Obama's Newest Tax Plan

Obama’s newest tax plan.

Again Obama is supporting a plan to tax the rich (By the way, this article is written on July 15, 2012 to distinguish it from all the other plans to tax “millionaires and billionaires”) He wants to let the Bush tax expire for those families making over $250,000 a year.  This has set off the usual talking points about “job creators”, “raising taxes in a weak economy”, the “Buffett Rule”, the problems of uncertainty going forward, and all of the talking points from both sides that have characterized this debate.  Lost in all the noise, however, is a new wrinkle that I have not heard elsewhere?  Obama’s plan is to extend the Bush tax cuts for the middle class, for only one year.

All of the Bush tax cuts expire on December 31, 2012 unless something is done.  Obama wants to extend these cuts on the “middle class” while letting the tax go up on the higher wage earners.  His proposal, though, is to extend the middle class cuts for one year. I thought this interesting, so I looked.  Yup he wants to extend the middle class cuts for one year according to USA Today, the NY Times and the Washington Post.  What does this whole one year deal mean? That means if Obama gets his way, on January 1, 2014, a year and 5 months from now, if Obama is reelected, everyone’s taxes will go up.  It will not be up to the Republican house or even a Republican Senate (if the Republicans pick up 4 seats).  Obama will simply veto their legislation, Republicans will not, even if they win the Senate this year, have enough votes to override Obama’s veto.

Obama’s plan is to raise all taxes.  If not now, then in 2014 if reelected. For all you morons that want to “tax the rich”, how does that grab ya?  After Obama comes for the rich, he will be coming for you, and in 2014, there is nothing you can do about it, except to say, but he “promised not to”.  Yeah right, like he promised to close Guantanamo, like he promised to cut the deficit in half, like he promised that Obamacare is not a tax, like he promised hope and change, like he promised unemployment would not go over 8%.

Already he is raising taxes on you “middle class voters” by raising your health insurance premiums, taking away your deductions for Medical Spending accounts, raising your taxes on capital gains and dividends (you pay this if you own a mutual fund—this is not just for “Wall Street” fat cats), and the Obamacare tax.  In 2014, your income taxes will go up too. 

Why else would he want the extension for only one year?  The Republicans would support making the Bush tax cuts permanent for everyone.  For practical tactical reasons, they will not support making the middle class cuts permanent, and the top rates temporarily extended, because then Obama can just unilaterally let them expire.  But none of this explains why Obama wants the extension for the middle class, for just one year, except for one thing: he wants to raise everyone’s taxes. There is simply no other explanation.  If reelected, he can probably get this in the lame duck congress by claiming that he has a mandate for this.

The only way you can say that this is not the case, is to express shock and dismay that Obama would be less than honest with us.  Want to bet your paycheck on Obama’s honesty?

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