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 ...
If the top 5% are already paying 50% of the income taxes, how much more should they pay?
Tax the rich
Feed the poor
Til there are rich no more
That's an unpatriotic racist question. /sarc
Rich = anyone not on welfare.
Never would have seen that coming!
Exactly.
These are "the rich" and neither one of them has EVER paid a single dollar in Federal taxes on the $500 million forune that they BOTH married into and are now living off of while those of us who actually earn our money are taxed and taxed and taxed.
Ha, got you by 6 years...heh. Yes, and what happened in England is about to occur here if they try to raise taxes to those levels... You and me have the experience to understand the disastrous results - government today - no chance...
Hey, at least I’m enjoying some 60’s music via your suggestions...heh.
Who among you didn’t see this coming? Anyone? Anyone? Bueller? Bueller?
I believe he said “family” earning $250,000. What constitutes a “family”? We must always listen closely when a democrat speaks.
That is exactly right. I really wish in any one of the press conferences that any reporter would state this fact, thus we can get to the real goal of redistribution.
"That's okay. I want the least possible amount of responsibility."
I always loved that line...
It is currently around $159,000. Above that, you start seeing "phaseouts" aka "caps" on deductions. My wife put out $3700 for tuition last year. The college sent a 1099-T. It didn't matter. If you make more than $159,000, the 1099-T isn't allowed. It's just scrap paper.
Smart business people will figure out how to stay under the $250,000 limit. They may have to divide their business activities into multiple pieces to dodge the limit, or just cut activity to stay under the limit. The real productive folks will deal with the injustice. Lots of low income employees will become unemployed as this takes effect.
Rich = anyone with net income.
Shift the burden to “the rich” from whom - those who never have paid taxes???
Agreed. Why put in 60 to 70 hours each week to have 66% confiscated for taxes? Take a "fun" job with 8 hour days with no responsibilities when the clock says, "quitting time". I have had that kind of job since 1980.
Yes, you are absolutely right. As soon as the tax rate is graduated based on income, it would would seem to me unconstitutional, because at that point, the government is violating the 14th amendment.
This is also why the whole auto bailout is unconstitutional as well. The government is using tax dollars paid by auto workers in the south and preferentially treating the citizens that work in the Detroit auto industry, at the expense of those that work in the southern factories. The government has no constitutional authority or right to pick sides in an industry.
The prescience of the Slimes is without limit.
That guy is loaded.
Absolutely. In fact, I believe any tax dollars that are taken to distribute to SPECIFIC CLASSES of individuals is totally in violation, also. Every "bailout" fund seems to be taking money from the taxpayers, and handing it over to some private business or interest group, with the taxpayer seeing no benefit whatsoever, and the Congress usurping their legislative authority under the Constitution itself.
Hopefully, momentum can build in Red States to protect themselves via the 10th Amendment, and/or we can snowball the taxpayer disgust into a tax revolt.
The way the economy is headed, no investors are going to put up funding and the income earners are going to be fewer and fewer, and the "rich bastards" they're targeting aren't going to be sending as many tax dollars their way.
It's one thing to be dependent on the government for income; it's another thing altogether when the tax revenue disappears and the funding goes South.....
There’s this thing...called the “underground economy”....I have a feeling it’s going to get MUCH, MUCH larger...
perhaps we can begin to network about this
barter ..... errr, helping your neighbor.....is good!
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