SHOULD THE RICH PAY MORE?

President Obama himself has now weighed into the deficit debate.  In a powerful speech that ridiculed Republican proposals to lower the deficit on the backs of seniors, the ill and the poor, the President laid out clearly a two-pronged  attack:  cut expenditures especially in the Defense Department and cancel the Bush tax cuts for the rich.   Ever since  he began running for the White House in 2008, Obama has promised to make the rich pay their fair share. Listen to this.  Cutting the tax cuts for the rich will solve 75 per cent of the deficit problem over the next five years.

The Republican plan would force seniors to come up with an extra $6,000 a year to pay for their health care.  Obama would annull that and  raise the taxes on the wealthiest two-per cent of the population, those making over $250,000 a year.  Every poll shows  that the American people support this policy.  Besides the rich are paying the lowest taxes of the last 50 years.

Make no mistake about it.  In this powerful speech Obama laid out the parameters of his campaign to retake the White House in 2012.  His taxes on the rich will provide a trillion dollars annually to pay down the debt.  In so doing Obama has put himself squarely on the side of the middle class, the old and the sick.  And he has put the GOP squarely on the side of their political friends, the richest two per cent of Americans.

Is  this a winning political ticket or not?

Should the rich pay more?

What do you think?

9 Comments »

  1. 1
    olemike Says:

    As long as the answer to all fiscal issues is just raise taxes on the rich, there will never be an end to it. Legislators can always find something new on which to spend rich people’s money.

  2. 2

    Obama is showing he simply has no clue…as usual.

    His own debt commission — people Obama himself appointed! — recommend marginal tax rates for the rich that at their highest would be lower than even Reagan’s top rate of 28%.

    As I documented on this site only a few days ago, the rich are already paying far, far more than their fair share. Obama knows this; his own debt commission knows this and has told him this. He knows it because the government he heads tells him this every day. But Obama has chosen to play class politics instead.

    It will come back and bite him on the ass.

    The only Bush tax cuts that should be taken away are for the poor who do not pay their fair share of taxes. And, yes, Bush gave tax cuts to the poor (along with everyone else) which was the biggest mistake of his administration.

    Yes, and seniors too, probably the most spoiled demographic out there (and when it comes to paying taxes, no, they are NOT the greatest generation but the most selfish generation).

  3. i tried reading your website from my xperia x10 but it wasnt visible properly.is your website supported by mobile browsers?

  4. 4

    I keep coming back to the same question, over and over: How much money does one person need?

    I like Bill Gates. He’s a biliionaire who gives away most of his money to help people who can’t afford the luxuries of computers for their schools and homes. He’s not opposed to having the rich folk step in and share their wealth, and he’s the first one to do it.

    If money is (as someone once told me) simply a tool for keeping score, then perhaps we ought to come up with a different score-keeping method.

    After all, how much money does one person really need?

  5. 5
    Neil McKenty Says:

    Lady Janus,

    I can’t tell you how much money any one person needs. All I can tell you is that the Republicans think the rich need more.

  6. 6

    I don’t think it’s only Republicans, Neil. It’s the rich who think they all need more, but how much do they need? How much stuff can you buy?

  7. 7
    jim Says:

    Tony, I know that the place where optimism flourishes most is in your cell at the lunatic asylum. You should have learned by now that we should all be taxed up to, but not beyond, the point where it might hurt. Speaking of being hurt, who is hurting the most, and getting it from every direction, the $250,000 a year earner or the $25,000 a year earner. In better times we could loosen up a little on the rich, but for now we need for the rich to extend themselves and give a little extra help to their fellow man, by way of accepting a tax hike. It is beyond belief that over 30 million citizens lack medical coverage because the Republican Politicos and their Watered down escapees from you asylum want to steer monies to the rich. A democracy is supposed to call for fairness. What is so fair about the House and Senate voting themselves full medical coverage but not giving the same right to the citizens who elected them. BTW, I believe that most of the rich wouldn’t mind a short term hike in taxes.

  8. 8

    Jim:

    Go ahead. Tax the rich more and see what happens.

    What will happen (and, of course, Obama knows this) is that less money will flow into the U.S. Treasury to pay for all the entitlement programs you want the poor to have and the U.S. will have to borrow even more.

    As for the 30 million claim for Americans having no medical coverage, how many times do we have to cover this same silliness? 45 million Americans don’t have health care insurance, zero Americans don’t have health care.

    But keep believing the same crap, jim, if it makes you feel good.

  9. 9
    Older American Says:

    Yes , over tax the rich to dead and see later what you will have to live on for all the Multi-Generational free loaders, illegal’s and the greedy lazy people who want something for nothing. Obama planned to cut the Bush tax cuts on the rich and middle income people last year, along with the Obama health care rules, hidden special interest payment to their friends, the consistent effort to bring down the American way of life. The socialist democratic system with their total lack of the business principles that made America strong and their need for political support form the completely uninformed, self-serving interest and greedy union bosses is destroying the American way of life.
    So I thought the time was correct to eliminate several business, down size others and not take chances to loose eyerything that I have worked for over the last forty years. Many of the people who had good health insurance, yearly bonus, paid sick leave, pension plan, paid vacation, more than the normally paid holidays are now unemployed or under employed. Later many wanted to come back to other business interest, but wanted to wait until their unemployment benefits ran out or wanted to work under the table to avoid paying their fair share of taxes.
    When the workers of the world unite, lets see how they like having their income averaged with India, China and Bangladesh. The life style will surely decline for all. When people die from Obama Care rationing in your family waiting for x-rays, needed test and surgery as they do in some other socialist countries, do not cry because the geese that laid the Golden Eggs have been killed and eaten.


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