President's Budget Proposal 0 for --- CONGRESS!

[Liability]

Obama budget defeated 99-0 in Senate

By Stephen Dinan

May 16, 2012, 04:27PM

President Obama's budget suffered a second embarrassing defeat Wednesday, when senators voted 99-0 to reject it.

Coupled with the House's rejection in March, 414-0, that means Mr. Obama's budget has failed to win a single vote in support this year.

-- Obama budget defeated 99-0 in Senate - Washington Times

Yeah. The PEOPLE are CLAMORING for this guy to get re-elected.

 

[DiamondDave]

The guy is clueless and still thinks he can double talk and pull the wool over everyone's eyes with this budget

 

[Mr. H.]

 

[waltky]

Granny says, "Dat's right - it ain't gonna just tax dem rich folks...

Obama’s Middle Class ‘Tax Cut’ Would Raise Taxes by $1.3 Trillion Over Eight Years
July 9, 2012 – The policy that President Obama described Monday as a middle-class tax cut would result in taxpayers paying nearly $1.3 trillion more over an eight-year period than they would have under his previous proposal, according to Congressional Budget Office figures.

“I’m calling on Congress to extend the tax cuts for the 98 percent of Americans who make less than $250,000 per year for another year,” Obama said at the White House Monday. Obama’s proposal would mean the tax rates on people (and small businesses) making $250,000 or more a year would rise at the end of 2012, as scheduled, while tax increases on everyone else would be delayed by one year. Currently, all tax rates are scheduled to rise at midnight on December 31, 2012, when the lower Bush tax rates are due to expire. The new policy is a shift from the one Obama presented in his 2013 budget, which called for the lower Bush tax rates for Americans making less than $250,000 a year to be made permanent.

While the CBO has not yet done an analysis of Obama’s new suggestions, its analysis of his previous proposal offers insight into just how large a tax increase Obama is in fact proposing. In its analysis of his 2013 budget proposal, CBO estimated that the government would forgo $1.34 trillion in revenue from 2013 to 2022. For the period 2014 to 2022, that figure is $1.26 trillion. In other words, had Obama’s original plan been enacted, the government would have taken $1.26 trillion less from Americans making less than $250,000 per year between 2014 and 2022 because current tax rates for those earners would have remained in place.

Now, however, Obama plans to allow those rates to rise in 2014 -- meaning that the government will not be giving up the $1.26 trillion estimated by the CBO. Instead, under Obama’s new proposal, the government will be collecting that money when rates rise in 2014. This means that if Obama’s new proposal is enacted, middle-class Americans could see their taxes go up by $1.26 trillion between 2014 and 2022, contrary to the president’s claim that his proposal is a tax cut for the middle class. The figures come from Table 3 of CBO’s March analysis of Obama’s 2013 budget. In that table, CBO breaks down the effect of Obama’s revenue proposals on the federal budget.

The budget forecasting agency found that if Obama permanently prevented tax increases on those making less than $250,000 per year, revenues would be $1.34 trillion lower than if he allowed taxes to rise as scheduled. The analysis foresees the government giving up more and more revenue over time as the economy improves, starting with $75 billion in 2013 and ending with $174 billion in 2022. Now, however, Obama wants to let taxes rise one year later than under current law, meaning that the government should be collecting the $1.26 trillion CBO said it would otherwise forgo.

Source

See also:

Obama Proposal Increases Tax Rates for All Income Brackets by 2014
July 9, 2012 – President Barack Obama today proposed allowing the income tax rates enacted in the Bush tax cuts of the last decade to expire at the end of this year for people earning more than $250,000 and at the end of next year for everyone else.

Under current law, the lower tax rates will expire at the end of 2012. Under Obama's proposal, they will expire at the end of 2012 for those making more than $250,000 and at the end of 2013 for Americans making less than $250,000. “At the same time, most people agree, we should not raise taxes on middle class families or small businesses, not when so many folks are just trying to get by, when so many folks are digging themselves out of the hole that was created by this great recession that we had and at a time when the recovery is still fragile,” Obama said at the White House on Monday. “That’s why I’m calling on Congress to extend the tax cuts for the 98 percent of Americans who make less than $250,000 for another year,” he said.

This tax proposal differs from the one Obama called for six months ago in his 2013 budget. In that document, Obama said that the lower Bush tax rates for Americans making less than $250,000 per year should be made permanent. His proposal today does not make the current lower tax rates permanent--it gives those making under $250,000 only one more year at those rates before they would automatically snap up to the higher rates that prevailed before Bush cut them. The tax increases Obama proposes for 2014 could impact hundreds of thousands of independent and small businesses.

According to a 2010 report from the congressional Joint Committee on Taxation (JCT) Obama’s earlier proposal to raise taxes on those making more than $250,000 per year would have impacted 50 percent of all independent business income. "50 percent of the approximately $1 trillion of aggregate net positive business income will be reported on returns that have a marginal rate of 36 or 39.6 percent,” the JCT said of Obama’s 2010 tax increase proposal. In 2010, Obama sought to raise taxes on people making more than $250,000 per year in 2011 while keeping rates the same for everyone else.

Currently, the top two income tax rates--the ones Obama plans to raise--are set at 33 and 35 percent. Obama's proposal would increase them to 36 and 39.6 percent in 2013. In 2014, the remaining brackets would also reset to higher levels. The JCT said that as many as 750,000 independent and small businesses owners could have been affected by Obama’s tax increase policy in 2011.

MORE

 

[clevergirl]

 

[Liability]

Close. That's right. I'm willing to say it. When he's right or close to being right, I think he should get the benefit of us saying so.

And when he says that the last thing you want to do in the middle of a recession is to raise taxes, the President is close.



But actually, the LAST thing a rational person would do in this situation is to vote for that guy to be President for another four years.

 

[salem.hills]

It is funny watching Obama continue to double talk us like we are even capable of believing his lies. I haven't seen lefty politicians this pathetic ever in my life. Not even a single dem can back Obama's sabotage spending. publicly anymore.