President Obama’s tax plan will cost an additional $33K per year for someone earning $200K

President Obama

Back in July President Obama went on national television to deliver a lie filled speech on why we had to raise the debt ceiling. In that speech the president stated that the federal government needed to raise an additional $1.2 trillion in new revenue.

First let’s dispel the myth that the government actually does anything to earn revenue. First of all, “revenue” is simply Madison Avenue speak for taxes. The only way the government can receive funds to the treasury is by taking money, by levying taxes, from hard working Americans.

More recently the president has been championing his much vaunted “jobs plan” which is little more than Stimulus Light. To help pay for this boondoggle, President Obama is now calling for an additional $1.5 trillion in additional taxes. In July the president stated that it could be done simply by raising taxes on those earning more than $250,000 per year. At the time I proved that the president’s tax plan was not feasible and that he would have to tax the middle class to achieve his lofty trillion-dollar goal.

Now President Obama says he needs an additional $300 billion and has raised his tax demand to a whopping $1.5 trillion. Now he says he can accomplish this by raising taxes on those earning more than $200,000 per year. Once again the president is purposefully misleading the American people.

President Obama says he’s not engaging in class warfare, however, the president’s math does not add up and he will have to raise taxes on the middle class to achieve his objective. You see, only 4-percent of American households earn more than $200,000 per year according to census data. If you multiply this by 112,611,029, which according to the census is the number of households in America, and you’ll find that just over $4.5 million households will be able to contribute to the president’s tax goal. So if we divide the president’s aforementioned goal of $1.5 trillion by the number of households, then each household will need to pay an additional $333,000 ($33K per year) over the course of a decade in additional taxes in addition to what they already pay.

Take a small business owner earning $200K per year; they already pay an alarming $70K per year in taxes. The president’s plan would force them to pay an additional $33K per year totaling a staggering $103K per year or 53% of their income. This is before he pays Social Security, state taxes, property tax, etc. In short, he now works simply to pay the government rather than higher an employee or make capital improvements to his business. What we now have socialism plain and simple.

The president and his propaganda machine, the mainstream media, have begun an all-out assault to sell this mammoth tax increase which we’ve already shown will have to include the middle class. President Obama says “this is not class warfare, its math.” Well Mr. President, it appears you may need some remedial math.

The fact is the rich already pay more than their fair share in America. We already have a glorious “progressive” tax system that ranges from 10 to 35-percent. Moreover, only 53-percent of Americans pay any taxes at all and the top 10-percent pay about 70-percent of the nation’s bill. Can’t you see the ghost of Karl Marx grinning from ear to ear? The very country that defined freedom for the better part of two centuries now teeters on the edge of socialism.

Couple this burdensome tax structure with the highest corporate tax rate in the world and you have the recipe for disaster. The fiscal policies of President Obama, Nancy Pelosi, and Harry Reid have created economic conditions that are now worse than the Great Depression. Well to quote Pete Townsend, “we won’t get fooled again.”

 

About Todd

Todd Kinsey is a political consultant and conservative commentator whose articles have appeared in many leading publications, both print and electronic. His work has been cited by prominent media outlets such as the Wall Street Journal, the Washington Times, the Washington Post and U.S. Daily Review. You can contact him by email: todd@toddkinsey.com
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