"It would be nice if we could keep every tax break, but we can’t afford them," Obama said. "Because if we choose to keep those tax breaks for millionaires and billionaires, or for hedge fund managers and corporate jet owners, or for oil and gas companies pulling in huge profits without our help – then we’ll have to make even deeper cuts somewhere else."
Hear that, people? The government "can't afford" to let you keep any more of your money than they decide is best for you! Aside from the class envy engendered by the rhetoric of "tax breaks for millionaires and billionaires, or for hedge fund managers and corporate jet owners", the fact is, as was experienced by JFK, when he lowed tax rates, when you lower tax rates, you increase tax revenues to the government because there is more activity generated. People have more incentive to invest in their businesses when there is a monetary gain expected.
Obama, however, is on the record of saying that he favors raising taxes, even if lowered tax rates generated more income to the government, for the sake of "fairness".
"Pay as you go". Gosh. We should remind Obama of this between now and 2012 to ask him how his massive "stimulus" bills were "pay as you go"? Where were the other cuts in spending, Mr. Obama?
Expect to hear the mantra of "tax breaks for millionaires and billionaires" over and over again between now and election 2012. Remember, with Obama, it's not about fixing the economy or putting people back to work, it's about "fairness". If everyone (except the ruling class which he so conveniently seems to be a part of) is equality broke, then it's "fair". If everyone (except the ruling class which he so conveniently seems to be a part of) has crappy health care, at least it's "fair"!
If gas is five dollars a gallon and bologna is ten bucks a pound and you can't turn your thermostat higher than 67° in the winter time, at least we'll have the satisfaction of knowing we really stuck it to those corporate jet owners...who used to employ us for good wages!
Cross posted at LCR, Say Anything.