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Sunday, September 18, 2011

Wapo Business Exposes Obama's Class Warfare Rhetoric For What It Is

Instant Flashback

Anyone remember the Barack Obama speech (yes, redundant, he is always making speeches) where he mentioned breaks for "corporate jet owners" six times?

Bloomberg reported at the time:

Obama mentioned the corporate jet break six times, criticizing Republicans’ unwillingness to include tax increases in legislation to raise the federal debt ceiling. Republicans are pressing for spending cuts in the measure, which must be passed before Aug. 2, when the Treasury Department projects that the U.S. will no longer be able to meet its debt obligations.

“It would be hard for the Republicans to stand there and say that the tax break for corporate jets is sufficiently important that we’re not willing to come to the table and get a deal done,” Obama said during the White House news conference.

Lori Montgomery over at the Washington Post Business section has a comprehensive four-page piece explaining how only 8 percent of tax breaks go to corporations and more to the point only .03 percent of the total are write offs for corporate jets.

Broad tax breaks granted to millions of families at all income levels dwarf the corporate giveaways. Over the past two years, largely because of these popular benefits in the federal income tax code, the government has reached a rare milestone in tax collection — it has given away nearly as much as it takes in.

The number of tax breaks has nearly doubled since the last major tax overhaul 25 years ago, with lawmakers adding new benefits for children, college tuition, retirement savings and investment. At the same time, some long-standing breaks have exploded in value, such as the deduction for mortgage interest and the tax-free treatment of health-insurance premiums paid by employers.

All told, federal taxpayers last year received $1.08 trillion in credits, deductions and other perks while paying $1.09 trillion in income taxes, according to government estimates.

Only about 8 percent of those benefits went to corporations. (The write-off for corporate jets equals about .03 percent of the total.) The bulk went to private households, primarily upper-middle-class families that Obama has vowed to protect from new taxes.

Liberals have always played the class warfare game because it is easy to play on human being's envy of those who have more than they do.

Barack Obama is a classic example of that type of liberal.

With a dismal failure of a record on economy where the majority of the public disapprove of his handling of it, the country suffering the highest rates of unemployment under Obama, higher deficits than have ever been seen, and raising the national debt higher than any other president , Obama is making the political calculation to distract from those issues and focus his base on the unfairness of some people being more successful in business than others.

Class warfare is the only thing Obama has left.

Obama has made campaign stop after campaign stop, mentioning over 90 times that he wants his supposed jobs bill to be passed "NOW", fast, before anyone truly figures out that despite his promises to the contrary the numbers don't add up and it is not paid for according to the Associated Press's fact check.

In my mind it is almost excusable that with a Democratically controlled House of Representatives and Democratically controlled Senate, in his first two years of office, Obama would lead the country in a direction that he truly believed would help.

What is inexcusable is that once he saw that direction was failing, he isn't changing course, he is doubling down on his failed policies.

When 72.8 percent of the country, ordinary Americans, see the country is headed in the wrong direction, one would think that a smart man, and Barack Obama definitely thinks he is smart, would undoubtedly see what everyone else sees... yet he continues his class warfare games, he continues to allow regulation after regulation to attack small businesses that could help turn things around by choking their ability to grow, expand and hire more people.

Obama continues to attack the very people who could create jobs which would create more taxpayers and revenue.

The so-called rich pay more than anyone else, that is a fact.

2011 IRS Tax Brackets

Here are the 2011 tax tables, which make it easy to find which marginal tax bracket you are in:

Tax Bracket Single Married Filing Jointly Head of Household
10% Bracket $0 – $8,500 $0 – $17,000 $0 – $12,150
15% Bracket $8,500 – $34,500 $17,000 – $69,000 $12,150 – $46,250
25% Bracket $34,500 – $83,600 $69,000 – $139,350 $46,250 – $119,400
28% Bracket $83,600 – $174,400 $139,350 – $212,300 $119,400 – $193,350
33% Bracket $174,400 – $379,150 $212,300 – $379,150 $193,350 – $379,150
35% Bracket $379,150+ $379,150+ $379,150+

Class warfare rhetoric is exactly that, rhetoric. Liberals attempting to claim that the so-called rich aren't paying enough, hoping that ordinary Americans won't actually look for themselves to see that the "rich" are already paying more than anyone else.

Barack Obama isn't just putting his party above the well being of the country, he is doing something far worse.

Barack Obama is putting his own reelection aspirations above party and country.

That is unacceptable.