Obama's new tax increases

I bet they will love this one come Monday.
How many jobs will leave now?
And this is suppose to help us How?

www.washingtonpost.com

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.

This isn't surprising.

I am pretty sure that everyone knew this was coming as soon as he took office.

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.

reply to post by peskyhumans


That's wishful thinking. What this will do, is take more jobs away. The US is one of the most Unfreindly countries for buisness. Now we are making it worse. This is why so many jobs go somewhere else.

Originally posted by skeptic1
This isn't surprising.

I am pretty sure that everyone knew this was coming as soon as he took office.

It's going to hit hard Monday I am afraid.

reply to post by j2000


I don't doubt that.

The markets will react badly. They aren't reacting well to much of anything Obama is doing.

I don't think this is surprising either.

Anybody want to place bets on how many jobs get cut by the end of the year. I say we will be at about 10 to 11% unemployment by the end of the year.

He's and idiot going to raise taxes on people that actually have money to spend.

[edit on 22-2-2009 by Hastobemoretolife]

reply to post by Hastobemoretolife


18% or more on the U6 scale.

And I will agree with that last line!!!!!



[edit on 22-2-2009 by j2000]

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.

They pay taxes just like you and me. they actually pay more in taxes than you and me! They don't bitch about it because they are the ones that own all the business. they set the price on the goods they sell to cover their tax bills.

what do you think is going to happen when the tax man cometh to the top 1% with Obama's new tax bill for them? Prices on everything is going to go up!

But then the not so smart people will believe the new BS coming from the talking heads that the reason prices are going up is because of hyperinflation. Wrong prices will go up because the top 1% have to pay higher taxes.

This is going to do in the market come Monday morning. Tax policy like this is unfair. While I agree that the people at the bottom should not pay income taxes, neither should any other individual. It's class warfare and this always ends badly.

The rich don't spend their money to help us. 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. We've been losing jobs since the open door policy, and will continue irregardless of these taxes. Rich people don't create jobs out of civic responsibility, and trusting them to do so to save our economy is naive.

reply to post by peskyhumans


Where will all the money come from to feed everyone because there is no work at all? All the "rich" just decided to retire for a few years because of the high taxes of trying to make anything from their "Risk"?

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.

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.

Since you know what U6 is, I'll go 21.3%, I don't think I can raise it anymore for this year though.

I bet I will still pay a higher percentage from my checks than these people will be with these "high" taxes. And I'll bet they'll stop working, or up and move someplace else, because its just that easy to make it filthy rich elsewhere.

I don't think any other country has the extreme class differentiation that we do. Lots of other countries are more impoverished, but non have as many hundred billionaires.

A tax increase is the only way to finally start caring for the weak,
which America's cruel society has been happily neglecting.

You know, the greatness of a society is measured by the way they
treat their weakest members. That means America is one of the
most barbaric societies on this planet!... but what's new I guess,
heh.

reply to post by peskyhumans

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.

Please re-read what you just said, and try to wrap your head around it.

I'll point it out for you. the following are your words not mine just with out all the spin:

"... re-invest it to make more money.... They employ.... as employing people costs money..."

Now Obama is going to tax them so they can't do as much of that.

The rich are not responsible for everyone else. And I say this as someone who is most definitely NOT rich. No one needs to hand me anything. And those reinvestments serve to create jobs. If there no money being invested and reinvested, there's not growth, no jobs, no market. You get poverty.

It's about time we grew up and stopped expecting the rich to float the bill for everyone else. We need to stop the greed and corruption in government. And we need to enable to SEC to do it's job within the confines of the Free Market.

We need to punish the people who committed fraud at all levels from the idiot who made 9 bucks an hour and lied to get a loan for a house he/she couldn't afford, to the lending practices of these banks and lending businesses. But to punish and deride people for making money is ridiculous and again forces the issue of class warfare into a discussion that needs far more sophistication and educated thought than superlatives and hyperbole that leads no where. We're all itching for change, some for revolutionary change, I'm not opposed to either. But I am opposed to the destruction of the free-market.

Rather than doing the sensible thing of reversing decades old anti-free market policies coming from both camps of government politic. Another ideology will not fix the problem of a science. Socialism is not the way. No 'ism' is. Economics is a science. And despite what these idiots in Washington say, it is not solely reactionary and it is not mentally unstable. The market reactions are not based on fear they are based on policy and what the market knows to be the best policy. That's why we're seeing revolts like that of Santelli on CNBC.

The government is going to "Help" people who are in dire straights right? Well, here's a video I'd like to add to this discussion:


blaming the market and the rich is NOT the answer to this. That is reactionary. We need solution for the market that are GOOD for the market. We could bailout these homeowners but even the governments own figures show that alot of these people will just default again. 60%.
That's not an investment and it isn't helpful to pass it on to the tax payer.



[edit on 22-2-2009 by projectvxn]

Not to mention that I don't see how Obama plans to cut government spending from 26% to 22% of the economy with his spending bills already and plenty more to come. And health care will add a lot to that figure already. It will be more like the European countries that have tax rates of 40 and 50% or higher.

Tax Rates in Europe:
en.wikipedia.org...

I also said they don't create jobs out of a sense of civic duty. I also said that these same people have been relocating jobs to places like china and mexico because of the open door policy. Rather than opening a market for U.S. goods in other countries, they export our jobs as they can employ people cheaper elsewhere. They would continue to do this irregardless of taxes.

I think the taxes are a good idea, and a long time coming, just my opinion. I think we are stuck at opposing ideologies, and I don't care about arguing about this anymore.