Obama's Budget Speech Shows his Unyielding Ideology

From washingtonexaminer.com - President Obama on Wednesday declared himself "honest about what's causing our deficit" and ready to face "tough choices." Yet he insisted on "protecting" his administration's "investments in the future." While "spending in the tax code" might sound odd, it actually exists. For instance, the "Investment Tax Credit" for renewable energy is available to corporations even if they owe no taxes, and is often paid in the form of a check from the U.S. Treasury to those companies that are doing what Obama wants them to do. The Earned Income Tax Credit is the poor-man's version of this -- a welfare payment from the Internal Revenue Service. But Obama wasn't talking about eliminating these "tax expenditures." When he spoke of lowering "spending in the tax code," it was in the context of his desire to raise rates for upper-income Americans. Under Bill Clinton, the top tax rate was 39.6 percent, but today it's 35 percent. That extra 4.6 percent of income that a successful American gets to keep -- to Obama that counts as "spending" by the government. More News New Mexico


Anonymous said...

The last time this man was honest was when he told Joe "The Plumber", "...I want to spread the wealth..." Since then it's been a charade of deceptions and untruths on virtually every public policy decision. He might be an ok guy but he's been a lousy, ineffective and indecisive president. His lack of experience and fundamental knowledge of the capital markets is crippling this country's economic recovery efforts. He's an impediment to a full recovery not a facilitator.

If any of us thought we were on the road to recovery just wait until we approach $5.00 a gallon gasoline. I'm hoping that WHEN this happens we're in the full swing of the election campaign so we can be rid of him for sure. If we don't open up every possible avenue of domestic oil production we're headed right back to a mini 2008. This man is ideologically incapable of making decisions that will head off the next energy/economic crisis facing us. The certainty of continued political and social upheaval in the Middle-East is undeniable. This man seems to be either ignorant of the impact on the commodity markets or he's ideologically conflicted with making policy decisions that might help to prepare us. You can take your pick.

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