And not only that, his stupidity is totally unoriginal. Fact is, the president's lying about taxes (as I've shown numerous times already). Not only are Obama's "tax cuts" completely bogus (they're one-time credits and rebates, on top of an tax system already burdening middle-class households ineligible for Democratic "givaways"). No Sheeples Here! has a great video clip (via Memorandum).
But see also, Tim Philipps, "2010: The Year of Tax Hikes Beyond Belief":
This Tax Day I’m sure we’ll all raise a glass to our friends at the IRS.Also, at Heritage, "Obamacare: Impact on Taxpayers":
After all, their ranks are only growing. While the private sector is still struggling, with unemployment hovering just under 10 percent and real unemployment (including those who have quit looking for work) estimated at over 16 percent, this is a boom time for hiring at the IRS. Come to think of it, it’s always a boom time for government hiring in general.
All the tax increases in the health care takeover legislation – more than $500 billion – and the new enforcement mechanisms required to make sure every American is purchasing health insurance mean thousands upon thousands of new IRS employees.
But there’s more on the tax front. Almost another $1 trillion in tax increases are heading our way on December 31, 2010, when the Bush tax cuts expire. I don’t think Americans are ready for this massive tax hike. They’ve forgotten it’s coming. They’re still having trouble finding new jobs, or getting their mortgages in order. They’re not ready for higher capital gains taxes, a return of the death tax, and a tax penalty slapped on married filers.
And with President Obama and Speaker Pelosi still looking to “spread the wealth around” as part of their radical liberal agenda, we’re looking at additional tax threats in coming months.
Now that the Patient Protection and Affordable Care Act (PPACA) of 2010 has been passed by Congress and signed into law by President Barack Obama, substantial tax increases can be expected in the near future. Combined, all of these tax increases (including those on employers that do not provide health insurance for their employees and on individuals who do not buy health insurance) will cost taxpayers $503 billion between 2010 and 2019.And see Robert Samuelson, "Today Is the Best Tax Day of Your Life":
These tax hikes will slow economic growth, reduce employment, and suppress wages. Further, in an act reminiscent of George H. W. Bush breaking his "no new taxes" pledge in 1991, the tax hikes in the PPACA will raise taxes on middle-income families in direct violation of President Obama's oft-stated pledge not to do so. And by delaying the effective date for most of these new taxes, the President and Congress have shown themselves unwilling to implement these taxes on their own watch, raising doubts as to whether future Presidents and Congresses will be willing to do so. This increases even further the likelihood that this bill will substantially increase the deficit, which would break another Obama promise.
By all estimates, the budget outlook is daunting. The latest projections of the Congressional Budget Office reckon the cumulative deficits under President Obama's policies to be $12.7 trillion from 2009 to 2020. In 2020 the estimated annual deficit will be $1.25 trillion, or 5.6 percent of the economy (gross domestic product), despite assumed "full employment" of 5 percent. And the deficits get larger with every succeeding year. Given unavoidable uncertainties, these precise projections are likely to prove wrong. But their basic message seems incontestable: there's a large and growing gap between the government's promises and the existing tax base.It's not too difficult to figure out, but, obviously, President Obama is lying. His administration is shaping up as the worst in American history, and that's why fully one half of all Americans don't believe the president deserves a second term. See Gallup, "Voters Currently Divided on Second Obama Term." (Via Memeorandum.)
How big a tax increase would be needed to close the gap? Well, huge. To put things in perspective, all federal taxes (income, payroll, and excise) averaged 18.1 percent of GDP from 1970 to 2009. Under CBO's assumptions about Obama's policies, taxes in 2020 would already be slightly higher, at 19.6 percent of GDP. But on top of that, there'd need to be a further tax boost approaching a third to balance the budget, because spending is projected at 25.2 percent of GDP. Needless to say, this would be the largest tax burden in U.S. history, even including World War II.
EX- DLB is like the "uninformed protester" in the video above: Totally clueless, but that's to be expected from stupid f***ing Obamabots.