Obama to announce increase in taxes for businesses and wealthy

[BVM88]

Without the poor, a rich man will not know that he's rich.

 

[QQQBALL]

Quote from Landis82:

"To get there, Obama proposes to cut spending and raise taxes. The savings would come primarily from "winding down the war" in Iraq, a senior administration official said. The budget assumes that the nation will continue to spend money on "overseas military contingency operations" throughout Obama's presidency, the official said, but that number is significantly lower than the nearly $190 billion the nation budgeted for Iraq and Afghanistan last year.

Obama also seeks to increase tax collections, primarily by making good on his promise to eliminate the temporary tax cuts enacted in 2001 and 2003 for wealthy taxpayers, whom Obama defined during the campaign as those earning more than $250,000 a year. Those tax breaks would be permitted to expire on schedule for the 2011 tax year, when the top tax rate would rise from 35 percent to more than 39 percent.

Obama also proposes to maintain the tax on estates worth more than $3.5 million, instead of letting it expire next year. And he proposes "a fairly aggressive effort on tax enforcement" that would target tax havens and corporate loopholes, among other provisions, the official said.

Overall, tax collections under the plan would rise from about 16 percent of the economy this year to 19 percent in 2013, while federal spending would drop from about 26 percent of the economy, another post-war high, to 22 percent."

People need to actually read these articles first, before throwing their partisan "hands" up in disgust.

In my opinion, the 3rd paragraph of this article is highly misleading.

For those that have some actual understanding of the Estate Tax, the first $3.5 million free from tax is better than nothing, given that Congress has shied away from Estate Tax issues and the current legislation "sunsets" after 2010, with the amount allowed to be free of Estate Tax being ONLY $1 million dollars starting in 2011 and anything above $1.0 million taxed at 55%.

Thus, Obama's proposal is actually much better than what becomes law after the "sunset" in 2010.

i have an even better idea - use your brain... they are pissing money down a hole & talking about national health care & medicare for 55 yo people on top of the give-aways? if you wanna cut the deficit, stop wasting money. how much have they throw at GM? GM's market cap is under $1B now... the more they get, the more they spend... why should my estate be talked to keep UAW types in $50/hr manual labor jobs? reorganize, wipe out the union contracts, legacy costs, etc... and leave my estate alone.

 

[QQQBALL]

Quote from Div_Arb:

That's precisely the point of a consumption tax!!! Don't spend money if you don't like it. Why isn't there an uproar from the poor over sales taxes??

i like your idea. i can save a good chunk of change on CPA. im taxed at a flat rate on what i make & what i buy - if i cant afford the cost + the tax, i cant buy sumtin.. sounds good.

to answer why reps dont like this? there is no one to shake-down... no power if the system is simple...

 

[QQQBALL]

Quote from vrtrop22:

I have come to the realization that 85% of wall street and this board want Obama to fail. I think for the most of you that you would rather see the country collapse as opposed to the end of trickle down economics. You all are entitled to your opinions, maybe we should bring Bush back. 1 month in and conservatives are already gunning for this guy it is insane.

i think almost everyone wanted him to bring change... remember the gov from new mexico? then he put geitner in charge of IRS? and daschle... shit man, other than hillary, who is certainly NOT change, his appointees are all lame - i mean big-time lame... and BTW, geitner got appointed and did daschle go to jail> no, he walked back across the street and took his seat in senate/congress/whatever. and what about his chief of staff and the ill senate appointment b.s.?

obama blew it. its ovah for barry - he is a hack.. volker is marginalized... summers, geitner, daschle.... on and on - where is the change?

and BTW, whats so bad with lower housing prices? and consumers saving more, cutting back on spending and paying down debt is an EXACTLY reasonable/logical response to being over-leveraged in an unsure employment market.

you forget that for every crooked pisshole bank that gets govt money, there is a good bank thats having to compete against the C & BAC, but w/o W/O GOVT funds... BAC didnt cut their losses with CFC - why do we give money for bad trade. the BIGGEST insult of all is the trading tax - tax the little guy to pay for CDS bullshit? i take that back, the biggest insult is that govt funds are used to bailout and then the officers get big bonuses and DO NOT cut the divvy... thats retarded. let the f**kers fail? wipe out the equity & bondholders takle a haircut.

so, what has barry done right? nothing! change would have been to let some of these companies fail.... barry blew more political capital in the first 6 weeks than anyone, evem ore that Billary's "dont ask dont tell"...

the one thing that comes outta his presidency is a viable third party

and the lamest of all is the mark-to-myth proposal... how can you solve a problem when you cant define it?

 

[lolatency]

Quote from ang_99:

Consumption tax will not work because the poor will pay a higher proportion of their income in taxes.

So? F the poor. I am tired of this lame argument for protecting the poor. We'll all be poor and won't be able to protect anybody if Nobama gets his way.

 

[Comptalk]

Here's even a simpler plan that would help. REMOVE THE TAX EXEMPT STATUS FROM RELIGIOUS PEOPLE AND ORGANIZATIONS!

This would be a TRUE separation of church and state.

 

[Brandonf]

I always love how the stupid projections they have work out. It's a little bit like me saying I have 2 inches flacid and a few seconds after I saw a naked picture of Adriana Lima I was up to 7 inches that must mean that within five minutes I'll have six fucking feet. That's how these clowns make these stupid projections, they are meaningless and based upon assumptions that don't hold up in the real world. It does not matter though because they have dumbed the public school system down to the point that the average 8th grader in 1950 would make the average graduating HS Senior in America now look like a complete fool. At least the new American kid wont pick on the fat kids though (coz chances are he is one of them).

 

[Capablanca]

So Obama moves to enact the changes he campaigned on. Why the uproar? If he had went beyond that like with a transaction tax I could understand the outrage, but this? Obama won the election and he has the mandate. his opponents better pick their battles and save it for when it really matters or it will be like the story of the boy who cried wolf.

 

[piezoe]

Quote from ang_99:

Consumption tax will not work because the poor will pay a higher proportion of their income in taxes.

That's the common wisdom, but it's not true. It would be a trivial matter to get around this objection by exempting food energy and housing. (Or exempting them with a cap.)

 

[piezoe]

Quote from gnome:

I think the Gummint has EXACTLY WHAT IT WANTS!

The "new plan"...

1. Overtax [further] and PUNISH the wealthy, most productive, most successful, most ambitious.

2. Undertax further, the least successful, least productive, least ambitious and most abusive of the social system.

That way, there will be fewer to overtax and fewer of them to vote for "change". And there will be more to undertax who can vote against change.

All the current plan amounts to is taking from one group and giving to another... unitil the "haves" are tapped out and nobody has anything... except the Gummint, of course.

If NObama cared a CRAP about America, he'd be (1) incentivising everyone to produce as much as possible... by letting everyone keep a bigger portion of their earnings, and (2) adopting policies which would encourage GROWTH in America, not just Socialistic wealth redistribution.

How to do that? (1) Make America "business and tax friendly" by lowering taxes so foreign companies would come to America to build their goods... and thereby employing Americans who are out of work. And (2) Broadening the tax base as widely as possible.... like a national sales tax on most items with few exemptions. (Years ago I read that a sales tax would collect approximately $200B per year from the "underground"... those who operate in cash, don't file tax returns, etc. But if they had to pay the sales tax to buy things, they wouldn't be able to escape taxation to the degree they do today.)

Bottom Line... Gummint is pursuing DESTRUCTIVE policies rather than growth policies... At some point, the "haves" are going to say "SCREW IT".. "Why should I work and produce if the Gummint is going to tax it away".. "Why bother with going to medical school or law school if the Gummint is just going to impose punitive taxes on my earnings".... "Why should I bother to start and build a business, the Gummint is just goint to tax it all away"

AMERICA CANNOT AFFORD SOCIALISM!

Neither can it afford "trickle down" economics and laissez faire capitalism.

Nor can it afford, I might add, to waste, year after year, 2000$ / per person on unwise and unproductive military adventures and useless military hardware.

If you want this ridiculous "trickle down" "war mongering" "unbridled capitalism" to continue, you'll have to pay for it. And it's VERY expensive. So choose your medicine, inflation or taxes.