US President Barack Obama has proposed to raise taxes on the wealthy in his 2013 budget, prompting an election year spending showdown with Republicans.
The proposal includes $1.5 trillion (£950bn) in new taxes, much from allowing Bush-era tax cuts to expire.
He will also call for a Buffett Plan tax hike on millionaires, as well as infrastructure projects.
Republican Presidential candidate Mitt Romney has already gone on record calling this plan an “insult to American taxpayers.” I suppose he is right to some degree. The plan is likely to offend many (if not most) of the 1%; and they are American taxpayers. However, their contribution to tax revenue is so small when compared with the rates sustained by the 99% that it is clear that Romney is looking through the wrong end of the telescope.
The question is whether or not the 99% will rally behind Obama for finally taking such definitive action. After all the Republicans have so much control in the Congress that Obama’s move is tantamount of requesting a vote of confidence over the entire Legislative branch. Recent polls seem to indicate that one would need a microscope to find any such confidence these days, so basically Obama is creating a situation in which the 99% will feel as if they have a significant stake in voting in November. Nevertheless, the 1% have the money to spend on maintaining their current power grip on the country; and we can expect that the propaganda engines of the consciousness industry are already rolling. Will the 99% be fooled by such machinations? I sure as hell hope they won’t!