Obama’s First Budget Seeks To Trim Deficit
Plan Would Cut War Spending, Increase Taxes on the Wealthy
By Lori Montgomery and Ceci Connolly
Washington Post Staff Writers
Sunday, February 22, 2009; A01
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President Obama is putting the finishing touches on an ambitious first budget that seeks to cut the federal deficit in half over the next four years, primarily by raising taxes on businesses and the wealthy and by slashing spending on the wars in Iraq and Afghanistan, administration officials said.
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Companies don’t pay taxes; people do. So raising the corporate tax is essentially a tax increase for everyone; poor included.
Rich folks have the ability to defer income and shit it and even “coast”. Watch how revenues “fail to appear”!
Ignores the lessons of Kennedy and Regan.
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