Do Barack Obama and the entrenched members of the Senate and the House really believe that Americans are going to buy into today’s budget sham? Barack Obama, in a campaign-style White House appearance, haughtily told Americans that “revenues have to be part of the equation in turning off the sequester and eliminating these automatic spending cuts.”
From the start, revenues, as most informed Americans know, should not have been part of the discussion. My two charts below show that for five decades income taxes as a percent of GDP have been remarkably stable. Federal outlays (spending) as a percent of GDP have gone through the roof, however, with the biggest jump coming on Barack Obama’s watch.
Now, among other things, Obama (with help from the entrenched House and Senate warhorses) plans to raise the tax rates on estates and dividends—two revenue sources that already have been taxed once. This outrage goes to the very heart of the Communist Manifesto. Karl Marx taught Barack Obama that the proletariat will use its political supremacy to wrest, by degrees, ALL CAPITAL from the bourgeoisie. As Obama knows well, Marx called for a heavy progressive or graduated income tax. Marx called for abolition of property in land and application of all rents of land to public purposes.
I urge you to pass along my post to friends, family and associates. And your elected Senators might give this a look and then tell you exactly why most voted to double tax dividends and estates and raise income tax brackets on successful Americans (you know, the guys who take all the risk and provide most of America’s new jobs). Americans failed to reshuffle the deck in November, but will get another shot at altering the political landscape in less than two years.
P.S. Only 8 Senators voted against the budget charade.