This week, progressives and liberal groups were up in arms, as President Obama considered cuts in the Medicare and Social Security programs in return for tax hikes on millionaires. Many groups have threatened to withdraw support in his 2012 re-election campaign.
In any kind of negotiations, I’m fully aware that considerations on the table are subject to be withdrawn at anytime. Any cuts need to be offset by an increase of income.
If anything, this tactic is designed to give Republicans a false sense of security. The GOP has been seen as defending the rich. The middle class has been decimated over the last 30 years by government cuts. We’ve seen exactly the fruit of what years of GOP legislation and de-regulation has done. A respite from the Clinton years generated a surplus, only to be wiped out by George W. Bush’s 8 years.
Many of these millionaires have gotten fat off of Online Trading, Stock Trading and Mobile Trading. Those individuals who’ve made a million dollars or more should be subject to a higher tax than those who’ve made less. A simple Online Broker tax should be created to generate revenue. IRA Accounts should be exempt from such tax.
It’s important to note that nothing has been agreed to, yet. Progressives must keep an open mind to such talk and re-fute such rhetoric until the final outcome. They must also consider the alternative if the GOP takes back the White House. All Republicans candidates running for office are ready to go back to the failed policies of the previous administration.
In order to be successful, President Obama must stay the course and refuse any opposition to increased taxes. Republicans have shown they’re not willing to compromise, unless they decimate the middle class further.