Reuters is reporting that, as he promised during the campaign, Barack Hussein Obama is going to let the Bush tax cuts expire.
Letting tax cuts expire means a tax increase for America's taxpayers (but they don't say that!).
WASHINGTON (Reuters) - President Barack Obama will allow tax breaks given to wealthier (sic) Americans under his predecessor, George W. Bush, to expire as scheduled rather than eliminate them sooner, an administration official said on Saturday.
Obama, who promised during his White House campaign to roll back tax cuts on people earning more than $250,000, also plans to boost tax collections from about 16 percent of the economy this year to 19 percent in 2013, the official said, confirming a Washington Post report on Obama's budget proposals for the 2010 fiscal year.
It's going to get worse, as Monsters&Critics.com reports that Obama plans to cut the federal deficit (which he's kicking into the stratosphere) with tax increases and cuts in the one branch of the government liberals love to hate: the military.
Notice how these Obama media outlets play the liberal class warfare card by saying only the "wealthiest Americans" received a tax cut from President Bush. These liberals learned a good lesson from Joseph Goebbels, that if you repeat a lie over and over again and it will become the truth. Because when liberal say they're going to raise taxes on "the rich," they really mean working Americans who carry most of the tax burdne.
Washington - US President Barack Obama plans to outline a budget next week that would cut the federal deficit in half over the next four years by raising taxes and cutting spending on the war in Iraq, newspaper reports said Saturday citing details from administration officials.
A summary of his budget plans, to be sent Thursday to the US Congress, will be 'sober in its assessments, honest in its accounting,' Obama said earlier Saturday in his weekly address to the nation.
...His budget for 2010 would target reducing the annual deficit to 1 trillion dollars and lower it to 533 billion dollars by 2013, or 3 per cent of the economy, a level endorsed by most economists for world governments, the Post reported.
The savings would come from winding down the war in Iraq and increasing tax collections by for example reversing the temporary tax cuts for the wealthy (sic), officials who spoke on condition of anonymity told the newspapers.
The idea of increased tax collections is likely to hit strong resistance from Republicans in Congress, who have the power in the Senate to carry out procedural moves to block a bill.
Consider this. In 2004 (see graphic below), the top one percent (the eeeeevil rich) paid 37 percent of federal income taxes. The top 25 percent of Americans payed 85 percent of the federal tax burden. The bottom 50 percent of Americans paid (are you ready for this?) only three percent of the US tax burden!
Don't tell me the rich don't pay their fair share.
And why is it when we're in the middle of fighting a War on Terror (ooops! I forgot, the Obamabots won't even call it that), Hussein Obama is proposing cuts in fighting the war. Don't you feel safe now? America's safety has to be compromised so that Hussein Obama can pay for his socialist grand experiment.
Don't say we in the blogosphere didn't warn you of this many times in the past year.
So how are we the taxpayers supposed to pay for these tax increases?
Change we cannot afford!