PresBo Plans Automatic Tax Increases

I want to make this perfectly clear to everybody, PresBo wants to raise your taxes. If he can't get the votes on Congress to do it, he wants an automatic "trigger" to do it for him.

The White House fact sheet for PresBo's speech on Wednesday said:

“[a] debt failsafe will ensure that our nation’s debt is on a declining path as a share of our economy. If by 2014, budget projections do not show that the debt-to-GDP ratio has stabilized and is declining in the second half of the decade, the failsafe will trigger an across the board spending reduction, including on spending through the tax code.”

What do they mean by "spending reductions" through the tax code? I mean, the tax code deals with revenues, not spending!

The answer lies in a twisted viewpoint of how things work. Our tax code has tax rates based upon income levels for both individuals and corporations. It ALSO has a long and convoluted series of exemptions and tax credits. PresBo views the money NOT collected because of those exemptions and credits to be government spending... essentially, they're spending that money by not making you pay it in the first place.

So, one way to cut "government spending," using this viewpoint, is to eliminate exemptions and credits... in other words, to raise taxes.


PresBo wants a trigger in place that will, if Congress doesn't discipline themselves and rein in spending... something they show little sign of actually doing... then the citizens of this country will be automatically punished with tax increases.

And that's what PresBo thinks of us. He wants our money, and is willing to think, say, or do anything it takes to get it.

I'll deal with this in a later post, but tax increases cannot realistically be used to balance our budget, but it's basically all that the President is proposing.

UPDATE: Somebody else noticed the little "tax exemptions = government spending" thinking. Here's an article that deals with it in a little more depth.
http://www.humanevents.com/article.php?id=42921

Let’s apply a little Obama logic. If the government is the rightful owner of all resources, then every dollar retained by private citizens is a dollar the State “gives” them. That’s why socialists describe tax cuts as a “gift” or “expense.”

The game was conclusively given away when Obama declared, “There’s nothing serious about a plan that claims to reduce the deficit by spending a trillion dollars on tax cuts for millionaires and billionaires.”

There’s our trillion dollars in “spending” cut from the tax code! If tax cuts equal spending, then tax increases equal spending cuts. That’s the kind of spending cut this hopelessly out-of-touch President can eagerly get behind.