Sunday, December 16, 2012

Boehner - Raise Taxes on Millionaires

Socialist President Obama is always talking about raising taxes on millionaires and billionaires and then he demands a tax increase on married couples and small businesses earning $250,000 a year.   The last time this Blogger took fifth grade math, $250,000 was not $1,000,000.   So now, Speaker of the House John Boehner is holding Obama to his political rhetoric.   Boehner has offered a compromise deal allowing taxes to go up on Americans earning a million dollars or more, provided Obama is willing to implement meaningful spending cuts, which also means reforming Social Security, Medicare and Medicaid to both save these programs and prevent their insolvency. 

Will common sense prevail, or will Obama be true to his Socialist ideology, which will make it impossible for him to agree to a common sense deal to prevent going over the Fiscal Cliff.   This would mean that Obama will have to cut spending on the goodies going to his PEEP's, those on the dole, public employee union members, the 50% of Americans that pay no income taxes at all, illegal aliens,  radical feminists and environmentalists, trial lawyers and crony Capitalists.  

Clearly, the unions will go ballistic if Obama agrees to reform of entitlements, particularly any deal that provides for raising the retirement, or Medicare age, even though people are now living to be 90 more.   The unions won't care much about means testing for these entitlements, since it will not impact their members.   So clearly that one will be a FreeBe for Obama. 

Look, ultimately, everyone knows that we need real tax reform to lower personal income tax rates rates and eliminate, or phase out deductions and exemptions that artificially impact economic decisions.   This probably includes the mortgage interest deductions for high income earners, but only if rates are lowered.   We must lower corporate income tax rates to be competitive with other countries to keep more jobs in the US.   We can live with raising the Capital Gains and Dividends tax from 15% to 20%, without destroying our economy.   The $5 million Estate Tax exemption should be made permanent to allow for family businesses and farms to pass to family members tax free.   All of this is just plain common sense.   The only question is will Obama figure it out and do what is right for the American people, or not.   Let us hope so; but this Blogger would not bet on it. 

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