"We're gonna collapse. We won't have to worry about the rich...because there'll be no wealth," radio host Mark Levin warns about President Obama's new tax plan to raise $1.6 trillion over ten years.
On his radio program Wednesday, Levin said:
"[President Obama] says he wants to take - and this is his starting point - $1.6 trillion dollars out of the hands of the private sector. And the private sector is what hires and employs most people in this country, and creates wealth in this country. Not Obama.
"$1.6 trillion dollars over 10 years out of the private sector and give it to the government. In addition to the every year, almost $1 trillion dollars in that stimulus bill that just goes on each year. In addition to the increases across the budgets- the nonexistent budgets, but the budgets for the different departments- every single year.
"We're gonna collapse. We won't have to worry about the rich; we won't have to worry about the middle-class. There'll be no class, because there'll be no wealth.
"You bring down people who create things in this country- the productive people- you bring down everybody. There has to be people who raise the capital to make investments, who risk everything and create employment.
"That's how you create employment, that's how you create wealth and opportunity. People raising capital, investing it, reinvesting it, taking risks, expanding. And Obama says, 'Whoa, whoa, whoa. You've got too much money, that's not fair. We the government- we'll figure out what do with it.'
"And then, to make matters even worse, it will have zero impact on the debt. Zero.
"I'll give you an example. He talks about the top two percent. He wants $1.6 trillion dollars in taxes, right? Do you know the deficit this fiscal year, which started on October 1st, is likely to be $1.6 trillion dollars? Do you realize he's already spent the taxes he intends to raise, and raise over a ten- year period?
"He's draining this country from both ends. The massive deficit spending and the massive tax increase that he seeks. And, rather than trying to reform what's in the middle of government, he's expanding massively the government. Obamacare- just to name one.
"This is insane."