After months of Barack Obama running around whining that “millionaires and billionaires have to pay their fair share” to mitigate the disastrous debt he’s personally saddled our country with, the failed President has finally put pen to paper and defined the specifics.
His new stimulus program, announced with great fanfare and little detail last Thursday night, is funded mainly by hiking taxes on people making $200,000 a year or more.
Clearly the new $450 billion stimulus, which I hear the White House saved time writing by just putting the original failed 2009 stimulus in the copy machine and hitting the “Reduce by 40%” button, won’t create (or even save) any jobs. So I guess you can consider your new taxes a contribution to the Obama 2012 Presidential campaign, all you $200,000 a year earning cigar chomping fat cats.
Unsurprisingly, al-Reuters goes right along with “the wealthy” = “making more than $200,000 a year” without batting an eye.
WASHINGTON (Reuters) – President Barack Obama is proposing a series of tax increases, mainly on the wealthy, to help cover the cost of a $447 billion economic stimulus proposal, budget chief Jack Lew said on Monday.
Lew said Obama’s plan would raise $400 billion over 10 years by placing new limits on itemized deductions for individuals making more than $200,000 a year and families earning more than $250,000.