Yesterday, Obama gave yet another version of his class warfare speech, trying to paint the GOP as the party of the rich, while he is actually someone trying to keep the middle class from paying higher taxes. Like just about everything else to leave his lips, it's all a complete lie. Sure, the usual useful idiots in the media will eat it up but for anyone who is actually aware of what taxes are scheduled to increase in the fiscal cliff (aka taxmaggedon) his speech is a joke, full of empty rhetoric. In this specific case what is important is what he didn't mention in his speech. If taxmaggedon comes to pass, a total of $494 billion in taxes will increase in 2013 (this is not a 10 year figure, that is the amount of taxes that will be sucked out of Americans pockets in just 1 year). The Bush tax cuts (which is what he wants to extend for the middle class) represent only $166 billion of that or 34%, Obama simply neglects to mention the other 66% of the tax increases set to hit on January 1. What about the 2% payroll tax cut worth $125 billion? Not a peep. Or the alternative minimum tax (AMT) worth $119 billion? Or how about the American Opportunity Credit which is a refundable tax credit for higher education expense or the expanded child tax credit, both of which came from the 2009 stimulus? Then of course there is $23 billion worth of tax increases through Obamacare, including an increase in the AGI floor from 7.5% to 10% for being able to deduct medical expenses. That doesn't just hit the wealthy, that hits anyone who has had the bad luck of having a major health issue during the year.
Funny how Obama doesn't mention all of these taxes that are going up next year in his speech and how they will impact ALL Americans, not just those he has chosen to target.