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If Obama only wants to tax the rich, then why do I feel like an ATM?

July 11, 2011

President Obama

I watched parts of the President’s presser this morning (only parts. I’m one of the few people left who has a job). In this video of the presser, at 2:53 spot and going forward, we hear the President making some statements that are patently amusing and rich. The first:

“..in fact, I’m able to keep hundreds of thousands of dollars in additional income that I don’t need, eh, while a parent out there who’s struggling to figure out how to send their kid to college, suddenly finds that they’ve got a couple of thousand dollars less in grants or student loans.

Musing #1: if he doesn’t need the money, why is he keeping it? Assuming he’s more than able to pay for Sasha and Malia’s college educations, why not set up a foundation or give the money to an existing scholarship program(s) for college-bound students. Next:

“That’s what the revenue debate is about. Because if we’re actually going to going to solve the problem, there are a finite number of ways to do it.”

Musing #2: “Don’t have revenues.” Mr. President, economics 101. Revenues can be created by businesses, large and small, who are not saddled with burdensome taxes and regulations. The more they can expand, because of demand fueling investment (from banks, people like me, and the wealthy venture capitalists), the more people are employed, with both the businesses and people paying taxes (ever hear of Groupon?). That’s how you create a revenue stream. And when you tax “corporations”, including small business and the mom and pop’s, they’re passing those increases down to me and the rest of middle class America. Ka-ching. Finally:

“And if you don’t have revenues, it means you are putting more of a burd en on the people who can least afford it. And that’s not fair. I think the American people agree with me.”

Musing #3: So, how does one explain the huge tax increases on individuals and businesses brought on by Obamacare? You know, the increases that business passes down to us consumers, and the health insurance mandates that will make their way into our pockets. Ka-ching.

ATM = ALL TAPPED outta MONEY.

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From → Federal Budget

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