Who pays for the $447 Stimulus Two legislation Obama is using to score points "with the people ?"

Updated for content 1:30 am 9/13/11

Who pays for the $447 billion Stimulus Two bill? Here is what we think we know about this bill, to date:

• Obama puts limits on itemized deductions and certain exemptions on individuals who earn over $200,000 and families who earn over $250,000, which would raise roughly $400 billion over 10 years.
• He proposes to treat carried interest earned by investment fund managers as ordinary income rather than taxing it at capital gains rates, which would raise $18 billion.
• He eliminates certain oil and gas industry tax breaks that would raise $40 billion.
• He makes changes in corporate jet depreciation rules that would raise $3 billion.

Note that all the hub-bub about the rich, private jet owners, accounts for less than 1% of the cost of this new Stimulus. All that talk and, then, next to nothing !! What makes this even more ridiculous is the fact that the first Stimulus created the depreciation guide lines that Obama now opposes.

Also, note how Obama moves from "taxing the millionaires and billionaires" of this country to taxing everyone earning $250,000 a year, hardly "millionaires and billionaires." In fact, The taxation of all who make 200,000/250,000 dollars per year represent more than 70% of all the jobs creators in this country. What is not apparent to many, but is a very real part of these "exemptions," is the fact that much of these exemptions are for contributions to non-profit organizations that give aid to the poor. This is nothing short of a power grab by Obama. It is a documented fact that Obama has opposed faith based and privately funded entities that give to the poor from the very beginning of his administration. He believes that this is or should be the work of the Federal Government as it redistributes wealth.

If this were the first time for such legislation, that would be one thing, I suppose. But to try to do this again, is a disgrace. One wonders just just how the man looks us all in the eyes and pretends that he is doing something new, that he is doing something significant, that he is doing "something" at all !!!!

Finally, understand that the "middle class" includes folks who make $200,000 per year. Who in the world put these people in the same class as millionaires and billionaires, anyway? A person making $200,000 per year is paying $100,000 in federal, state, sales and other taxes. Now, if you put those who make $100,000 after taxes in a class other than "middle class," well, you are a socialist/communist sympathizers without doubt.