“We do better when we do it together.”
President Obama talked about the failure of “trickle down economics” multiple times throughout this speech. He said what Republicans aren’t willing to say….if you cut taxes here – you’re going to have to make up sacrifices here. This was a great speech. Everything is centering around the President’s tax proposal – the Buffett rule. And now – the really wealthy are drawing a line in the sand and putting it all on Romney; hedge fund managers, investment bankers, oil men..in short – vast wealthy financial interests are going all in against President Obama.
They’re going to do everything they can to make sure that YOU don’t vote or you vote for Mitt Romney. Period. They’re going to do everything they can to increase their Republican head count in the Senate and House. They want you to think whatever problems you’re experiencing in this world can be attributed to some shortcoming of President Obama. And if you believe it – you deserve the impending disaster that awaits. Yes – I have a bias…it’s a well thought out and honest bias. This election will have horrible consequences; if anything – you think the American people would know by now that elections really do matter…or do you not remember the George W. Bush presidency?
You can see the President Obama’s Florida speech today HERE.
The Karl Rove led group funded by unknown billionaires and corporations – American Crossroads – is trying to attack President Obama’s proposal to install a minimum 30% tax on anyone making over $1 million a year or more. They’ve started a FB petition to “rally the troops” AGAINST increasing taxes on people (like Mitt Romney) currently not paying their fair share but making millions.
Greg Sargent goes off:
Really, it continues to amaze that people in positions of real influence could venture something this idiotic with no evident sense of embarrassment. The problem Obama and Buffett are trying to address isn’t that each of them personally can’t pay more in taxes if he so chooses. The problem they are trying to address won’t be fixed if Obama, Buffett, and another dozen wealthy Americans write more checks to the federal government. Rather, they are trying to solve a society wide problem that threatens the future of a country of over 300 million people — one that, in their telling, requires a bit more sacrifice from high earners as a whole class if we are to have any hope of solving it.
Jared Bernstein shoots down a weak Republican argument against raising taxes on the wealthy:
There’s an argument I’m hearing today that we shouldn’t bother with the Buffett rule because it would only raise enough revenue to reduce the deficit a little bit. That’s a terribly weak argument, a lot like an overweight person saying that since he can only exercise for 10 minutes today, he might as well just go have an ice-cream cone instead.
Any time we can close a tax loophole and generate both more fairness and any level of fiscal improvement we should do so (think about the carried interest loophole in this regard). And the score on the Buff rule is that compared to current law—Bush cuts sunset as planned—it raises about $50 billion. Compared to current policy—the tax cuts stay in place—it raises $160 billion. Either way, that’s real money.
The New Republic details how much 3 years of Obama has made Wall Street hate him with a visceral passion:
Four years later, that bond is broken. The hedge fund community has overwhelmingly shifted its backing to the Republicans: Mitt Romney has so far outraised Obama by a four-to-one ratio among hedge fund employees, pulling in more than $500,000—not to mention the seven-figure checks his super PAC has received from several top fund managers.
It makes sense that Obama would lose support from traditional Wall Street. The banks feel aggrieved at having been singled out for blame for the financial collapse—above all in the Dodd-Frank law, which is already crimping their profits. But Obama’s deep unpopularity in the hedge fund world is harder to figure. For one thing, hedge funds may actually benefit from Dodd-Frank. They will have to register more information with regulators—a departure for an industry defined since its beginnings in the late 1940s by its exemption from oversight—but they could also get new business as a result of restrictions on proprietary trading by banks. For another, while the hedge fund sector has shrunk since the crash, the top 40 managers still made $13.2 billion combined last year. And yet, the antipathy that many fund managers are now exhibiting toward Obama is more intense even than what he is facing from bankers. “They hate him now,” says one former Obama administration official.
And in past years…politically – Republicans were always “trusted” on three issues that mattered to the American people. Anytime one of those three issues were talked about – Republicans always felt they had a built in advantage regarding how the American people would view them:
#1 – Tax cuts
#2 – American “defense”
#3 – Deficit reduction
Well – things have been a changin’; President Obama and Democrats have spent 3 years pulling open the Republican kimono….and the American people aren’t impressed. Americans now view in majorities that the Republican party cares more about protecting tax cuts for the rich than they do the interests of the middle class. After two huge wars in Iraq and Afghanistan with countless trillions spent, American troops dying, America’s image tarnished and no foreign policy accomplishments – Americans do not trust the Republican party when it comes to “defense”. And Obama was the President who made the call to get bin Laden; if President Bush accomplished that (despite 9/11 happening on his watch) – there would be proposals to have a Bush federal holiday and Bush’s likeness on the side of Mount Rushmore.
Neither “tax cuts” nor “defense” are Republican strengths now; Obama has taken it to them on the issues that they feel most comfortable on. All except for deficit reduction. President Obama is attacking the Republican party for hypocrisy regarding the deficit. It’s hard to balance the budget if you’re continuing to cut taxes for America’s wealthiest…and that’s why Republicans muddy up the waters by calling them “job creators”. If you cut taxes for the wealthy by $1 trillion and you cut spending by $1 trillion….you’re not affecting the deficit. If you cut taxes for the wealthy by $1 trillion and you cut spending by $4 trillion but you don’t say where you’re cutting – the people need to know which social programs you’re cutting that you’re using to partially pay for those tax cuts for the wealthy.
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