Obama aides to defend budget plan to Congress »
Posted By STONERS 11 months, 1 week ago in Political NewsPresident Barack Obama is sending his Treasury secretary and budget director to Capitol Hill on Tuesday to defend his proposed tax increases, which are being met with misgivings by both Republicans and Democrats in Congress.
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STONERS11 months, 1 week ago
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"Lawmakers in both parties question Obama's call to reduce high-income earners' tax deductions for the interest on their house payments and for charitable contributions. Also drawing fire is his proposal to start taxing industries on their greenhouse gas pollution — a move sure to raise consumers' electric rates."
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orndorffter11 months, 1 week ago
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So both partys Democrarets and Republicans in congress both question him, first their for it then their against it. So they say what about their house payment and charitable contributions. And I'm not worried about a raise in the electric, it goes up tripel every year about two or three time anyway, so we always got that to look foward to. whats wrong with all of them up there? the greed has went to there head. boy do I feel sorry for them. and they never worried how the people were going to make there house payments. nor did they care about familys and their babys liveing in cars with nothing to eat. A BIG bunch of phoneies. I cant understand his own party wanting to question him. well Obama go for it all.
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libsRfunnyComment removed: Hard Banned3 Replies
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getreal111 months, 1 week ago
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That tax raise is only fair and it doesn't just affect republicans. Seems to me the powerful wealthy class wanted to turn America into nothing but a great big tax deduction, anyway. With out industry here there are no jobs and naturally hardly no money to circulate by the people. To top things off the ulity companies up their rates to make things worse for the people's survival. This is the one time not to raise prices. I'm trying to get a heat and air system in this home now an I have a very limit amount of money. Every time I look for a do it yourself deal I find a racket. These big time companies should be giving some slack in their products so people that have a paycheck can start to set up for the green. They want too much money and the average worker can't afford to get it. I think it's mighty unpatriotic of the rich in America to even ask for more than something is worth right now. They think world trade will never cave in and that isn't doing as well as they think. A tax deductaion should come for compainies that are willing to aid Americans in switching over. It sure would be nice to know what the kids did with my spell checker. They graduate this year and they can't even find part-time jobs right now.
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BB6411 months, 1 week ago
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How about a flat tax? I'm tired of always being the whipping boy when it comes to taxes. I have a job and work hard for the life I've made for myself. I'm tired of paying for those to lazy to set goals and achieve them. In Milwaukee, we have an entire community living on welfare and government assistance. They've made careers out of being supported by government handouts. It's time to stop that, it's going on the 6th or 7th generation of non-producers.
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For people not able to work, I have no problem helping. Our older Americans and disabled need our help. Injured Vets also deserve our support. However, those able to work but have chosen drug dealing or being baby factories, it's time we draw a line. No more welfare, no more housing assistance, no more bogus job training scams. We set up a program where they have a life time benefit of 2 years and that's it. Work or starve worked for our earliest colonists it will work again. -
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nostalgia11 months, 1 week ago
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You do know that other presidents have proposed eliminating some tax deductions for the wealthy don't you?
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In 1985, President Reagan proposed doing away completely with the deductibility of state and local taxes, which include property taxes often used to fund schools. A firestorm of criticism from northeastern and midwest states, which bound together to create a “Coalition Against Double Taxation,” killed most of Reagan’s plan. However, the deductibility of state sales taxes was nixed for nearly two decades
In 1990, President George H.W. Bush proposed capping the deduction for state and local taxes at $10,000, an initiative similar to Obama’s plan. School boards and business warned of “devastating consequences for state and local governments throughout the Northeast,” according to a New York Times article from that year. Local officials said their ability to raise revenue through property taxes would be hurt, and the plan died.
In 2005, a tax reform commission formed by President Bush called for eliminating the same deduction as part of a major overhaul of the tax code. Before the panel issued its report, Schumer denounced the effort as “part of a scheme to get back at the blue states.”
Schumer used apocalyptic terms to describe the consequences of killing the deduction. “This is a dagger aimed right at the heart of New York,” he warned. “We have to stop it dead in its tracks, with no compromises…. We should be against all forms of double taxation.”
http://www.nfmpolitico.com/khou/2009/02/27/dem-bac...
Note: Schumer denounced the effort as “part of a scheme to get back at the blue states.”
Why would he say that? The limit would have the greatest impact in high-tax states like New York New Jersey, California and Maryland, as well as in the District of Columbia.
Wonder how Charlie feels about the new Obama plan?
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DarkWizard11 months, 1 week ago
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Good article Stoners.
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I think that a cost sharing method needs to be put into place where the energy companies eat some of the tax increase, say 1/3, and the other 2/3 is dispersed to the consumers. The executives should take the biggest hit out of the 1/3 of their share to keep their employee's salaries competitive.
President Obama needs to put his party's feet to the fire as they are still catering to special interests and more worried about how they'll be perceived than doing the right things for Americans. I hope that President Obama holds monthly (or as needed) televised "fireside chats" to expose those that are gumming up the works. This means republicans and democrats...both!
I just wrote a letter to Pelosi telling her to get off her ass and do more that cheer Obama during his speeches and to start supporting the American people through effective legislation.-
libsRfunnyComment removed: Hard Banned1 Reply
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amazed11 months, 1 week ago
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But don't you see that that is exactly what this budget will do?
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The cap and trade is expected to collect more than $650 BILLION in the next ten years. Do you really think that that won't affect the cost of every single thing you use or buy far more than the paltry $13 per week average tax cut that you're going to get? Even the $400 tax credit won't make up for that.
Add to the fact that Obama's first budget is a larger percentage of any budget since the height of WWII and you KNOW that EVERYONE is going to end up getting whacked in taxes sooner or later -- most likely sooner. The alternative will be hyperinflation caused by the extensive printing of money at an unprecedented rate.
If Obama's budget and proposals are so terffically sound financial policy, why has the stock market that was beginning to rally after the inauguration gone into such a hideous nosedive?
We are in for a rough couple of years, in any case, but this budget is likely to turn that into a longer and slower climb out of the abyss.
Now, before you start on how I just hate Obama and loved Bush, the fact is that I was bitching about his spending -- especially the bailout crap he proposed first.
This is not a budget, it is a fundamental shift to a more European style of government and economy than US style. It hasn't been working that well for them, so why do we want to follow them down that path?
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Spadecaller11 months, 1 week ago
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Thanks Stoners. Good article.
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Class warfare has already destroyed much of the middle class after the unfair tax breaks to the richest, after corporate welfare, no-bid contracts to the Bush and Cheney cronies to fight an unnecessary war, after unfair trade, Savings and Loan fraud brought to us by our sponsors, the Bush "men", selling out American labor for cheap foreign labor, Bush's guest-workers, and after years of killing U.S. labor and using Reagan's tickle-down economics to funnel money away from the middle class.
Leaving behind a history of this unfair exploitation, to whine and criticize Obama for attempting to empower the middle class by setting in motion policies that may tug a LITTLE at the pockets of our richest is a pathetic sight to look upon.
Warren Buffett, one of our nation's richest and most principled characters, insists that those of us who are fortunate enough to be wealthy Americans need to support the rebuilding of the middle class. What is left of America without a strong middle class. Tax breaks and jobs for the middle class is vitally important now.
The entire world is in shambles because of the greed that has eroded the buying power of America's middle class. The time is long overdue to correct this miscarriage of economic justice. Enough Americans need to support the surgery and nutrition that Obama is implementing or the years of depression will be much longer and will eventually affect even those earning in excess of $250,000 a year.-
libsRfunnyComment removed: Hard Banned
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nostalgia11 months, 1 week ago
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"Enough Americans need to support the surgery and nutrition that Obama is implementing or the years of depression will be much longer and will eventually affect even those earning in excess of $250,000 a year."
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Did you listen to the testimony yesterday??
They asked about the increased cost of electricity, gas, heating oil etc
There will be a tax cut/subsidy for people to help pay for the increased cost of energy from the carbon tax (the increased cost estimated to be $600-$1400/yr)
The administration representatives admitted that the help is phased out for anyone making over $750000/yr
That is a tax increase for people from $75,000 to $250,000
Weren't we told over and over that the tax increases would only be for people making over $250,000/yr?
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Commodore111 months, 1 week ago
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Obama just doesn't seem to understand. Raising taxes in a time of economic recession will only make the recession worse. Why can't he grasp this? Lowering taxes during these times is the smart thing to do. But if U say "lower taxes" to a democrat they immediately go brain dead.
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pokydoke11 months, 1 week ago
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You don't read much news do you? Obama wants to lower taxes on all income below $250,000 per year salary. Only those making more will pay higher taxes. Over 95% of the people in this Country will get a tax break. How is that more tax? I suppose that you could be making more than $250,000 but if that's the case I don't feel sorry for you at all, quite your bitching.
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mesodudeComment removed: Retracted by user
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libsRfunnyComment removed: Hard Banned2 Replies
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quackpot11 months, 1 week ago
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There can be NO progress toward a balanced budget without reducing the LARGEST spender of income tax dollars: the military.
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When the military budget consumes over half of our income tax dollars, there is no better place to call for reductions. Three possibilities:
--1) The Star Wars fiasco that has shown no promise in spite of decades of "development"
--2)Some of the thousand foreign military bases left over from WWII
--3)Expensive pork-barrel weapon systems such as the F22 fighter, a plane that is so useless that it has not flown even one mission in either of the current years.-
mesodudeComment removed: Retracted by user
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SandmonsterComment removed: Hard Banned
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coolslow11 months, 1 week ago
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Friends, our President is going to need a lot of support and some innovative thinking if we are ever going to get America back, get out of this economic mess, and get these filthy greedy rich to pay their fair share. This scum, making $250,000 or more a year, and screwing America, is about 1.5% of the US households. Of 116 million US households, that's 174,000 households. Today, these creeps pay around 50% of total income tax, and they are sticking the rest of us, the 98.5%, or 115.82 million households with the other 50%. This is totally unfair. President Obama is so right to raise their taxes.
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If all of these rich 174,000 households paid $250,000 more a year in income tax that would be $43.5 billion a year. Its a good start. That $43.5 billion will cover our $400 a year tax refund ($43.5 billion divided by 95% of 116 million households = $395). But, you can see we still have a problem. We got out daily Starbucks coffee covered, but we haven't even got started on our mortgage payments, gasoline, health care and college educations. Don't even remind me about the stimulus projects and the budget. And, these rich bastards will have been taxed out of existence. What then?
But I have faith in President Obama. Bush really screwed us and McCain would have been worse and we have to give Obama a chance to come up with something.-
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crghss11 months, 1 week ago
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So if I go to school, work hard, start a business that employs others my reward is to give all my money to the government. So they can give it to who won't go to school, won't work hard and certainly won't help others.
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The USA I grew up with is dying. The era of work hard play hard is over. Welcome to the era "get me sum". The era of don't work to much, don't get rewarded for innovation and entrepreneurship. Let the next guy do it.
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reallypsst11 months, 1 week ago
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There is not one person in this nation that can fix this mess,what know one is talking about is the extreme corruption that still exist in our government.Every politician and wall street executive and banker are still reaping the good life and these are the same people that were in power when the fiasco began,so how can corrupt people fix a corrupt system.It reminds me of hoffa ,when he was in trouble he rearranged his people running the union,its what a lot of big corporations do today.I don't think Obama is corrupt but the machine he trying to fix is.This country is in a depression and the government is telling you no, trillions more will be spent and your american dream will have vanished.Has anyone noticed that even in these bad times politicians and bankers are still living beyond their means!
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getreal111 months, 1 week ago
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Well realypsst, Just what can We the People do? I just got back from the grocery store and talk about psst, I'm going through the check out and some Mexican speaking with a mix Spanish/English mouth, had the nerve to point out to the cashier that I had a cold and that she had just gotten out of the hospital and didn't need a cold. She was standing right behind me. I can't afford a doctor or a hospital but our government continues to give them everything they need to invade our country, steal our identities, foster their gangs in our streets and live off our tax money. As a cashier at a kangaroo gas station told me, she runs across illegal aliens all the time and there is no one to call. To top it all off she was driving a new sports car. So yeah, the power and the money is still in the same hands. I know change in this government can't come in the first six months but putting some of these illegal aliens back where they come from, wouldn't hurt.
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lloydm6511 months, 1 week ago
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Some of you are flirting with trouble,the only people you are allowed to criticize are anglos,jews,and asians,everybody else is covered by civil rights.That is unless they openly profess their chistian faith,then they are fair game.
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winder5011 months ago
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For all of you young libs, just wanted to ask you something. You are all for making the rich pay more. If (when) you finally realize that you are paying more yourself, are you still going to feel happy that you "you are paying your fair share". Because you will one way or another, first in higher prices, then probably in higher taxes. You may not be old enough to remember Bush Senior, "Read my lips, no new taxes" (google it), and also Clinton even upped middle class taxes, when he campaigned on cutting income taxes. Hope you are all still overjoyed at being taxed, just like the rich.
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Think about it. (From one who has been there and back again).
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