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. Obama’s 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.
[snip]
(Excerpt) Read more at nytimes.com ...
...for now...with the way they're spending, those numbers could come down fast.
‘there's one for you nineteen for me’
‘if 5% should seem too small, be thankful I don't take it all’
We are heading in that direction. While working in Britain in the 80’s, I was making very low wages as my credentials didn't transfer there. My tax bite was 50%. Socialism is a pretty unhappy place for everyone involved. There are no Socialist Utopias in the world. Lots of people think there are, though.
It’s NOT going ot be taxing only those above $250K-
anyone want to bet on obamas threshold of being “rich”??
I’m guessing more like $150K
I believe Biden’s money guy said this hits in 2011. My speculation is that, besides a funding source, it is also meant to suck up dollars to keep inflation down.
|
Now THAT is change I believe.
This really burns me up. President Bush gave tax rate reductions to all taxpayers as well as I beleive eleiminated a few tax brackets for lower wage earners so some people pay nothing and they actually receive thousands of dollars back if they have kids and use an Earned (laughable)Income Credit. When I hear that Bush only gave tax breaks to the rich it is ridiculous he actually lowered the rates for everyone.
Companies do not pay the taxes.....we pay the taxes. Raise the tax on a company and they will simply raise the cost of the products.
Not only is O and Co. claiming the revenue extorted from businesses to do business will be targeted toward a new specific spending program (revenue neutral) but then they have decided not to put that revenue towards the most obvious choice (global warming/green energy yuck yuck) but towards revenue loss programs, ie. welfare.
If anyone gets a chance to question a major member of the media then ask them how revenue raised from carbon credits should be used to pay for the revenue/moral loss of welfare.
The US government collected the largest taxes ever under Bush because his tax cuts increased the economy.
I guess we’ll see if the democrat’s philosophy of doing the exact opposite will yield the exact opposite or the exact same.
An accurate title would be:
Obama’s Plan for Budget Would Shift Burden to the People Who Create Jobs
Subheading: Thus Destroying Job Creation and Growth
They will calculate it on net worth as the Klinton was trying to do. Own a moderate home and a car? You are considered Rich. They will Tax workers down to what they deem National Poverty levels. One of the goals of Socialism is to equalize pay for the Serfs. Taxation is the tool they use.
Heh... Wait...Beatles are my generation (may not be yours). I’m way too familiar with the song and of course you’re right.
Taxes have been way too high now - much worse for the future.
Me, I think that I will play some of those Beatle songs and forget the disaster that is our current Presidency...
Hang tough...At least the Beatles saw what was coming in England...
Same here. It would be SOOOO much cheaper to retire.
Of course, now that the 401Ks are gone, geeze.
This is BOs plan - to totally erode the economy, and he’s accomplished it in one month. Amazing.
Of course, he had a little help from a friend -GWB.
Yes.
The absurdity of a graduated income tax system is obvious when you realize that even a "flat tax" is progressive!
A single percentage withheld from everyone, regardless of income, STILL hits you harder the more you earn.
Does a wealthy person use more of the nation's services than a poor one? No. But even with an "ideal" flat tax, he would pay more in taxes than one who earns less.
So, with that knowledge, to then INCREASE the percentage demanded of the wealthy is even worse.
You guys all miss the elephant in the room. Maybe Obama’s not as dumb as he seems.
What if hyperinflation triples prices and wages...then $250k will be simply middle class? It’s coming, but we will still have indexing to keep up with inflation? Big question.
“Companies do not pay the taxes.....we pay the taxes. Raise the tax on a company and they will simply raise the cost of the products.”
.
It is amazing how many folk, usually liberals, do not understand that simple statement. Most liberals seem to think that anyone who hangs out a shingle and paints a name on a glass door is wealthy, and undeservedly so. It boggles the mind to think of how many shallow minds are in the gene pool.
If I was rich, I’d simply quit and work at McDonald’s or something part-time. Why should I bust my ass for the gubmint? I’d make as little taxable income as possible.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.