The IUSB Vision Weblog

The way to crush the middle class is to grind them between the millstones of taxation and inflation. – Vladimir Lenin

Rep Bachmann: Obama flat out lies in his statements

Posted by iusbvision on December 12, 2010

RightScoop has the video.

Bachmann:

He said for instance…that Republicans want to end middle class tax cuts. I thought ‘are you kidding me? The Republicans want to end middle class tax cuts?’ He said that it’s his job to grow the economy. He made one kinda odd statement after the other. And he said Republicans oppose various credits for the middle class. Those are flat-out lies!

 

The truth is that Democrats are not interested in taxing the wealthy and in recent years never have. Most of the very wealthy enjoy a 16,000 page tax code that is filled with exceptions. Much of the income for the truly wealthy is defines as non wage earnings, meaning that they are non taxable or taxable under a much lower rate. This is why John Kerry, who also wants to raise your taxes, paid only 12.34% federal tax on his $5,0072,000 he made in 2003.

The wealthy also have the option of just parking their money in a tax deferred growth account or some other shelter, buy gold, or just invest in China. Remember that it can only ba taxed when the money is moved. They have the option of simply not moving it, small businesses don’t have that option. 

So while Google who earned 3.1 Billion dollars last year paid 2.4% tax they throw gala fund-raising events for Obama and give mega-bucks to the Democrats. In the mean time the small business Sub-S corporations (pizza shops, small manufacturing businesses, construction etc)  who also pay in this tax rate are facing a new rate of 39.6%. Obama demonized the Chamber of Commerce most of the last year and who do they represent… you guessed it, most small business. Small businesses such as a small roofing manufacturer may bring in over $250,000 on paper, the simple truth is that most of that money is put back in the business. The small business owner, employer, risk taker has to pay everyone else first, the bills and the taxes all before he pays himself.

This brings us to Norton’s First Law: Big business loves big government because big government taxes and regulates the small to medium sized competition out of the competition.

The left and the elite media says that continuing current tax rates will cost the government half a trillion dollars. This is nonsense because the government increases its revenue when people move their money and when the economy grows, not when it jacks the rates up. The half a trillion dollars figure is an inflated Keynesian static model, the same static model that underestimated the 20 year cost of Medicare by a factor of 10 and the same kind of static Keynesian model that predicted that the Obama Stimulus would keep unemployment below 8%.

Always remember, figues don’t lie but liars figure.

One Response to “Rep Bachmann: Obama flat out lies in his statements”

  1. What I find bothersome is to find a blog that can captivate me for a minute however your blog is different. Well Done.

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