Obama Budget Will Increase Your Taxes And Costs

So says those ultra-far right kooks at ABC News

While President Barack Obama is proposing to cut some taxes for companies that hire workers, his budget would raise a host of other taxes on businesses and wealthy individuals.

The budget proposal released Monday would extend Obama’s signature Making Work Pay tax credit – $400 for individuals, $800 for a couple filing jointly – through 2011. But 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. Obama would extend Bush-era tax cuts for families and individuals making less.

First, as been said time and time again, small business owners tend to be in that $200k+ range, so, they will get hit hard. Second, expect the Democrat Congress to strip provisions out of the proposal that would keep the Bush era tax cuts for those making less. 3rd, if they do not strip them, that would make them hypocrites, wouldn’t it, since they whined about them for most of Bush’s two terms.

Obama revived numerous proposals for business tax increases that didn’t fare well in Congress last year, including a scaled-down plan to increase taxes on U.S. companies with major overseas operations, and plans to increase taxes on oil and gas companies.

And guess who will pay for those taxes? For those liberals out there who, just like Obama, do not understand basic economics, those tax increases will be passed on to the consumer.

I have a question for you crazy tax type libs: in some states, when you file your tax return, you are supposed to tell them what purchases you made out of state, and pay taxes to your state, as well, on said products. Is that fair? Would you yourself do that? No? The heck you say! So, why nail companies that also operate out of country with higher taxes? Can you provide a rationale?

In all, Obama would increase taxes on some businesses and wealthy individuals by a total of about $1.4 trillion over the next decade, while cutting taxes for middle-class workers and other businesses by about $330 billion. The bottom line: Tax receipts would increase by about $1.1 trillion over the next decade.

You know what increases tax receipts, too? Decreasing taxes. Because people spend more. And this has the added benefit of watching the money flow through the economy, before hitting the federal treasury. That is true stimulus. Money given straight to the federal coffers is money that is not being used to purchase something, which means someone else is not making money that he/she/the business cannot spend on something else, which is money that will not go to so on and so forth. Basic economics, libs. Don’t blame the Bush tax cuts, which brought in way more money, for the Republicans spending like drunken sailors. BTW, Dems controlled the Senate in 2001, and voted for the 2001 tax cuts.

The budget accounts for a $33 billion tax cut that Obama wants Congress to include in a new jobs bill. 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.

But, no one is really hiring beyond basic necessity right now. Why? Because of Democrat policies. Companies from tiny to mega-large are in wait and see mode. Cap and trade, health system overhaul, demonization of banks (which lend money, libs) and Wall Street, potential tax increases, potential restrictions and regulations, a president who is flailing all over the map, among others. Some companies may be making money, as the economy slowly rebounds, but, they are too unsure what will happen to take a chance to make sure they are fully staffed, and even over-staffed, to hire right now. So, people who are in unemployed mode are stuck on the sidelines.

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