Posted by Moe Lane
“I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.”
…since any Social Security plan would probably preserve benefits for those nearing retirement, it would not help the administration achieve its goal of reducing the deficit to 3 percent of gross domestic product, from 10 percent, within a decade.
One way to reach that 3 percent goal, by the calculations of Mr. Obama’s economic team: a 5 percent value-added tax, which would generate enough revenue to simultaneously permit the reduction in corporate tax rates Republicans favor.
More on the VAT here. As ATR notes, the President has been trying to turn this read-my-lips into a pledge against raising income taxes. They want “President Obama to either immediately release the reported VAT calculations or deny such calculations exist,” although I don’t know why. Anything that we get from the man will just be another lie.
- Inspired by Clapton, Travis Tritt takes a stand for ‘freedom’ and cancels 4 shows over pandemic protocols - October 19, 2021
- Tucker marks Colin Powell’s passing by citing the meritocracy America once stood for, and how far we’ve fallen - October 19, 2021
- Passenger dubbed ‘Airplane Karen’ brings her own microphone to launch into midflight pandemic rant - October 19, 2021