Here once again President Obama is bringing up the issue on increasing taxes on the wealthy. President Obama made his proposal yesterday to eliminate $467 billion in eliminating tax breaks for wealthier Americans and corporations, which will trigger a battle with the Republicans. President Obama's playing this game to hopefully rebound from his low poll numbers to increase his chances of re-election in 2012. He's hoping to put the Republican lawmakers in a difficult spot: Either back Obama's job proposal or be portrayed as a do-nothing Congress to help improve the nation's unemployment crisis heading into next year's election. President Obama is offering $467 billion in eliminating tax breaks for the wealthy as a means to pay for the jobs plan. However, Obama's jobs plan does nothing but grow the government. If the president wants to implement a jobs plan, he can do so by lowering corporate tax breaks on businesses and eliminating the vast majority of the onerous regulations which make it difficult for businesses to operate and to be competitive financially in the private sector. That's the only jobs plan that will work. The government doesn't need to add more government jobs in this economy. The government needs to leave the private sector, for the most part, alone except for issues revolving around public safety, workplace safety, and monopolies, etc.
Some of President Obama's proposals on increasing taxes are by limiting deductions and exemptions on individuals who earn more than $200,000 per year and on families who earn more than $250,000 per year. He also proposed eliminating many oil and gas industry tax breaks to raise $40 billion and change corporate jet depreciation rules to bring in another $3 billion.
President Obama and the Democrats in Congress never cease to strir up class warfare. They constantly tell us how we can't afford to give the wealthy tax breaks in this economy and that the rich need to pay their fair share. Does President Obama and his Democratic colleagues pay their fair share? Does Jeffrey Immelt, CEO of GE who has influence in the Obama administration pay his fair share of taxes? The truth is President Obama has his favorites whom he will exempt from paying more taxes, such as Immelt. All presidential administrations have their cronies whom they will exempt from paying taxes. I do agree that loopholes should be closed. For example, if General Motors has to pay 20% in corporate taxes, General Electric should be made to do likewise. Favoritism shouldn't be shown in that area. What's good for the goose is good for the gander.
I will repeat a statement I made in my earlier posts last month. If President Obama and his Democratic colleagues believe that the wealthy need to pay a higher percentage of taxes, then the president and Congress should make the first move. They should pay 30% more taxes above and beyond what they pay in taxes. It just makes sense. Obama preaches the concept of "shared sacrifice". He and his wealthy colleagues need to follow suit and share in the sacrifice. The only problem is shared sacrifice doesn't include the elected elite in Washington and their cronies. It includes those below them that don't pass the smell test when it comes to exemptions. I predict one way or the other there there will be tax increases, even if it's sneaked in.
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