On Morning Joe today the crew talked about Obama's push to tax Americans who make over 250000 a year. They showed clips of Obama making his case, and you would think that taxing the rich can really bring in revenues and help put government and the economy back on track. The perception that's put forth is that super rich Americans are hoarding money at a time when teachers, police and fire fighters are fired from their jobs. Obama wants to save jobs for teachers, firefighters and police and protect the middle class tax cuts. Isn't he just wonderful?
Obama is portraying this issue as Republicans protecting the rich people who hoard money, while creating a standoff that could cause taxes to go up on the middle class. If you listen to Obama, then this is the issue boiled down for you, and you should certainly hate the GOP and admire Obama and the Democrats. If you think a little bit, though, the issue is different than what Obama portrays. Creating the arbitrary line of 250,000 is odd. Are people who make between $175,000 and $250,000 middle class workers struggling from paycheck to paycheck? On the other hand, does taxing those making over $250,000 hit only the rich people hoarding money -- it doesn't make sense from either political perspective. If you really need revenues, then tax those making 80,000 and above, or somewhere along that amount, and if you believe that taxing small businesses is harmful in a downturn, then why tax small business owners making $250,000 and above a year?
The most incredible fact that no one in media talks about, and one which makes Obama's speeches and moral preaching as phony as a Steve Rattner chart, is that taxing those who make over $250,000 by the amount proposed by the President will bring in 80 billion a year, and this will cover about a week's worth of government spending -- about 8 days of spending. But, taking this money away from individuals with a small business will have a great effect. So, Obama wants to pull 80 billion a year out of the private sector where it will be spent in 8 days of profligate government spending, thus hurting small business owners and their employees, just so that Obama can demonize the GOP as haters of public service workers and to make himself look good to those who aren't paying attention to the truth -- it's all political, yet it harms real people. Obama is becoming the biggest obstacle to job creation, not the Republicans.