Obama Does the Tax Limbo, Again

September 16, 2011

As Democrats’ Income Threshold for their Job-Destroying Tax Hikes Drops Lower, the Question is Who’s Next?

After years of promising that he wouldn’t raise taxes on those earning income below his magic income threshold of $250,000 a year, President Obama broke his promises by announcing he’d like to pay for more government spending and failed stimulus with tax increases on those making $200,000 or more.
We’ve seen this movie before, and it doesn’t end well for families and job creators. Near the end of the 2008 presidential campaign, Obama and then-Sen. Joe Biden lowered their income threshold for tax increases from $250,000 a year to $200,000, and then lowered it again to $150,000. Who’s next?
Even as the president breaks his tax pledge, Democrat Nancy Pelosi is rushing to his defense, claiming that there is “unity in the Democrat caucus” over the president’s new stimulus.

BACKGROUND

After years of promising that he wouldn’t raise taxes on those earning income below his magic income threshold of $250,000 a year, President Obama broke his promises by announcing he’d like to pay for more government spending and failed stimulus with tax increases on those making $200,000 or more:

OBAMA PROPOSES NEW TAX HIKE, LOWERS TAX THRESHOLD TO $200,000: “To pay for his $447 billion jobs bill, President Obama is once again proposing an assortment of tax increases on wealthy individuals and corporations. … The bulk of the additional tax revenue under Mr. Obama’s proposal would come from the wealthiest 1.5 percent of taxpayers — individuals with adjusted gross income over $200,000, families with more than $250,000 — who would face new limits on their itemized deductions for such things as charitable contributions and state and local taxes.” (David Kocieniewski, “Tax Plan for Jobs Bill Has Familiar Ring,” The New York Times, 9/13/2011)

SEP. 15, 2010: OBAMA DEFENDED $250,000 TAX THRESHOLD: “Right now, we could decide to extend tax relief for the middle class. Right now, we could decide that every American household would receive a tax cut on the first $250,000 of their income.” (“Remarks by the President on Small Business Jobs Bill,” White House, 9/15/2010)

We’ve seen this movie before, and it doesn’t end well for families and job creators. Near the end of the 2008 presidential campaign, Obama and then-Sen. Joe Biden lowered their income threshold for tax increases from $250,000 a year to $200,000, and then lowered it again to $150,000. Who’s next?:

JULY 2008, THEN-SEN. OBAMA: “IF YOU MAKE $250,000 A YEAR OR LESS, WE WILL NOT RAISE YOUR TAXES. WE WILL CUT YOUR TAXES.”(Remarks from Barack Obama, Powder Springs, GA, 7/8/2008)

OCTOBER 25, 2008 OBAMA AD: “IF YOU HAVE A JOB, PAY TAXES AND MAKE LESS THAN $200,000 A YEAR, YOU’LL GET A TAX CUT.” (“Defining Moment,” Obama Ad, 10/25/2008)

OCTOBER 27, 2008, JOE BIDEN: $150,000 IS THE REAL THRESHOLD: “Spreading the wealth was not–he was talking about is all of the tax breaks have gone to the very, very wealthy. For example you have right now, this year, under the old tax policy that was just that was put in by George Bush, people making an average 1.4 million a year, good people, decent people, patriotic they’re going to get an $87 billion tax break. What we’re saying is that $87 billion tax break doesn’t need to go to people making an average of 1.4 million, it should go like it used to. It should go to middle class people — people making under $150,000 a year.”(Joe Biden, Interview With WNEP Scranton, 10/27/2008)

OBAMA CAMPAIGN AIDES WENT INTO SPIN MODE: “Biden aides say his comments were actually consistent with Obama’s tax plan — people under $150,000 get a cut, and people making up to $250,000 stay the same.” (Mark Murray and Mike Memoli, “$150,000 Vs. $250,000,” MSNBC’s “First Read” Blog, Posted 10/28/2008)

AND WE CAN’T FORGET THIS OBAMA LINE, FROM MARCH 2008: IF YOU MAKE LESS THAN $75,000, YOU’LL GET A TAX CUT: “I would not increase taxes for middle class Americans and in fact I want to….provide a tax cut for people who are making $75,000 a year or less,” he said. “For those folks, I want an offset on the payroll tax that would be worth as much as $1,000 for a family.” (Andrew Malcolm, “Barack Obama Thinks Higher Taxes Are a Good Thing,” Los Angeles Times, 3/27/2008)

Even as the president breaks his tax pledge, Democrat Nancy Pelosi is rushing to his defense, claiming that there is “unity in the Democrat caucus” over the president’s new stimulus:

DEMOCRAT LEADER NANCY PELOSI: “OUR CAUCUS IS VERY UNIFIED” ABOUT OBAMA’S NEW STIMULUS AND TAX HIKES. “Dem Leaders Pelosi adds ‘Our caucus is very unified about the American Jobs Act’ responding to ?s about some Dems not liking Obama plan” (Tweet from Kelly O’Donnell, NBC News, 9/15/2011)

OBAMA WISHES FOR A “MAGIC WAND” TO MAKE PELOSI “SPEAKER AGAIN”: “I wish I could wave my magic wand…Until Nancy Pelosi is speaker again…” (Dave Boyer, “Obama Targets Republicans Blocking Dream Act,” The Washington Times, 9/14/2011)