“It’s class warfare, and it’s the kind of language you would expect from a leader of a third-world country, not the President of the United States.”
[End update]
Original post below
Who funds our government? Not who lends us more money to spend more, but where does the bulk of our revenue come from?
It comes from income taxes paid by the rich.
Tax Year 2008
| Percentiles Ranked by AGI | AGI Threshold on Percentiles | Percentage of Federal Personal Income Tax Paid |
| Top 1% | $380,354 | 38.02 |
| Top 5% | $159,619 | 58.72 |
| Top 10% | $113,799 | 69.94 |
| Top 25% | $67,280 | 86.34 |
| Top 50% | $33,048 | 97.30 |
| Bottom 50% | <$33,048 | 2.7 |
| Note: AGI is Adjusted Gross Income | ||
If you go to the National Taxpayer Union link above you will see the charts all the way back to 1999.
The very same people that receive the tax breaks that Barack Obama has been harping on all week and in his radio address this morning are the people that pay an overwhelming majority of the income taxes across the country to fund Washington's wasteful spending habits.
These are the millionaires, billionaires, hedge fund managers, corporate jet owners, oil and gas companies etc.. and Barack Obama said something today to which I believe should be highlighted boldly.
"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."
Emphasis mine.
Pulling in huge profits without our help!!! Obama's words.
These companies and people are not asking the government to give them a dime. They are earning their profits. Any business owner will tell you the reason they go into business is to succeed, to earn money, most want to expand and grow to earn more. Hire more. Sell more. All of which would help the economy.
The American dream.
Extending tax breaks to these people is not giving them money, it is taking less money from them that they have earned.
These are the folks that employ millions, provide jobs when the official unemployment is at 9.1 percent. These are the people that pour money into the economy by providing paychecks to those employees that go out and spend money on food, gas, clothing, school supplies for their kids and anything their families need.These are the people that Barack Obama and the liberal left are declaring class warfare on.
Barack Obama and the liberal left would have you believe that letting them keep more of their own money, is actually giving them something and is adding to our nation's deficit.
An intellectually dishonest argument because the government is not writing them a check, is not paying them any money, is not bailing them out, is not spending one cent of taxpayer money on them.
If you have a bank account with $100 in it and you do not have to write a check out of it then no money is being taken out, there is no expenditure.
Barack Obama's statement that "we can’t afford" taxbreaks is another false argument.
When you go to the grocery store to get food for the week but you only have (XXX) amount of money in your pocket, you may not be able to afford extras because you do not have the money in your pocket to spend on them.
You do not look at the person next to you and say "hey, I don't money for cookies so give me a few bucks" and when he says no, you blame him for not being able to afford those cookies.
Or do you?
Expenditure, via Dictionary.com
1. the act of expending something, especially funds; disbursement; consumption.
Yet Obama and far left liberal Democrats (yes, redundant, I know) would like you to think that not taking more from people out of their pockets is some type of "expenditure."
It isn't.
What the far left liberals are doing is trying to feed on jealousy and envy and every negative emotion human nature has.
I will repeat Obama's words, the so-called rich and businesses owners are funding America without our help, are creating what jobs there are left without our help, are feeding us without our help and Obama wants to bite the hand that is feeding him and even worse, he wants you to do the same.
The reason Obama and the far left liberal Democrats are doing this is because they do not want to cut wasteful government spending, they do not want to live within a budget, they do not want to fix the problem of spending more money than they have.
Tell me, when Obama and the far left liberals are done eating the rich, finished their meal and are patting their nice fat bellies, who is going to fund America's wasteful spending habits then?
.