I'm at a loss on this one. It is beyond my comprehension how or why we have put ourselves in this position but here we are; on top of all the previous off the charts government spending of the past few weeks, now we are looking at this new budget proposal.
Consider the Wall Street Journal. After noting that Obama said he isn't going to raise taxes on anyone making less than $250K:
Even the most basic inspection of the IRS income tax statistics shows that raising taxes on the salaries, dividends and capital gains of those making more than $250,000 can't possibly raise enough revenue to fund Mr. Obama's new spending ambitions.
Consider the IRS data for 2006, the most recent year that such tax data are available and a good year for the economy and "the wealthiest 2%." Roughly 3.8 million filers had adjusted gross incomes above $200,000 in 2006. (That's about 7% of all returns; the data aren't broken down at the $250,000 point.) These people paid about $522 billion in income taxes, or roughly 62% of all federal individual income receipts. The richest 1% -- about 1.65 million filers making above $388,806 -- paid some $408 billion, or 39.9% of all income tax revenues, while earning about 22% of all reported U.S. income.
This figure is not even close to what he's planning on spending. There is no way. So what happens? Considering that the economy is tanking and that the number of people even making $250K may not be what it was two years ago, basically Obama is gambling.
And as I suggested last night, he's absolutely going to raise all our taxes, despite what he says. We'll all be donating 60 percent of our income to the federal government at this rate. We're creeping closer and closer with each new bailout, each new stimulus, each new health care plan, each new job-killing tactic or proposal that comes down.
John Boehner said "it is a “job killer” and that “small businesses, family farms, middle-class families, retirees, charities, everyone with a 401(k), and anyone who flips on a light switch is going to pay higher taxes under this plan.”
Some will tell me that it's my duty to pay these taxes, that it's patriotic, that it is for the greater good of society. I should not resent having to pay for removal of a gang-banger's tattoos, I should applaud the effort to pay for somebody who bought a house above their means.