Obama Drama - Obama proposes tax hikes in budget!
 

Wealthy, businesses would pay about $1 trillion more

Source: MSNBC For a good bit more info...

Key Points:

? It would also impose nearly $1 trillion in higher taxes on couples making more than $250,000 and individuals making more than $200,000 by not renewing tax cuts enacted under former President George W. Bush.

? It would give companies a $5,000 tax credit for each new worker they hire in 2010.

? Businesses that increase wages or hours for their current workers in 2010 would be reimbursed for the extra Social Security payroll taxes they would pay.

? The Making Work Pay tax credit provides families with up to $800 a year and individuals up to $400 a year through small increases in their weekly pay. Extending the tax credit through 2011 would save them $61 billion.

? Raise the top two income tax rates for individuals, from 33 percent and 35 percent, to 36 percent and 39.6 percent, respectively. Unless Congress intervenes, those rates will rise next Jan. 1 when Bush's tax cuts expire. That government would reap $365 billion over the next decade.

? Limit the itemized tax deductions high earners can claim for charitable donations, mortgage interest and state and local taxes, raising about $210 billion for the next decade.

? Increase the top capital gains tax rate from 15 percent to 20 percent for families making more than $250,000 a year and individuals making more than $200,000. The proposal would raise about $105 billion.

? Make the research and experimentation tax credit permanent, saving businesses about $83 billion over the next decade.

? Extend a provision allowing businesses buying equipment such as computers to speed up depreciation through 2010, saving them $20 billion over the next decade.

? Eliminate capital gains taxes on the sale of some small business stocks, as long as they are held for at least five years, saving taxpayers $8 billion over the next decade.

? Impose a "financial crisis responsibility fee" on large financial institutions, raising $90 billion over the next decade.

? Repeal a widely ignored law that taxes the personal use of company-issued cell phones like other fringe benefits, saving taxpayers $2.8 billion over 10 years.

? Restrict the ability of international companies to defer taxes on profits made overseas, raising about $26 billion over the next decade.

? Impose a total of about $39 billion in tax increases on oil, gas and coal companies over the next decade.

? Change the way profits made by investment fund managers are taxed, raising an additional $24 billion over the next decade.



What are you thoughts on this?

For me... some of it is clearly good, and some of it is going to have serious trouble getting pushed through. He can keep cleaning up the tax code of b.s. taxes all day for all I care... if you can't give us a actual tax cut, clearing out the crap is the next best thing.

I do remember him saying something like: No major tax cuts or business tax cuts, something like that, until the code was cleaned up, so they could actually see what can and can't be cut.

msnbc is not a real news network.

Why are they letting the Bush tax cuts expire? Do they hate teachers and students?


http://news.yahoo.com/s/nm/20100201/..._backdoortaxes

Because it frees up 1 trillion dollars? We have to pay off our shit some how, like it or not, it's here and has to be dealt with.

Looking at everything together so far though, it still looks as if the middle class is going to be paying less, even though some things were given up.


Didn't the teachers/schools, tuition/loans all get taken care of in the stimulus packages and he is working on the no child left behind disaster? It sucks these were taken away, but they are being replaced with other parts of the budget or being worked on.


The unemployment benefits, it is a bit odd. Why extend the benefits for so long and then take back part of the bleed over money? That is a bit screwy, even if the people still end up with more money.

The itemized stuff... that doesn't sound much like making things simpler. I guess I would have to hear the reason for it, maybe like everyone has to do it - not just the middle class, however yahoo slants it to sound like it targets the middle class only - which isn't true.


It would be nice if we could get a big game plan laid out for us, let everyone see the big picture a bit more. Hell at least if the media would stop picking apart the bits they do and don't like, and just give us a bigger picture - would be nice.

cherry bama

Never should have passed those tax cuts anyways. One reason why we have such a huge deficit. Honeslty I'm not feeling sorry that someone making $200K will have to pay MAYBE $10,000 more in taxes IF that.

That is true... I guess this isn't so much of a tax hike then, but more of a correction.

Good thing I live / work abroad and legally pay zero tax. Taxes are for the poor and the enslaved.

However, just quickly reading over those, I see a few that could potentially backfire. Also, it doesn't matter how much money they free up, with two wars going on and a 3rd starting any time now, on top of the spending that is out of control, 1 trillion is not going to matter. By the time this passes, IF it passes, we'll be another trillion in the hole.

Damn, you gave up your citizenship to not pay taxes or are the taxes in your area higher?

Why give up citizenship? US has tax treaties with lots of countries (Thailand is one) and sohe just has to be a legal resident of Thailand (183 days presence) to not pay tax in the US but in Thailand.

Don't think it covers SS tax though...

No, I still have my citizenship. As much as I enjoy being an expat, there is no reason to give up my citizenship. It's not like you can easily get another one somewhere. Though, it would be damn nice to have another passport from St Kitts or Panama, but that costs some cheese, and while I do OK, I'm not anywhere near "baller" status.

Working abroad allows you to play by a different set of tax rules. However, I find it incredibly stupid that expats have to deal with the IRS in any manner, considering we use nothing from the US system. Only a few countries in the entire world tax their citizens abroad, and the USA is one of them. :Oh crap We still have to file, but generally do not end up having to pay anything, or if so, it's very little. When I hear of guys back in the US paying 40%, it makes me want to puke. I don't see the point.

Oh, I was under the impression if you expat today, they force you to give up citizenship. Basically trying to make it so people couldn't expat.

So you only have to report it, and you might pay a little, but not the difference in tax? So what rate are you taxed at?

In Canada, I had to pay in Canada, report my income to the States but owed no money on that. But any other income earned, while in Canada, was taxed by the IRS as if I was living in the States.

40% before state taxes, so really 50% almost if you are in california or like 48% elsewhere. :(
50% of your hard earned money gone, whats the point in even making so much then?

Obama is the most intelligent president we've had in a very long time.

He will be the president for the next 7 years, so get fucking used to it.

If you're posting sarcasm, you're a hilarious troll. If you're serious, you're an incompetent one.

Incompetent?

Hilarious?

Troll?

:1orglaugh Pot, meet kettle! :1orglaugh

Normally I would take someone who makes hypocritical accusations, seriously. In your case, you make up the "hilariously incompetent" portion of GFY, so carry on!

I realize you are a person of limited intelligence, so I will do my best to type with clarity. You can take as long as you need to read and understand this. It is not a test.

I am laughing AT you, and NOT with you.

:1orglaugh :1orglaugh :1orglaugh :1orglaugh :1orglaugh :1orglaugh

Please reread above sentence whenever you are in doubt.

I call you incompetent and you respond with pretty much the exact same thing. Thanks for proving my point, dumbass:)

Please reread above sentence. That is why I typed it out for you.

Perhaps you should ask an adult to read it out loud for you?

Either way.... he hasn't gotten it thus far, he isn't ever going to get it.

For pretty much the outcast of GFY and who gets laughed at daily, you sure do post a lot.

Do you realize what planet you are on? What year is it? I think you should consult a therapist, because "stupid" has become a serious mental illness over the past few years.

God damn man, again? Do you actually have any other shit you could post?

Maybe add to the subject, post something of substance, actually be of use to the forum other than being a total tool all the time?

Priceless. I always call you a tool and ask you to post something of substance. It's like I have an antisocial, middle aged follower. You want me to make a shirt for you, that you could wear and possibly be brave enough to enter social situations?

You sort of remind me of a retarded kid I went to school with, but you just aren't as smart.

ding ding ding!

I don't think you were smart enough to attend school, which is why you're on here. I sincerely hope you aren't drooling right now.

Substance? I started the post and you're trolling spew all over the damn place...

Again, nothing but spewing shit from your mouth, as usual, and I'm sure after this, it will be more spew, followed by more spew.

You just called yourself an idiot... brilliant.

It's like a copy-cat! Seriously, you are my #1 fan!

And as usual, something so simple flies over your head.

Please provide me with the address of the institution that you are being held in..

I have a special device that you can have for free!

I think it can solve ALL of our problems in no time!....

http://www.fetishsoup.com/GFY/FlipGun.jpg

I say this:

And you respond with this:
Priceless!

http://i46.tinypic.com/14y3d52.jpg

You could argue the merits of this plan all day, it's still socialism at it's worst.. Taxing the successful absurd amounts of money is ridiculous, and families earning $250,000 is not a whole lot of money. The rich already pay a ridiculous amount, now they want to squeeze more from them? When will it stop, 40-50-60-65-70% of their incomes? :disgust

Obama needs to be impeached.

Thank you for the recap.

I guess you did that for the benefit of everyone watching from home?

While impeachment may be too harsh, I definitely think that he won't be re-elected and his Democrats will lose the majority of their seats come midterm elections. I'm against taxing the wealthy as well. Most morons argue that the wealthy don't really work for their money, that they get it passed down to them, which is quite retarded. But yea, it's pretty stupid.

No, I was wondering if you could follow the progression of a few posts. As expected, you couldn't.

Brainwashed much?

Ignore this tool, he has nothing intelligent to post...Ever. He's definitely a funny troll though. Gotta love it.

The king of trolls, trolling my thread, spewing his spew.. has spoken!

And captain "repeat people who are embarrassing me" continues with his hilarious posts. I'm glad you understand your role on this form Doc. Without you, I don't think people would get their daily laughs.

The gayest troll on GFY to date...

Please continue forum clown. You have yet to fulfill your daily role today.

Really? Dude, go troll in another god damn thread... you pathetic waste of human space.

Don't let them get the best of you Doc.

Be cool like Obama, and ignore the trolls and zombies...

http://www.fetishsoup.com/GFY/ObamaIgnoresZombies.jpg

Trust me.. he isn't getting to me. I'm sitting outside on my mini :)

I just find it incredibly pathetic that he chooses to post here when he isn't in the business, then I find it annoying that it's even allowed..... when he has admitted it.

Hey, if this forum can have borderline retard/rejects like you and bft3k, then surely someone who is superior to you in every aspect of life would be allowed to post:)

Yeah, even mentally handicapped, brain dead, morons like the demon, should be allowed to post on slow days. It is only right that we give societies rejects a chance to share their incoherent, and utterly ridiculous thoughts and opinions.... as meaningless as they may be.