Buyers Remorse: Obama voters change minds after payroll tax hike...

Buyers remorse...

Via Twitchy: 

House Republican leader Boehner ends debt talks with White House

Boehner told President Obama to take his tax hikes and shove them them. Republicans will have no part of it.

House Republican leaders have called off negotiations with the White House over a broad deficit reduction deal tied to an increase in the federal debt limit and will begin exclusive talks with Senate leaders to avert a government default on Aug. 2, Speaker John Boehner (R-Ohio) announced Friday.

Boehner told House Republicans in a letter that President Obama is “adamant” about raising taxes and would not agree to “fundamental changes” to entitlement programs.

“For these reasons, I have decided to end discussions with the White House and begin conversations with the leaders of the Senate in an effort to find a path forward,” Boehner wrote in the “Dear Colleague” letter.

Republicans Defeat "Sock it to the rich" Tax Hike Plan

Republicans voted unanimously against the plan. They were joined by four Democrats.

WASHINGTON — The Senate on Saturday rejected President Obama’s proposal to end the Bush-era tax breaks on income above $250,000 for couples and $200,000 for individuals, a triumph for Republicans who have long called for continuing the income tax cuts for everyone.

The Senate also rejected an alternative proposal, championed by Senator Charles E. Schumer, Democrat of New York, to end the tax breaks only on income exceeding $1 million.

Only One Broadcast Network Mentions Debt Commission $961 Billion inTax Hike Number

Only one of the three major broadcast networks mentioned Obama's debt commission was proposing $961 billion in tax hikes. Is anyone surprised?

MRC reported;

That night, CBS’s Chip Reid was the only reporter to point out that “overall taxes would increase because many popular tax breaks would be slashed.” One of the tax breaks in jeopardy: the home mortgage interest deduction. Reid cited the $961 billion cost estimate (over 10 years) from Americans for Tax Reform in his “Evening News” report.

Democrats sock-it-to-the-rich tax hike will only cover deficit for 9 days a year

President Obama and Democrats don't think the wealthy are paying their fair share of taxes. They want to let the Bush tax cuts expire for the top 2% of wage earners. The top 1% now pay 40% of all Federal Income tax. Obama and Democrats plan to hike taxes on those making more than $250,000 a year. Many small businesses fall in that category. House Speaker Nancy Pelosi claims 97% of small businesses would have no change in their tax.

This would mean no tax change for 98% of American families and at least 97% of small businesses.

The claim 97% of small businesses would not be affected is disingenuous. It depends on how you classify a small business. The numbers Democrats tout include every part-time blogger, after work yard business and housewife with an eBay store. These are not the small businesses that are stimulating the economy and providing jobs. If you look full-time small business owners, 48% will be hit by the tax increase. They will likely reduce employees to cover this tax hike and reduce the expected revenue benefit. Oh and about that expected benefit. Annually, it will only cover 9 days of the federal deficit under optimistic projections.

NRO reported:

“Raising taxes on the top 2% of households, as Mr. Obama proposes, would bring in $34 billion next year: enough to cover nine days’ worth of the deficit,” notes The Economist. So that is what all the political fuss about extending the Bush tax cuts for another year is all about. Does this make any sense? After all, errors in estimating next year’s revenues are typically much larger than $34 billion. (emphasis mine)