add or are you just a one note off key kazoo band?
#20 bobbo
How about if “Obama The Arrogant” wouldn’t continue preaching doom and gloom which at this point seems designed to grab more power for government than stabilize the markets.
Opps! I given away the secret.
#21–contempt for common sense==ok, an idea there, if not much meat, still “an advance.”
So Obama should keep the Bush tax cuts in place and simply tell the American People this will keep America Strong.
Isn’t that what Bush did for 8 years? Bush took a strong economy with a surplus into the toilet by cutting taxes and giving happy talk.
How would Obama doing the same thing not be simply digging the same hole deeper?
Huh? Huh? How would that not be continuing the same disaster Bush brought us??????????
Explain your magical thinking on this. Plus, I thought your complaint was partly that Obama only gave speeches and had no solutions????? Now you recommend he continue failed Bush policies and give pretty speeches.
Man, you are so goofy you give dittoheads a bad name. Better AFC until Rush gives you the word on this perplexing issue. Course, Obama is too chicken to travel to Florida to sit down and debate Rush. I wonder just like you do why the President of the USA doesn’t respond to a gasbag like Rush.
hahahahahahahaha. Amusing.
#23–Diesel==how can everyone get screwed by Obama when stalwarts like you are protecting us with your 1000 round fantasies?
When end times come, I don’t plan on overrunning survivalists armed to the teeth like you. Wouldn’t be prudent.
I’ll just drink my last glass of wine to the sunset and remember the good days when consuming 8 times more per capita than the rest of the world was the norm and nothing was going to change.. . . . . etc.
Yes, every economic challenge needs guns and bullets as a response. Good thinking!!!!
Americans are endlessly entertaining. As an “foreigner” looking in, I have to wonder if either side in this debate has a pragmatic bone in their bodies?
Didn’t take long for Barry (no pork) Oblaba to demonstrate that he’s nothing but a confidence man and anyone who believes anything he says is a blubbering idiot.
#26 QB
>>I have to wonder if either side in this debate has a pragmatic bone in their bodies?
Maybe, but both sides are coming to the realization that we are stuck with an oaf of a president with no return policy.
#25 bobbo
🙂
What can I say? I like guns and I like ammo to use in said guns. So long as I can afford it I’ll keep buying both although I only want three more guns. As for ammo, well, you can never have too much.
Like I said before, I’ve been in a good mood since the election. I don’t know why but I suspect that it has to do with Obomba finally taking us down the drain we have been swirling for so long.
If you are in the hood after the Big Sorrow stop by and have a drink. I’m sure there will be room for one more in the bunker.
@#9
“In the spending bill there is a provision that would end the D.C. school voucher program.”
The concept of school vouchers, as I understand it, is to foster competition with public schools to try to get public schools to improve.
First, do you think the voucher thing in D.C. was making a difference?
Second, do you think the voucher “strategy” will get public schools to improve?
Third, any smart and capable parent moves to where the public schools are good.
My answer is a big “so what?”
Obama has to make a trivial gesture to the teacher’s union. Not a big deal.
#24: I hate it when I have to explain the obvious to the oblivious. The market started sliding well before Obama was the pick. You know, when Bush was in charge, so to speak, and doing everything possible to loot the economy for his friends.
# 30 Hmeyers said, “First, do you think the voucher thing in D.C. was making a difference?
Second, do you think the voucher “strategy” will get public schools to improve?”
1) Ask the kids who are going to the schools.
2) If the public schools continue to loose $ because parents choose a better option for their kids, they’ll either shape up or die. It’s called evolution.
3) Yes, punish the children because of the parents. Only the children of elitist’s deserve a decent education.
Spoken like a true liberal.
# 31 Uncle Dave said, “and doing everything possible to loot the economy for his friends.”
Like giving billions to bankers?
ROFLMAO!
#33–Paddy-Zero==wasn’t TARP One around $750Billion? and yes, Bush’s ivy league friends, and ivy league friends of those friends as in BushtheRetard did not retire to his Crawford Ranch to clear Brush.
Thunderstruck by colored lights.