« Obama's FY2012 Budget:Taxes, Taxes, and More Taxes and BIGGER Government!!!!! | Main | OBAMA: “We’ve Piled Up — We’ve Racked Up A Whole Bunch Of Debt.” (President Obama, Press Conference, 2/15/11) »
February 15, 2011
McConnell Speaks About Obama's Budget "The Clearest Sign Yet That He Does Not Take Our Fiscal Problems Seriously"
McConnell on the Senate Floor: Obama's Budget "The Clearest Sign Yet That He Does Not Take Our Fiscal Problems Seriously"
McConnell really hits back here saying it's unserious and irresponsible. "The budget was an opportunity for the president to lead, he punted. It only pretends to do things people want...Nobody is buying it...He's clearly misread a public that has had enough"
MCCONNELL: "It’s a patronizing plan that says to the American people that their concerns are not his concerns, It’s a plan that says the president’s vision of a future of trains and windmills is more important than a balanced checkbook, it’s a plan that asks our children to pay for an imaginary vision of the future that may or may not come about"
How the President’s Budget Destroys Jobs: $8.7 Trillion in New Spending, $1.6 Trillion in New Taxes, $13 Trillion in New Debt
Obama sent Congress a $3.73 trillion budget that destroys jobs by spending too much, taxing too much and borrowing too much. The House and Senate Budget Committees, led by Chairman Paul Ryan (R-WI) and Ranking Member Jeff Sessions (R-AL) respectively, have provided an overview of how President Obama’s budget will make it harder to create new jobs today and mortgages the future of our children and grandchildren. For example, the Obama Administration wants to:
Obama sent Congress a $3.73 trillion budget that destroys jobs by spending too much, taxing too much and borrowing too much.
The House and Senate Budget Committees have provided an overview of how President Obama’s budget will make it harder to create new jobs today and mortgages the future of our children and grandchildren. For example, the Obama Administration wants to:
*Increase spending by more than $8.7 trillion, despite the recommendation of 150 economists who have told the White House that spending cuts are needed to create a better environment for job creation;
*Impose $1.6 trillion in new taxes, imposing higher costs on job creators and creating more uncertainty at a time when our unemployment rate has been at or above nine percent for 21 consecutive months;
*Add $13 trillion to the national debt, doubling the debt over the President’s first term and tripling it in the 10 years after he first took office
.
Wild Thing's comment........
And John Boehner said the budget will impose $1.6 trillion in new taxes, imposing higher costs on job creators and creating more uncertainty at a time when our unemployment rate has been at or above nine percent for 21 consecutive months .
Obama Akbar screams death to America!!!!
Muslim coke-head Obama is trying to destroy America from within, how much more evidence will it take till people start to wake up? He needs to be impeached for reckless destruction of America and THAT list is very long.
The 15 Tax Hikes Hidden in Obama’s New Budget
Over the last two years, the president has regularly touted his fight to lower taxes for Americans. In fact, his latest budget proposal offered up today is being billed as a package of tough cuts. But buried within the budget’s rhetoric and numerous pages are actually a healthy amount of increases — tax increases, that is. 15 of them.
The folks over at Business Insider note “the budget contains as much as $1.5 trillion in hikes over ten years,” thanks to some diligent sleuthing by the group Americans for Tax Reform.
Here are the hidden increases:
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.
Posted by Wild Thing at February 15, 2011 04:55 AM
Comments
Anybody get notified by their employer that their withholding tax is increasing? Being retired military, we were all notified by Defense Finance Accounting Service our withholding tax is going up. According to the IRS, everyone got a $800 or $400 tax credit called "Making Work Pay Tax Credit". You got $800 if you filed jointly or $400 for filing separate or single. The increase in withholding taxes is to pay back the credit. We were given a tax credit up front and now they're coming from behind and extracting repayment.
Posted by: BobF at February 15, 2011 09:20 AM
All these taxes are going to pay for the shirkers in the cities who get up at noon and party all night, and pay for all the Health Care all these illegals want and need...its only fair don't cha know...
Wait awhile its going to get worse. Obama's oil moratorium is going to cause gas prices to go up to at least 5$/gallon. If that happens expect the economy to tank because nothing will be sustainable.
Posted by: Mark at February 15, 2011 11:35 AM
Maybe obama does take our fiscal problems seriously. Maybe he wants to make them worse so that we lose our world superpower status. obama has shown no love or respect for America. I think he wants to break America and become a hero to the Third World. Slowing down the economy by increased taxation and regulation and devaluing the dollar by increased deficit spending will certainly lessen America's strength. Yes, I think obama has an ulterior objective and knows what he is doing.
Posted by: TomR at February 15, 2011 11:43 AM
Most people thru history in most places becouse of the quality of their leaders have had to survive on about $500 per year total. Obama's dad as finance Minister of Kenya could not manage the $500 level of performance and the standard of living fell below that until his own party threw him out of office. The lack of economic understanding appears to be genetic. The bad news is that the democratic party has a majority of economic throwbacks so there is no chance of impeachment.
Posted by: Avitar at February 16, 2011 01:17 AM
Bob, thanks for that information.
Mark, yes it will get worse, it just never stops with these people.
Tom, good point, yes seriously destruction kind of serious like you said.
Avitar, thanks for the information and your right about it being bad news for no impeachment.
Posted by: Wild Thing at February 16, 2011 02:31 AM
