Election 2016: Keith Ellison: ‘I would love to see Elizabeth Warren’ run
**Posted by Phineas
Consider this: contained within the recent “fiscal cliff” legislation are tax increases to make those evil wealthy people (You know, those job creators who make over $400,000 per year) pay their fair share, to the tune of $620 billion over ten years, so about $62 billion in 2013.
But the Washington Examiner’s Tim Carney became curious about tax break extensions for business and energy concerns the White House insisted be included. So, he ran the numbers and… guess what?
…it undermines Obama’s professed desire to close the deficit.
Think about this: just the business and energy tax extenders reduce federal revenue by $67.7 billion in 2013. The tax hikes on the rich Obama won — higher rates on those over $400,000 and reduced deductions on those over $250,000 — raise $620 billion over a decade. As far as I know, we can safely guess that this would be less than $62 billion in 2013.
Unless I’m missing something, the special-interest tax breaks Obama demanded look to be bigger than the money he raised by taxing the rich. If he had just let all these special tax breaks expire — like wind tax credits, algae subsidies, and railroad track maintenance — it would have raised more revenue than his tax hikes on rich individuals and small businesses.
In other words, Obama doesn’t give a damn about shrinking the deficit in the least; instead, the whole charade serves largely to subsidize tax breaks as rewards for (I’m willing to bet) big donors. It’s redistribution from the taxpayers to favored interest groups. And it stinks.
Remember that as ever more is take out of your check each payday and you hear yet more promises from Obama and the Democrats about how they’re fighting for you. Then compare their words to their deeds.
“By their fruits you will know them.”
via Avik Roy
(Crossposted at Public Secrets)