CBO says taxing the rich more is meaningless

[Originalist]

By Neal Boortz


The Congressional Budget Office has some figures that Obama and the Democrats would rather be swept under the rug. Why is that? Because these figures show that raising taxes on the rich will do absolutely nothing to reduce our deficit. Let’s be clear: Raising taxes has nothing to do with our fiscal cliff and getting our finances in order.


Just how much deficit reduction would Obama’s tax hikes on the rich necessarily accomplish?

Nothing, according to the Congressional Budget Office.

Letting tax rates rise to Clinton era levels for those families making over $250,000 a year would only raise $824 billion over ten years. That is not even enough revenue to undo the sequester that Obama promised “will not happen” during his final debate with Mitt Romney.

Yesterday, Obama met with union leaders and other progressives to discuss the fiscal cliff. You will be happy to hear, “Labor leaders said they plan to mobilize their members in the coming weeks to press Republicans to support the extension of tax cuts for middle income families” in order to make sure that “the middle class and workers don’t end up paying the tab for a party that we didn’t get to go to.”

Just remember folks that Obama’s insistence on these tax increases has nothing to do with logic and math; his true reason for raising taxes is to aid in his class warfare agenda. Period. End of story. Obama despises rich people because of his historical understanding of our evil colonialist and oppressive capitalism ways. Now that he is president, he can correct that damage … right those wrongs. Beyond this pathetic bid to raise income taxes, he will also work to impose a wealth tax. It is coming, folks.