Obama’s new budget: $25,000 per taxpayer

[cwo_ghwebb]

I have nothing to offer you except links and despair. $3.6 trillion in spending divided by 139 million taxpayers equals $25,573.48 apiece. Just put it on my tab along with my student loans. Or better yet, put it on your kids’ tab: According to Boehner’s office, by 2019 the annual deficit will still be north of $700 billion and the national debt will stand a shade over … $15 trillion, almost double what it is now.

New taxes? Tapper’s run the numbers and says they’ll hit $1 trillion over the next 10 years, but (a) evidently that doesn’t include another $600 billion businesses will have to cough up as part of the new cap-and-trade program and (b) it assumes that the only new taxes levied will be on individuals making more than $250,000 and corporations, which of course is absurd.

Read the Journal’s analysis of The One’s “2% lie” to see why. Quote:

Even the most basic inspection of the IRS income tax statistics shows that raising taxes on the salaries, dividends and capital gains of those making more than $250,000 can’t possibly raise enough revenue to fund Mr. Obama’s new spending ambitions…

[A]s a thought experiment, let’s go all the way. A tax policy that confiscated 100% of the taxable income of everyone in America earning over $500,000 in 2006 would only have given Congress an extra $1.3 trillion in revenue. That’s less than half the 2006 federal budget of $2.7 trillion and looks tiny compared to the more than $4 trillion Congress will spend in fiscal 2010.

Even taking every taxable “dime” of everyone earning more than $75,000 in 2006 would have barely yielded enough to cover that $4 trillion.

Fast forward to this year (and 2010) when the Wall Street meltdown and recession are going to mean far few taxpayers earning more than $500,000. Profits are plunging, businesses are cutting or eliminating dividends, hedge funds are rolling up, and, most of all, capital nationwide is on strike. Raising taxes now will thus yield far less revenue than it would have in 2006.

How bad is it? Even Olympia Snowe sounds unhappy.

For good measure, one of the bill’s 9,000 earmarks comes courtesy of The One himself, left over from his Senate days when he was off on the trail every day railing against earmarks.

Hot Air » Blog Archive » Obama’s new budget: $25,000 per taxpayer

Obama's behavior is indicative that he believes he can make Marxism work for the first time in history. After all, he is the Messiah!

[aps45819 (Premo)]

Has anyone heard what defines "the wealthy" these days?

[ImnoMensa]

Man you aint seen a tax yet.

Wait till this Carbon-credit, Cap and Trade scheme takes over and the business's pay that to the government add it to the cost of their product and you and I pay it.

It's the same as a tax only its got another name. Great scheme though you have to give the Democrats credit for that, they blame the rising cost on the business and sit back and collect the money.

[Pete (Premo)]

I almost pay that now, does that mean I am a "Gold Club Member" or something?

[ylexot (Premo)]

Originally Posted by aps45819

Has anyone heard what defines "the wealthy" these days?

[foxworthy]If you have money in your pocket and/or wallet and/or purse (for the ladies), you might be "the wealthy".[/foxworthy]

[blazinlow89]

I actually congratulated a guy at work today for his messiah being able to add more to the deficit in the next year than Bush added in 8 years. His response was that he believes it will help the economy so it is ok.

I asked him what he thought of the 1.7 mil set aside to research pork odor.

####ing hypocrites.

[citizen_fear (Premo)]

There's alot I dont understand or agree with. I hope the country's economic outlook improves but it doesn't seem likely and it will only get worse the more he throws at it because it will only make us citizens hold on to what we have(the working ones anyhow). I want to know why the Feds feel it necessary to increase my tax liability so they can fund a railroad to go from Californis to Las Vegas ? Why do I have to pay for that,where the benefit of that for my Maryland? SOCIALIST..........So ya wanna be like France do ya...

[BOP]

Originally Posted by aps45819

Has anyone heard what defines "the wealthy" these days?

Anyone who works for a living?

[itsbob (Premo)]

If he was white, we could have called him out for what he is, people would have actually researched him, and found the truth.

If he was white, he would have NEVER made it through the primary, let alone to the White House..

He played the race card, "If you don't vote for Obama, you're a racist!" and it worked.

Bunch of friggin morons in this country had no idea who it was they were voting for other than "The first Black President!"