To Pay for Health Care, Obama Looks to Taxes on Affluent »
Posted By engineer 10 months, 1 week ago in NewsPresident Obama will propose further tax increases on the affluent to help pay for his promise to make health care more accessible and affordable, calling for stricter limits on the benefits of itemized deductions taken by the wealthiest households, administration officials said Wednesday.
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engineer
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My background is Biomedical engineering with an MBA As you know from all my comments where I almost stand politically. I have loads of ...
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nostalgia10 months, 1 week ago
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The numbers are there if anyone bothers to look.
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Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011
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
http://blogs.abcnews.com/politicalpunch/2009/02/ob...
$636 billion over 10 years to fund health care?
But the uneducated masses will cheer - "Health care for all! Tax the rich"
Everyone seems to forget that those tax cuts doubled the child-tax credit (from $500 to $1000), created a 10% tax bracket at the bottom of the scale (it had been 15%) and reduced the penalty on married couples filing jointly.
Can anyone tell me with a straight face that those tax cuts were only for the wealthy or people making over $250,000/yr?
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beavith110 months, 1 week ago
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the only thing good about this is that he postpones it until he lets Bush's tax cuts expire.
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FDR made this same mistake. optimistically, if we are coming out of the recession, he'll be raising taxes right when growth will be most needed. this stalled the recovery in the early 1930s when FDR decided to pay for the New Deal expenditures.
plus its an example of the majority picking out a minority and making them pay for something. i wonder what minority will be next.-
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nostalgia10 months, 1 week ago
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Did you look at the economic growth predictions in the budget?
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The budget projects an economic contraction of 1.2% in calendar 2009 and growth of 3.2% in 2010.
The plan anticipates an acceleration of growth to 4.0% in 2011 and 4.6% in 2012.
The assumptions are more optimistic than the projection of the Congressional Budget Office (CBO) of a 2.2% decline in gross domestic product in 2009 and 1.5% growth in 2010.
The Obama budget also expects 2009 average unemployment rate at 8.1%, compared with the CBO projection of 8.3%.
http://www.businessday.com.au/business/world-busin...
The GDP predictions for later years are even more bizarre - it assumes growth rates of more than 5 and 6% in 2011 and 2012 -
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engineer10 months, 1 week ago
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This minority has shipped out the jobs. This minority has 95% of the money. This minority brought on the present financial crisis due to thei greed. This minority brought the health care crisis due to their greed. They have overcharged our United States in every way possible -- especially in these unjustified wars
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It's about time they paid for the ills they have brought to the US
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