Last night I listened in complete dumb struck disbelief as Obama made his concession speech on the "compromise" he had reached concerning the "tax cuts." Any thinking person would first recognize that they are not "tax cuts" that were the topic of conversation in Washington yesterday, but TAX INCREASES that were averted. Mr. Obama then went on, ungraciously and without magnanimity, to point out the profound differences in the parties and that the Republicans were simply insisting that they had to have a tax cut for "millionaires and billionaires" that would cost ultimately $700 billion over 10 years. His mendacity is staggering.
First, since when did annual income of $250,000 for couples and $200,000 for single tax payers make them "millionaires and billionaires?" This must be the same mathmatics that allows this fraud to claim that cancelling the scheduled increase in the marginal tax rates is a "Tax Cut."
Second, lets look at the real mathmatics that Obama and the Democrats use. The total estimated federal revenue lost by extending the tax rates for 10 years is $3.7 trillion. Obama and the Democrats are harping and whining that a tax cut for "millionaires and billionaires" that would cost ultimately $700 billion over 10 years. So they are really concerned about the $700 billion lost, but are ok with letting $3 trillion go because that would have to come out of the pockets of the "middle class."
Personally, Mr. Quarter is fed up with the class warfare that is incited and encouraged by the progressives and Democrats. Something on the order of 46% of all tax payers in the US pay NO FEDERAL INCOME TAX AT ALL! How the hell is that fair? How the hell can the federal government continue to take more and more from the pockets of 54% or even the upper 5% and redistribute that money so that half of the population gets a free ride. Time for everyone to wake up and smell the coffee.