Let me see if I have this right. Earlier this year, while campaigning for re-election, Barack Obama said he wanted to raise taxes $800 billion on everyone making more than $250,000 a year. Republicans were virtually unanimous in shouting, “No way!”
Then what happened when the Spender in Chief wins the White House for another four years? He promptly doubled down. Now, he says he wants $1.6 trillion in new taxes over the next 10 years. And our “don’t call my bluff” President made it abundantly clear that he’ll play hardball to get it.
Treasury Secretary Timothy Geithner, who is serving as Obama’s messenger boy to Capitol Hill, declared flatly on Meet the Press December 2: “There’s no path to an agreement that does not involve Republicans acknowledging that rates have to go up on the wealthiest Americans.”
In other words, it’s our way or the highway. So what did the Republicans do? Rather than sticking to their earlier promise, the leadership countered by agreeing to give Obama the $800 billion he originally asked for. Way to fight for principle, guys.
Of course, $1.6 trillion in new tax revenue isn’t all that the Democrats are after. Obama also wants $50 billion in new stimulus spending and another $30 billion to extend unemployment benefits. Plus, he wants the death tax to go back up to 45 percent on estates and family farms worth $3.5 million and more.
And it doesn’t end there. Geithner, a tax cheater, also says that it’s time to abolish the ceiling on the federal debt. No more coming back to Congress, hat in hand, to increase the limit on how much money our bankrupt federal government can borrow. No, if Team Obama gets its way, there will be no limits on how much deeper this country will go in debt. Isn’t that a lovely situation to contemplate?
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Chip Wood (photo)