As predicted in earlier posts, the Obama budget takes the deficit to almost $2 trillion as spending program after spending program is announced.
This New York Times article gives us an early look at how the Obama administration plans to re-distribute wealth in this country. This is SCARY CHANGE.
This is not what our economy needs right now.
In a document summarizing its proposals, the White House said it would finance coverage for the uninsured in part by “rebalancing the tax code so that the wealthiest pay more.”
Even more amazing is they are suggesting this change:
To finance health care reform, administration officials suggested to senior aides in Congress on Wednesday that revenues could be raised by ending the policy of excluding the value of employer-provided health insurance from income taxes.
This would be a major tax increase on all Americans — regardless of their income level.
As spending programs are announced is anyone wondering how we will pay for this?