Obama’s War on Wealth

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The president implored citizens to understand that — like a trapped animal — he was forced to go along with those wanting to preserve the tax cuts in order to be the heroic protector to the middle class. The fact is, the agreement was only to continue those same existing tax rates for two more years. No new tax cuts were given to millionaires or billionaires.

The Boston Consulting Group’s Global Wealth 2010 Report stated that the largest percentage of money gain has occurred in the Asia-Pacific region, where wealth soared 22 percent, or $3.1 trillion. In the tiny republic of Singapore, 11.3 percent of its households were millionaires. Compare that with the U.S. population, where the millionaires make up only 4 percent of our millions of households. Switzerland has more than twice as high a percentage of millionaire households as the U.S. So does Kuwait.

There were 1,210 billionaires in the whole world in 2011. According to a Forbes analysis, 75 of them live in liberal New York City, where Obama has sought much of his campaign funds.

According to data from the National Taxpayers Union and the IRS, the top 5 percent of taxpayers pay about 60 percent of the federal income revenues. A taxpayer with a reported Adjusted Gross Income of as low at $160,000—less than a member of Congress makes—falls into this category. The bottom half of American taxpayers fork over less than 3 percent of the taxes collected.

More than 36 percent of Americans pay no federal income taxes, according to the Tax Foundation and IRS figures. That’s why consumer polls show that many people don’t care if taxes are raised. Why should they? They don’t have to pay them.

According to the Census Bureau, the total number of American households is 117,583,000, with a mean income of $67,976. The number of households with household incomes of under $5,000 is 3,747,000.

In the bracket Obama has his sights trained on — the $250,000-and-over earners — there are 2,372,000 of these. But only 319,000 are millionaires. Roughly 70 percent are small business owners reporting business profits on their personal tax returns. We count on these individuals to provide the most jobs in the U.S.

Obama also wants to get rid of what he calls tax loopholes. But you can’t pay off much of the debt even if, for example, you wiped out all the itemized deductions, most of which really aren’t considered loopholes. According to preliminary data from the IRS for 2009, the figure is less than $1.2 trillion. Total deductions for those at the targeted $250,000-plus level were $217 million.

The future prospects for controlling the debt became even darker last month in an under-reported congressional hearing of the House Subcommittee on Domestic Monetary Policy. Economist Lewis Lehrman pointed out that the level of debt service payments could rise by an order of magnitude and consume a part of the federal budget which today is “almost unthinkable.” He said he sees an uncontrolled $800 billion federal spending increase in four or five years.

The Standard & Poor credit rating service, in a stunning decision April 18, moved its outlook on the U.S. debt from a stable to a negative rating, as all financial services reported. Although the administration said it believed the S&P “underestimates the ability of American leaders to come together,” the respected credit service said it fears that the differences in how to avoid a fiscal stalemate could continue until 2014.

So, it is not only the Republicans in Congress who are raising dire warning signs about our debt. Obama must begin to deal with reality.


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  • Fred Dawes

    THE WAR ON SO CALLED WEALTH Will soon be over for one reason this country as you know it will end within the next 6 months.
    Just look at the Budget report, its not just pie in the sky its for real the money world we live in is dead,dead, the third worlds people have eaten away at it for 50 years and we will understand what hell is REAL SOON MY Son's.

  • geez

    Same old crap from the socialist left. They want to take over everything and the wealthy are in their way. We need to send this ManChild back to his roots, his true homeland in Kenya, where he can finish his fathers vision without interference from the hatemongers and that pesky constitution. How anyone could have voted for this community organizer/junior senator I'll never know… and yes clinton's another junior senator loser. I'm sure she takes her girlfriend on all the trips she's been having to take. I'm sorry, was that insensitive???

  • jaythehistorian

    The moronic Muslim Obama is clearly an anti-white racist. On a practically daily basis, he and his useful idiots attempt to rob whites and Asians of their wealth and transfer it to his "people" . An obvious example is his proposal to deal with racial "health disparities". Blacks have higher rates of some diseases because of their lifestyle. Whites aren't holding a gun to the heads of blacks forcing them to go to McDonald's or engage in other highly unhealthy behavior. However his proposal is among other others is to force medical schools to accept unqualified black students. This would have the effect of limiting the numbers of white and Asian doctors and greatly increasing black doctors. This would increase the average incomes of blacks which is what the "racial disparity" nonsense is really about.

  • Cuban Refugee

    Never before in our history has there been a U.S. president who pitted one group against another in such an overtly antagonistic manner. Always a community organizer, Obama is throwing us into the boxing ring, fomenting hatred of the "have-nots" against the "haves;" but, if we continue on the current economic downward spiral, we all will be poor shmucks and useful idiots who facilitated this takeover of our nation by a gang of radicals. Wealth redistribution? By the time this unconstitutionally-elected usurper is finished with his nefarious task of stealing from Peter to pay Paul, there will not be two rusty pennies to rub together for the masses, but millions of gold coins in his and his cronies' pockets.

    • Taylor

      I love your comment: "Never before in our history has there been a U.S.president who pitted one group against another in such an overtly antagonistic manner." Well said. If Americans DO NOT wake up to this fraud – the United States will cease to exist. I think more people are ON TO HIM than the weasley MSM will say. The polls are skewed ALWAYS in his favor. Just like the unemployment numbers are. I have one question and it has been asked before, but needs to be presented to the voting public at large: Are you better off now than you were BEFORE Obama was elected? I would say that probably 80% or more would say HELL NO!!! Let's get rid of this clown and fraud in the WH and elect somebody that actually loves America.

    • Jim_C

      "Never before in our history has there been a U.S. president who pitted one group against another in such an overtly antagonistic manner."

      Abraham Lincoln? Franklin Delano Roosevelt?

  • MBA NJ

    What did the fools think when they voted for a person who never served out a full term, who had clouds galore about his past, who associated with known anti-Americans who are dead set on destroying America. In any other realm this person would have been labeled a radical destructionist whose motives were clearly to destroy our country from within. Where are all those smart "American" politicians who are sworn to protect the Constitution? We are doomed as a society in the same way that the Trojan Horse was allowed to destroy that culture until finally their name is now associated only with preventing birth while having short term fun.

  • conservative4ever

    Our Redistributor-in-Chief really loves the class warfare, doesn't he? I am not fooled. He hates us (the middle class) just as much as the rich.

  • Sick&tired

    Obama? Reality? Who are you kidding?

  • Wesley69

    For a president that said he would be the president of all the people, the Great Unifier, Obama likes to demonize his opponents. What better enemy, than to pick on the wealthy and use class warfare to divide and conquer. A Saul Alinsky disciple to the hilt.

  • lizaz

    Poor obama….he's starting to sweat….this would affect thousands of small businesses and would be a real loser toward his campaign for reelection in 2012. Keep at it!!! We''ll be voting accordingly!!!!

  • Stephen_Brady

    And remember that the "wealthy" are not truly "the wealthy". Most of the people that Obama is targeting are small businessmen, who hire 70% of the people who work in America. Attacking them with a tax hike will cause businesses to shut down and people to lose their jobs.

    The truly wealthy have tax lawyers and accountants to shield their assets and help them survive any tax increase. What does the owner of coffee shop on "Main Street" have to protect him (especially if his business has a taxable income of $250k per year, or more)? Certainly not the taxer-in-chief …

  • http://rightasusual.blogspot.com LindaS

    We need a new alternative minumum tax. All adults who are living outside of their parents home need to pay something – start the floor at 2 % of income, for the lowest income. That would mean that welfare recipients, disabled, retired, unemployed – all – would owe something.

    That would give them a stake in the system. Make it a rule that for every 1% the top bracket is assessed over the current amount, the bottom rung has to pay .02% more (and graduated upward). That would give them reason to pause when considering adding a heavier tax burden on the wealthy.

  • geoplaten

    One tweak I recommend: you should say "Obama's War on OTHER'S Wealth".

    After all, you don't see him redistributing his own millions, nor the wealth of his supporters. It's always the other guy. That's the essence of modern liberalism: it's the other guy's fault.