Take a good look at where the taxable money is. Click on the image:
President Obama and the Democrats in Washington, DC are lying to you. It is impossible to pay for their insane levels of spending by taxing “the rich.” The rich don’t have enough money to pay for that spending binge, even if the federal government confiscated their every last dime. The IRS data is beyond dispute. If he insists on the current insane level of spending, Barack Obama will have to raise massive amounts of taxes on the middle class to pay for it.
He’s lying and he knows it. Standard & Poor’s just downgraded the U.S. Government’s credit outlook to “negative” for the first time in history, and it’s all because the fools in Washington won’t stop spending. This is awful, awful news.
As I said before, it’s too late to fix our enormous deficit without pain. We can either feel some pain now and fix the problem, or we can keep living in Obama’s fantasy land until we experience incredible pain a little bit later. Take your pick.