Obama Announces Huge Tax Increases Are Only Solution

[The Rabbi]

I'm all for dropping the mortgage deduction, and charitable deductions as well. But lower the over-all tax rate after that.

One doesn't work without the other, not to mention you will kill the housing industry, why buy and have to maintain the home, this one is anti growth....

I think people should be able to write off expenses related to market consultation services. Failing to allow people to write off such expenses will kill the industry.

My neighbor owns a restaurant franchise (true story!). He thinks people should be able to get a tax deduction for money they put on their credit cards at chain restaurants. Failing to allow people to deduct restaurant expenses will kill the industry.

The guy down the street is a plumber. He thinks people should...well, you get the point.

Back in the old days you could deduct any interest payment. Reagan elminated that. And industry survived.

 

[M14 Shooter]

This is all just more Community Organizer Class Warfare shit. Obviously the usual suspects will fall for it.

There are two kinds of liberals:
-THose that Stalin woudl call "useful idiots"
-Those that wish they were Stalin.

The Obama falls into the latter category, and thanks all their liberals here for their blind support.

 

[Flopper]

Once again Obama has shown his plan all along. Raise taxes.

He wants to remove home interest payments as a deduction.

Trust me, this will include everyone, not just those who make over $200k.

Also, he says he wants to remove charitable contributions as well.

Folks, this isn't all he plans to do. He's just telling us the part he thinks we want to hear.

I guess you can drop all the rhetoric over how he's cut taxes now. It was all smoke and mirrors anyway.

Today was his first campaign speech for the 2012 run, those terrible people who have succeeded, no mention of his GE buddy....

Obama, the grand manipulator, divide and conquer....

For someone who is supposed to be so smart, you would think he could come up with a new angle....

God help us if he does win re-election.....

you cant divide the already divided. He was never going to get your or the OP's vote anyways.
He doesnt care about your opinion

Of course he doesn't care.

Any plan that get's enacted will contain some tax increases. If he expects to get Democratic support, that has to be part of the plan. In order to get anything through the House, he's going to have to make other concessions, probably Medicare.

 

[M14 Shooter]

IMHO, taxes revenues should be increased and more people should be paying taxes, both wealthy and middle class. It's unexceptionable to have half the country not paying any income tax.

I agree - but to fix that you have to lay taxes on the poor.

 

[Skull Pilot]

All the rabble who AREN'T going to get taxed are the ones making the most noise.

CLASSIC!!


lol

I'm one of those evil people who has a household income of 250K. Even though more than 25% of the so called income went back into my business for a new septic system, roof, parking lot and extensive heating and plumbing upgrades. But I can only write off a small portion of those expenses.

I paid 36,000 in federal taxes

Please tell me what loopholes I get that the 47% of people who pay no income tax or actually get back more than they paid don't get.

Seems to me they not me are getting the better deal. I can't even contribute to an IRA for a tax break anymore and I get whacked by the alternative minimum tax.

 

[PoliticalChic]

Once again Obama has shown his plan all along. Raise taxes.

He wants to remove home interest payments as a deduction.

Trust me, this will include everyone, not just those who make over $200k.

Also, he says he wants to remove charitable contributions as well.

Folks, this isn't all he plans to do. He's just telling us the part he thinks we want to hear.

I guess you can drop all the rhetoric over how he's cut taxes now. It was all smoke and mirrors anyway.

I'm all for dropping the mortgage deduction, and charitable deductions as well. But lower the over-all tax rate after that.

The mortgage deduction is 3/4 of my itemized deduction.

Sorry about that, Muddy...

Without the mortgage deduction, I guess he envisions a robust recovery of the housing market, huh?

I guess our President doesn't see the connection between the mortgage crisis and the financial meltdown.

Never let it be said he's not a brilliant leader!

Every time I see one of his great plans, I think of Wiley Coyote, writing to the Ajax Company.
Like this plan:

1. Obama unveils $75B mortgage relief plan
Much-anticipated housing plan aims to help as many as 9 million families

PHOENIX - Seeking to tackle “a crisis unlike any we’ve ever known,” President Barack Obama unveiled an ambitious $75 billion plan Wednesday to keep as many as 9 million Americans from losing their homes to foreclosure.

More expensive than expected, Obama’s plan aims to keep between 7 million and 9 million people from foreclosure. Of the nearly 52 million U.S. homeowners with a mortgage, about 13.8 million, or nearly 27 percent, owe more on their mortgage than their house is now worth, according to Moody’s Economy.com.
Headlining Obama’s plan is a $75 billion Homeowner Stability Initiative, which would provide a set of incentives to mortgage lenders in an effort to convince them to help up to 4 million borrowers on the verge of foreclosure. The goal: cut monthly mortgage payments to sustainable levels, defined as no more than 31 percent of a homeowners income. Funding would come from the $700 billion financial industry bailout passed by Congress last fall.
Obama unveils $75B mortgage relief plan - Business - Eye on the Economy - Stocks & economy - msnbc.com

With this result:

2. U.S. Loan Effort Is Seen as Adding to Housing WoesThe Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good.

Some experts argue the program has impeded economic recovery by delaying a wrenching yet cleansing process through which borrowers give up unaffordable homes and banks fully reckon with their disastrous bets on real estate, enabling money to flow more freely through the financial system.
http://www.nytimes.com/2010/01/02/business/economy/02modify.html


What a guy, (sigh).

 

[M14 Shooter]

Bullshit! I pay enough freaking taxes. The government is so f'd up nobody is ever going to fix it. I already am doing more with less. The government and the people with hand outs to the government should do the SAME! It is disgusting.

Malibu...sit down when I tell you this:

In Obamacare alone, we will be taxed $500 billion more over the next ten years. That would be $1700 for every man, woman and child on the country....so if you have a family of four, the stats are $680 per year in Obamacare taxes alone...

Did I do the math right?

Rename the boat "The IRS."

OMG! I just used the calculator...and this is too good. The actual figure is ...do you read the bible?
Here's a hint: the mark of the beast!

Must be a coincidence....

I see. $500 billion for health care for our citizens is so much more evil than $3 trillion for a war in Iraq based on lies.

The only lies here are that the war in Iraq cost $3T, and that said war was based on lies.

 

[GWV5903]

Once again Obama has shown his plan all along. Raise taxes.

He wants to remove home interest payments as a deduction.

Trust me, this will include everyone, not just those who make over $200k.

Also, he says he wants to remove charitable contributions as well.

Folks, this isn't all he plans to do. He's just telling us the part he thinks we want to hear.

I guess you can drop all the rhetoric over how he's cut taxes now. It was all smoke and mirrors anyway.

Today was his first campaign speech for the 2012 run, those terrible people who have succeeded, no mention of his GE buddy....

Obama, the grand manipulator, divide and conquer....

For someone who is supposed to be so smart, you would think he could come up with a new angle....

God help us if he does win re-election.....

you cant divide the already divided. He was never going to get your or the OP's vote anyways.
He doesnt care about your opinion

I disagree, my contempt for Obama and the ones who support this entitlement mentality becomes wider and wider, sad to know it will be harder to heal, but an angry person filled with hate would have a harder time understanding this....

You're right he doesn't care about the opinion of hard working Americans, who believe they should earn their own way, no he would rather lead the dead beat blind sheep who believe that everyone owes them something....

 

[kiwiman127]

Yeah, removing charitable donations really does suck, what the hell was up with that?
Regarding tax incease for the very wealthy, I'm up with that one. Most of them end up paying at a lower rate than the rest of the taxpayers anyway.
=======================

How the rich pay no taxes

For the well-off, this could be the best tax day since the early 1930s: Top tax rates on ordinary income, dividends, estates, and gifts will remain at or near historically low levels for at least the next two years. That's thanks in part to legislation passed in December 2010 by the 111th Congress and signed by President Barack Obama.

"This is clearly far and away the most generous tax situation that's existed," says Gregory D. Singer, a national managing director of the wealth management group at AllianceBernstein (AB) in New York. "It's a once-in-a-lifetime opportunity."

For the 400 U.S. taxpayers with the highest adjusted gross income, the effective federal income tax rate -- what they actually pay -- fell from almost 30 percent in 1995 to just under 17 percent in 2007, according to the IRS. And for the approximately 1.4 million people who make up the top 1 percent of taxpayers, the effective federal income tax rate dropped from 29 percent to 23 percent in 2008. It may seem too fantastic to be true, but the top 400 end up paying a lower rate than the next 1,399,600 or so.

http://money.msn.com/taxes/latest.aspx?post=26d490bd-7317-4f93-8b43-e1da1151ea5f&GT1=33005

And speaking of raising taxes, it's included in Senator Ryan's plan,,,,,,,on the bottom 90% while the Top Ten Percent get tax cuts!

http://ctj.org/pdf/ryanplan2010.pdf

 

[8537]

Back in the old days you could deduct any interest payment. Reagan elminated that. And industry survived.

Indeed - allowing folks to deduct the interest on credit cards?

Brilliant!

<I don't remember if there was talk of removing the home mortgage interest deduction at that time as well - since i wasn't a homeowner, I probably didn't care>

 

[Flopper]

Once again Obama has shown his plan all along. Raise taxes.

He wants to remove home interest payments as a deduction.

Trust me, this will include everyone, not just those who make over $200k.

Also, he says he wants to remove charitable contributions as well.

Folks, this isn't all he plans to do. He's just telling us the part he thinks we want to hear.

I guess you can drop all the rhetoric over how he's cut taxes now. It was all smoke and mirrors anyway.

I'm all for dropping the mortgage deduction, and charitable deductions as well. But lower the over-all tax rate after that.

The mortgage deduction is 3/4 of my itemized deduction.

This is probably where he's going get a lot of addition tax revenue. He may be thinking of phasing out the mortgage deduction for higher incomes and eliminating mortgage deductions on 2nd homes.

 

[Skull Pilot]

Don't you find it funny that Obama starts out with the "We're rugged individualists" shit then at the end basically tells us that government is the only answer to all our woes?

He's so full of shit his skin is brown.

 

[Flopper]

IMHO, taxes revenues should be increased and more people should be paying taxes, both wealthy and middle class. It's unexceptionable to have half the country not paying any income tax.

I agree - but to fix that you have to lay taxes on the poor.

Not necessarily. There are lots of families with gross incomes of $60,000 -$80,000, that have no income tax liability due to all the deductions and credits. I think the percentage that these folks pay should be fairly low, but not zero.

 

[M14 Shooter]

IMHO, taxes revenues should be increased and more people should be paying taxes, both wealthy and middle class. It's unexceptionable to have half the country not paying any income tax.

I agree - but to fix that you have to lay taxes on the poor.

Not necessarily. There are lots of families with gross incomes of $60,000 -$80,000, that have no income tax liability due to all the deductions and credits. I think the percentage that these folks pay should be fairly low, but not zero.

Show this to be true, and show how close to "half" the country this really is.

 

[Sallow]

I'm all for dropping the mortgage deduction, and charitable deductions as well. But lower the over-all tax rate after that.

Holy shit batman - I agree with Rabbi

I'm not. Both those things encourage people to engage in positive spending.

From what I understand there's about 300 billion dollars that belong to the US government that are still in the coffers of tax cheats. The IRS needs to vigourously shake that money down..

 

[ClosedCaption]

lol.....Obama REALLY doesnt get it.

He claimed that HE does not need another tax cut. He sees himself as no different than the rest of the "wealthy"...

What he seems to not understand is that he, and a small portion of the wealthy do not have an income based on the revenue of a company....and visa versa......He can not grasp the concept that if his taxes were a bit higher it may affect his ability to grow a company.

He IGNORES the logic that a large portion of the wealthy are the ones that can grow the economy.

Thus what happens when you elect a President that has never had the fiscal responsibility to anything buyt himself and his family.

Two points:

1. Obama doesnt understand his own finances but you do yeah, ok
2. They CAN grow the economy, but if you look at what is happening right in front of your eyes. They ARE NOT growing the economy after how many years of tax cuts.

Two points...

1. I said he doesnt understand his own finances? WHere?
2. If you had a business mind you would be thrilled with the growth that existed in the 2000's.

1.

What he seems to not understand is that he, and a small portion of the wealthy do not have an income based on the revenue of a company

2. I said GROW THE ECONOMY after you said GROW THE ECONOMY. Not personal growth. They CAN grow the economy and that makes sense as long as you ignore the current economy.

 

[GWV5903]

I'm all for dropping the mortgage deduction, and charitable deductions as well. But lower the over-all tax rate after that.

One doesn't work without the other, not to mention you will kill the housing industry, why buy and have to maintain the home, this one is anti growth....

As for charitable contributions, you will stifle the good that is done by society and make the dependent lean more on government, that falls right into his socialist trap....

Most people don't itemize and therefore don't get the benefit. But people still buy houses anyway.
People will also contribute money anyway to causes they believe in. And if rates are lowered they will have more money in their own pockets to do just that.

Rabbi, we have 63% homeownership in this country, why do you believe they do not itemize???

The small donations are important, but the larger ones carry the load....

I am all for reforming the Tax Code and lower taxes for all, but why are we going to try and label mortgage deductions & charitable contributions as a solution, when both are very good for our overall economy? We have a spending problem, not a revenue problem...

To ridicule and continue the same old BS rhetoric is nothing more than the same old crap we have endured way too long....

 

[ClosedCaption]

Don't you find it funny that Obama starts out with the "We're rugged individualists" shit then at the end basically tells us that government is the only answer to all our woes?

He's so full of shit his skin is brown.

The words of a liar. What you just said basically is that you like to touch pre-pubesant boys.

 

[PoliticalChic]

Yeah, removing charitable donations really does suck, what the hell was up with that?
Regarding tax incease for the very wealthy, I'm up with that one. Most of them end up paying at a lower rate than the rest of the taxpayers anyway.
=======================

How the rich pay no taxes

For the well-off, this could be the best tax day since the early 1930s: Top tax rates on ordinary income, dividends, estates, and gifts will remain at or near historically low levels for at least the next two years. That's thanks in part to legislation passed in December 2010 by the 111th Congress and signed by President Barack Obama.

"This is clearly far and away the most generous tax situation that's existed," says Gregory D. Singer, a national managing director of the wealth management group at AllianceBernstein (AB) in New York. "It's a once-in-a-lifetime opportunity."

For the 400 U.S. taxpayers with the highest adjusted gross income, the effective federal income tax rate -- what they actually pay -- fell from almost 30 percent in 1995 to just under 17 percent in 2007, according to the IRS. And for the approximately 1.4 million people who make up the top 1 percent of taxpayers, the effective federal income tax rate dropped from 29 percent to 23 percent in 2008. It may seem too fantastic to be true, but the top 400 end up paying a lower rate than the next 1,399,600 or so.

How the rich pay no taxes- MSN Money

And speaking of raising taxes, it's included in Senator Ryan's plan,,,,,,,on the bottom 90% while the Top Ten Percent get tax cuts!

http://ctj.org/pdf/ryanplan2010.pdf

You got that right!

1. A review of tax data for high-income earners in the 1920s shows that as top tax rates were cut, tax revenues and the share of taxes paid by high-income taxpayers soared. Secretary Mellon knew that high tax rates caused the tax base to contract and that lower rates would boost economic growth. In 1924, Mellon noted: "The history of taxation shows that taxes which are inherently excessive are not paid. The high rates inevitably put pressure upon the taxpayer to withdraw his capital from productive business."

1920s Income Tax Cuts Sparked Economic Growth and Raised Federal Revenues | Veronique de Rugy | Cato Institute: Daily Commentary

2. The 1993 Clinton tax increase appears to having the opposite effect on the willingness of wealthy taxpayers to expose income to taxation. According to IRS data, the income generated by the top one percent of income earners actually declined in 1993. This decline is especially significant since the retroactivity of the Clinton tax increase in that year limited the ability of taxpayers to deploy tax avoidance strategies, temporarily resulting in an increase in their tax burden. The Reagan Tax Cuts: Lessons for Tax Reform

3. a. The Chicago Tribune reported that one the story of one wealthy family that established a Pure Trust to own the famous Chicago Merchandise Mart. The family is known to maintain several other Pure Trusts for tax shelter purposes as well. One such Trust was reported in the Chicago Tribune. March 22, 1947 with the caption: "[Family] Divides Merchandise Mart." "A Trust agreement formed several years before, in which… [they] helped to materially distribute ownership in the 30 Million Dollar Merchandise Mart, among members of the family. It is said that many of these Trusts are domiciled in the Fiji Islands of the South Pacific."
Where Do Trusts Come From? | Move Wealth.
BTW, you may know the family…it was that of ‘The Liberal Lion,’ Teddy Kennedy.

b. Continue that thought for a moment. When Joe Kennedy died, the fortune of $300 million to $500 million paid just $134 thousand in inheritance taxes as a result of the Fiji tax-shelter. That’s 0.0004 percent. Cary Reich, “Financier, the biography of Andre Meyer,” p. 367.

4. . A headline in this morning’s Baltimore Sun — “Maryland lost nearly 30% of millionaires last year” — is sure to revive a debate over the higher tax rates that Free State legislators imposed on millionaires in 2008. At least eight other states this year followed Maryland’s lead and raised income taxes on the wealthy.
As The Sun reports, the Maryland state comptroller found that the number of state residents with net taxable income of $1 million or more declined from 7,067 in 2007 to 4,910 last year — the lowest number in four years. Maryland Republicans who opposed hiking taxes on millionaires in 2008 predicted that the higher rates would drive the wealthy to move to other states with lower income taxes. Democrats refuted that notion.
Md. 'millionaire's tax' debate is back


They don't pay it! We do!

 

[boedicca]

One doesn't work without the other, not to mention you will kill the housing industry, why buy and have to maintain the home, this one is anti growth....

As for charitable contributions, you will stifle the good that is done by society and make the dependent lean more on government, that falls right into his socialist trap....

Most people don't itemize and therefore don't get the benefit. But people still buy houses anyway.
People will also contribute money anyway to causes they believe in. And if rates are lowered they will have more money in their own pockets to do just that.

Rabbi, we have 63% homeownership in this country, why do you believe they do not itemize???

The small donations are important, but the larger ones carry the load....

I am all for reforming the Tax Code and lower taxes for all, but why are we going to try and label mortgage deductions & charitable contributions as a solution, when both are very good for our overall economy? We have a spending problem, not a revenue problem...

To ridicule and continue the same old BS rhetoric is nothing more than the same old crap we have endured way too long....

Do you think that if people had a low, flat tax rate they would quit donating to charities?


I don't. The ones that provide a valuable service will continue to receive donations. The ones that are tax shelter scams won't.