In addition to calling for higher taxes for those earning more than $250,000 per year, the Wall Street Journal reports that the president has his sights on “changing parts of the tax code he thinks benefit the wealthy.”
Much will be revealed at midweek, when the House and Senate are expected to vote on a budget for the remainder of this fiscal year and Obama unveils his plan to reduce the deficit, in part by scaling back the government’s chief health programs for seniors and the poor. The House, too, may vote on Budget Committee Chairman Paul Ryan’s spending plan for next year as Democrats readied arguments that it proposed “Draconian” cuts to Americans who need help the most.
I dislike talk of scaling back the health programs, but will wait to hear exactly what and how much is being scaled back. I have a feeling it won’t be on the level that Paul Ryan and the Republicans would like to see.
The teaparty Republicans and their Fox “News” PR machine will be in overdrive, convincing the NASCAR fans that Obama and the democRATS are going to raise their taxes (and take their guns and declare Baby Jesus’ birthday a Muslim holiday).
What the GOP won’t remind their base is that these austerity measures they keep presenting to us (to rob from the poor and elderly and middle-class to give to the rich) cannot go on without a rational expectation that those who make more than $250,000 should be expected to also “kick in” someday.
Income redistribution by austerity measures.
Citizens for Tax Justice has an analysis — 90 percent of Americans will see their taxes go up under the Ryan budget, because the tax breaks his bill calls for actually total more than $4.1 trillion. The bottom 80 percent would pay $1,700 more in taxes under Ryan’s plan, while the top 1 percent (those making more than $460,000 dollars per year) would pay more than $211,000 less on average.
The Atlantic: As Ezra Klein wrote, “two of every five dollars goes to Social Security, Medicare or Medicaid, all of which provide some form of insurance. A bit more than a buck goes to the military. Then there’s a $1.50 or so for assorted other programs — education, infrastructure, environmental protection, farm subsidies, etc. Some of that, like unemployment checks and food stamps, is also best understood insurance spending. And then there’s another 40 cents of debt repayment.” The business of the U.S. government, he concludes, is insurance … and military.