Midknight Review -- new and revised: Obama caught making up stuff about the uber rich.

President Barack Obama has declared that extending the Bush tax cuts for all taxpayers would mean giving tax cuts “to people who are making a million dollars up to more than a billion dollars.”

The problem with this statement is this: the IRS does not release any information of any type - budget reviews, financial summary statements, statistical summaries, etc., -- for wage earners making more than 10 million dollars a year. In other words, no one making a 100 million or 800 million or a billion or more dollars has ever been verified by the IRS. “We wouldn’t produce that,” IRS Spokesman Anthony Burke told CNSNews.com. “That would not be something we would [n]ever release. We would not do that.” Anything you hear or read otherwise, comes from sources not attached to the IRS.

Afternoon update: Obama continues to talk about the cost of a tax cut for the "rich." Two things are wrong with what he says. For starters, lumping those who make [gross income] $200,000 into the same category as those who make $500 million is beyond ludicrous. Those who make $200,000 "take home" no more than $100,000 after taxes paid to the State and the Feds. After taxes for the second category mentioned, the taxpayer still has more than $200 million. Think about that for a moment: $200 million versus $100, 000.

Secondly, the multi-millionaire presented above probably is a corporate businessman. His working capital is part of the corporation's set-asides. The $200,000 wage earner may be a small business owner who reports his income on his personal income tax forms - 40% of folks in this wage category are small business owners. If a small business owner, understand that a significant percentage of that "$200,000 " is in the form of investment/working capital for the coming tax year. Under Obama, this investment/working capital is taxed as income and the effect on future hires, increased inventories, and an expanding private sector business community is obvious.

We have passed the time in which we can blame the economy or Bush for the continuing failure in job creation. The blame is now on the shoulders of Barack Obama. It is his repressive, redistributive policies that are now putting pressure on the private sector.

The Stated Nonsense from the Left now includes these Progressive goals:

July 2, 2008, Obama had this to say: "We cannot continue to rely only on our military in order to achieve the national security objectives that we've set. We've got to have a civilian national security force that's just as powerful, just as strong, just as well-funded."

MICHELLE OBAMA: "Barack knows that we are going to have to make sacrifices; we are going to have to change our conversation; we're going to have to change our traditions, our history; we're going to have to move into a different place as a nation."

“ . . . . . . they have become a generation of activists possessed with that most American of ideas – that people who love their country can change it.” -- Obama the Radical

On September 30, Van Jones told MSNBC "I think everybody should hold onto your seats. October is going to be the turning point when it comes to the progressive fight back."

Midknight Review -- new and revised

Obama caught making up stuff about the uber rich.

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