The President has released a new plan to raise revenues in order to support progressive programs and reduce the deficit – and of course the new revenue raising mechanisms involve a slew of new taxes on the wealthy. What does Glenn think of the new proposal that is predicated on misinformation?
“The President wants to tax millionaires and hundred-thousandaires, calling it ‘The Buffet Rule’,” Glenn said on radio this morning.
“Anyone who is sane calls it class warfare.”
The headline announced $1.5 Trillion in new taxes, a headline that Glenn said should show how much trouble the country is in when everyone’s reaction is just “Yeah, that’s what the President is doing again.”
Pat was quick to point out that the whole tax was based on a lie, pointing out that when Buffett said he pays less in income tax than his secretary, what he really meant was he pains capital gains tax while she pays income tax. Capital gains is taxed at a lower rate.
In the article, the proponents of the plan point out that the US will save over a trillion dollars “just on reduced interest payments,”
“In what reality do you think our loans are going to get cheaper?” a dumbfounded Glenn asked.
Stu pointed out that interest rates are at a low point right now and they will more than likely rise. Glenn added that the plan reads like someone who goes out and racks up a lot of debt and then applies for a home loan but expects the interest rate to be low. It simply doesn’t work that way.
Look for more on the news of The President’s new economy and jobs plans in the days ahead.