Obama's Opening Gambit: $1.6 Trillion More in Revenue Over Next Decade

[Procrustes Stretched]

Obama's Opening Gambit: $1.6 Trillion More in Revenue Over Next Decade
Obama Sets Steep Tax Target
President to Seek $1.6 Trillion More in Revenue, Double Level From 2011 Talks
White House Sets Steep Tax Target - WSJ.com

President Barack Obama will begin budget negotiations with congressional leaders Friday by calling for $1.6 trillion in additional tax revenue over the next decade, far more than Republicans are likely to accept and double the $800 billion discussed in talks with GOP leaders during the summer of 2011.

Mr. Obama, in a meeting Tuesday with union leaders and other liberal activists, also pledged to hang tough in seeking tax increases on wealthy Americans. In one sign of conciliation, he made no specific commitment to leave unscathed domestic programs such as Medicare, leaving the door open to spending cuts many fellow Democrats oppose.

It's on.

 

[Avorysuds]

I say give it to him, let him single handedly destroy the Democrat party. But mo matter, all his words are is for show, he is playing to the middle class and poor because it's a bigger voter block than the top 10%. Obama also knows he has no plans to actually increase taxes. Shit, Obama did mass tax credits with his own stimulus.

 

[The Infidel]

It's on alright....

 

[Procrustes Stretched]

Oh, the fiscal cliff! LOL

 

[Bigfoot]

Wow 1.6 trillion in added revenue, nice, verse what about 4 or 5 trillion in added spending...heh...you guys are so funny.

 

[Procrustes Stretched]

Wow 1.6 trillion in added revenue, nice, verse what about 4 or 5 trillion in added spending...heh...you guys are so funny.

stop using old talking points and stop being an idiot

 

[Bigfoot]

Wow 1.6 trillion in added revenue, nice, verse what about 4 or 5 trillion in added spending...heh...you guys are so funny.

stop using old talking points and stop being an idiot

LOL, you pussy.

 

[ScienceRocks]

Dante, Obama is spending 1.2-1.5 trillion per year. So 1.6 trillion over a decade is just going to be like spitting on the fire without cuts.

He has to cut welfare. That's dead weight around this nations neck.


I might accept this on those making a million or more per year only if...
-Welfare is cut back to 2006 levels
-Welfare reform
-Corporate bail-outs are either ended or they're forced to pay it back

 

[Bigfoot]

Dante, Obama is spending 1.2-1.5 trillion per year. So 1.6 trillion over a decade is just going to be like spitting on the fire without cuts.

He has to cut welfare. That's dead weight around this nations neck.


I might accept this on those making a million or more per year only if...
-Welfare is cut back to 2006 levels
-Welfare reform
-Corporate bail-outs are either ended or they're forced to pay it back

Heh, Dante won't get it, he refuses to see the truth of the matter.

 

[Bigfoot]

The federal government started the 2013 budget year with a $120 billion deficit, an indication that the nation is on a path to its fifth straight $1 trillion-plus deficit.

Another soaring deficit puts added pressure on President Barack Obama and Congress to seek a budget deal in the coming weeks.

The Treasury Department said Tuesday that the October deficit -- the gap between the government's tax revenue and its spending -- was 22 percent higher than the same month last year.

 

[ScienceRocks]

The federal government started the 2013 budget year with a $120 billion deficit, an indication that the nation is on a path to its fifth straight $1 trillion-plus deficit.

Another soaring deficit puts added pressure on President Barack Obama and Congress to seek a budget deal in the coming weeks.

The Treasury Department said Tuesday that the October deficit -- the gap between the government's tax revenue and its spending -- was 22 percent higher than the same month last year.

WTF is he spending it on? welfare?

 

[expat_panama]

...President Barack Obama will begin budget negotiations with congressional leaders Friday by calling for $1.6 trillion in additional tax revenue over the next decade...

I say give it to him...

So the WSJ says Obama wants more revenue. Hardly. What we know is Congress raising tax rates lowers revenue because we've seen the latest whitehouse.gov spreadsheet showing how revenue was falling before the '03 rate cuts, and stayed high until the '09 tax hikes:

Let's go with actions we can see and not all the talk we're hearing. The President's goal is not revenue, it's 'fairness' --even when it lowers revenue. I liked it better back when I paid lots of taxes on lots of income, but now we're looking at an era of revenge.

 

[Skull Pilot]

Wow 1.6 trillion in added revenue, nice, verse what about 4 or 5 trillion in added spending...heh...you guys are so funny.

stop using old talking points and stop being an idiot

Revenue increases are meaningless unless spending cuts share equal priority.

And 1.6 trillion over 10 years ain't much compared to the trillions in deficit spending that will take place in those 10 years not to mention the trillions added to the debt.

To call it a drop in the bucket would be a gross exaggeration.

 

[editec]

Plenty of money to cut in the DoD, folks.

Wars to end, bloated porkbarrel defence spending to cut.

Plenty of excess spending to cut.

But I do NOT advise that we make those cuts.

Really cutting spending, be it social spending or defence spending?

It is a very bad idea.

 

[ScienceRocks]

Plenty of money to cut in the DoD, folks.

Wars to end, bloated porkbarrel defence spending to cut.

Plenty of excess spending to cut.

But I do NOT advise that we make those cuts.

Really cutting spending, be it social spending or defence spending?

It is a very bad idea.

We need to invest in jobs and the military is a big part in that...Giving out welfare money to abled bodied adults isn't as wise. Would be better to spend that on college credits for them? What ever we do we need to create jobs to increase the size of our economy to handle this debt.

 

[Stephanie]

This thread is a joke right?

SNIP:



US deficit was $120 billion in October

By Erik Wasson - 11/13/12 03:22 PM ET

The U.S. racked up a $120 billion deficit in October, the first month in fiscal 2013, the Treasury Department reported on Tuesday.

The government spent $304 billion and collected only $184 billion in revenue.

That is a fast start to the new fiscal year. By comparison, the deficit in the first month of 2012 was $98 billion.

According to the White House, the U.S. will have a $990 billion deficit this year, down slightly from the $1.1 trillion deficit in the year that ended Sept. 30.

In projecting that amount, the White House budget office assumes that Congress will reach a deal to avoid the "fiscal cliff" of tax increases and automatic spending cuts set to hit in January. It also assumes that Congress will approve the jobs stimulus plan contained in President Obama's 2013 budget.

The deficit has topped $1 trillion for each year of the Obama administration, more than double the amount in the last year of the Bush administration, prior to the Great Recession and Obama stimulus package.

all of it here
US deficit was $120 billion in October - The Hill's On The Money

 

[KissMy]

-Corporate bail-outs are either ended or they're forced to pay it back

When is Romney going to pay his bailout back? It's been 20 fucking years now Mitt. Where is the $10 million? How about manning up & pay a middle class tax rate for a change?

 

[ScienceRocks]

-Corporate bail-outs are either ended or they're forced to pay it back

When is Romney going to pay his bailout back? It's been 20 fucking years now Mitt. Where is the $10 million? How about manning up & pay a middle class tax rate for a change?

Yep,

Time to pay up Mitt...

Any bill needs to 1# require all bail-out monies to be paid back within the next 5 years and 2# no more bail-outs.

100% of this money can go to paying down the debt.

 

[Skull Pilot]

-Corporate bail-outs are either ended or they're forced to pay it back

When is Romney going to pay his bailout back? It's been 20 fucking years now Mitt. Where is the $10 million? How about manning up & pay a middle class tax rate for a change?

How about the 16 billion that bailed out the UAW?

 

[iamwhatiseem]

$1 trillion more in revenue...over TEN years.
But $1 trillion in additional spending EVERY YEAR...hmm...some folks just can't add.