Posted on 07/08/2012 10:46:10 PM PDT by Innovative
President Barack Obama will call on Monday for a one-year extension of Bush-era tax cuts for families earning less than $250,000 a year, according to a White House official, seeking to spare the economy the impact of taxes going up on January 1.
Obama, a Democrat, will make the request in a statement at the White House, said the official, who spoke on condition of anonymity. Republicans in Congress, however, are unlikely to be swayed, as they have consistently argued that the Bush tax cuts should be extended for everyone.
(Excerpt) Read more at reuters.com ...
Exactly. But he'll go down hard for the loss long before he'd ever extend the full monty.
They know they're both gazillionaires in the making after each of their books come out in late 2013. Look at how much Mooch likes her portable feast. These two are looking forward to five homes and unlimited golf. He's resigned himself to defeat, you can hear it in his voice -- just going through the motions to satisfy his cadre (and to hear himself talk, which he loves).
Very different than Clinton II, they fought like hell to beat Dole, although having Perot in the pocket made it a sure thing.
He made the comment in relation to the fact that the private sector is showing moderate job growth while the public sector is still losing jobs. His statement reflects his world view that there is something wonderful and benevolent about government jobs. His statement was ignorant in trying to say that the private sector growth we are seeing is ‘good enough’ when we are not even keeping pace with population growth. Obama doesn’t care...he’d rather see massive government employee growth....in his eyes, then we would all be doing fine.
It's what this goofball has wanted all along.
Pelosi wants to permanently extend the cuts for those making less than $1 million.
The boy king is more extreme than queen nan...
with automatic adjustments for inflation.
BTW remember the communists like pelosi consider anyone making 250k to be a millionare. In four years they will make 1 million gross.
why not 10 million? why not 20 million?
this is just a success tax.
I for one am sick to death of that exaggerated “$250,000” figure being it is a bogus number that has no real application and given that this idiot-ridden administration has literally abused, manipulated, and outright lied when using that bogus number. =.=
I agree 100%. In fact, this has been a consistent goal of the whole Democrat Party, and one that they've successfully advanced even when there was a Republican president in office.
By now someone has surely already pointed out that the business cycle requires more than one year planning horizons.
More, just how stupid this consideration by this viscous little pipsqueak really is.
I really, really hate this POS called obastard.
Tax increase for $250k/yr & up + Obamacare = Bye bye jobs.
Obama, a Marxist-Fascist amalgum and drama queen, will make the request...
There, fixed it.
Obama, a Marxist-Fascist amalgum and drama queen, will make the request...
There, fixed it.
Too little...too late.
And that’s for a lot of the foolish, mesmerized people who voted for him the 1st time.
Anyone who really knows what this man really represents knows its a sham in any case. He is hell bent on findamentally changing America and that means bringing down the free market which he is proceeding to do. He does this only to try and do anything desperate to get re-elected so he can finish the job.
I predict he will try even more desperate measures as November approaches. Beware...be prepared.
Obama’s Terrible Firsts as President
http://www.jeffhead.com/obama1sts.htm
The Man who Despises America
http://www.jeffhead.com/obama-time.htm
Who Really is Barack Hussein Obama?
http://www.jeffhead.com/whoisobama.htm
First, these are not “tax cuts”. They are the tax rates for the last 12 years.
Second, these are not “the Bush tax cuts”. Obama signed these tax rates into law over year ago.
Third, conservative policies are for all people of all “classes”. We don’t slice up the citizenry into special interest groups or “class”, pander for their vote, then legislate accordingly. Liberty and individual freedom is for all. Equally.
Finally, you don’t raise tax rates in a recession. Even the Kenyan Marxist said that a while back.
We cannot win the battle if we lose the language.
B-but I thought he wanted to discard the failed policies of the Bush era (and replace them with his own failed policies). My world is crushed. Where is change that you can believe in? Where is hope? Where is yes we can? Waaaah!/s
Good points.
Historical Effective Federal Tax Rates: 1979 to 2006
This is the latest from the CBO that I could find that detailed the following information:
Effective Tax Rate
Share of Tax Liabilities
Average Pre-Tax and Post-Tax income
Share of Pre-Tax and Post-Tax income
All of these are displayed in a table that categorizes by quintile (i.e. 0-20%, 20-40%, 40%-60%, 60-80%, and 80%-100%). It also provides this information for the top 10%, top 5%, and top 1%.
http://www.cbo.gov/ftpdocs/100xx/doc10068/effective_tax_rates_2006.pdf
Note the minimum adjusted income for the top 5%: it’s $134,400. That means that a single person with an AGI of $134,000 or higher is in the top 5%. If you are married, with 2 kids, an AGI of $268,000 or higher is in the top 5%. If you are just married, with no kids, the threshold is $190,813.
Why is this important? The Democrats have proposed that the “Bush tax cuts” only be continued in 2011 for single people earning more than $200,000/year and married couples earning more than $250,000/year. That falls between the lower limits for the top 5% and the top 1% of taxpayers.
For the moment, let’s assume that’s “fair”. (I don’t think so.) But, look at the share of individual income taxes paid by these top tiers. In 2006:
The top 5% paid 60.9% of individual income taxes
The top 1% paid 39.1% of individual income taxes
-—pick the percentage in the middle: that means about 50% of the income taxes were paid by the segment of taxpayers that would be targeted by this tax increase.
And therein lies the problem: Do you really think the Democrats are going to give up 50% of this tax increase that will go into effect in 2011 if they do nothing?
They’ll extend the tax increase to cover the top 10% — who paid 72.8% of individual income taxes. Or maybe they won’t stop until its extended to the top 20% of taxpayers — who paid 86.3% of individual income taxes.
Where do you think you fall into this? The lower limit for the top 10% is $98,100. The lower limit for the top 20% is $71,200.
Multiply those numbers by 1.414 for a married couple without dependents, and by 2.000 for a family of 4.
Now think carefully: if you are in the top 20%, do you feel “rich”? What do you want to bet the Democrats will redefine “rich” to include you?
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