Tuesday, September 20, 2011
President Obama's Deficit Plan: "Class Warfare?": No but definitely Political
The real question should be here is President Obama's Deficit Reduction plan a policy plan or a political plan. Or is it a combination of both, I would argue its a little of both. It is a policy plan because Barack Obama I believe clearly believes in taxing millionaires more as a way to pay down the debt and deficit. He's been arguing for that at least since he started running for President back in 2007. I'll give the President that, he's proposing something he actually believes in. Which unfortunately can't be said about all politicians but thats a different story. But its also clearly a political plan as well, this Deficit Reduction plan is clearly about throwing a bone to the left and I'm sorry if this offends the Far Left. To bring them back in his corner for the 2012 Presidential Campaign and that they work for his reelection, which at this point is clearly in doubt. And he needs both of these factions to not only vote for him in 2012 but work for him as well in 2012. Is this plan "Class Warfare", of course not, its an attempt to demand that the people in the country. Pay their fair share of taxes in what's left of our Progressive Taxation System.
Its an attempt to demand that the only group of people thats benefited in our economy the last ten years, that they pay more in taxes. To help pay down our massive debt and deficit, because they can afford to and won't get hurt by it. "Class Warfare" would be about punishing a class of people just because they are part of that class and do it to the point that it hurts them. An example of "Class Warfare" would be to lay a group of Middle Class workers off, so executives can make more money. Which is done on a regular basis or running a big company into bankruptcy where thousands of people lose their jobs and Life Savings. Perhaps even reputations and then walking away with a big Bonus Package. And some people did go to jail as a result of the 2001-02 Scandal. But the victims of these crimes got hit worst.
I'm not a socialist democratic or classical, far from it, I believe that people should make as much money as they earn. Without screwing innocent people to make money, whether its the Wall Street Scandals of 2001-02 or 2008. I also believe that they should be able to keep a large chunk of their earnings as well. But that they should also pay their fair share of taxes and when your suppose to be paying 35% under today's law in Income Taxes. But your actually only paying 15-20% in taxes after all of your deductions and credits and moving money out of the country. And your a millionaire or billionaire and someone making 100K$ is paying 25-30% in Income Taxes thats not fair if you believe in Progressive Taxation. And thats the point of this Millionaires Tax and closing Tax Loopholes in Deficit Reduction.
Click on the link of the blog to see a video of President Obama's tax plan