President Obama wants to go back to the Clinton era tax rates, but only for the top 2 percent of all taxpayers. He claims that this is what the majority of citizens want.
Sure, because the majority of citizens, those who voted for him, don't make that much and, of course, the fairest tax to any individual is the one that someone else has to pay. Again, class warfare is perpetuated.
While I'm not an advocate of paying additional taxes, I think that if the President wants to go back to the Clinton era, we should do so all the way - raise everyone's taxes and cut spending to the Clinton era level. Any excess of revenue over expenditures should be statutorily dedicated to reducing the national debt. The president's announced intention to increase taxes on a small percentage of taxpayers (who are already paying the lion's share of personal income tax revenue) would decrease the number of jobs created, decrease the amount of FIT collected, further class warfare, and hurt the economy in the long run.
While the President digs in and refuses to approve any bill that doesn't increase the top two tax rates, the Republicans should also dig in and refuse to increase the national debt limit, which would force the President to reduce the federal spending level and refuse to send the president any tax bill that increases the tax rate for any American.
The president's arrogance also would force his supporters, many of whom pay no income tax at all, to contribute towards his extravagance with our tax dollars and perhaps make him think twice before enacting any additional excessive spending sprees.
David J. Didimamoff