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Obama's Budget: Almost $1 Trillion in New Taxes

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posted on Feb, 26 2009 @ 12:02 PM
reply to post by Hastobemoretolife

Okay bro, I'll use your logic..

What hapens if it works, and nobody has to choose agaoin between medication or food, what if it spurs the economy and we all become rich, what if, what if. I'm dealing with reality right now as we know it to be. The concept is great and I'm supporting him on this until he gives me REAL reasons not to, not "wht if's"

posted on Feb, 26 2009 @ 12:20 PM
i dont agree with overspending and redundant programs /jobs,
but if you look at the underlying issue of that, when they cut that spending and programs (that spending and redundant programs did create jobs)it will be the loss of jobs and income for companies at the same time .

that will cause a deeper ressesion and it will take some time for those lost jobs and lost incomes to be replaced by new companies and jobs .

in the long run its great but in the mean time it will be rough until it is balanced back out.

posted on Feb, 26 2009 @ 12:22 PM
reply to post by uaocteaou

You're the one dealing with "what if's". What I said is based in reality.

America has the 2nd highest business taxes in the civilized world. You wonder why we have lost our manufacturing base? You wonder why we import and consume more than we export?

I've always liked this saying, if you think health care is expensive now what until it is free.

The health care system isn't what is screwed up it is the insurance system that is screwed up.

The fact is, The top 5% of people pay most of our taxes now. The truth and reality is the fact that it is impossible for those 5% to pay for everything the bottom 95% don't contribute anything too.

It is impossible, the numbers do not add up. That is great that you think this is going to work and fill your head with what if's. But reality is going to come crashing down upon you like a ton of bricks.

Look at the tax rates in all the countries that have universal health care. Just about ever single person pay over 50% of their income for a mediocre system, that is way worse than what we have now.

The fact is that it is mathematically impossible for this to work. That is the facts. The fallout form this is going to be horrendous. You think things are bad now, just wait. Just wait.

posted on Feb, 26 2009 @ 12:24 PM
reply to post by lycopersicum

You have a good point, and you may be right, I don't know. But I don't think many people beliee that we should continue the policies of the past, and we all know that a change is desperately needed, there's the problem. What to do, what to do that won't make things worse in the long run, or doing somethingthat will not change anything except the appearance of who is getting the benefit, tough call.

posted on Feb, 26 2009 @ 12:34 PM
in my opinion, the healthcare system in this country is pathetic!!

that being said, well.....

when the government stops their spending spree and come back down to abide with us mortal humans again, they they can come and tell me that they want more money from me...

I would rather tax and spend than borrow and spend, but we are not gonna get out of this mess untill we just stop spending!!!

so, till that happens, they don't want to try to take more money from me.....they will end up with less!!

now, got to go order my electronic cigarette now, like I said, if they try to take more, they will end up with less...

posted on Feb, 26 2009 @ 04:03 PM

Originally posted by Hastobemoretolife
How long will it be, before reality sets in and you see a change to the budget and taxes go up on everybody.

It is mathematically impossible for the top 5% of Americans who make over 250k a year to pay for the whole nations health care. It is a pipe dream.

Besides what happens when those Americans that are making 250K a year don't make 250k a year anymore.

You going to start seeing the wealthy flee to other "wealth friendly" countries. Your going to see businesses start closing down in mass because they won't be able to afford to pay the taxes. It will probably be cheaper for big corporations to pay the penalty to outsource the jobs than to pay the higher taxes.

Raising taxes takes wealth out of the economy, and for this plan to work wealth needs to be added to the economy.

We have a president that is not living in reality.

I give you a star for this post. Increasing taxes on people making over $250k per year will not nearly be enough to pay for all of this. It is impossible. There was a great article in the Wall Street Journal about this today titled "The 2% Illusion". I suggest everyone read it for a dose of reality. Obama is misleading everyone.

Consider the IRS data for 2006, the most recent year that such tax data are available and a good year for the economy and "the wealthiest 2%." Roughly 3.8 million filers had adjusted gross incomes above $200,000 in 2006. (That's about 7% of all returns; the data aren't broken down at the $250,000 point.) These people paid about $522 billion in income taxes, or roughly 62% of all federal individual income receipts. The richest 1% -- about 1.65 million filers making above $388,806 -- paid some $408 billion, or 39.9% of all income tax revenues, while earning about 22% of all reported U.S. income.

Note that federal income taxes are already "progressive" with a 35% top marginal rate, and that Mr. Obama is (so far) proposing to raise it only to 39.6%, plus another two percentage points in hidden deduction phase-outs. He'd also raise capital gains and dividend rates, but those both yield far less revenue than the income tax. These combined increases won't come close to raising the hundreds of billions of dollars in revenue that Mr. Obama is going to need.

But let's not stop at a 42% top rate; as a thought experiment, let's go all the way. A tax policy that confiscated 100% of the taxable income of everyone in America earning over $500,000 in 2006 would only have given Congress an extra $1.3 trillion in revenue. That's less than half the 2006 federal budget of $2.7 trillion and looks tiny compared to the more than $4 trillion Congress will spend in fiscal 2010. Even taking every taxable "dime" of everyone earning more than $75,000 in 2006 would have barely yielded enough to cover that $4 trillion.

Fast forward to this year (and 2010) when the Wall Street meltdown and recession are going to mean far few taxpayers earning more than $500,000. Profits are plunging, businesses are cutting or eliminating dividends, hedge funds are rolling up, and, most of all, capital nationwide is on strike. Raising taxes now will thus yield far less revenue than it would have in 2006.

So after reading this do you really think that your taxes will not go up because you make less than 250K?

Add to this the cap and trade of greehouse emissions coming soon to America. Do you think that the energy corporations are just going to eat the extra cost of providing energy to us or will they pass the extra cost down to us?

posted on Feb, 26 2009 @ 08:07 PM
reply to post by AshleyD

The same taxpayers complaining now didn't have a problem forking over billions for the Iraq war, and didn't even get a bit enraged when they found out:

1) They don't hate our freedom.

2) They weren't tied to al Qaeda.

3) They weren't making WMDs, or even possess any usable ones.

Now he's using the extra money for alternative energy, health care, education, and other worthy causes, and people start raising a stink about money being wasted?

Pfft, I am all for a balanced budget, but until that happens, I at least hope they spend it on something good for humanity and not bloody wars.

posted on Feb, 27 2009 @ 12:06 PM
when they cant pay social security
when they cant pay for medicare

and its back the iraq give me a f'en break

what happens to all the healthcare providers? what about getting a good job and get insurance like i did.



posted on Feb, 28 2009 @ 03:19 PM

Originally posted by jam321

Anyway, Obama promised that those making $250,000 or less will not have their taxes increased. However, ultimately the higher taxes he passes on the rich will ultimately be paid by the not so rich in the form of higher prices.



You think the business CEO's will take a hit to their money?
You think the government will take a hit to their money?

No and No.

The middle class will, for the exact reason you posted.
So lets keep taxing the rich! Because in the end, the only people that benefit is the government.

posted on Feb, 28 2009 @ 03:21 PM
reply to post by Irish M1ck

Changing what the current taxes are used for and NEW taxes are different things...

I would much rather have the amount we have already been paying go to something beneficial, such as the things you listed. But as taxes rise, it is just the middle class getting the hit...

posted on Feb, 28 2009 @ 03:28 PM

Originally posted by Hastobemoretolife
You going to start seeing the wealthy flee to other "wealth friendly" countries.

The producers and the movers will go on strike.
The leeches and the unproductive will be left.
Who is John Galt????

We have a president that is not living in reality.

He's not living in reality OR he has a nafarious agenda.
Either one is bad for us.

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