Skip to comments.Backdoor taxes to hit middle class
Posted on 02/02/2010 9:47:48 AM PST by bigbobEdited on 02/02/2010 11:00:41 AM PST by Admin Moderator. [history]
NEW YORK (Reuters.com) --The Obama administration's plan to cut more than $1 trillion from the deficit over the next decade relies heavily on so-called backdoor tax increases that will result in a bigger tax bill for middle-class families.
In the 2010 budget tabled by President Barack Obama on Monday, the White House wants to let billions of dollars in tax breaks expire by the end of the year -- effectively a tax hike by stealth.
(Excerpt) Read more at ca.news.yahoo.com ...
Was this Barney Frank’s idea?
1 trillion from the deficit over the next decade is NOTHING!
Obama has moved from the old Soviet 'five year plans' to the '10 year plan'
Yeah. Rush is reporting on this story now. The yahoo link does not work. But this one, the CANADA yahoo link, works. We’ve already seen Obama media (TV, print, internet, and radio) censorship on the birth certificate/eligibility issue. This is the behavior of a Communist regime.
Obama Lies Democrat Party Dies!
This story should be spread far and wide
Someone got to Reuters. The site says, “alternative story to be posted later this week”. So O can spin the story the way the administration wants it.
This was the story that Rush kept referring to..
It’s on the WAPO, and now Yahoo Canada. Reuters pulled it because the WH bullied them to do so (cant diss the O’) but it’s out.
When I taught High School I spent more than that of my own money to keep the Graphic Arts Shop running.
Yes they have proved just how worthless they are.
That so many people, even the "journalists" some how buy into this concept that we can raise the taxes on the wealthiest Americans and Corporations and some how "we the people" will get a pass!
Perhaps, bewildering is a better word.
We need to have a stable tax that doesn’t waffle every time the wind changes direction. Businesses are not going to make long term investments when they can’t see the freight train coming around the corner. They can encourage banks to lend all they want, but when taxes are subject to rapid change, can be backdated by the taxman, forget about any economic recovery.
Government spending must be below 75% of revenue to stop the hemorrhaging. The politicians are drugged up and out of their mind with spending. Just one more fix and we’ll get clean tomorrow,
If you were renting in early 2009 and bought a house in mid to late 2009, jump on this one:
"If you do not itemize deductions on Schedule A (Form 1040), and you paid state or local real estate taxes on real property that is not used in a trade or business and does not produce rental income, you can increase the amount of your standard deduction by the amount of state or local real estate taxes you paid. However, this additional standard deduction amount cannot be more than $500 ($1,000 if your filing status is married filing jointly), and you cannot deduct taxes paid on foreign real estate. To figure the amount of your standard deduction, if you paid state or local real estate taxes, complete Schedule L (Form 1040A or 1040)"
By allowing President Bush’s tax cuts to retire, Present Broke Obummer will be increasing the bottom rate from 10% to 15% and the 20% bracket to 25%.
To those moving from the 35% to the 39% tax bracket...thats roughly an 11% increase in taxes.
From 20% to 25%...thats a full-blown 25% increase in taxes.
To those moving from the 10% bracket to 15%, their taxes will be increased by a whopping 50%.
So the low-income people get their taxes raised even more when seen as a percentage. And the rich folks lose a higher magnitude of money...but the percentage compared to what they already make is lower.
"Obama to increase working poor's taxes by 50%!"
to the list
I hate to be a spoil sport but I have read parts of the budget. The top tier rates he is proposing to increase. He wants to make permanent the other rates. Im just saying.
My wife spends at least $1500 on supplies for her classroom, while vast sums are pissed away on NON-TEACHING educrats whose ranks expand every year.
So why did al-Reuters take this article away? Pressure by the Hussein cult?
LOL. My friends in my JHS always attacked Bush for his tax cuts for the rich. Most had just started teaching in ‘03 when the tax cuts became law, so they did not receive them. Now that they are up the pay scale, they are going to have a shock when they see the new numbers on their pay stubs. I’m retiring in 7 days, but I’ll make a trip back next February to see their faces on pay day.
We must return all government powers to the states except for National Security. We can no longer be a piggy-bank for the dictatorships and other governments of the world through the United Nations and through a century-old failed foreign policy. We must protect our currency now that we are off the gold standard. The progressives (liberals, Democrats) have no standards. We must individualize our retirement programs through forced savings programs like IRAs and 401's. Social Security Administration is a failure and criminal PONZI scheme. Federal employee retirement programs must be limited to money set aside during working years (that includes the military) in the form of a balloon payment.
The Feb 1 story headlined “Backdoor taxes to hit middle class” is wrong and has been withdrawn. The story said lower-income families will pay more under tax provisions scheduled to expire Dec 31. The Obama administration’s budget calls for the extension of those tax provisions for households earning less than $250,000. There will be no substitute story.
Thanks. I wonder about a news organization that has an article written that is long and detailed and apparently false.
Almost as if they were ready to do it regardless of the truth.
What about the $250 teacher tax credit?
What about the “Hill” article today that talks about the energy tax credit for the middle class?
You know, trusting the LameStream Media is not really possible anymore. When they get it correct, they’re usually doing it with a liberal bias. And when they do speak some truth about the libs, it is with some facts wrong.
What next? Radio Free America?
I think Reuters freaked out when Rahm and his thugs started tearing them a new orifice for daring to run this story.
Simply post corrections to the story. Neutered Reuters, inc. indeed.
You all know there is an upside to all this tax bickering and deficit spending, don’t you?
It will accelerate FairTax implementation.
That’s right! Congressional and administration fools will become desperate to figure out a way to cause the economy to rebound after all their machinations fail (as they surely will), and they will turn to the FairTax to solve our economic problems.
And we all know the FairTax will do just that, don’t we?
If the budget doesn’t pass (many dems are coming out against it), then the story would be accurate, correct?
1) No more meticulous bookkeeping for filing income tax forms every April 15th. That right there saves Americans possibly US$500 BILLION per year in compliance costs.
2) American citizens get 20-25% bigger paychecks from the employer due to no more tax withholding.
3) American citizens can put their deposit their paychecks into bank or investment accounts with no tax consequences. That means no more incentives to either participate in the underground economy or funnel out money to offshore financial centers, since there are no more income taxes to dodge!
4) As a result of #3, most of that US$15 TRILLION in American-owned liquid assets now out of the US financial system for tax avoidance reasons returns, essentially the world's biggest "private bailout."
5) Also as a result of #3, Americans can confidently save up for a retirement nest egg or save up for a big-ticket item purchase. It also means Americans can put down larger-sized down payments for loans, which means loans are far more likely to be paid back in full.
6) Because we no longer impose taxes on earning money, there will be a GIGANTIC land rush of foreign money into the USA--an amount that could reach WAY over US$10 TRILLION in addition to the repatriation of American-owned liquid assets mentioned in #4. It also means foreigners will rush to open US subsidiary operations of foreign companies, too.
In short, just the potential of over US$25 TRILLION in repatriated and new liquidity entering the US financial system is a huge reason FairTax should replace the broken-down income tax system.
Good post, thanks/BUMP! Thanks for the ping, Taxman & Man50D. Great thread.