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Temporarily Pacified!
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Discussion Starter #1
From Today:

Debt now equals total U.S. economy - Washington Times

President Obama projects that the gross federal debt will top $15 trillion this year, officially equalling the size of the entire U.S. economy, and will jump to nearly $21 trillion in five years’ time.

Obama's FY2012 Budget:<br> Taxes, Taxes, and More Taxes

President Obama released his budget this morning. Rather than focusing on Washington’s over-spending problem, the budget calls for higher taxes on families and small businesses to pay for even more government spending. Under the Obama budget, tax revenues will grow from 14.4% of GDP in 2011 to 20% of GDP in 2021. By comparison, the historical average is only 18% of GDP.


Tax hike lowlights include:
  • Raising the top marginal income tax rate (at which a majority of small business profits face taxation) from 35% to 39.6%. This is a $709 billion/10 year tax hike
  • Raising the capital gains and dividends rate from 15% to 20%
  • Raising the death tax rate from 35% to 45% and lowering the death tax exemption amount from $5 million ($10 million for couples) to $3.5 million. This is a $98 billion/ten year tax hike
  • Capping the value of itemized deductions at the 28% bracket rate. This will effectively cut tax deductions for mortgage interest, charitable contributions, property taxes, state and local income or sales taxes, out-of-pocket medical expenses, and unreimbursed employee business expenses. A new means-tested phaseout of itemized deductions limits them even more. This is a $321 billion/ten year tax hike
  • New bank taxes totaling $33 billion over ten years
  • New international corporate tax hikes totaling $129 billion over ten years
  • New life insurance company taxes totaling $14 billion over ten years
  • Massive new taxes on energy, including LIFO repeal, Superfund, domestic energy manufacturing, and many others totaling $120 billion over ten years
  • Increasing unemployment payroll taxes by $15 billion over ten years
  • Taxing management capital gains in an investment partnership (“carried interest”) as ordinary income. This is a tax hike of $15 billion over ten years
  • A giveaway to the trial lawyers—not letting companies deduct the cost of punitive damages from a lawsuit settlement. This is a tax hike of $300 million over ten years
  • Increasing tax penalties, information reporting, and IRS information sharing. This is a ten-year tax hike of $20 billion.
Add it all together, and this budget is a ten-year, $1.5 trillion tax hike over present law. That’s $1.5 trillion taken out of the economy and spent on government instead of being used to create jobs.

The “tax relief” in the budget is mostly just an extension of present law, and also some refundable credit outlay spending in the tax code. There is virtually no new tax relief relative to present law in the President’s budget.


The president's budget released Monday would raise the "passenger facility charge" to a maximum of $7 from $4.50 per flight to offset $1.1 billion in cuts to airport grants.


WASHINGTON—The White House projected Monday that the federal deficit would spike to $1.65 trillion in the current fiscal year, the largest dollar amount ever, adding pressure on Democrats and Republicans to tackle growing levels of debt.


WASHINGTON – resurrects a series of tax increases on certain corporations and the wealthy that were largely ignored by Congress when Democrats controlled both chambers.​


I would not worry...those entitlement and pork barrel spending is going to turn things around........idiots!​


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Floatin dirty
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4,831 Posts
I am just thnkful we hold the house or this idiot would have gotten this budget proposal though and you could kiss whats left of your wallet goodbye. Textbook socialist agenda. Tax the crap out of the everyone especially the middle class so they are effectively eliminated and become dependent on the government for everything just like the poor people now.
 

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Banned
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6,729 Posts
From Today:

Debt now equals total U.S. economy - Washington Times

President Obama projects that the gross federal debt will top $15 trillion this year, officially equalling the size of the entire U.S. economy, and will jump to nearly $21 trillion in five years’ time.

Obama's FY2012 Budget:<br> Taxes, Taxes, and More Taxes

President Obama released his budget this morning. Rather than focusing on Washington’s over-spending problem, the budget calls for higher taxes on families and small businesses to pay for even more government spending. Under the Obama budget, tax revenues will grow from 14.4% of GDP in 2011 to 20% of GDP in 2021. By comparison, the historical average is only 18% of GDP.



Tax hike lowlights include:
  • Raising the top marginal income tax rate (at which a majority of small business profits face taxation) from 35% to 39.6%. This is a $709 billion/10 year tax hike
  • Raising the capital gains and dividends rate from 15% to 20%
  • Raising the death tax rate from 35% to 45% and lowering the death tax exemption amount from $5 million ($10 million for couples) to $3.5 million. This is a $98 billion/ten year tax hike
  • Capping the value of itemized deductions at the 28% bracket rate. This will effectively cut tax deductions for mortgage interest, charitable contributions, property taxes, state and local income or sales taxes, out-of-pocket medical expenses, and unreimbursed employee business expenses. A new means-tested phaseout of itemized deductions limits them even more. This is a $321 billion/ten year tax hike
  • New bank taxes totaling $33 billion over ten years
  • New international corporate tax hikes totaling $129 billion over ten years
  • New life insurance company taxes totaling $14 billion over ten years
  • Massive new taxes on energy, including LIFO repeal, Superfund, domestic energy manufacturing, and many others totaling $120 billion over ten years
  • Increasing unemployment payroll taxes by $15 billion over ten years
  • Taxing management capital gains in an investment partnership (“carried interest”) as ordinary income. This is a tax hike of $15 billion over ten years
  • A giveaway to the trial lawyers—not letting companies deduct the cost of punitive damages from a lawsuit settlement. This is a tax hike of $300 million over ten years
  • Increasing tax penalties, information reporting, and IRS information sharing. This is a ten-year tax hike of $20 billion.
Add it all together, and this budget is a ten-year, $1.5 trillion tax hike over present law. That’s $1.5 trillion taken out of the economy and spent on government instead of being used to create jobs.

The “tax relief” in the budget is mostly just an extension of present law, and also some refundable credit outlay spending in the tax code. There is virtually no new tax relief relative to present law in the President’s budget.


The president's budget released Monday would raise the "passenger facility charge" to a maximum of $7 from $4.50 per flight to offset $1.1 billion in cuts to airport grants.


WASHINGTON—The White House projected Monday that the federal deficit would spike to $1.65 trillion in the current fiscal year, the largest dollar amount ever, adding pressure on Democrats and Republicans to tackle growing levels of debt.


WASHINGTON – resurrects a series of tax increases on certain corporations and the wealthy that were largely ignored by Congress when Democrats controlled both chambers.​


I would not worry...those entitlement and pork barrel spending is going to turn things around........idiots!​



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What would you propose we do to balance the budget? The commision that researched it and came up with a plan and advised we need to both make drastic cuts and raise taxes. Contrary to what many believe, we will have to cut more than just discrtionary spending, because that is just a drop in the bucket. The cuts will have to include huge cuts to both defense and social security. If we are going to be serious about reducing the deficit, we need to be willing to do what it takes to get the job done, and accept reality for what it is, and not what we want it to be.
 

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Temporarily Pacified!
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Discussion Starter #6
What would you propose we do to balance the budget? The commision that researched it and came up with a plan and advised we need to both make drastic cuts and raise taxes. Contrary to what many believe, we will have to cut more than just discrtionary spending, because that is just a drop in the bucket. The cuts will have to include huge cuts to both defense and social security. If we are going to be serious about reducing the deficit, we need to be willing to do what it takes to get the job done, and accept reality for what it is, and not what we want it to be.
What I have to accept is that I have never voted for an entitlemnt peddlier and I am not responsible......your party and people who supported this mess should pay double....bottom line. Why shoud I and people like me that have been voincing our opinions for 20+ years on spending be responsible?
 

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What I have to accept is that I have never voted for an entitlemnt peddlier and I am not responsible......your party and people who supported this mess should pay double....bottom line. Why shoud I and people like me that have been voincing our opinions for 20+ years on spending be responsible?
Why should I and people like me be responsible to pay for the war in Iraq? Sadaam Hussein posed no threat to the US, yet I am going to have to pay for it because it was put on the US credit card.
 

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Registered
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What would you propose we do to balance the budget? The commision that researched it and came up with a plan and advised we need to both make drastic cuts and raise taxes. Contrary to what many believe, we will have to cut more than just discrtionary spending, because that is just a drop in the bucket. The cuts will have to include huge cuts to both defense and social security. If we are going to be serious about reducing the deficit, we need to be willing to do what it takes to get the job done, and accept reality for what it is, and not what we want it to be.
So why not start with all the cuts in spending first. then see how much aditional tax revenue will be needed. Unfortunately O thinks tax's first. See if he gets the tax increases he want's then he will never cut spending.:)sphss
 

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Why should I and people like me be responsible to pay for the war in Iraq? Sadaam Hussein posed no threat to the US, yet I am going to have to pay for it because it was put on the US credit card.
This may be but the entitlement class chews up far more money than the war in Iraq has.
 

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Temporarily Pacified!
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Discussion Starter #10
Why should I and people like me be responsible to pay for the war in Iraq? Sadaam Hussein posed no threat to the US, yet I am going to have to pay for it because it was put on the US credit card.
He didn't? So all those times I was shot at and others like me was not a threat?
 

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Marine Organism
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Those are just numbers. In 10 years our government will have devalued the dollar so much, it won't matter anyway! :)sphss
 

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Temporarily Pacified!
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Discussion Starter #14
Whether you were shot at or not is not a good measuring stick if Sadaam posed a legitimate threat to the US. You should have never been over there to begin with.
Clinton sent me....talk to him.........so lets take this further....conservatives want us out of the UN, I agree. We went to Iraq under the UN's order.....stayed for 10+ years due to the enforcement of the UN's brokerd cease fire........we went in on our own to finish it.....UN and world should pay in my opinion....they did not do their job. Send the UN a bill and expel them from the US. Solved, next issue?
 

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Clinton sent me....talk to him.........so lets take this further....conservatives want us out of the UN, I agree. We went to Iraq under the UN's order.....stayed for 10+ years due to the enforcement of the UN's brokerd cease fire........we went in on our own to finish it.....UN and world should pay in my opinion....they did not do their job. Send the UN a bill and expel them from the US. Solved, next issue?
Don't accuse me of supporting the UN. It is apparent to me that we are the muscle that backs the UN and without us the UN would be impotent.
 

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Temporarily Pacified!
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Discussion Starter #16
Don't accuse me of supporting the UN. It is apparent to me that we are the muscle that backs the UN and without us the UN would be impotent.
Do you see an accusation? I sure don't.
 

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Marine Organism
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Do you see an accusation? I sure don't.
But anything you say that is in disagreement with a liberal is an attack, don't ya know!!! :|err
 

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Temporarily Pacified!
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Discussion Starter #18
But anything you say that is in disagreement with a liberal is an attack, don't ya know!!! :|err
Damn, I forgot.....I have to think like a 2 year old in this discussion.
 

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Those are just numbers. In 10 years our government will have devalued the dollar so much, it won't matter anyway! :)sphss
We could eliminate all farm subsidies, that could help balance the budget. The argument could be made that all the farmers receiving subsidies are an entitlement class no different than the welfare recipient. What do you think about that FC?
 
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