Now in 2012 Obama is yet again making that same promise of taxing the rich to pay their fair share. A promise he broke the first time in 2008 and intends to break again. All he needs is enough gullible voters who want to blame the rich for everything. The middle class always suffers as taxes rise. There is less to invest, less for owners to expand their business, less jobs, and less money in a typical paycheck as pay is cut and hours reduced so the employer can paid the increased taxes.
Norquest writes: "The Alternative Minimum Tax was imposed in 1969 because 115 households investing in municipal bonds reportedly paid little or no federal income tax. This tax on the rich who were paying what the president and others call a "fair share" now affects four million households. On Jan. 1, 2013, it is set to hit 27 million more—raising an estimated $120 billion, according to the Obama 2013 budget. In 40 years, a tax on 115 households will have grown to threaten 31 million."
He further writes "The personal income tax, brought courtesy of the 16th Amendment, also promised to be a tax on the wealthiest Americans. It began in 1913 with a top rate of 7% and hit only those with a taxable income of $500,000 or more. (According to the Bureau of Labor Statistics inflation calculator, that would be $11.5 million now.) Today, roughly half of American families pay the personal income tax."
"In his 1984 acceptance speech at the Democratic National Convention, Walter Mondale announced that if elected president he would raise taxes. He lost the electoral college 525 to 13, carrying only the District of Columbia and his home state of Minnesota.
Since then the two Democrats who won the presidency have promised that to pay for larger government they would only raise taxes on "the rich." Bill Clinton defined the rich as the top 2% of income earners.
In Sept. 2008, candidate Barack Obama said: "I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes."" Grover G. Norquist: Trickle-Down Taxation - WSJ.com:
Trickle Down Taxation is a fact Americans cannot afford. As the government takes more it spends even more then it takes. The Government must feed on the taxpayer to support its massive appetite to spend. No matter what your income may be you ARE paying taxes one way or another. Tax increases on the rich and on business ALWAYS trickles down to the people buying the product or services produced.
Look at your food cost for instance. As more and more regulations and taxes are imposed on the producers of food, those cost are trickled downed to the consumer. The rich lose nothing as they pass the cost down the line. But business does suffer as they seek to cut cost to pay for the new taxes. They close down some shops or factories and many times do mass layoffs of workers to insure their own survival.
Obama loves Trickle Down Taxation because it hides his fingerprints as the true theif of your money.
Trickle Down Taxation kills economic growth. It kills jobs. It kills innovation. It is killing the American dream.
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