Obama says: “The Bush tax cuts blew a hole in the deficit.”
INCOME TAX REVENUES AFTER 2001/2003 “BUSH TAX CUTS”
2004: $809 Billion
2005: $927 Billion
2006: $997 Billion
2007: $1.10 Trillion
2008: $1.27 Trillion
INCOME TAX REVENUES AFTER FOUR YEARS OF OBAMA
2012: $1.16 Trillion
Income tax revenues are actually 40% HIGHER today than BEFORE the tax cuts of 2001 & 2003.
Obama says: “Asking the wealthiest among us to pay a little more will close the deficit.”
The current annual budget deficit is about $1.3 Trillion. (It was “only” about $400 Billion when Obama took office!)
People earning above $250,000 now pay about 50% of all inciome taxes collected ($550 billion)
Obama’s “tax the rich” scheme will raise the rates for these people (mostly job creators!) from 36% – 39%.
Assuming that this does not further danage economic growth and decrease total revenues…..and assuming that spending will not increase in other areas, and assuming that the extra revenue (if there is any) will not be spent on something else, Obama’s proposal would only reduce the deficit from 1.3 to about 1.25. Then what???
Obama says: “I inherited a budget deficit caused by two wars and a prescription drug plan put on a credit card.”
Though it is true that Bush borrowed money to finance his wars and his Medicaid expansion scheme, the final Bush/Pelosi/Reid budget of 2008 – with the wars and drug plan included – “only” had a 400 billion dollar deficit. Furthermore, during his 4 year tenure as a US Senator, Obongo voted in favor of all four of the Bush/Pelosi/Reid budgets!
As President, Obongo’s deficits (created in conjunction with the Democrat Congress of 2009-2010) have averaged about 1.5 TRILLION annually. Obongo has multiplied the Bush deficit by a factor of FOUR!
Taking a Closer Look at the Stories Ignored by the Mainstream Media