Obama Budget Will Increase Your Taxes And Costs

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Obama Budget Will Increase Your Taxes And Costs

Written By : William Teach

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.

tblrk2006

You mean obama lied and is going to raise taxes?
http://TheNixonTape.Blogspot.Com Dick_Nixon

Posted by tblrk2006
2010-02-02 10:11:10

Yeah, no one with intelligence should have not known that was coming. The 52% of the rubes who voted in November 2008 really got suckered by this charlatan.
Jack Schite

Show me where lowering taxes has ever improved the economy.

You cut the taxes on the richest people by 50% when Reagan was pres and it put the country in debt while the richest 1% of the population gas seen their wealth triple since 1980. Meanwhile the middle class is gone, low wage job opportunities are gone, and you call this success?

Republicans only succeed at running the country into the ground.
tblrk2006

Posted by Dick_Nixon
2010-02-02 10:36:56

My guess is when you think you dont have to worry about gas bills or rent…..you dont pay taxes.
StanInTexas

Posted by Jack Schite 2010-02-02 11:05:00

You asked this question last week, then ran away when it was answered.

Every time since the Kennedy Administration that taxes have been lowered, revenues to the Treasury have increased. Also, people get to keep more of the money they earn, therby improving the economy.
tblrk2006

Show me where lowering taxes has ever improved the economy.

Posted by Jack Schite
2010-02-02 11:05:00

Every time its tried retard. Why dont you want poeple to keep more of what they make?

Every time taxes are cut, on those that pay them, the fed revenue goes up. I cant keep people like you or obama from spending more than you take in. Everytime those that pay taxes have more money they usually tend to spend it or invest it.
http://TheNixonTape.Blogspot.Com Dick_Nixon

Show me where lowering taxes has ever improved the economy.

You cut the taxes on the richest people by 50% when Reagan was pres and it put the country in debt while the richest 1% of the population gas seen their wealth triple since 1980. Meanwhile the middle class is gone, low wage job opportunities are gone, and you call this success?

Republicans only succeed at running the country into the ground.
Posted by Jack Schite
2010-02-02 11:05:00

This post, it is a complete lie. A poorly written one at that.
William Teach

Low wage jobs are readily available. Unfortunately, they are often done by illegal aliens. Besides, you libs spent years whining about all those people taking low paying jobs while the unemployment rate was low during the Bush years. When the government is pro-business, businesses hire, meaning people are actually working, making money, and spending money.

Why no condemnation of the unemployment rate under Obama, Jack?

The middle class is alive and fine. We made more money during the Bush years, thanks to the tax cuts which, your MoveOn talking points aside, put more of a tax burden on the rich.

Lowering the capitals gains tax was the biggest part in more tax revenues. Unfortunately, as I wrote, the Republicans spent more than they should have.

Answer a question, Jack: would you rather that those “evil rich” first spend the money where you work, so you can get some of that money that you could spend, or give it straight to the IRS? Don’t forget, tax raises cause people and companies to hold on to more of their money, rather than spend it. Furthermore, companies tend to pass tax increases on to the consumer.

Seriously, Jack, try thinking for yourself, rather than relying on silly and stupid talking points. Learn something about how economies work.

And, finally, I will ask you again the question you refused to answer: would you be willing yourself to pay much more in taxes?
Jack Schite

Tbirk that is a crock of bullshit and you know it. When you leave you cocoon you’ll notice that society functions with everyone contributing to the needs. If we took you perspective to the nth degree there would be no roads, no parks, no public space for all citizens to enjoy.

I make over 100k/year and I would happily pay more in taxes for public financed elections, education, etc. You narrow minded keep it all for yourself attitude is the product of a bygone era.

Capitalism works for people like me. I prefer that it work for everyone. That’s my liberal values.
http://PatriotPost.US bthewolf

Posted by Jack Schite
2010-02-02 11:17:08

You make over 100K/year as a fry cook? is that in DIMES?
Jack Schite

William, it’s not an either or thing. I answered your question above. I pay very little in taxes (18% of my income) and could afford to pay more, but I don’t want my taxes going to pay for YOUR unneccessary wars, or to prop up the insanely rich.

Would you agree that the rich are running our government for their own interests and whatever we get from it us just good luck? That is how it works, unfortunately.
http://TheNixonTape.Blogspot.Com Dick_Nixon

I make over 100k/year

Sure thing sparky. And that rubber doll you have is your wife.
Jack Schite

Bthewolf, I am a sysadmin on unix boxes for a telco. Last year on feb 1 my systems were outsourced and since I am the expert in managing them I was outsourced with the systems I support. My 13 years at the telco were bridged to my new employer, btw. :)

What do you do?
http://TheNixonTape.Blogspot.Com Dick_Nixon

YOUR unneccessary wars,

Nixon notices you failed to condemn the Obamateur for not bringing the troops home from Iraq and Afghanistan already.
Nixon supposes the YOUR comes from your lack of US citizenship, or not yet having attained the age of 18.
Jack Schite

The dickhead Nixon knows Obama is stuck with the war and budget fiascos left by Bush , and the dickhead Nixon supports terrorism by accusing Obama of not knowing what needs to be done.

Not married, but with a fine girlfriend who is smart and sexy. At her place now in fact, telecommuting for work. :)
tblrk2006

William, it’s not an either or thing. I answered your question above. I pay very little in taxes (18% of my income) and could afford to pay more, but I don’t want my taxes going to pay for YOUR unneccessary wars, or to prop up the insanely rich.

Posted by Jack Schite
2010-02-02 11:24:27

Funny….I dont want my taxes to pay for your pork projects that we were told wouldnt be there. And those projects cost a lot more than my wars. Oh, and our tax dollars go to make company CEOs rich? I thought it was the people buying their products.
tblrk2006

The dickhead Nixon knows Obama is stuck with the war and budget fiascos left by Bush

Posted by Jack Schite
2010-02-02 11:34:15

So bush told obama to spend 4x everything spent before? I see. Son, your about as transparently stupid and obviously fake as they come.
StanInTexas

Posted by Jack Schite 2010-02-02 11:29:16

So you pay too little in taxes and would gladly pay more, huh Jack?

So did you refuse the Bush-Era tax breaks? Do you send extra money to the government to pay what you consider your fair share? How about since Obama has been President. I know you support his policies. How much money have you sent him?
http://TheNixonTape.Blogspot.Com Dick_Nixon

The dickhead Nixon knows Obama is stuck with the war and budget fiascos left by Bush , and the dickhead Nixon supports terrorism by accusing Obama of not knowing what needs to be done.

1. Obama is proposing increasing spending now on top of running a trillion dollar deficit last year. Nixon is sure Bush is to blame for what Obama does.

2. Obama has had ample opportunity to bring our boys and girls home and has not done so.

3. Obama is incompetent, and he enables terrorism.

Please learn to read Jack. And running a computerized register at McFood does not make you a computer guru, you poor deluded sap.
Mike_M

The tax structure in this country is already out of whack and the Dems are hell bent on making it worse.

Too many low earners pay nothing at all and the rates are punitively progressive. What does that mean? During a recession when small businesses and entrepreneurs get hit hard, tax revenure to the government falls through the floor. Meanwhile there’s no constant base coming from the pool of entry level jobs that are always present in the economy.

Some variant of the flat tax is really the best way to maximize fairness, reporting, and consistency. I’m even willing to get on board with the Fair Tax despite its reliance on rebate checks. The tax code is simply too far out of control.
Bill_Dalasio

The “insanely rich” almost invariably support expansive government. The claim that they favor small government is one of the falacies foisted on the public by the left. The extremely rich have ample access to extremely sophisticated tax planning and avoidance strategies. As a consequence, schemes that claim to “stick it to the rich” most widely fall on the middle-to-upper-middle class. On the other hand, an expansive government is a veritable gold mine for the well connected. Unlike the uncertain and draining competition in the market, the gains from support from an expansive state are secure by personal connection and indebtedness.
Bill_Dalasio

Posted by Murray-the-Miser
2010-02-02 11:57:58

Don’t be so hard on Jackie. He’s been depressed since his rubber doll left him.
http://TheNixonTape.Blogspot.Com Dick_Nixon

Posted by Bill_Dalasio
2010-02-02 12:02:12
Thats restaurant quality right there.

/golf clap
http://PatriotPost.US bthewolf

Posted by Jack Schite
2010-02-02 11:29:16

You aren’t literate or smart enough to be a high school grad let alone a 6 figure salary anywhere.

I work in insurance, and earn a comfortable living, unless my taxes are raised, AGAIN.
jimb123

No Jack sounds like a unix head (warning evil operating system). He writes like he’s writing a unix script – ie. not very readable.

Unix haters – MIT
http://web.mit.edu/~simsong/www/ugh.pdf

/
Mike_M

“What do you do?”

I run a web based hang-glider accessory store and consult with Ivy Leauge colleges to support their mainframe punchcard readers.
gfchicago

“Don’t be so hard on Jackie. He’s been depressed since his rubber doll left him.”

Posted by Bill_Dalasio
2010-02-02 12:02:12

More like the poor thing committed suicide by grabbing a fork or something out of of his mothers basement where Jack resides.
http://www.newsrealblog.com/2010/02/02/obama-budget-will-increase-your-taxes-and-costs/ Obama Budget Will Increase Your Taxes And Costs | NewsReal Blog

[...] Read more at Right Wing News. [...]
http://TheNixonTape.Blogspot.Com Dick_Nixon

Grappling to contain record deficits, President Barack Obama is seeking to end a middle-class tax break he once said would be permanent.
The $3.8 trillion budget request rolled out by the White House on Monday would renew the Making Work Pay tax credit for fiscal 2011, but then would have it sunset.
That’s a switch from last year, when Obama’s budget called for making the tax credit permanent.
The cut costs the federal government about $63 billion in annual revenue while putting up to $400 in the pockets of workers making less than $95,000.

From The Hill, lifted from Hotair.com

Raising taxes on people making less than $250,000. Now that is a proven lie uttered by the Obamateur. Their taxes will go up, that is a increase for our moronic liberal folks here. ANd by increasing spending, Obama is not fighting a deficit. He has no wish to fight it, since he wouldn’t be able to finance his socialistic programs without deficit funding.
http://networdblog.blogspot.com/ Christopher_Taylor

1 trillion dollars in tax increases, on the middle class and up. Everyone who pays taxes will pay more, if President Obama has his way – just in time for the recession.

America, that’s his response to people losing jobs and homes, that’s his response to foreclosures and bad economic times. That’s his jobs plan: tax you more, tax your employers more, and tax businesses more.

Then to top it off, spend more than any president in history and increase the deficit even more.
Realpolitik

I work in insurance, and earn a comfortable living, unless my taxes are raised, AGAIN.
Posted by bthewolf
2010-02-02 13:03:27

Good Lord, noshow – you wash dishes in a pizza joint. Post those pix again, will ya?
http://networdblog.blogspot.com/ Christopher_Taylor

Here’s the problem with the left: more interested in attacking people who disagree than ideas and solving problems. That’s all they have: attack Bush, attack Iraq, attack Republicans, but never a solution to fix anything. When it comes time for policy, its more of the same. Attack the rich, attack business, attack investors.

Hence: economy-crippling tax increases when things are already bad, in a campaign promise-violating huge increase in taxes (the biggest in American history) and the left can just stand aside and cheer… and pretend Republicans are somehow to blame with zero ability to influence anything in the federal government.

That’s why the Democrats are losing, because they offer nothing.
http://PatriotPost.US bthewolf

Good Lord, noshow – you wash dishes in a pizza joint. Post those pix again, will ya?
Posted by Realpolitik
2010-02-02 16:37:21

No never-show, I work part-time as a delivery driver, I work full time in insurance, you work as cheif fry cook for a fish joint in Amsterdam. Don’t project your failings on me.