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President Obama is putting the finishing touches on an ambitious first budget that seeks to cut the federal deficit in half over the next four years, primarily by raising taxes on businesses and the wealthy and by slashing spending on the wars in Iraq and Afghanistan, administration officials said.
Obama also seeks to increase tax collections, mainly by making good on his promise to eliminate some of the temporary tax cuts enacted in 2001 and 2003. While the budget would keep the breaks that benefit middle-income families, it would eliminate them for wealthy taxpayers, defined as families earning more than $250,000 a year. Those tax breaks would be permitted to expire on schedule in 2011. That means the top tax rate would rise from 35 percent to 39.6 percent, the tax on capital gains would jump to 20 percent from 15 percent for wealthy filers and the tax on estates worth more than $3.5 million would be maintained at the current rate of 45 percent.
Obama also proposes "a fairly aggressive effort on tax enforcement" that would target corporate loopholes, the official said. And Obama's budget seeks to tax the earnings of hedge fund managers as normal income rather than at the lower 15 percent capital gains rate.
Overall, tax collections under the plan would rise from about 16 percent of the economy this year to 19 percent in 2013, while federal spending would drop from about 26 percent of the economy, another post-World War II high, to 22 percent.
Originally posted by skeptic1
This isn't surprising.
I am pretty sure that everyone knew this was coming as soon as he took office.
Originally posted by peskyhumans
I personally think this is fantastic. I can't understand how the richest 1 percent of Americans can just sit on their money hoards while the rest of our economy gets flushed down the toilet. It's stupid. When the economy crashes, and our currency becomes worthless, what will their mountains of cash buy them? Its about time they start paying taxes like the rest of us.
Originally posted by Hastobemoretolife
reply to post by j2000
If we are going by the U6 I'll raise you 3% to 21.
Reminds me of what Barney Frank said
"We haths a lot of rith peoples to taxth laterthy on"(I don't speak lisp, so sorry for any mistranslations )
I guess later means sooner in democrat world.
They re-invest it to make more money, and then repeat it over and over and over. They employ as few people as cheaply as possible, as employing people costs money.