Obama's 2011 Budget Cuts = Tax Increases for you

[XJEEPER]

"I can make a firm pledge, under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes."
Barack Obama

Looks like he's Changed plans...........$1.5 Trillion in Taxes


Here are the 15 taxes identified by ATR:

• Raising the top marginal income tax rate (at which a majority of small business profits face taxation) from 35% to 39.6%. This is a $709 billion/10 year tax hike

• Raising the capital gains and dividends rate from 15% to 20%

• Raising the death tax rate from 35% to 45% and lowering the death tax exemption amount from $5 million ($10 million for couples) to $3.5 million. This is a $98 billion/ten year tax hike

• Capping the value of itemized deductions at the 28% bracket rate. This will effectively cut tax deductions for mortgage interest, charitable contributions, property taxes, state and local income or sales taxes, out-of-pocket medical expenses, and unreimbursed employee business expenses. A new means-tested phaseout of itemized deductions limits them even more. This is a $321 billion/ten year tax hike

• New bank taxes totaling $33 billion over ten years

• New international corporate tax hikes totaling $129 billion over ten years

• New life insurance company taxes totaling $14 billion over ten years

• Massive new taxes on energy, including LIFO repeal, Superfund, domestic energy manufacturing, and many others totaling $120 billion over ten years

• Increasing unemployment payroll taxes by $15 billion over ten years

• Taxing management capital gains in an investment partnership (“carried interest”) as ordinary income. This is a tax hike of $15 billion over ten years

• A giveaway to the trial lawyers—not letting companies deduct the cost of punitive damages from a lawsuit settlement. This is a tax hike of $300 million over ten years

• Increasing tax penalties, information reporting, and IRS information sharing. This is a ten-year tax hike of $20 billion.

Read more: http://www.businessinsider.com/tax-hikes-obama-budget-2011-2#ixzz1DynMF22o

 

[Ralph]

How can you tell when a politician is lying? His lips are moving.

 

[DeftwillP]

hater's gonna hate

No, seriously......Trainwreck.

 

[Gonepostal]

How can you tell when a politician is lying? His lips are moving.

This one just needs the teleprompter and we all know the lies will be flying before the goon ever shows at the podium.

 

[Ralph]

I don't trust politicians as a rule, but Obama did bring up the idea of phasing out Fannie Mae and Freddie Mac. That doesn't do anything about the losses associated with these two entities , but at least it would close the door on future bad mortgage loans. Of course, all that has been done has been to make a proposal.

 

[XJEEPER]

Be very clear on this fact.

Fannie Mae and Freddie Mac programs are as corrupt as Social Security and Medicare are. The crash in the housing market and the negative impact to our economy is a direct result of the lending practices that were mandated by F&F, all in the name of Social Justice.

http://www.youtube.com/watch?v=_MGT_cSi7Rs

http://www.youtube.com/watch?v=cMnSp4qEXNM&feature=related

 

[Ralph]

Be very clear on this fact.

Fannie Mae and Freddie Mac programs are as corrupt as Social Security and Medicare are. The crash in the housing market and the negative impact to our economy is a direct result of the lending practices that were mandated by F&F, all in the name of Social Justice.

http://www.youtube.com/watch?v=_MGT_cSi7Rs

http://www.youtube.com/watch?v=cMnSp4qEXNM&feature=related

I wouldn't go so far as to say they were mandated, but they were certainly allowed.

 

[87manche]

I wouldn't go so far as to say they were mandated, but they were certainly encouraged.

I fixed that.

lenders were given incentives to make loans to lower income families, so that everyone could have the American dream.
incentives+high risk=disaster.

 

[XJEEPER]

I wouldn't go so far as to say they were mandated, but they were certainly allowed.

Correction, I meant to say "mandated by the GSC". It was a sham and they knew it. Their policies forced lenders to loan money to people who did not have the finacial means to repay the loans.


You want to give Obama credit for something? Sen. Obama took $126,349.00 in contributions from Freddie and Fannie (#2), despite being in the Senate for only three years.

Senator Dodd, the top recipient (#1) of Fannie Mae and Freddie Mac campaign contributions, was Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, which is responsible for regulating the mortgage industry.

Fannie and Freddie used these political contributions to protect themselves from being held accountable as the housing market was set up for collapse. Now, as a result, taxpayers are on the hook to Fannie and Freddie for at least $400 billion — and $5 trillion in mortgage liabilities.

Greg Reiter, an analyst at RBS, clarifies that taxpayers will never come close to recovering the money they have pumped into Fannie and Freddie.

"The best year they each ever had never even hit $5 billion in net profit,” Reiter said. “Even if they could have the best year they had forever they could not even service the dividends alone.”

The American people deserve to know the full truth about the partnership between Fannie and Freddie and their allies on Capitol Hill.

 

[Boatwrench]

Is this right? Did he really say that? How come no one here picked up on this nugget from the State of the Union address?

 

[87manche]

How come no one here picked up on this nugget from the State of the Union address?

because they'd just be accused of being racist.

 

[Ralph]

Did he say it's the white thing to do or the right thing to do?

 

[bmpweXJ]

I know this won't be popular here, but here goes anyway. To address your points:

"I can make a firm pledge, under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes."
Barack Obama
Looks like he's Changed plans...........$1.5 Trillion in Taxes

ok, let's look for examples below that math the above promise...

Raising the top marginal income tax rate (at which a majority of small business profits face taxation) from 35% to 39.6%. This is a $709 billion/10 year tax hike

Doesn't sound like a tax hike for families making less than $250k

Raising the capital gains and dividends rate from 15% to 20%

Ok, mabye on this one.

Raising the death tax rate from 35% to 45% and lowering the death tax exemption amount from $5 million ($10 million for couples) to $3.5 million. This is a $98 billion/ten year tax hike

Isn't a tax on a family, it's a tax on a dead person or their estate.

Capping the value of itemized deductions at the 28% bracket rate. This will effectively cut tax deductions for mortgage interest, charitable contributions, property taxes, state and local income or sales taxes, out-of-pocket medical expenses, and unreimbursed employee business expenses. A new means-tested phaseout of itemized deductions limits them even more. This is a $321 billion/ten year tax hike

Families have to be making over $104k combined income and be seeking a itemized deduction for this to even be applicable. Even if it is... we're talking about a Maximum reduction from 35% to 28% for itemized deductions.

New bank taxes totaling $33 billion over ten years

Not a personal tax.

New international corporate tax hikes totaling $129 billion over ten years

Not a personal tax.

New life insurance company taxes totaling $14 billion over ten years

Not a personal tax.

Massive new taxes on energy, including LIFO repeal, Superfund, domestic energy manufacturing, and many others totaling $120 billion over ten years.

Not a personal tax.

Increasing unemployment payroll taxes by $15 billion over ten years

This would contridict the Obama's above statement.

Taxing management capital gains in an investment partnership (“carried interest”) as ordinary income. This is a tax hike of $15 billion over ten years

Not a personal tax.

A giveaway to the trial lawyers—not letting companies deduct the cost of punitive damages from a lawsuit settlement. This is a tax hike of $300 million over ten years.

Not a personal tax.

Increasing tax penalties, information reporting, and IRS information sharing. This is a ten-year tax hike of $20 billion.

Not a personal tax... there's a difference between a tax and penility.

Bear in mind, i think they're all assholes, I just don't like to see unfounded arguments.

 

[Boatwrench]

Did he say it's the white thing to do or the right thing to do?

It had to be right thing to do our faux news would have been all over it. I'm just surprised that none of the President Obama haters picked up on it.

 

[r33pwrd]

I know this won't be popular here, but here goes anyway. To address your points:

ok, let's look for examples below that math the above promise...

Doesn't sound like a tax hike for families making less than $250k


Ok, mabye on this one.


Isn't a tax on a family, it's a tax on a dead person or their estate.


Families have to be making over $104k combined income and be seeking a itemized deduction for this to even be applicable. Even if it is... we're talking about a Maximum reduction from 35% to 28% for itemized deductions.


Not a personal tax.


Not a personal tax.


Not a personal tax.


Not a personal tax.


This would contridict the Obama's above statement.


Not a personal tax.


Not a personal tax.


Not a personal tax... there's a difference between a tax and penility.

Bear in mind, i think they're all assholes, I just don't like to see unfounded arguments.

I think your missing the point... these taxes may not affect you in a direct way but being we all use Banks, Insurance companies, all use energy, ect ect you will be paying more out of your pocket for these new taxes one way or another.

 

[RichP]

I'm going to make one comment, corporations do not pay taxes, their customers pay those taxes. This is what puts us in reality in the 50% + tax bracket. That $2,000 flat panel TV has $700 worth of corporate taxes buried in it before you even pay for it and don't think for one minute any of those taxes come out of corporate profits. When a corporation gets whacked with a fine they get it back by tacking it on to the prices of their products.

 

[XJEEPER]

How Obama's math works........

http://blogs.abcnews.com/politicalp...reating-debt-todays-qs-for-os-wh-2162011.html



Here's a great breakdown of US Debt, put into a personal perspective.

http://www.theblaze.com/stories/lessons-in-debt-you-earn-50k-spend-87k-no-problem-right/

 

[XJEEPER]

When it looks like and smells like it......yup, it's $hit.
http://www.youtube.com/watch?v=mrzxtoepgAU&NR=1

 

[Boatwrench]

When it looks like and smells like it......yup, it's $hit.
http://www.youtube.com/watch?v=mrzxtoepgAU&NR=1

Where was everyone? That is sure a lot of empty seats in the background...

 

[RichP]

Where was everyone? That is sure a lot of empty seats in the background...

You don't watch cspan much I guess, thats usually at nite or evening when everyone is out eating on the lobbyists dimes. We need to start vilifying lobbyists the same way we vilify smokers and drug dealers.