Destroying America: Obama Has No Real Plan Other Than Class Warfare

"The case for the Buffett tax keeps eroding. When President Obama announced the idea, he said it would help "stabilize our debt and deficits over the next decade." Then came the inconvenient revelation that the new 30% millionaire's tax would raise only $46.7 billion over 10 years, and would leave about 99.5% of the deficit intact in 2013. It was a far cry from "stabilizing the debt."

Now we learn that the Buffett tax the Senate is expected to vote on early next week will make the deficit worse. That's because both Mr. Obama and Senate Democrats have made it clear that their new "fairness" tax is to offset the revenue loss from another provision related to the Alternative Minimum Tax.

The Joint Tax Committee—the official scoring referee on tax bills—calculates that the combination of AMT repeal for the middle class and the Buffett tax would add $793.3 billion to the debt over the next decade. As Mr. Obama has said, "This isn't politics, this is math."

According to the Congressional Budget Office (the same nonpartisan bean-counters who project that on Obama's current spending proposals the entire U.S. economy will cease to exist in 2027) Obama's Buffett Rule will raise - stand well back - $3.2 billion per year. Or what the United States government currently borrows every 17 hours.
So in 514 years it will have raised enough additional revenue to pay off the 2011 federal budget deficit. If you want to mark it on your calendar, 514 years is the year 2526. There's a sporting chance Joe Biden will have retired from public life by then, but other than that I'm not making any bets.

Let's go back to that presidential sound bite: "It will help us close our deficit."

As I previously pointed out, the "Occupy Wall Street" movement has been created & hijacked by the elite. Their self appointed leaders yesterday called for the re-election of Barack Obama and now are calling for new tax regulations that will do nothing to balance out the massive wealth of the rich elite and instead will target middle class America and small businesses. Even mainstream conspiracy sites are reporting about the infiltration when previously they totally supported the movement. My problem with them (Most of the "Alternative Media") is that this information linking the elites, Soros, Buffet and other far left wing groups, non-profits and think tanks has been easily available to anyone looking into it.

The Occupy Wall Street protesters are campaigning for the Obama administration to “Pass the Buffett Rule on fair taxation, so the rich pay their fair share.” This demand is posted on their own website.
The campaigners are demanding that the US Congress pass a bill backed by the Obama administration, which is comprised of Wall Street operatives and is a creature of Wall Street.

The “Buffett tax rule” will do virtually nothing to make the ‘filthy rich pay their share’ – it will only raise taxes for middle class Americans and middle class businesses.

As the Wall Street Journal reports, “Roughly 90% of the tax filers who would pay more under Mr. Obama’s plan aren’t millionaires, and 99.99% aren’t billionaires.” It is the middle class – not Warren Buffett or Wall Street corporations – who will be most hurt by the very policies the ‘Occupy Wall Street’ crowd are calling for.
Warren Buffett’s Berkshire Hathaway still owes taxes from 10 years ago. Buffet is the ultimate Wall Street insider – he is the third wealthiest person on the planet.

Buffet avoids billions in taxes because most of his interests are based offshore. Indeed, most top corporations pay virtually no income tax, not because of any law that isn’t in place, but because they have parked most of their wealth in offshore tax havens.

Buffett, aided by the Occupy Wall Street protesters who amplify his message, is volunteering the middle class, not himself, for a tax increase, that’s why the Wall Street-owned Obama administration is fully on board with the idea.
Full Article: [link to BLOGSPAM]