President Obama fired off a shot in what Republicans call “class warfare” Monday – proposing $1.5 trillion in tax hikes on millionaires to cut the nation’s rising deficit.
In doing so, Obama put the GOP in the position of having to oppose a tax hike on the group that continues to prosper while the middle class and poor struggle to get by.
“This is not class warfare, it’s math,” Obama said. “I reject the idea that asking a hedge fund manager to pay the same tax rate as a plumber or teacher is class warfare.”
The President said “nobody wants to punish success” in America, but the rich must pay their fair share.
“We shouldn’t balance the budget on the backs of the poor and the middle class,” he said. “We can’t afford these special lower rates for the wealthy.”
The President also vowed to oppose any GOP attempt to slash Medicare unless Congress agrees to raising taxes on the rich.
The Republicans immediately denounced Obama’s proposal.
“Veto threats, a massive tax hike, phantom savings, and punting on entitlement reform is not a recipe for economic or job growth-or even meaningful deficit reduction,” said Senate Republican leader Mitch McConnell of Kentucky.
The city’s billionaire Mayor Bloomberg said “I don’t think class warfare’s a great idea.”
But Sen. Charles Schumer (D-N.Y.) said the Democrats are on the winning side of this tax fight.
“The American people are so strongly with us,” Schumer said. “The president has a winning hand and he is going all in.”
Obama’s proposal is part of a plan to cut the deficit by $3 trillion over the next 10 years. He wants Congress to raise taxes on people making $1 million or more.
The White House is calling that measure the “Buffett Rule” for billionaire investor Warren Buffett, who has called on the mega-rich to chip in more taxes.
“Warren Buffett’s secretary shouldn’t pay a higher tax rate than Warren Buffett,” Obama said.
Obama’s plan calls for letting the Bush-era tax cuts for people making $250,000 and more expire, closing loopholes and cutting deductions that enable millionaires and corporations to pay next to nothing in taxes.
It also calls for $580 billion in cuts to mandatory benefit programs, including $248 billion from Medicare – but no increase in the eligibility age.
The Obama administration also counts savings of $1 trillion over 10 years from the withdrawal of troops from Iraq and Afghanistan.
Obama’s deficit reduction plan comes a week after he proposed $447 billion in tax cuts and new public works spending to stimulate the economy and create jobs.
He is submitting his deficit fighting plan to a special joint committee of Congress that is charged with recommending deficit reductions of up to $1.5 trillion over 10 years.
Obama’s plan calls for no changes in Social Security and no increase in the Medicare eligibility age.
That’s right Barry, don’t be letting these muhfuggas bully you. Put your presidential foot down and the same folks who put you in office will have your back. You promised change, we gotta make them greedy suckers PAY!