This, from the Wall Street Journal:
High-wage earners, Wall Street hedge-fund managers, oil-and-gas investors, corporate executives, well-to-do seniors and Washington lobbyists all take hits in President Barack Obama’s budget plan.
The budget winners include middle-class families, low-wage workers, lower-income retirees, veterans, preschoolers, college students and the homeless.
Now I guess we all have to decide where on that we stand.
P.S. From a WSJ columnist, it’s worth remembering this:
This is the sort of thing that might set off a bit of class warfare — except that, in this case, the class being hit includes an awful lot of Obama supporters. In last November’s voting, exit polls showed, Mr. Obama actually won a majority of the votes from Americans in families making $200,000 or more annually. He got 52% of their votes, compared with 46% for Republican John McCain.
Interestingly, Mr. McCain won among Americans making $100,000 to $200,000. Mr. Obama’s support was a bit like a barbell — bulging among the poorest and wealthiest at either end of the income spectrum, and narrower in the middle.
2 thoughts on “The Obama budget in a nutshell”
Taxing the rich at 100% won’t pay for Obama’s budget. The Wall Street Journal has reported that taxing the rich at 100% won’t pay for Obama’s budget. Barack Obama promised not to raise taxes on anyone making under $250,000 per year. Where is he going to get the money? The numbers indicate Obama will need to take 100% of the income of everyone making over $75,000.
I saw that article, too. I’m not 100% pleased with the Obama budget. I want the numbers to add up. But I am more than happy with the general trade-offs made in the budget.