Barack Obama laid out his plan to supposedly reduce the deficit. This,"great," plan includes, $1.5 TRILLION dollars in tax increases for Obama's definition of rich. Those making $200K or more. You and I know nearly every small business combines business profits, if any, and personal income in order to ease their tax burden. Yet Obama whined about how the rich, "must," pay their, " fair share." As you take a close look at the chart to the left which shows current tax rates from the IRS, notice how the rates explode at the $200K figure which again is Obama's definition of rich.
Additionally the top 10% of income earners pay 70% of all taxes while the bottom 50% pay no taxes. Once again Obama plays the class warfare card which obviously will be a major part of his campaign for reelection. This plan which has no possible chance of passing because of the massive tax increases it includes is nothing more than a campaign ploy using the Presidency to do his campaigning for him making legislation to satisfy his base.
When this plan fails and is not passed he will claim the GOP is only interested in party and not deficit reduction as well as protecting the rich rather than the middle class. Of course the chart shows just how much false information Obama is spewing to the public. Obama also based this,"plan," on Warren Buffets statement that his secretary pays a higher tax rate than he does, which is also a lie. If Buffet ONLY includes his Capital Gains tax rate which is 15% he's right but Buffet paid an ADDITIONAL 35% tax rate on his personal income which placed him in a 50% tax bracket, MUCH more than his secretary. Yet NO ONE questions this or Obama because the left loves playing the class warfare card.
The rest of Obama $4.4 Trillion dollar deficit reduction plan calls for $1.1 trillion in reduction of monies that had gone to pay for the war in Iraq and Afghanistan as the withdrawal continues. $1.2 trillion are the reductions the Super Committee are supposed to decide. Both of which are NOT new reductions but already passed and planned in future budgets. But to listen to Obama the $2.3 trillion from these two items are brand new deficit reduction ideas that he came up with all on his own. Since they are ALREADY planned and passed it WILL NOT reduce the deficit one dime more than already budgeted.
The rest of his plan includes increasing fees for all airline tickets which hit EVERY income bracket and adding a free that all retired military personnel will be forced to pay when they claim their medicare benefits. His plan calls for cuts in medicare but that is being kept quiet so he and his cronies can blame Republicans for any medicare cuts when it has been Democrats and Democrats ONLY who have made cuts in the entitlement through Obamacare and now this plan.
This plan is a joke and everyone knows it. It will not pass and may not even make it to the floor of the House. But it will become the center piece of the Obama 2012 campaign as he will use it for an all out class warfare assault, scaring seniors and attacking the GOP as putting party before country by not backing his plan to cut the deficit. A campaign like his 2008 campaign based on lies and deception. This time though the people know who he is and know NOT to buy into his kool aid. His minions will still follow but the majority of American voters now see through his deception.