but rewriting the US tax code so that it is "fair".
Reuters' article quotes Obama at a news conference at G20 in Toronto, saying he is serious about reigning in the huge US budget deficit (i.e. deficit incurred by his government).
"I'm serious about it," Obama said when asked at a news conference at the Group of 20 summit in Canada if he believed he could meet his deficit reduction goals.No plan, no anything, but he is serious. He even challenged people who want deficit reduction (i.e. his government actually cutting spending), basically saying "You want deficit reduction? Oh yeah? Watch me do exactly that, and you'll regret it."
Oh wait, he has a plan, if you look at the opening sentence and the very last sentence of the article:
Obama also said that he believed a review of the "messy and unfair" U.S. tax code should be considered as part of a plan to deal with long-term budget problems.Oh no... Most American taxpayers know the US tax system is a mess with a huge bureaucracy (IRS) gaining more and more power (latest via the health care so-called "reform"), and they know it needs to be changed.
"We've got to look at a tax system that is messy and unfair in a whole range of ways," Obama said.
Sound familiar? Just like health care. Majority of Americans knew the nation's health care system needed change, but they were and still are against the particular "reform" proposed by the Obama administration and passed into law by the supposed representatives of American people in Congress.
So my guess is that his "plan" is to scare people by proposing to cut or partial default on "entitlement" programs, and then when people cry foul propose vastly raise taxes to cover his spending and rewrite the tax code as he sees fit to justify the tax increase.
Shake and bake. Or never waste a crisis, and if you don't have a crisis create one.
You can bet Obama has his own definition of "fairness". Like raising taxes for the so-called "rich" so that the hard-working public union employees can retire with multi-million dollar pensions.
30-Day free trial by following the link.
Tokyo Time
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
3 comments:
Wanna Bet that Obama's new tax "fair" tax code revolves around the VAT? Just another way to screw over savers, who already paid taxes, so uncle sam can double dip.
May I also add taxation on ROTH IRA?
It's more and more shaping up to be a sort of class struggle - not the Marxist kind but the 19th century liberal French kind. It is a class struggle between savers, taxpayers, entrepreneurs, workers, i.e. those who produce vs government, elites, bureaucrats, i.e. parasites.
Well the Roth was never much of a important option since it was limited to only $3K per year and if your income was below $95K (single) or $125K (married). The VAT is a much bigger deal since it will add a 15% to 20% tax on any savings you have, regardless if it was in a IRA, 401K or taxable account.
Of course for the retirement accounts has been chatter in Washington about retirement accounts forcing them into Social security under the false premise that Wall street does a bad job of managing retirement money and that the gov't is better. In reality we both know that that SS medicare are deep in the hole and need a new source of cash to prop them up. Fortunely I had the insight to realize tax-deferred retirement accounts were a bad investment about 10 years ago. I simply stopped putting money into them and outed to save in taxable savings accounts.
Post a Comment