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ONE TRILLION IN NEW TAXES - Obama love
Faxxer
Member Posts: 3,247
omg! this link isn't from fox news so you'd better tighten your buttox people!
http://blogs.abcnews.com/politicalpunch/2009/02/obamas-budget-a.html
Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011
February 26, 2009 12:00 PM
President Obama's budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.
1) On people making more than $250,000.
$338 billion - Bush tax cuts expire
$179 billlion - eliminate itemized deduction
$118 billion - capital gains tax hike
Total: $636 billion/10 years
2) Businesses:
$17 billion - Reinstate Superfund taxes
$24 billion - tax carried-interest as income
$5 billion - codify "economic substance doctrine"
$61 billion - repeal LIFO
$210 billion - international enforcement, reform deferral, other tax reform
$4 billion - information reporting for rental payments
$5.3 billion - excise tax on Gulf of Mexico oil and gas
$3.4 billion - repeal expensing of tangible drilling costs
$62 million - repeal deduction for tertiary injectants
$49 million - repeal passive loss exception for working interests in oil and natural gas properties
$13 billion - repeal manufacturing tax deduction for oil and natural gas companies
$1 billion - increase to 7 years geological and geophysical amortization period for independent producers
$882 million - eliminate advanced earned income tax credit
Total: $353 billion/10 years
-- jpt
He Declaramer...you voted for this?
Comments
Price on electric bills and other utilities will go up.
Edt: lol.. hes even taxing charities...
Looks good to me, glad i voted for him.
"The great thing about human language is that it prevents us from sticking to the matter at hand."
- Lewis Thomas
Are you poor in real life?
Are you poor in real life?
Nope.
"The great thing about human language is that it prevents us from sticking to the matter at hand."
- Lewis Thomas
Lower middle class and the poor will get hit with huge utilities bills.
yep, he is looking for a hand out.
yep, he is looking for a hand out.
Who is looking for a handout?
last i checked my house is payed off the three vehicles i own are payed off etc etc...so i'm not sure what your talking about.
"The great thing about human language is that it prevents us from sticking to the matter at hand."
- Lewis Thomas
Dont forget the Universal Health Care. Thats just gonna make things worse.
My bad.. MIDDLE to ABOVE INCOME families will pay the poor folks electric utilities bills.
The budget he will present assumes an emissions trading system will generate revenue by 2012, the Washington Post reported.
Fifteen billion dollars of the money generated would be directed to clean-energy projects, the Post said, citing sources familiar with the document.
Another 60 billion would go to tax credits for lower- and middle-income working families, and the rest to help families, small businesses and communities deal with higher energy costs, the paper reported.
www.breitbart.com/article.php
Looks good to me. And aren't semantics great? You call the repeal of Bush tax cuts "tax increases", I call it a spending cut.
Lovely how some of you are the same ones outraged by banker bonuses, but feel like a welfare recipient over Obama DARING to take more of their money instead of yours to pay for things like..*gasps* their bank bailouts.
The bottom line is that Mr. Obama is selling the country on a 2% illusion. Unwinding the U.S. commitment in Iraq and allowing the Bush tax cuts to expire can't possibly pay for his agenda. Taxes on the not-so-rich will need to rise as well.
LINK
AOL which usually reports news with a republican bias recently posted this article about the economy and the budget. Recently I had been afraid of stimulus spending - probably because a bunch of conservatives had made it out to be the devil's work and are convinced that more government spending would only make things worse.
But after reading that whole article, on AOL, I read good news "Obama's budget projects $2 trillion in deficit reduction over a decade". I believe in this statement, or at least $1.5 trillion in deficit reduction, which is good enough.
Going into more debt to decrease debt is actually viable methodology of saving our economy. Many people will complain now, but will be thankful later. What I notice most about republican complaints is the stupid little sound bytes that you hear over and over "increasing debt to releive debt - impossible!". When everything is simplified to a soundbyte it's a sign that people are just rallying up uneducated masses. This is the thing I hate most about politics. The soundbytes.
These soundbytes inevitably become topics in this forum.
The taxes are the same as Obama announced during the campaign - defined as couples making more than $250,000 per year and individuals making more than $200,000. This does not apply to me and billions of other americans. And until now the super wealthy have only been getting tax cuts, eventually it had to turn around. Equilibrium.
He is a poor student of history. If he did his history he would know no matter how much you increase taxes, you will only earn 18.9% of GDP because more people will have less money, find ways to offset those taxes, or the economy will decline.
That sounds awfully wrong or mistated since our tax revenues from GDP are a lot higher than 18.9%. 28% or so now.
An irrelevant claim regardless, since the goal isn't trying to tax half of our GDP, or raise it by even 1%; its adjusting where we're taxing from and cutting spending from.
anyone who has played simcity knows that sometimes you have to raise the taxes and sometimes you have decrease the taxes
Ok, if a mod is reading this...can you SORT out these fucking endless Obama threads.
We're all Geniuses. Most of us just don't know it.
That sounds awfully wrong or mistated since our tax revenues from GDP are a lot higher than 18.9%. 28% or so now.
An irrelevant claim regardless, since the goal isn't trying to tax half of our GDP, or raise it by even 1%; its adjusting where we're taxing from and cutting spending from.
Its good to seperate Tax Revenue from money earned in the operation of the country. The US government earns about 35% of its income from countries paying the US interest on debt, buying part of the US military for defense, selling old technology or defense systems to other countries and businesses, and trading. The rest is earned exclusively from taxes like income, social security, capital gains, fuel, and corporate taxes roughly equating to $2.4 trillion.
According to this chart from Project America, it lists the percent of the GDP given to taxes every year. Despite the upper income bracket sometimes being taxed 78%, the average tax revenue as a percent of the GDP has not changed. It should be reasonable to assume the best way to garner more income is to increase GDP.
According to the National Bureau of Economic Research, a 1% decrease in taxation equates to a 2~3% growth in GDP. With an obvious minimum rate to garner an 18.9% of the GDP goes to Tax Revenue.
Here is another chart showing how much was earned by the US. As you can see you have sharp increases during the Reagan, Clinton, and Bush administration which had without a doubt some of the lowest tax rates since the Great Depression. Even if you factored in inflation its still a significant amount of growth.
There was a certain European country that made one group the object of hatred in the 30's and 40's before starting on a revolution and a "solution" that spread past the one group. I'm hoping that doesn't happen here.
In the meantime current thinking by some on the other side of the aisle has made it okay to hate the achiever and successful.
AC2 Player RIP Final Death Jan 31st 2017
Refugee of Auberean
Refugee of Dereth
yep, he is looking for a hand out.
Who is looking for a handout?
last i checked my house is payed off the three vehicles i own are payed off etc etc...so i'm not sure what your talking about.
Bullshit
People who have to create conspiracy and hate threads to further a cause lacks in intellectual comprehension of diversity.
lol, you're gonna have to live with it on these forums.
The liberals bashed Bush
Obama sucks about 1x92,000,000 more than Bush
So, naturally, you're going to get a lot of Obama Threads...especially when you got a joker like that in office. Sorry...just the way it is...and in another 4 years we'll talk about the next President (If we have the US still)
People who have to create conspiracy and hate threads to further a cause lacks in intellectual comprehension of diversity.
yep, he is looking for a hand out.
Who is looking for a handout?
last i checked my house is payed off the three vehicles i own are payed off etc etc...so i'm not sure what your talking about.
Bullshit
Why would that be bullshit, because i don't waste my money like others seem to? when i make bills i pay them off pretty simple really, i don't drink, party or anything like that so i don't really waste cash cept on these mmo's.
It's sad people don't know how to handle their money properly, oh sorry the minivan will be payed off this year, so yeah was a tiny bit off =P.
I always send extra cash when i can to my bills too so i can get them done faster heh.
Living in a small town things are cheaper so i guess would be easier to pay things off. -shrugs-
"The great thing about human language is that it prevents us from sticking to the matter at hand."
- Lewis Thomas
yep, he is looking for a hand out.
Who is looking for a handout?
last i checked my house is payed off the three vehicles i own are payed off etc etc...so i'm not sure what your talking about.
Bullshit
Why would that be bullshit, because i don't waste my money like others seem to? when i make bills i pay them off pretty simple really, i don't drink, party or anything like that so i don't really waste cash cept on these mmo's.
It's sad people don't know how to handle their money properly, oh sorry the minivan will be payed off this year, so yeah was a tiny bit off =P.
I always send extra cash when i can to my bills too so i can get them done faster heh.
Living in a small town things are cheaper so i guess would be easier to pay things off. -shrugs-
It's bullshit because your states budget shortfall is going to result in massive increases in your property taxes. Being that you will be losing your job soon, you'll be unable to pay the taxes. Then you and your family will have to move into that minivan. At least until that's repossessed and then you'll just have to find a nice heating grate in an alleyway where you can huddle together with the remains of your family and tell them how nobody saw all of this coming.
"If you can't out wit them, report them till they're banned!"- PopinJ'
yep, he is looking for a hand out.
Who is looking for a handout?
last i checked my house is payed off the three vehicles i own are payed off etc etc...so i'm not sure what your talking about.
Bullshit
Why would that be bullshit, because i don't waste my money like others seem to? when i make bills i pay them off pretty simple really, i don't drink, party or anything like that so i don't really waste cash cept on these mmo's.
It's sad people don't know how to handle their money properly, oh sorry the minivan will be payed off this year, so yeah was a tiny bit off =P.
I always send extra cash when i can to my bills too so i can get them done faster heh.
Living in a small town things are cheaper so i guess would be easier to pay things off. -shrugs-
You can type until you're fingers are numb. I still call bullshit....unless you are talking about a mobile home and some 1980s vehicles.
If you have a modern home paid off and three new to semi new cars paid off, then you represent about .5% of the US (and about 80% of the .5% are part of the Financial Peace Program with Dave Ramsey and since about 90% of people who follow Dave Ramsey's plan thinks Obama is an idiot I doubt your story). Since you frequent these forums, I am safe to gamble the fact that you do not represent the .5%.
No offense to you personally, but I still smell bullshit.
People who have to create conspiracy and hate threads to further a cause lacks in intellectual comprehension of diversity.