Skip to comments.Obama's budget would shift tax benefits from wealthy to poor
Posted on 03/03/2014 8:51:30 PM PST by Innovative
President Obama will propose a series of changes to the tax code in a budget plan Tuesday that would shift benefits from top earners to middle- and lower-income Americans, the White House said.
In his 2015 budget plan, Obama will propose expanding or making permanent tax credits aimed at the working poor, families with young children, and college students.
Dubbed auto-IRA, the proposal would require small business that dont offer other retirement benefits to set up individual retirement accounts and sign workers up automatically, unless they opt out.
(Excerpt) Read more at latimes.com ...
Once again trying to buy other peoples’ votes with our money.
From Rush Limbaugh:
The Top 50% pay 96.54% of All Income Taxes
(The top 1% pay more than a third: 34.27%)
We already have one Ponzi scheme called "Social Security".
Most of the takers spend 0% of their time in support of the gov't.
Forget the money issues. It's all about those who are essentially partial tax slaves vs. their masters (the takers).
More regulations — to destroy the economy.
The next step will be for the protection of the little people: government will take their IRA money and give them a chit for it. The chit will “pay” interest, but in reality will be just like Social Security taxes, that is to say, will go straight into the Treasury to be spent on current FY appropriations. Your “savings” will be “safe” because these schemers will be long dead before anyone will start trying to really collect their chit.
This propaganda piece is full of lies and Orwellian-speak, starting with the title...
“Obama’s budget would shift tax benefits from wealthy to poor”
The title makes you think that the rich are getting some TAX benefits that the “poor” don’t get.
Reading into the article one discovers that he plans to make permanent or increase TAX CREDITS to the poor. These are people that currently pay zero income taxes, but that’s not enough of a tax benefit, so he wants to “give them back” tax money that they never paid in the form of a CREDIT (basically additional welfare).
On the other hand, the tax on “rich people” that he wants to increase, i.e. the loophole he wants to close amounts to increasing taxes on small businesses.
And the specific taxes in question are payroll taxes (medicare and SS). So he would balance the money he gives the “poor” with money from small businesses that, if the law eventually passes, should go to SS and Medicare.
In a nutshell, he wants to increase welfare payments to people that don’t pay any taxes and pay for it by increasing taxes on small businesses, the biggest job creators.
The response from the Republicans should be: “We know Obama says one thing, and then does another. We’ll wait to see his actual bill before making any comment.” Thus, they neither support, nor oppose the idea. Since it would never pass the Senate because of too many at-risk Democrats in red states, this puts the president in a ‘put up or shut up’ position, and leaves the liberal press without any targets.