Obama to call for broad tax increases
Wants three dollars in taxes for each dollar of new cuts
By Stephen Dinan
The Washington Times
Sunday, September 18, 2011
http://www.washingtontimes.com/news/2011/sep/18/obama-call-broad-tax-increasesPresident Obama on Monday will propose a deficit plan that calls for about three dollars in new tax increases for every dollar in additional spending cuts as he seeks to put his imprint on the ongoing talks over reducing the government’s staggering debt burden.
In a plan his advisors described as his ideological vision, rather than a compromise offer to the GOP, Mr. Obama will also threaten to veto any plan Congress sends him that tackles entitlements but doesn’t include tax increases, which he will argue is central to a “balanced” approach.
“The president will make clear he’s not going to support any plan that asks everything of some Americans, nothing of others,” said an administration official, who briefed reporters Sunday night in advance of a speech Mr. Obama is scheduled to give Monday. “He will veto any bill that takes one dime from the Medicare benefits seniors rely on without asking the wealthiest Americans and biggest corporations to pay their share.”
Mr. Obama will argue his plan totals $4.4 trillion in deficit reduction, though $1.1 trillion of that comes from war savings all sides agree was going to happen anyway, another $1.2 trillion that has already been enacted, and more than $450 billion in tax increases he proposed last week — and has already accounted for in new spending. Another $430 billion comes from lower interest payments because of the potential lower debt.
That means in terms of actual new proposals, the president’s plan totals about $1.2 trillion, of which the lion’s share comes from his long-standing vow to raise taxes back to Clinton-era rates on the top income brackets. The rest is $580 billion in reductions to formula-driven entitlement programs, though officials on Sunday wouldn’t detail what those cuts were, saying the specifics would be released Monday.
Those $580 billion in newly proposed cuts are dwarfed nearly three-to-one by the $1.5 trillion in additional taxes the president wants to see.
Mr. Obama’s proposal is certain to be contentious on Capitol hill, where his $467 billion tax increases he proposed to fund his jobs-stimulus plan last week has already run into bipartisan opposition.
Speaking on NBC’s “Meet the Press” program Sunday morning, Senate Minority Leader Mitch McConnell, Kentucky Republican, said tax increases have already proved unpopular. He pointed to failed efforts to raise taxes last year, just before Mr. Obama and Republican leaders agreed instead to extend all of the 2001 and 2003 tax cuts.
“We’ve got a 9.1 percent unemployment rate. Does anybody think that’s a good idea other than the president?” the Kentucky Republican said. “There’s bipartisan opposition to what the President is recommending already.”
One area of broad agreement has emerged though: Both Mr. Obama and House Speaker John A. Boehner, Ohio Republican, support broad tax reform with a goal of lowering tax rates for both individuals and corporations.
But Mr. Obama will demand that the rate reductions be more than met by ending special tax breaks already in the code.
His advisors said his speech Monday is not meant to stake out a bipartisan plan that can pass Congress, but rather is an ideological statement about how he would like to make a dent in the government’s debt, which is already once again flirting with hitting the legal limit.
A so-called 12.member super committee, formed by last month’s debt deal, is working to come up with at least $1.2 trillion in proposed deficit reductions. Mr. Obama’s speech is designed to give the panel some thoughts about directions to go.
© Copyright 2011 The Washington Times, LLC. Click here for reprint permission.
________________________
________________________
________________________
___
LMFAO! ! ! !
What a fool.
VIDEO(S): Obama Flashback: "Nobody's Looking to Raise Taxes Right Now"
MRCTV (Media Research Center TV) ^ | 9/19/2011 | Joe S.
Posted on Monday, September 19, 2011 11:06:51 AM by blog.Eyeblast.tv
President Obama will propose $1.5 trillion in new taxes as part of a 'long-term deficit reduction' plan aimed at slowing the nation's national debt.
During President Obama's news conference on July 11, 2011, he said: “So, when you hear folks saying ‘Well, the president shouldn’t want massive job killing tax increases when the economy is this weak.’ Nobody’s looking to raise taxes right now. We’re talking about potentially 2013 and the out years.
Also, during an interview with NBC's Chuck Todd on August 5, 2009, when asked how raising taxes on anyone helps the economy, President Obama said: "The last thing you want to do is raise taxes in the middle of a recession because that would suck up... take more demand out of the economy and put businesses in a further hole."
(Excerpt) Read more at mrctv.org ...
--------------------------------------------------------------------------------
Im reporting this to
www.attackwatch.com3333 called obama the man child POTUS - reported.
Does obama even think this is going to pass? WTF is the point of him being potus any more?
Obama Gets the Numbers Wrong In His Tax Plan
Fox News ^ | September 19, 2011 | John R. Lott Jr.
The justification for President Obama's new proposed tax on the wealthy is wrong on the numbers. Despite the president's claims, millionaires don't pay lower tax rates than middle class workers. His proposed surcharge on capital gains and dividend taxes will raise already high tax rates on high income individuals and force even more investment outside the United States. The so-called "Buffett rule" is based on Warren Buffett's claim:
"The 400 of us [here] pay a lower part of our income in taxes than our receptionists do, or our cleaning ladies, for that matter. If you’re in the luckiest 1 per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.” . . .
But much more importantly, Buffett's claim ignores why the capital gains and dividend tax rates are set at the level they are: corporate income has already been taxed once when the company earned it. In the United States the combined federal and state corporate tax rate is 40 percent, the highest rate in the world. . . .
(Excerpt) Read more at foxnews.com ...
--------------------------------------------------------------------------------
Democrats Balk at Obama Tax Plan (Rats throwing Obama overboard)
fox news ^ | 9/19/2011 | By Chris Stirewalt President Obama’s idea for a millionaire tax is hardly new. It’s a favorite idea in cash-strapped Democratic states like Maryland and New York and some version of it has been part of Obama’s economic agenda since his candidacy.
Obama is doing something different today, though, as he proposes a 4.5 percent surtax on those with incomes over $1 million in addition to his plan to raise taxes on individual incomes over $200,000 and reduce charitable deduction rates for high earners.
What’s different is the timing.
Obama kicked off his fall campaign swing two weeks ago today with a Labor Day speech at an AFL-CIO rally, followed up with an address to a joint session of Congress and then an aggressive swing-state schedule. His goal, repeated again and again, is to cast himself as an activist on jobs compared to a Congress that won’t act.
His explicit threat is that while the economy may not be getting better, voters will know it’s the Republicans’ fault. It was a strategy that initially thrilled the president’s supporters – the kind of in-your-face, confrontational style that they have long urged Obama to adopt.
The problem, though, has been that the president’s stimulus plan has mostly received a bipartisan shrug in Congress. When the best Obama can get as an answer to “pass this bill today” from Sen. Dick Durbin, the number two Senate Democrat, and longtime friend and home state senator is, “sometime next month” one gets the sense that the blue team is not feeling the fierce urgency of now.
(Excerpt) Read more at foxnews.com ...
