This proposal is utterly ridiculous. Another word for it might be "fucktarded."
1. Buffett is a hypocrite. His estate planning is vast and for one purpose: To prevent the government from getting his money when he dies.
2. This is not a tax increase on just millionaires and billionaires and hedge fund managers. That's focus group-driven nonsense. This is a tax increase on people making more than $250,000 a year. That's upper middle class and above. That includes thousands if not tens of thousands of small businesses. It creates yet more uncertainty. These businesses are already looking at January 1st, 2013 and thinking about if they can hire workers with the countdown to automatically higher taxes ticking away. Now they have even more uncertainty because Obama is out there rattling his class warfare saber.
3. How does raising taxes help job creation? It obviously doesn't. Ever.
4. Obama has repeatedly stated in 2008 and 2009 that "raising taxes during a recession is bad economics."
He even stated he was willing to extend the Bush tax cuts during a recession. Now, he's doing exactly what he claimed to be against. The economy may not technically be in recession according to the GDP numbers, but it's certainly in a virtual recession to say the least
5. This new revenue and deficit plan is full of gimmicks from war savings. It raises taxes $3 for every "cut" in spending. Again, it's focus group-driven, poll-tested class warfare drivel...and nothing more.
6. I'm really starting to think that Obama is stupid, or at least has unbelievably bad judgement. Let's put this in its most basic terms: We're about a year away from an election and he's proposing a huge tax increase.
What? I mean, I know he think he's got the right verbiage and political skills to get people to blame the rich for their problems, but really...proposing a huge tax increase at this point in the election cycle...after his 2010 shellacking? After losing the Weiner seat in a 3:1 Dem district? That's craziness. Bush 41 reluctantly agreed to some minor tax increases after promising "no new taxes," and it was one reason he got beaten in his reelection bid (at the time he had a high approval rating). This President is now a 30 per-center, and he's actually proposing a very large increase. Wow.
7. I don't know if it's that Obama really thinks his policies will work, or if he's got another agenda. Putting the conspiracy theories aside, even the former is mind boggling. It seems to me he actually believes that he did everything right but just got "unlucky." The results are clear, but apparently he's committed to following through on the definition of stupidity. We're going to have more stimulus! More taxes! Infrastructure!
This guy becomes more of a disaster by the day. I'm actually taken aback at how bad at governing he's turned out to be. Conservatives can't stand him. He's lost moderates in droves. Even the liberals are said to be planning a primary challenge.
He's on fire and it's raining gasoline.