Today's Wall Street Journal posted its analysis of President Obama's budget speech. The speech was given in response to Paul Ryan's budget plan to balance the budget. Unfortunately it was a political speech, not a serious budget plan.
The Wall Street Journal reported:
"Mr. Obama did not deign to propose an alternative to rival Mr. Ryan's plan, even as he categorically rejected all its reform ideas, repeatedly vilifying them as essentially un-American. "Their vision is less about reducing the deficit than it is about changing the basic social compact in America," he said, supposedly pitting "children with autism or Down's syndrome" against "every millionaire and billionaire in our society." The President was not attempting to join the debate Mr. Ryan has started, but to close it off just as it begins and banish House GOP ideas to political Siberia."
The Journal concluded:
"Mr. Obama ludicrously claimed that Mr. Ryan favors "a fundamentally different America than the one we've known throughout most of our history." Nothing is likelier to bring that future about than the President's political indifference in the midst of a fiscal crisis."
The best way to understand the tax code is to see who is actually paying the taxes.
The above chart is from a site called American.com. It is the website of the American Enterprise Institute. The chart below from the same site shows the effect that lowering capital gains taxes had on the revenue generated from those taxes during the years 2002 to 2007.
Lowering taxes does raise revenue. President Obama lied. It's that simple.
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