Obama’s Plan for Automatic Tax Increases

Posted on April 18, 2011

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Did you know that Obama had a plan to increase taxes automatically? I didn’t know about Obama’s plan. Apparently the MSM doesn’t know or doesn’t care. Worst of all, it would seem that our Republican’s in Washington are also unaware of Obama’s plan and that makes me FURIOUS!

Yesterday I received an E-mail from my friend Pat Slattery of The Free Market Project. Here is how Pat’s message began:

We’ve got the bastard now!  James Howe pointed Obama’s “debt failsafe trigger” out to me a few days ago.  Now Dan Mitchell and Powerline have posted on it.

 It’s the lynchpin, Jim.  I’m telling you, it’s the thing that is so obtuse about the man that it can get him defeated in 2012.  He truly believes that YOUR money belongs to the government.  His “debt failsafe trigger” is automatic TAX INCREASES if the government spends too much.  Not automatic spending cuts.  He’s completely revealed himself.  YOUR money belongs to him and the progressives.

So what is this “debt failsafe trigger” that John is talking about? Here are some excerpts from the article that Dan Mitchell published in his International Liberty blog on April 13, 2011:

Responding to widespread criticism of his AWOL status on the budget fight, President Obama today unveiled a fiscal plan. It already is being criticized for its class warfare approach to tax policy, but the most disturbing feature may be a provision that punishes the American people with higher taxes if politicians overspend

Called a “debt failsafe trigger,” Obama’s scheme would automatically raise taxes if politicians spend too much. According to the talking points distributed by the White House, the automatic tax increase would take effect “if, by 2014, the projected ratio of debt-to-GDP is not stabilized and declining toward the end of the decade.”

Let’s ponder what this means. If politicians in Washington spend too much and cause more red ink, which happens on a routine basis, Obama wants a provision that automatically would raise taxes on the American people.

You’re reading that correctly. Obama’s plan is that whenever government spending increases the ratio of debt to GDP, taxes will be automatically increased.  How’s that for audacity? So I am understandably furious; but not just at Obama.

Obama’s plan was unveiled on April 13.  Dan Mitchell wrote his piece the same day. Powerline picked-up the story on April 15 and John ran the story yesterday, April 17 and, I am running the story today , April 18. That is all to the good. This story needs to go viral. But I am pissed because I’m just hearing about this through the blogosphere. WHERE THE HELL IS OUR REPUBLICAN LEADERSHIP? This story should be on the lips of every Republican politician in America. I want to know why it isn’t!  Obama should be absolutely laughed out of Washington for proposing such a plan.

Pat Slattery thinks the Republicans could run an entire political campaign around this plan of Obama. I agree. Obama is trying to reinvent slavery or indentured servitude. It seems to me that Obama has handed the Republicans, on a silver platter, the perfect weapon to use against him in the coming elections. But, what do I know. I’m just a lonely blogger down here in Venezuela, trying to make sense out of what is happening to my homeland. What do you think?

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