Skip to comments.Obama to open talks with $1.6 trillion plan to raise taxes
Posted on 11/14/2012 6:06:32 AM PST by pabianice
President Obama is taking a hard line with congressional Republicans heading into negotiations over the year-end fiscal cliff, making no opening concessions and calling for far more in new taxes than Republicans have so far been willing to consider.
Obama plans to open talks using his most recent budget proposal, which sought to raise taxes on corporations and the wealthy by $1.6 trillion over the next decade, White House press secretary Jay Carney said Tuesday. Thats double the sum that House Speaker John A. Boehner (R-Ohio) offered Obama during secret debt negotiations in 2011.
Obama has been pressing to let the George W. Bush-era tax cuts expire at the end of the year for the wealthiest 2 percent of the nations households, a tax hike adamantly opposed by Republicans. But Carney suggested that even the revenue generated by letting those tax cuts end would not be enough to tame the national debt and reenergize the economy.
(Excerpt) Read more at washingtonpost.com ...
I know. Math is hard. Budgets are a bummer. Can't everybody have a pony?
We will have a $1.6 Trillion deficit next year. Even under the most charitable assumption, they are talking about an extra $100 Million in revenues next year, and maybe $100 Million is spending cuts (not really, but for the sake of argument).
That leaves a $1.4 Trillion deficit next year. End result, we are just as screwed as we were before, because neither number is remotely sustainable. We are headed off the cliff, and they are arguing over whether the car is going to land 120 feet or 122 feet out to sea.
“What’s in your wallet?” - Barry Benghazi
Obama is big on using Hitler’s bargaining technique: offer nothing, demand everything, then when the other side offers something, take it and demand more.
If the other side is spineless or wants to cooperate, take them for anything they offer, and always demand more, more, more.
Leftie’s must sit around conference tables looking for more ways to kill off jobs while pretending to help others.
Exactly. These numbers are meaningless compared to the size of the problem. This “deal” will scream to the markets, world, investors that this government is not serious about getting its fiscal house in order.
I think this “deal” will help crash the system, actually
Obama’s plan all along has been to crash this economy. He will do it with the help from his Marxist friends, the unions liberal fools and Big Business in the same way that Hitler suckered them in in the ‘30’s. Notice that ‘small business owners’ are NOT represented in any way in his so-called discussions this week.
It’s not that they “pretend” to help others,
they simply want to feel good about themselves as “good people” for even wanting to help others.
Actual results don’t matter, self-righteousness matters.
Between new taxes and obamacare kicking in, the economy will come to a total halt in the next six months.
Why not raise it 50 or 100 trillion? I always heard that if you are going to go, go first class. Stop farting around with this one and two trillion crap.
"But Carney suggested that even the revenue generated by letting those tax cuts end would not be enough to tame the national debt and reenergize the economy."
Remember Obama's campaign promise that he only want to "make the rich pay a little bit more?" Where's Candy Crowley now to bail him out of his lies?
$1.6 trillion over 10 yrs
140m pay taxes in the US
the top 50% pay all the taxes... 70m people
70m ... paying $160 billion/yr == $2,285/yr per person average
“I won. You lost. Deal with it.”
The Obama definition of “bipartisan”.
The “rich” have already grown from the 1% to 2%...before its over we will all see how “rich” we are....
The GOP is history if it does not exercise the remaining power in its hands, which exists in House in two key areas:
1. No agreement to extend spending by a continuous resolution
This is the sword over the heads of the Dems.
They had no problem ramming thru healthcare without a single GOP vote.
Why should we worry about impeaching this guy or letting the govt shut down?
This is either standing up now vs the gradual withering away of all we have.
Good presentation on the math. In our case, when the marriage penalty is back, ours go up about 4K as best as I can tell not counting the return of the 2% social security payment.
I recall those jokes about filing out the new 1040: Put all your income on line one. Subject line two which is zero. Send in the remainder.
I love it every time thise asshats talk about just a few more percent. They never consider those poor dopes, not me, who live in a high state income tax rate too. They will probably end up owing more than their income soon. Wait, that is already the case with the government deficit spending over a trillion a year now.
1.6? Try 2.
The trouble is that the economy has long needed a real correction, for no other reason than to kick both political parties in the newts and force the government to downgrade.
Though it’s rarely mentioned, we now have 16 major intelligence agencies and well over 100 federal police agencies, with even non-police agencies developing their own armed SWAT teams. The underlying philosophy of this is out of control, mainly “if we have the technology to voyeuristically and oppressively intrude into the lives of citizens, let’s do it. No reason not to.”
Much of this can be laid at the feet of W. Bush, who put just as much emphasis on authoritarianism in the US as he put on smiting our enemies in foreign countries. The majority of the Patriot Act and subsequent legislation is not directed at the enemy, but at us, and used exclusively to oppress the people.
We are not the enemy, so they should not be fighting us, “just because they can”. And since the government is unwilling to control itself, and the people are unable to control it, then economics must intervene by making it too expensive to continue.
And that is just the Republican side of things. The Democrat abuses of power and enlargement of government are almost too great to list. But again, the government is not willing to limit itself, and the people are too weak to do so, so we have to rely on economics to put government on a diet.
If that means that we must undergo an even greater depression, then that is the price we must pay. In suffering, if less bloody than a revolution. But the government must be stopped before it makes all our lives a living hell, East German style.
Look how much he’s done in one week’s time. Warp speed to socialism and sharia law. America, it was nice while it lasted.
Small business will have to go underground. That’s what happened in the Soviet Union—people did business out of the trunks of their cars.