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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Soul Crusher on February 26, 2009, 11:31:14 AM
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Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011
February 26, 2009 12:00 PM
President Obama's budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.
1) On people making more than $250,000.
$338 billion - Bush tax cuts expire
$179 billlion - eliminate itemized deduction
$118 billion - capital gains tax hike
Total: $636 billion/10 years
2) Businesses:
$17 billion - Reinstate Superfund taxes
$24 billion - tax carried-interest as income
$5 billion - codify "economic substance doctrine"
$61 billion - repeal LIFO
$210 billion - international enforcement, reform deferral, other tax reform
$4 billion - information reporting for rental payments
$5.3 billion - excise tax on Gulf of Mexico oil and gas
$3.4 billion - repeal expensing of tangible drilling costs
$62 million - repeal deduction for tertiary injectants
$49 million - repeal passive loss exception for working interests in oil and natural gas properties
$13 billion - repeal manufacturing tax deduction for oil and natural gas companies
$1 billion - increase to 7 years geological and geophysical amortization period for independent producers
$882 million - eliminate advanced earned income tax credit
Total: $353 billion/10 years
-- jpt
February 26, 2009 | Permalink | User Comments (554)
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CHECK OUT THE COMMENTS:
http://blogs.abcnews.com/politicalpunch/2009/02/obamas-budget-a.html
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WTC BITCHES!
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Awesome! You should get a second job so you can pay your fair share and be patriotic!
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we gotta start paying back the cost of all that money that Bush borrowed.
too bad we can't just send the bill to Bush directly
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Awesome! You should get a second job so you can pay your fair share and be patriotic!
NOT SO, I AND MANY OTHERS WILL PARE DOWN MY OPERATIONS SO THAT WE ARE ALWAYS UNDER THE CAP.
Screw Obama. I will do my part, whatever legally it will take, to make sure he is a failure.
He wants to wage war on businesses, fine. The layoffs that have occurred will look like nothing compared to what is coming.
Obama is a complete disaster and WTC.
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we gotta start paying back the cost of all that money that Bush borrowed.
too bad we can't just send the bill to Bush directly
Obama makes Bush look like scrooge.
Please you liberals are hypocrites of the worse sense.
I admit Bush was a disaster for his spending. You liberals blame Bush for spending like drunk sailor, yet applaud ZERO for this insanity.
The man must be abusing cocaine again.
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Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011
February 26, 2009 12:00 PM
President Obama's budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.
1) On people making more than $250,000.
$338 billion - Bush tax cuts expire
$179 billlion - eliminate itemized deduction
$118 billion - capital gains tax hike
Total: $636 billion/10 years
2) Businesses:
$17 billion - Reinstate Superfund taxes
$24 billion - tax carried-interest as income
$5 billion - codify "economic substance doctrine"
$61 billion - repeal LIFO
$210 billion - international enforcement, reform deferral, other tax reform
$4 billion - information reporting for rental payments
$5.3 billion - excise tax on Gulf of Mexico oil and gas
$3.4 billion - repeal expensing of tangible drilling costs
$62 million - repeal deduction for tertiary injectants
$49 million - repeal passive loss exception for working interests in oil and natural gas properties
$13 billion - repeal manufacturing tax deduction for oil and natural gas companies
$1 billion - increase to 7 years geological and geophysical amortization period for independent producers
$882 million - eliminate advanced earned income tax credit
Total: $353 billion/10 years
-- jpt
February 26, 2009 | Permalink | User Comments (554)
________________________ ________________________ _________
CHECK OUT THE COMMENTS:
http://blogs.abcnews.com/politicalpunch/2009/02/obamas-budget-a.html
_________________
WTC BITCHES!
I sort of feel like I'm in the middle of a bad dream. . . .
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First, you are in the very beginning of a nightmare, not a bad dream.
Second, go check out the comments on ABC News I posted. Even Obama voters are pissed off.
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WTC after 30 days.
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NEWSFLASH - Bush spent all our money in another country where we don't have shit to show for it? How's those Iraqi time share units coming along? Obama believes in keeping the bulk of spending inside this country and being spent on our own country. Not some little shithole across the Atlantic.
But then again, simple facts are hard to grasp by the silly naysayers.
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NEWSFLASH - Bush spent all our money in another country where we don't have shit to show for it? How's those Iraqi time share units coming along? Obama believes in keeping the bulk of spending inside this country and being spent on our own country. Not some little shithole across the Atlantic.
But then again, simple facts are hard to grasp by the silly naysayers.
The denial phase has started.
BTW - how is that Billion for Gaza and 5 billion for Pakistan doing???
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WTC
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A lot better than the billions for Haliburton did when they went missing.
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The denial phase has started.
BTW - how is that Billion for Gaza and 5 billion for Pakistan doing???
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WTC
By denial I assume you mean the mountain of debt that Bush left us with nothing to show for it.
I assume that's the generational theft that the Repubs are talking about
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bloomberg art.
Obama Seeks $1 Trillion Tax Increase in Budget Plan (Update2)
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By Ryan J. Donmoyer
Feb. 26 (Bloomberg) -- President Barack Obama proposed almost $1 trillion in higher taxes on the 2.6 million highest- earning Americans, Wall Street financiers, U.S.-based multinational corporations, and oil companies to pay for permanent tax breaks for lower earners.
Obama’s 2010 budget proposal, released today, would reinstate the top two Clinton-era tax rates of 36 percent and 39.6 percent in 2011, up from the 33 percent and 35 percent the richest Americans now pay. It would raise taxes on capital gains and dividends to 20 percent for top earners, up from the 15 percent set by former President George W. Bush in 2003.
The tax increases, which Obama vowed to impose as a presidential candidate, would be the first on high-income earners since 1993 and would reverse a course set by Bush of lowering the tax burden on the nation’s wealthiest people.
“It’s a clear repudiation of Bush’s policy,” said Peter Morici, an economist at the University of Maryland in College Park. “It’s more Obama Robin Hood.”
Obama’s budget does keep in place Bush’s tax cuts that benefit lower- and middle-income earners and it preserves a sliver of policy that benefits the more affluent: A preferential tax rate on corporate dividends. Before Bush, dividends were taxed as ordinary income, or at rates as high as 39.6 percent in the 1990s.
‘Hugely Positive’
“It is a hugely positive step to keep that part of the ‘03 changes,” said Pamela Olson, who was the top tax official in Bush’s Treasury Department when the tax rate on dividends was reduced. “It’s good economic policy, good corporate governance policy, and good tax policy.”
Obama is also proposing to stop the estate tax from being repealed as scheduled next year and to impose a 45 percent tax rate on a married couple’s estate valued at more than $7 million.
Higher-income earners, primarily families with more than $250,000 of income, would face an additional tax burden under a proposal to reinstate limitations on their itemized deductions, which would subject more of their income to tax. In all, top- earning households would pay $636.7 billion in additional taxes over the next decade, Obama’s budget estimates.
Linda Beale, a tax-law professor at Wayne State University Law School in Detroit, said “many will object to reinstituting phase-outs for itemized deductions because of the complications that creates.”
Representative Mike Pence of Indiana, the No. 3 Republican leader in the House, said Obama can expect a wall of opposition to his proposed tax increase on top-earners. Roughly half of Americans earning $250,000 are small-business owners, and the proposed increase will stifle the troubled economy, he said.
‘Overwhelming Opposition’
“There will be overwhelming opposition from the American people and House Republicans to the idea that we should raise taxes during a recession,” Pence said in an interview. “Raising taxes in a recession is not a strategy for recovery.”
Representative Jeb Hensarling, a Texas Republican, said in an e-mail, “You cannot help the job-seeker by punishing the job creator.”
The higher taxes on individuals will largely be used to pay for expanded health coverage for lower-income Americans and to make permanent Obama’s tax breaks such as a payroll tax credit worth up to $800 that was adopted on a temporary basis in the $787 billion fiscal stimulus measure earlier this month.
“He’s being so generous at the lower-income level that making $200,000 is going to be like falling off a cliff,” said Dustin Stamper, an analyst in the National Tax Office at Grant Thornton LLP. “Say what you want about the Bush tax cuts favoring the rich, but this is just becoming punitive.”
AMT Lives On
Obama’s budget also assumes Congress will continue to index the alternative minimum tax for inflation. The AMT is a parallel system that can impose higher rates on families earning between $75,000 and $500,000 when their deductions are too high relative to their income.
Executives at private-equity firms, venture-capital firms, some hedge funds and other partnerships that receive a 20 percent “carried interest” in the firm’s profits would see their tax burdens nearly triple under Obama’s budget.
Most of their carried interest currently is taxed at the 15 percent rate for long-term capital gains. Obama is asking Congress to tax the profit share as ordinary income, arguing that it’s a form of wages; under his plan, most executives would pay 39.6 percent.
That proposal will likely reignite a debate that was waged by Congress in 2007 when the House of Representatives approved the change and the Senate never considered it.
Corporate Tax Increase
Obama proposed $353.5 billion in higher taxes on corporations over the next decade, the bulk of which would come from “reforming” rules that allow U.S.-based multinational corporations such as General Electric Co. to defer U.S. tax on profits they earn overseas. GE has about $75 billion offshore on which it has never paid U.S. taxes, according to its regulatory filings.
Obama’s budget estimates such reforms and beefing up Internal Revenue Service enforcement of international tax rules would generate $210 billion in additional revenue over the next decade. He also proposed to limit tax shelters by requiring they serve a business purpose by redefining the tax code’s “economic substance doctrine.”
‘Last-In, First Out’
He also proposed ending a tax-accounting technique called “last-in, first out” or LIFO, that primarily benefited oil and gas companies when oil topped $100 a barrel but is widely used across industries.
Republican senators in April 2006 floated such a tax increase but backed off after Exxon Mobil Corp. Chairman and Chief Executive Officer Rex Tillerson called the proposal a “backdoor windfall-profits tax.”
In addition to oil companies, the repeal of LIFO would hit retailers, automakers and makers of non-automotive heavy equipment, textile makers, consumer products, drug companies, alcohol and tobacco manufacturers and wholesalers when times are good, according to tax experts.
The accounting method has been commonly used since the 1930s and is viewed as the most accurate measure of income for financial statement purposes, according to the congressional Joint Committee on Taxation, a nonpartisan panel.
To contact the reporter on this story: Ryan Donmoyer in Washington at rdonmoyer@bloomberg.net;
Last Updated: February 26, 2009 14:12 EST
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By denial I assume you mean the mountain of debt that Bush left us with nothing to show for it.
I assume that's the generational theft that the Repubs are talking about
I dont defend GWB and you should stop being so dishonest about it.
However, two wrongs dont make a right and it is hypocritical for you or any other liberal to go along with this chaos while decrying GWB's spending.
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Obama is a complete disaster and WTC.
3333, what is WTC?
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I dont defend GWB and you should stop being so dishonest about it.
However, two wrongs dont make a right and it is hypocritical for you or any other liberal to go along with this chaos while decrying GWB's spending.
We have a huge pile of DEBT and an economy on the brink if a Depression.
Let's hear some of your ideas (besides do nothing and tax cuts for the wealthy)
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3333, what is WTC?
WORSE THAN CARTER
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3333, what is WTC?
Whines Tantrums and Complaints
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Whines Tantrums and Complaints
Ha ha.
2010 is going to be like 1994 redux the way Obama/Pelosi is going.
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We have a huge pile of DEBT and an economy on the brink if a Depression.
Let's hear some of your ideas (besides do nothing and tax cuts for the wealthy)
Raise taxes on those who use the resulting handouts?
Cut social programs to something reasonable?
End foreign aid for regions that give nothing back?
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Raise taxes on those who use the resulting handouts?
Cut social programs to something reasonable?
End foreign aid for regions that give nothing back?
any suggestions re: Gov't funding/support of the Arts?
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Bush borrowed and spent. He was wrong. Bush squandered our money in Iraq.
Obama is borrowing and spending 3 times as much as Bush. He is wrong. Obama is preferentially helping poor people and still squandering $ outside this country with new spending in Afghanastan.
This is very clear to me. You cannot criticize Bush's deficit spending without being more outraged at Obama.
And all individuals making 200K or more will see tax hikes, different than his campaign promise of 250K.
Families making 250K or more will see tax hikes.
Business making 250K or more will see tax hikes.
All individuals that have any investments in companies or the stock market will see tax hikes under the increased capital gains tax.
Much of this money will go to the poor and low middle class. This is clearly redistribution and double talk.
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I'm glad he is closing some tax loopholes, thats necessary but we do not need to raise taxes on anyone. We already have a progressive taxation system. Just make sure companies and individuals play by the rules, which many don't.
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I'm glad he is closing some tax loopholes, thats necessary but we do not need to raise taxes on anyone. We already have a progressive taxation system. Just make sure companies and individuals play by the rules, which many don't.
The hypocrisy is incredible.
GWB was wrong, but this is just indefensible.
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Bush borrowed and spent. He was wrong.
Obama is borrowing and spending 3 times as much as Bush. He is wrong.
This is very clear to me. You cannot criticize Bush's deficit spending without being more outraged at Obama.
And all individuals making 200K or more will see tax hikes, different than his campaign promise of 250K.
Families making 250K or more will see tax hikes.
Business making 250K or more will see tax hikes.
Much of this money will go to the poor and low middle class. This is clearly redistribution.
I know at least a few families with household income of > than 250k a year that are now down to ~ 100k.
They would all rather have their former income and pay a marginally higher tax rate.
Bush borrowed for a two wars which he recklessly executed and for which we have nothing to show for it. He also allowed massive graft and corruption in the spending of those $$$'s
Obama would rather not have to spend $$$'s (as he's said) but the govt is the only entity right now that can stimulate the economy (at least that is the plan) and the money will be spent in part of things which we will use for years to come. He's also promised an unprecendented amount of transparency and zero tolerance on graft and corruption.
Time will tell if Obama's spending with be worthwhile.
We already know the answer on Bush
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The hypocrisy is incredible.
GWB was wrong, but this is just indefensible.
You wouldn't think so if you were an inner city resident who needs new spinners and some pepsi for the kids, but can't afford them because nobody will hire them for the $20/hr they are really worth....
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What's everyone so upset about? Isn't paying taxes optional :P
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What's everyone so upset about? Isn't paying taxes optional :P
Only if your a democrat.
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Only if your a democrat.
Truth.
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Straw, I agree on your criticizms for Bush and Chenney. They pandered to big business. Also continued unnecessary subsidies. IMO the congress and administration are at fault for many things, including the financial bust. And Iraq was unnecessary.
However, Obama is spending far too much man. He is creating a huge hole that we can't get out of by just raising taxes on the top 5%. Most of us here criticized Bush for deficit spending yet some of you guys are ok with Obama spending far more. The budget for this year and next year is irresponsible use of our tax $. Some of these programs are what Democrats have wanted for years and because the economy is bad they are getting put through under the promise that they will help us out of the recession. I think very little of what the gov does will affect the recession. The biggest thing they can do is handle to financial and housing crisis. Then cut spending overseas and trim down the deficit. Obama is creating more dependence on gov under the guise of stimulus. He raised capital gains taxes which is a mistake. Cut corporate taxes to attract business!
Sure, someone would rather make more and be taxed higher on that portion of $ (instead of making half of what they made) but to what degree do we punish someone for making $? We already have a progressive tax system where if you make more, you pay more. Obama is going overboard in making upper middle class people and many successful businesses pay excessively. If we made people pay the taxes they are supposed to under the current system, thats enough. We don't need all this crazy spending!
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What's everyone so upset about? Isn't paying taxes optional :P
Patriotic. ::)
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The hypocrisy is incredible.
GWB was wrong, but this is just indefensible.
Is it just me, or did the Dems give the biggest pop for Obama, NOT when he mentioned his plans for Iraq or for parents to play a bigger role for education, or his economic agenda, but for reminding everyone that he inherited an economic crisis?
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I guess to highlight a point, if we weren't in a recession, Obama would still want the majority of these things. The only reason they are passing so easily is because we are in a recession and there is a democratic majority in congress with a lot of far left members right now. The blue dog democrats are a relatively quiet voice in the party currently.
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Is it just me, or did the Dems give the biggest pop for Obama, NOT when he mentioned his plans for Iraq or for parents to play a bigger role for education, or his economic agenda, but for reminding everyone that he inherited an economic crisis?
That is just another lie. Yes, Obama inhereited a mess, but not like what he is talking about deficit wise.
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What's everyone so upset about? Isn't paying taxes optional :P
Now that's COLD!!!
Then again, by Biden's standards, half of Obama's staff are TRAITORS. ;D
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That is just another lie. Yes, Obama inhereited a mess, but not like what he is talking about deficit wise.
Agreed!! But again, the issue here Pelosi and crew, clapping like trained seals with mouths full of fresh fish, after Obama reminded everyone (for the nth time) that he inherited a crisis.
In other words, the Dems are setting themselves to do what they often do best: Blame somebody else for their problems, namely the problem they will have IF this stimulus doesn’t’ work. The "Bush bashing" is only going to last for a few more months (and the Dems are going to milk it for all its worth). Should this crash and burn, the people are going to look squarely at them, not "W", for not fixing the woes of the country.
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I know at least a few families with household income of > than 250k a year that are now down to ~ 100k.
They would all rather have their former income and pay a marginally higher tax rate.
Bush borrowed for a two wars which he recklessly executed and for which we have nothing to show for it. He also allowed massive graft and corruption in the spending of those $$$'s
Obama would rather not have to spend $$$'s (as he's said) but the govt is the only entity right now that can stimulate the economy (at least that is the plan) and the money will be spent in part of things which we will use for years to come. He's also promised an unprecendented amount of transparency and zero tolerance on graft and corruption.
Time will tell if Obama's spending with be worthwhile.
We already know the answer on Bush
Why dont you go to the mall and max out your credit cards, your parents cards, your kids cards, your neighbors credit cards, all on crap and then tell me how stimulated you feel a year or two from now.
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Unlike a few others who apparently will bash Obama no matter what, shootfighter repeatedly makes great posts with legit concerns regarding Obama's stimulus plan.
Eg, how programs that not are related to stimulating the economy may end up getting in package.
Also historically, when one party is as dominant as the Democrats are right now, there is very little opposition, and 'pork' could easily be added.
Obama really needs to hold a tight grip on the expenses, make all of the stimulus money cost effective.
FWIW, I think the transparancy that Obama has promised perhaps can prevent from real disasters.
Remains to be seen if there is any though.
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Unlike a few others who apparently will bash Obama no matter what, shootfighter repeatedly makes great posts with legit concerns regarding Obama's stimulus plan.
Eg, how programs that not are related to stimulating the economy may end up getting in package.
Also historically, when one party is as dominant as the Democrats are right now, there is very little opposition, and 'pork' could easily be added.
Obama really needs to hold a tight grip on the expenses, make all of the stimulus money cost effective.
FWIW, I think the transparancy that Obama has promised perhaps can prevent from real disasters.
Remains to be seen if there is any though.
Do you even realize how much borrowed money they are spending? This is money we do not have after bush spent money on garbage as well.
It did not work for W it will not work for O.
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If Obama had a penny for every time a Republican whined about him, the entire bill would be paid off by Sunday.
Obama owns your minds.
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Straw, I agree on your criticizms for Bush and Chenney. They pandered to big business. Also continued unnecessary subsidies. IMO the congress and administration are at fault for many things, including the financial bust. And Iraq was unnecessary.
However, Obama is spending far too much man. He is creating a huge hole that we can't get out of by just raising taxes on the top 5%. Most of us here criticized Bush for deficit spending yet some of you guys are ok with Obama spending far more. The budget for this year and next year is irresponsible use of our tax $. Some of these programs are what Democrats have wanted for years and because the economy is bad they are getting put through under the promise that they will help us out of the recession. I think very little of what the gov does will affect the recession. The biggest thing they can do is handle to financial and housing crisis. Then cut spending overseas and trim down the deficit. Obama is creating more dependence on gov under the guise of stimulus. He raised capital gains taxes which is a mistake. Cut corporate taxes to attract business!
Sure, someone would rather make more and be taxed higher on that portion of $ (instead of making half of what they made) but to what degree do we punish someone for making $? We already have a progressive tax system where if you make more, you pay more. Obama is going overboard in making upper middle class people and many successful businesses pay excessively. If we made people pay the taxes they are supposed to under the current system, thats enough. We don't need all this crazy spending!
I agree with some of your points but don't have time right now to address the ones I don't agree with (maybe later).
I don't think Obama intends (or thinks) that raising taxes is going to offset all this spending. I think it will be a combination of increasing tax revenue and cutting spending and drawing down the people and $$$'s that we're throwing down that black hole in Iraq. We also have a bunch of ridiculous loopholes that allow companies access to our markets while not paying their fair share of taxes. There is just so much that can be done on so many fronts but at this point in time I think he has to spend and spend big to stimulate the demand side of the equation.
btw -regarding those programs Dems have wanted for years, can you give me some examples? I don't know what you're refering to so I can't make a assesment. Just wanting something for years does not make it bad, unnecessary or wasteful (not saying you're suggesting that - just need to know what you're referring to)