Obama and his redistributionist socialism gets better and better.
Today it is the Buffett Rule and $1.5 Trillion in new taxes to share the wealth around.
Key features of Obama’s plan, as described by senior administration officials Sunday evening:
- $1.5 trillion in new revenue, which would include about $800 billion realized over 10 years from repealing the Bush-era tax rates for couples making more than $250,000. It also would place limits on deductions for wealthy filers and end certain corporate loopholes and subsidies for oil and gas companies.
- $580 billion in cuts in mandatory benefit programs, including $248 billion in Medicare and $72 billion in Medicaid and other health programs. Other mandatory benefit programs include farm subsidies.
- $430 billion in savings from lower interest payment on the national debt.
By adding about $1 trillion in spending cuts already enacted by Congress and counting about $1 trillion in savings from the drawdown of military forces from Iraq and Afghanistan, the combined deficit reduction would total more than $4 trillion over 10 years, senior administration officials said.
The proposal is dead on arrival in the GOP House but the President does not care because this proposal is to fire up his base of Far Left Democratic supporters as he gears up for re-election.
Senate Republicans are already using the Obama missive as a wedge issue, insisting that Democratic Senators running for re-election next year take a position on the Obama plan. I doubt Harry Reid will take up the matter even if it made its way to the Senate.