Once Again, the truth about the tax increases on “millionaires and billionaires” and those couples making over $250,000

Yes, I know.

I have covered this topic before.

I have explained numerous times that these tax increases are not just on the “rich.”

While this message appears to be getting lost, I take comfort that others, with a much larger audience, are trying to get the point across. Here is Rick Santelli from CNBC explaining the dishonesty of the supposed rich being taxed more.

The idea of setting up a specific fund for the revenue from the tax increases aimed at the sole purpose of deficit reduction is a good idea. Although one that will never happen, since this would prevent the President from using 75% of the funds from the tax hike for new spending. From the Weekly Standard:

According to the minority side of the Senate Budget Committee, $1.2 trillion of the proposed $1.6 trillion in tax hikes would go toward new spending, while only $400 billion would go toward deficit reduction.

“The [president’s] plan called for $1.6 trillion in new taxes, twice what the president asked for in the campaign. He asked for $800 billion during the campaign. Now he wants $1.6 trillion in new taxes,” said Senator Jeff Sessions, the ranking member on the Senate Budget Committee, last week on the floor.

“Spending under that plan would increase $1 trillion above the levels agreed to in the Budget Control Act, as signed into law. We agreed to the Budget Control Act 16 months ago, in August 2011, and we raised the debt ceiling and agreed to reduce spending. We raised the debt ceiling $2.1 trillion and agreed to reduce spending $2.1 trillion. The President’s plan would take out over $1.1 trillion of those spending limitations that are in current law. I repeat, spending will increase more than $1 trillion above the already projected growth in spending,” Sessions added.

Let us not forget the pretty little pie chart:

Tax increaes fund spending not deficit reduction

But according to 50 percent of the public, it’s the Republicans who are being unreasonable.

I don’t know what else to say.

I just don’t know.

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