Tuesday, March 2, 2010

House Majority Leader Steny Hoyer "... if you’re going to buy, you need to pay"

What Majority Leader Hoyer (D-Md.) really meant to say was, if President Obama and Democrats are to have any hope of continuing their record-breaking speeding spree, Americans are going to have to pay in the way of higher taxes.

The Hill reported:
Tax increases may be necessary to rein in $12 trillion in federal debt, House Majority Leader Steny Hoyer (D-Md.) said Monday.

Hoyer emphasized the need to reform Social Security and Medicare, but he also made it clear that raising taxes will have to be on the table.

“No one likes raising revenue, and understandably so,” Hoyer said in an address at the Brookings Institution. “But if you’re going to buy, you need to pay.

Barack Obama ran on a campaign promise to never raise any middle-class taxes. The 'sock it to the rich' strategy will only take you so far. The top 1% of taxpayers already pay over 40% of federal income tax. The bottom 40% of Americans don't pay any federal income tax. They actually pull money out of the system through refundable tax credits and President Obama wants to expand these credits. The whole secret purpose of President Obama's new debt reduction commission is to provide political cover for him to raise some taxes on those making less than $250 thousand a year. Republicans know this and they are not cooperating very well with President Obama about this commission.

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