In the following Fox news interview of an accountant and a CEO of a business, a tape of Obama speaking to an audience at the White House is played a number of times. On the first showing Obama says “raising taxes on millionaires and billionaires, using the pre-Bush tax cut rates, will raise hundreds of billions of dollars and solve the debt crisis”.
Upon hearing this the CEO says raising taxes on those whose income is over $250,000 using pre-Bush tax cut rates would bring in only $82 billion assuming those taxed did not change their business habits after the raise; in addition some of the businesses might fail and others would not be able to hire new employees.
Note how clever but dishonest Obama is, in saying millionaires and billionaires, surely knowing full well he is fooling people who think he means those whose income is in the millions and billions, not realizing his definition of millionaire is one with income exceeding $250,000. Then in a matter of seconds Obama himself proves this point by saying “the 98% of taxpayers who earn less than $250,000 will not have their taxes raised at all (and he emphasizes this point). It’s not clear if he realizes he has just in effect said that the 2% earning more than $250,000 are the millionaires and the billionaires. But no matter, Obama must really think that a significant majority of people are dumb and won’t catch the misleading play on words.
The truth is that about 27 million small business owners who would be hit by this tax are operating on a razor thin profit margin of about 3%; Profit = (income minus expenses which can be substantial if employees are hired). Thus, barring any kind of relief, his profit margin becomes too low to continue, leading to business failure or having to reduce the number of employees, which in turn leads to decreased production and smaller income. Eventually a lower income may mean the businessman may not be able to pay fixed or possibly rising costs to maintain his family and the business, leading to another business failure and jobs lost by his employees.
Either Obama just isn’t smart enough to figure this out or he has a hidden agenda to destroy the private business base of this country and turn America into a socialist or welfare state. We are almost there when we consider that approximately 50% of our taxpayers don’t pay any net taxes at all; this means that whatever these people may pay to the government by way of taxes, including social security, is less, and in some cases considerably less than what they receive back from the government in food-stamps, all kinds of welfare payments, and even earned income credits when they do their taxes.
Think about your own situation; do you currently receive from all government sources more than you currently pay the government? Consider all kinds of hidden taxes you pay but also all the specials credits, allowances, welfare, etc., you receive If we all do this, myself included, we might see what trouble this country is really in and what has to be done to fix it?
http://video.foxbusiness.com/v/1083676608001/obamas-phony-roi/
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