Thursday, December 9th, 2010 10:58:59
The Obama Administration’s Flawed Foundation
Whose money is it anyway? The government’s money or the people’s money?
The answer to this seemingly simple question is important.
“Republicans have a different view,” Barack Obama noted Tuesday when remarking on the tax cut and unemployment extension compromise. “They believe that we should also make permanent the tax cuts for the wealthiest 2 percent of Americans. I completely disagree with this. A permanent extension of these tax cuts would cost us $700 billion at a time when we need to start focusing on bringing down our deficit.”
Is the $700 billion the people’s money or the government’s money?
The truth is that an increase in the tax rates would cost the American people $700 billion in additional payments to the government.