Cliff Notes

3

January 3, 2013 by Ish

President Obama cut a video, distributed by his re-election organization, Obama for America, to once again hammer on his theme that “wealthiest” Americans still aren’t paying their “fair share” and outlining his second-term agenda ranging from environmental policy to gun control.

The Obama for America campaign commercial — because that is what it is — started by celebrating the tax increases — “making our tax code more progressive than it’s been in decades,” he said — that will take place because of the fiscal cliff deal. The more progressive tax code that the President and fellow Democrats are cheering today is actually just the Bush tax rates made permanent for 98% of the public… Which the GOP couldn’t even do when they controlled both houses of Congress and Dubya was in the Oval Office. So, there’s that…

The bill also doesn’t make any real cuts to federal spending, merely postponing sequestration for two months, and raises payroll taxes across the board! So, not only the middle class and working poor are going to be bringing home smaller paychecks (the 2% tend not to pay FICA taxes after all) it doesn’t fix the cliff problem, just puts it a further eight or so weeks out. BOHICA, baby.

But my favorite two gems (so far) in the American Taxpayer Relief Act of 2012 is that while raises taxes on individuals making $400,000 or more, the tax increase for married couples filing together is $450,000. That’s right, if you’re a moderately wealthy married couple Congress and the President have just handed you a $350,000 incentive to get a divorce. I predict a lot of tax attorneys are going to be studying up on family law between now and April 15th. The other little gem? This all-important legislation nearly go in the way of Obama’s Hawaiian vacation, so he had a robot sign it. Perfectly legal, of course, but savor the imagery…

Larry Corriea, best-selling author and the world’s most heavily armed CPA, shared this hand graph from the Blaze which shows what a difference the American Taxpayer Relief Act of 2012 will make on the federal government’s fiscal woes:

3 thoughts on “Cliff Notes

  1. Stuart the Viking says:

    So the “Taxpayor Relief Act”, the one that is supposed to keep our economy from going off a fiscal cliff, turns out to be more taxes for EVERYONE (with a little extra kick for the rich, because you know “ITS ONLY FAIR!”), more government spending that we can’t afford, and on top of all that, just kicks the can down the road for a mere 4 weeks. What then? More taxes? More spending?

    And my fellow Americans (any of them) are liking this?

    s

    • SamuelMarston says:

      Yes, some Americans actually like this. I don’t get it either.

    • Jake says:

      If you redefine “the rich” to include anyone drawing a paycheck, then Mr. Obama’s tax program sticks it to the rich. So in certain lights he isn’t lying about that.

      If you take the view that the US being a wealthy, hardworking nation is unfair, then Mr. Obama’s spending program will make that situation more fair soon enough.

      As for other Americans liking this plan… Well, if Facebook is to be believed, it’s a plan put forward and supported by Mr. Obama, so it must be good. I mean, he’s not an evil Republican, so you can trust him to not spend dump trucks of money on projects he doesn’t understand, or give huge kickbacks to his wealthiest campaign supporters, or restrict people’s rights to satisfy part of his base. He’d never do anything like that!

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