Obama budget raises taxes on middle class

Guess he really does want to be a one term president. No complaint from me, though I hope he can be prevented from being able to ruin this country even more than he already had before he leaves.

Quote:While the administration is focusing its proposal on eliminating tax breaks for individuals who earn $250,000 a year or more, middle-class families will face a slew of these backdoor increases.

The targeted tax provisions were enacted under the Bush administration's Economic Growth and Tax Relief Reconciliation Act of 2001. Among other things, the law lowered individual tax rates, slashed taxes on capital gains and dividends, and steadily scaled back the estate tax to zero in 2010.

If the provisions are allowed to expire on December 31, the top-tier personal income tax rate will rise to 39.6 percent from 35 percent. But lower-income families will pay more as well: the 25 percent tax bracket will revert back to 28 percent; the 28 percent bracket will increase to 31 percent; and the 33 percent bracket will increase to 36 percent. The special 10 percent bracket is eliminated.

So much for the tax cut for 95% of Americans. Obama lies again. Will you liberals care?

(02-02-2010 10:19 AM)Ninerfan1 Wrote:  Obama budget raises taxes on middle class

Guess he really does want to be a one term president. No complaint from me, though I hope he can be prevented from being able to ruin this country even more than he already had before he leaves.

Quote:While the administration is focusing its proposal on eliminating tax breaks for individuals who earn $250,000 a year or more, middle-class families will face a slew of these backdoor increases.

The targeted tax provisions were enacted under the Bush administration's Economic Growth and Tax Relief Reconciliation Act of 2001. Among other things, the law lowered individual tax rates, slashed taxes on capital gains and dividends, and steadily scaled back the estate tax to zero in 2010.

If the provisions are allowed to expire on December 31, the top-tier personal income tax rate will rise to 39.6 percent from 35 percent. But lower-income families will pay more as well: the 25 percent tax bracket will revert back to 28 percent; the 28 percent bracket will increase to 31 percent; and the 33 percent bracket will increase to 36 percent. The special 10 percent bracket is eliminated.

So much for the tax cut for 95% of Americans. Obama lies again. Will you liberals care?

I don't think so. They're still criticizing Bush's tax cuts, all while maintaining Bush didn't cut taxes, all while maintaining Obama is cutting taxes, all while maintaining Obama's cuts are good.

I don't know how they manage to juggle so much cognitive dissonance.

(02-02-2010 10:47 AM)DrTorch Wrote:  I don't think so. They're still criticizing Bush's tax cuts, all while maintaining Bush didn't cut taxes, all while maintaining Obama is cutting taxes, all while maintaining Obama's cuts are good.

I don't know how they manage to juggle so much cognitive dissonance.

Obamunism is a mental disorder.

Not a single liberal will stand up and defend the indefensible? Amazing.

(02-02-2010 08:01 PM)Ninerfan1 Wrote:  Not a single liberal will stand up and defend the indefensible? Amazing.

What he is assuming is that there won't be a bill to deal with this before the end date. I suspect there will. I also suspect that anyone making over 250,000 will be paying a little more in taxes.

The clock is running out, he has about 7 months before the democrats lose the house and maybe even the senate. Lots of "safe" democrats are now trailing in the polls Feingold, Bayh, Obama's former seat, Gillibrand, Biden's former seat. The window for the extreme left agenda is closing fast.

(02-03-2010 02:45 AM)RobertN Wrote:  

(02-02-2010 08:01 PM)Ninerfan1 Wrote:  Not a single liberal will stand up and defend the indefensible? Amazing.

What he is assuming is that there won't be a bill to deal with this before the end date. I suspect there will. I also suspect that anyone making over 250,000 will be paying a little more in taxes.

Good plan. Suppose we get to where, like NYC, we are counting on 1% of our population to pay 50% of our tax revenues. And suppose, hypothetically, that 1% gets tired of getting screwed and leaves. Then what?

Give you a hint. They'll get tired and leave long before then.

(02-03-2010 02:45 AM)RobertN Wrote:  

(02-02-2010 08:01 PM)Ninerfan1 Wrote:  Not a single liberal will stand up and defend the indefensible? Amazing.

What he is assuming is that there won't be a bill to deal with this before the end date. I suspect there will. I also suspect that anyone making over 250,000 will be paying a little more in taxes.

Perhaps it would be easier if I explain what a budget is and how it works. That's a key piece of understanding you lack which, in turn, is prohibiting you from seeing the point.

A budget is an estimate of expected income and expenses for a given period in the future.

Now, the government collects income through what we call taxes. Income taxes being chief among them.

So, when Obama proposes a budget, he is basing it on estimated income. The income he is estimating to receive is based on an increase in the personal income tax bracket.

So bringing us back to your brilliant defense of this, you're saying that Obama has put forth a budget based on tax receipts he really doesn't expect to get because he wants Congress to pass a bill preventing the tax bracket increases, thus ensuring that he won't get them.

And you really wonder why we say you're too stupid to talk about any of this?

(02-03-2010 09:55 AM)Ninerfan1 Wrote:  

(02-03-2010 02:45 AM)RobertN Wrote:  

(02-02-2010 08:01 PM)Ninerfan1 Wrote:  Not a single liberal will stand up and defend the indefensible? Amazing.

What he is assuming is that there won't be a bill to deal with this before the end date. I suspect there will. I also suspect that anyone making over 250,000 will be paying a little more in taxes.

Perhaps it would be easier if I explain what a budget is and how it works. That's a key piece of understanding you lack which, in turn, is prohibiting you from seeing the point.

A budget is an estimate of expected income and expenses for a given period in the future.

Now, the government collects income through what we call taxes. Income taxes being chief among them.

So, when Obama proposes a budget, he is basing it on estimated income. The income he is estimating to receive is based on an increase in the personal income tax bracket.

So bringing us back to your brilliant defense of this, you're saying that Obama has put forth a budget based on tax receipts he really doesn't expect to get because he wants Congress to pass a bill preventing the tax bracket increases, thus ensuring that he won't get them.

And you really wonder why we say you're too stupid to talk about any of this?

I'm impressed that you could actually figure out what Robert was trying to say.

(02-03-2010 10:47 AM)DrTorch Wrote:  

(02-03-2010 09:55 AM)Ninerfan1 Wrote:  

(02-03-2010 02:45 AM)RobertN Wrote:  

(02-02-2010 08:01 PM)Ninerfan1 Wrote:  Not a single liberal will stand up and defend the indefensible? Amazing.

What he is assuming is that there won't be a bill to deal with this before the end date. I suspect there will. I also suspect that anyone making over 250,000 will be paying a little more in taxes.

Perhaps it would be easier if I explain what a budget is and how it works. That's a key piece of understanding you lack which, in turn, is prohibiting you from seeing the point.

A budget is an estimate of expected income and expenses for a given period in the future.

Now, the government collects income through what we call taxes. Income taxes being chief among them.

So, when Obama proposes a budget, he is basing it on estimated income. The income he is estimating to receive is based on an increase in the personal income tax bracket.

So bringing us back to your brilliant defense of this, you're saying that Obama has put forth a budget based on tax receipts he really doesn't expect to get because he wants Congress to pass a bill preventing the tax bracket increases, thus ensuring that he won't get them.

And you really wonder why we say you're too stupid to talk about any of this?

I'm impressed that you could actually figure out what Robert was trying to say.

I asked my two year old and he clarified it for me.

(02-03-2010 02:45 AM)RobertN Wrote:  

(02-02-2010 08:01 PM)Ninerfan1 Wrote:  Not a single liberal will stand up and defend the indefensible? Amazing.

What he is assuming is that there won't be a bill to deal with this before the end date. I suspect there will. I also suspect that anyone making over 250,000 will be paying a little more in taxes.

Do you know what a small business owner, who claims 700K in income, pays out of that income? His employee's salaries. He may not pay himself but 100K.

Tax the hell out of'em and people are going to be unemployed. That's the way it works. You're still following some clown that thinks small businesses pay capital gains.

.....oh, and Robert? Approximately 70% of employed Americans are employed by small business owners.

Hmmm... your link no longer works, but this one does..

Quote: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.

http://news.yahoo.com/s/nm/20100202/us_n...s_advisory

(02-03-2010 12:01 PM)At Ease Wrote:  Hmmm... your link no longer works, but this one does..

Quote: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.

http://news.yahoo.com/s/nm/20100202/us_n...s_advisory

He can't just let one part of legislation expire and another part of the same legislation to be extended. The ENTIRE legislation has to be extended or allowed to expire and new legislation drafted.


....but I guess we are seeing more and more how the brownshirts in the Obama administration treat their political rivals. Can't let something like truth get out, can we Goebbels?

God help us.

(02-03-2010 12:01 PM)At Ease Wrote:  Hmmm... your link no longer works, but this one does..

Quote: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.

http://news.yahoo.com/s/nm/20100202/us_n...s_advisory

If the story is wrong that's a good thing mostly. I still think it's lunacy to raise taxes during a time of economic downturn.

Do we know if he wants to raise taxes above and beyond what they go to by virtue of the Bush tax cuts expiring?