Barack Obama once again wants to destroy the American economy and job market by taxing America’s wealthiest people to the tune of $320 billion. His proposal includes changing the capital gains tax and eliminating the exemption for inheritance tax. He wants the government to be able to claim nearly half of any inheritance when a wealthy person dies. It’s his way of destroying the wealthy class and plunging them downward.
Many have warned Obama that taking so much money out of the pockets of the wealthy will hurt the economy. These are the people that own many of the companies and businesses that employ millions of Americans. If Obama takes more money out of their pockets, they are less likely to expand their businesses or give their employees raises. Some of them will probably end up cutting expenses and the main expense that is controllable is payroll. Hours and jobs will be lost if the wealthy are tapped for $320 billion more than they are already paying in taxes.
White House Senior Advisor Dan Pfeiffer appeared on Face the Nation over the weekend. Host Bob Schieffer frankly asked Pfeiffer:
“Do you in any way, shape or form believe that a new Republican Congress is going to do what a Congress that had Democrats and Republicans in control would not do? I mean, is this for real? Do you really think there is a chance that something like this could pass?”
It appeared that Pfeiffer was somewhat surprised by the question, responding:
“I think in divided government each side should lay out their agenda, what they think is in the best interest of the country and then figure out if there are things in the middle we agree on.”
In other words, Obama may have started with a high figure with hopes of being able to get the Republican controlled Congress to compromise on a lower figure. I also can’t help but recall that on more than one occasion, Obama has blatantly stated that he will veto any bill that comes across his desk that does not contain the provisions that he wants. That’s his form of compromise and always has been. He demands that Republicans compromise by giving in to his demands and generally Speaker of the House John Boehner does that very thing. Asking Obama to compromise with Republicans is completely out of the question.
The way I see it, there will be a standoff between Obama, Boehner and McConnell. We know Boehner will capitulate so our only hope is that McConnell will stand his ground in the Senate. If Republicans send the bill to Obama’s desk without the amount of tax increases he wants, let him veto it as it would mean no tax increases on the wealthy which is not what Obama wants. It seems that on this matter, the Republicans have the upper hand if only they would realize it and play it.