Posted on 07/09/2012 8:43:10 PM PDT by Olog-hai
President Barack Obama today proposed allowing the income tax rates enacted in the Bush tax cuts of the last decade to expire at the end of this year for people earning more than $250,000 and at the end of next year for everyone else.
Under current law, the lower tax rates will expire at the end of 2012. Under Obama's proposal, they will expire at the end of 2012 for those making more than $250,000 and at the end of 2013 for Americans making less than $250,000.
“At the same time, most people agree, we should not raise taxes on middle class families or small businesses, not when so many folks are just trying to get by, when so many folks are digging themselves out of the hole that was created by this great recession that we had and at a time when the recovery is still fragile,” Obama said at the White House on Monday.
“That’s why I’m calling on Congress to extend the tax cuts for the 98 percent of Americans who make less than $250,000 for another year,” he said.
This tax proposal differs from the one Obama called for six months ago in his 2013 budget. In that document, Obama said that the lower Bush tax rates for Americans making less than $250,000 per year should be made permanent.
His proposal today does not make the current lower tax rates permanent—it gives those making under $250,000 only one more year at those rates before they would automatically snap up to the higher rates that prevailed before Bush cut them.
The tax increases Obama proposes for 2014 could impact hundreds of thousands of independent and small businesses. …
(Excerpt) Read more at cnsnews.com ...
More proof that socialism/communism cannot survive unless it can feed off of captialism. Parasite governments don’t last long because they tend to always kill the “golden goose” first. Are you listening Barry?
The list, Ping
Let me know if you would like to be on or off the ping list
” - - - Obama said that the lower Bush tax rates for Americans making less than $250,000 per year should be made permanent.”
Does this mean that Bush should be praised for something, finally?
How about we eliminate the EITC, all credits including the child tax credits, and get people back on the tax rolls, so-called “broadening the tax base”. Maybe taxes can pay for government services, rather than satisfying some obtuse utopian desires.
For “all”, except the pure takers, of course...
1. Eliminate ALL corporate tax.
1a. Eliminate ALL depletion allowances and depreciation allowances.
2. Eliminate ALL current IRS regulations.
3. Set the individual tax rate at 10% regardless of income.
3a. Perquisites at taxed at 10% of cost.
4. Withhold at the rate of 11%, to get a refund you have to file taxes, but there is no legal imperative to file.
5. Tax ALL money coming into the country at 0% (yes, ZERO%).
6. Tax ALL money leaving the country at 10%.
The Demoncrat politicians have always known that the money
in the masses. They also know that you can’t get Joe Average to
reach for his wallet until Joe knows that the wealthy are paying
through the nose. So dupe the masses into believing that part of
their hard earned living actually belongs to the government. Then
give some of those funds back to the people in the form of goodies.
That purchases their loyalty and perpetuates their power.
Same old scam, different time.
The Walter Modale clone emerges. Obama, the Tax man, Cometh.
In other words. Obama is looking at raising taxes on All Americans in 2014.
Let the word out. The Tax Man Cometh
$250,000...AGI or taxable income?
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