WSJ: Obama Budget Plan Entails Tax Hike for Middle Class

Thursday, 06 Sep 2012 11:05 AM

By Newsmax Wires

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
President Barack Obama repeatedly stresses that he will avoid raising taxes on the middle class, while Republican presidential nominee Mitt Romney will do the opposite.

But that’s not the way it would pan out, according to a Wall Street Journal editorial. The paper’s editors rebut the president’s claim that boosting taxes for the wealthy is enough to curb the budget deficit.

“The rich aren't nearly rich enough to finance Mr. Obama's spending ambitions,” The Journal’s editors write. “Sooner rather than later, Washington will come for the middle class, because that's where the real money is.”

As for the budget plan of Romney and his running mate Paul Ryan, Obama is disingenuous in his criticism, the editorial argues. “Mr. Obama likes to say that Messrs. Romney and Ryan ‘know their economic plan is not popular.’ Perhaps he can read minds, but at least they have a plan they're willing to put before voters. The president knows that voters won't like his, which is why he isn't honest about it.”

Obama’s 2013 budget document acknowledges that the plan would cause the government’s fiscal position to “gradually deteriorate” after 2022. The budget deficit would rise for the next 75 years and the debt-to-GDP ratio would ascend to record levels, the document says. “In other words, Mr. Obama's budget does not change the spending and debt trajectory,” the editorial states.

Ryan has brought these unpleasant facts into the open, Journal editors write.

“Mr. Ryan's major contribution has been to expose the illusion that Mr. Obama's re-election campaign rests on: pretending that raising taxes on a few thousand ‘millionaires and billionaires’ can fund an ever-growing government.”




© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Supreme Court Won't Stop Gay Marriages in Florida

Friday, 19 Dec 2014 19:05 PM

Same-sex weddings may soon begin in Florida after the U.S. Supreme Court refused to block them.The court said Friday it  . . .

Bergdahl Investigation Wraps Up; Top Leaders Get Briefings

Friday, 19 Dec 2014 18:23 PM

The Army has finished its investigation into how and why Army Sgt. Bowe Bergdahl disappeared from his base in Afghanista . . .

Obama Signs Defense Spending Bill Including Training of Syrian Rebels

Friday, 19 Dec 2014 18:08 PM

President Barack Obama on Friday signed into law a massive defense policy bill that endorses his plan to fight Islamic S . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved