Skip to comments.Obama’s Plan for Budget Would Shift Burden to Rich
Posted on 02/25/2009 2:57:21 PM PST by Oldeconomybuyer
WASHINGTON President Obama will propose further tax increases on the affluent to help pay for his promise to make health care more accessible and affordable, administration officials said on Wednesday. [snip]
Mr. Obama will also propose in the budget outline he releases on Thursday to use revenues from the centerpiece of his environmental policy a plan under which companies will have to purchase permits to exceed pollution emission caps to pay for an extension of a two-year tax credit that benefits low and middle-income people.
The combined effect of the two proposals, on top of Mr. Obamas existing plan to roll back the Bush-era income tax reductions on upper-income households, would be a pronounced move to redistribute wealth and reimpose a substantially larger share of the tax burden on the most affluent taxpayers.
Administration officials said the president would seek in the budget he releases on Thursday to cap itemized tax deductions for high-income people, such as couples earning more than about $250,000 a year.
The officials said the resulting revenues would account for about half of a $634 billion reserve fund that Mr. Obama will set aside in his budget to begin addressing health care. The other half would come from Medicare savings, including an end to billions of dollars in subsidies to insurance companies under the Medicare Advantage program, and other possible tax-law changes.
(Excerpt) Read more at nytimes.com ...
High income earners are not “the rich”. We need to abolish the tax code and the IRS and tax spending in order to tax the cash economy, criminals, and the really rich.
What happens when there are no more rich people?
I’m just screwed. Time to retire.
Who else to rob?
Don’t worry...the rich have always found ways around burdensome tax policies. They will continue to do so (and I suspect the Obamas will be at the head of the charge). All this will prove to do is reduce revenues to the Treasury, because the vast majority of workers will stay under that $250,000 mark to avoid the bump in tax.
IOW, it won’t work.
If you outlaw the rich, only outlaws will be rich!
Hmmm... Let’s say I’m rich... The government is going to tax me up to 90% (Might as well listen to Biden - stupid but loves taxes). Just what should I do...hmmm..
Moving, or just moving money, or quit working, or quit hiring, so many choices... I just may wait until next month to make my decision.
Sorry, 0’s plan will not touch the Kennedy’s, Kerry, Goldman Sachs execs, etc., and likewise old money tucked away in trusts and offshore accounts.
So, umm, who is it that shoulders the majority me the budget now? The poor? Nope. But Obama is bringing change. Today’s change is that rich is now defined as a couple earning 250k. The next change will be even lower.
The structure of the US tax code has been SHIFTED against the "rich" for a very long time. Generations of Americans have grown up believing that progressive taxation is the way it should be.
Just imagine what the US would be like if wealth and achievement weren't punished!
You can’t “Shift” the burden to the wealthy when the non-wealthy pay nothing or get net checks already.
what a dumb headline. the poor pay nothing, much of the middle pays nothing in income taxes
Income couples making $250,000.00 this means if you are single and make $125,000.00 your taxes will go up as well
True; we've had a progressive tax code for decades, but it's now runaway open season on success. There is NO WAY earning more should equate to higher tax bites (percentage-wise) and be "equal treatment under the law" in my book.
Worse yet is the handing out of this rapeage of high earners to the low-life that recieve 4th generation government assistane from it, and, even are "rebated" tax dollars they never paid!
If he taxes these people he calls rich, then who the heck does he think is going to have money to spend to stimulate the economy? Create Jobs?
Obama is just a typical socialist. Tax and spend and tax and spend and the nation and the people suffer....
Pretty sure that the taxes collected will be less with this plan. It’s pretty easy to hide money and defer profits. (Just a guess)
The “Rich” will soon be defined as anyone whose income doesn’t already come from the government...