Obama Seeks $1.9 Trillion Tax Rise on Rich, Business

[240 is Back]

Feb. 1 (Bloomberg) -- The Obama administration wants to increase taxes on Americans earning more than $200,000 by almost $970 billion over the next decade and take in an additional $400 billion from businesses even as it retooled a proposed crackdown on international tax-avoidance techniques.

The budget released today would reinstate 10-year-old income tax rates of 36 percent and 39.6 percent for single Americans earning more than $200,000 and joint filers who make more than $250,000 as part of a broad $1.9 trillion tax increase proposal. It proposes to eliminate preferences for oil and gas companies, life-insurance products, executives of investment partnerships and U.S.-based companies that operate overseas.

“The administration proposes to restore balance to the tax code by providing tax cuts to working families, returning to the pre-2001 ordinary income tax rates for families making more than a quarter of a million dollars a year, closing loopholes, and eliminating subsidies to special interests,” the budget says.

In all, Obama proposed $143.4 billion in new tax cuts for individuals who earn under $200,000. While the budget sets out $93.5 billion in gross tax reductions for businesses, overall they would face a net tax increase.

[Eric2]

once again.............this loser is going to tax the shit out of the middle class. This proves it.

[GigantorX]

Raising taxes is nothing but a cynical band-aid. It's bullshit, they will take money and then not cut spending. All the money will be pissed away because this Admin likes spending even more than the previous one. More and more of our budget will be spent servicing the debt and towards entitlements and the such...again, just pissing it away.

If he were to propose this, a total simplification of the tax code, real structural changes/ reductions to our budget, I would be ok with this. As it is, he will soak the rich some more, "cut taxes" for the "middle class" to get the ignorant populist vote and then continue to spend like a drunken George Bush, or more drunk George Bush.

This money won't even go towards paying off the debt or whatever. It will go towards the very things that are sucking us dry. The very things that get no mention, and no politician has any intention of fixing.

Dying patient with a nice sized stab wound(s) is getting even more blood from the blood bank but this doctors refuse to fix the wounds.

[Soul Crusher]

Raising taxes is nothing but a cynical band-aid. It's bullshit, they will take money and then not cut spending. All the money will be pissed away because this Admin likes spending even more than the previous one. More and more of our budget will be spent servicing the debt and towards entitlements and the such...again, just pissing it away.

If he were to propose this, a total simplification of the tax code, real structural changes/ reductions to our budget, I would be ok with this. As it is, he will soak the rich some more, "cut taxes" for the "middle class" to get the ignorant populist vote and then continue to spend like a drunken George Bush, or more drunk George Bush.

This money won't even go towards paying off the debt or whatever. It will go towards the very things that are sucking us dry. The very things that get no mention, and no politician has any intention of fixing.

Dying patient with a nice sized stab wound(s) is getting even more blood from the blood bank but this doctors refuse to fix the wounds.

Exactly! 

Where the hell is the money going?  To the most unproductive members of society - government workers and employees who destroy wealth, not create it. 

[GigantorX]

Exactly! 

Where the hell is the money going?  To the most unproductive members of society - government workers and employees who destroy wealth, not create it. 

But it is going to keep the economy "afloat"!

[Soul Crusher]

But it is going to keep the economy "afloat"!

Ha ha.  There is nothing "afloat", all there is, is a slowing of the capsizing of the ship. 

There is no way out of this without at least being honest and realistic of our problems.  We are not there yet.  I live in Yonkers, N.Y.. on the border of NYC. 

We have cops and foremen who average 125k and up a year and can retire after 20 yrs with 50% pay, PLUS OT.  That means alot of these guys retire at 40 - 45 yo with pensions of 100k a year for life, plus health benes. 

When I describe the math to most people in relation to the amount of taxpayers in the city, the average tax bill on the average property, sales tax receipets, etc,  most people are utterly clueless and incapable of understandting why we are in the mess we are. 

"But they put their life on the line" is the usual nonsense I get in terturn, yet when I show that many professions are statiscally more dangerous, silence. 

People in general are just ignorant and clueless and I fear only a complete and total collapse will be required for most people to understand the dangerous of nature of having such massive govt spending, on all levels.