Taxes Under Obama Hit Lowest Level Since 1950

[ilia25]

As all spending is volutary, it is the absolutetruth.
As such, all deficits are voluntary.
The Obama -chose- to spend the money, and thus, chose to run the deficits.

And so did Bush

I'll take this red herring as your acceptance of the fact that The Obama -chose- to run those deficits.

So what? The alternative -- drastic spending cuts -- would have destroyed the economy. Naturally, no sane President would chose that option.

 

[freedombecki]

Deficit spending is a tax, albeit deferred.

The Current ReaganBush Debt is
$15,049,505,267,588.20

^^^
This is a lie.

It sure is. It's Democrats taking no responsibility for their own overspending and refusing to pass a budget for 4 years.

Vote Republican, and let's turn this fiscal nightmare back into America, the land of opportunity for AMERICANS, no matter where they're at on the income ladder. I love America the beautiful.

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[freedombecki]

This is why we have a deficit.

We need to raise taxes.

deficit's are created by over spending. You can raise taxes all you want but when you spend more than what you take in it will create a deficit

Thank you, bigrebnc1775.

 

[freedombecki]

Federal, state and local taxes -- including income, property, sales and other taxes -- consumed 9.2% of all personal income in 2009, the lowest rate since 1950, the Bureau of Economic Analysis reports. That rate is far below the historic average of 12% for the last half-century. The overall tax burden hit bottom in December at 8.8% of income before rising slightly in the first three months of 2010.


"The idea that taxes are high right now is pretty much nuts," says Michael Ettlinger, head of economic policy at the liberal Center for American Progress.

That conclusion echoed a similar finding from the Center on Budget and Policy Priorities last month. CBPP found


Middle-income Americans are now paying federal taxes at or near historically low levels, according to the latest available data. That's true whether it comes to their federal income taxes or their total federal taxes.

Tea Parties Rage as Taxes Hit Lowest Level Since 1950 | Crooks and Liars

Unless one counts these:


Comprehensive List of Obama Tax Hikes
Which one of these tax hikes will destroy the most jobs?
Sign up for our email list to stay up-to-date on the looming tax fights in Congress!
Since taking office, President Barack Obama has signed into law twenty-one new or higher taxes:
1. A 156 percent increase in the federal excise tax on tobacco: On February 4, 2009, just sixteen days into his Administration, Obama signed into law a 156 percent increase in the federal excise tax on tobacco, a hike of 61 cents per pack. The median income of smokers is just over $36,000 per year.
2. Obamacare Individual Mandate Excise Tax (takes effect in Jan 2014): Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax according to the higher of the following
1 Adult 2 Adults 3+ Adults
2014 1% AGI/$95 1% AGI/$190 1% AGI/$285
2015 2% AGI/$325 2% AGI/$650 2% AGI/$975
2016 + 2.5% AGI/$695 2.5% AGI/$1390 2.5% AGI/$2085

Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS). Bill: PPACA; Page: 317-337
3. Obamacare Employer Mandate Tax (takes effect Jan. 2014): If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2000 for all full-time employees. Applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer). Bill: PPACA; Page: 345-346
Combined score of individual and employer mandate tax penalty: $65 billion/10 years
4. Obamacare Surtax on Investment Income (Tax hike of $123 billion/takes effect Jan. 2013): Creation of a new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income: Bill: Reconciliation Act; Page: 87-93
Capital Gains Dividends Other*
2011-2012 15% 15% 35%
2013+ (current law) 23.8% 43.4% 43.4%
2013+ (Obama budget) 23.8% 23.8% 43.4%

*Other unearned income includes (for surtax purposes) gross income from interest, annuities, royalties, net rents, and passive income in partnerships and Subchapter-S corporations. It does not include municipal bond interest or life insurance proceeds, since those do not add to gross income. It does not include active trade or business income, fair market value sales of ownership in pass-through entities, or distributions from retirement plans. The 3.8% surtax does not apply to non-resident aliens.
5. Obamacare Excise Tax on Comprehensive Health Insurance Plans (Tax hike of $32 bil/takes effect Jan. 2018): Starting in 2018, new 40 percent excise tax on “Cadillac” health insurance plans ($10,200 single/$27,500 family). Higher threshold ($11,500 single/$29,450 family) for early retirees and high-risk professions. CPI +1 percentage point indexed. Bill: PPACA; Page: 1,941-1,956
6. Obamacare Hike in Medicare Payroll Tax (Tax hike of $86.8 bil/takes effect Jan. 2013): Current law and changes:
First $200,000
($250,000 Married)
Employer/Employee All Remaining Wages
Employer/Employee
Current Law 1.45%/1.45%
2.9% self-employed 1.45%/1.45%
2.9% self-employed
Obamacare Tax Hike 1.45%/1.45%
2.9% self-employed 1.45%/2.35%
3.8% self-employed

Bill: PPACA, Reconciliation Act; Page: 2000-2003; 87-93
7. Obamacare Medicine Cabinet Tax (Tax hike of $5 bil/took effect Jan. 2011): Americans no longer able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin). Bill: PPACA; Page: 1,957-1,959
8. Obamacare HSA Withdrawal Tax Hike (Tax hike of $1.4 bil/took effect Jan. 2011): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent. Bill: PPACA; Page: 1,959
9. Obamacare Flexible Spending Account Cap – aka “Special Needs Kids Tax” (Tax hike of $13 bil/takes effect Jan. 2013): Imposes cap on FSAs of $2500 (now unlimited). Indexed to inflation after 2013. There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are thousands of families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. Bill: PPACA; Page: 2,388-2,389
10. Obamacare Tax on Medical Device Manufacturers (Tax hike of $20 bil/takes effect Jan. 2013): Medical device manufacturers employ 360,000 people in 6000 plants across the country. This law imposes a new 2.3% excise tax. Exempts items retailing for <$100. Bill: PPACA; Page: 1,980-1,986
11. Obamacare "Haircut" for Medical Itemized Deduction from 7.5% to 10% of AGI (Tax hike of $15.2 bil/takes effect Jan. 2013): Currently, those facing high medical expenses are allowed a deduction for medical expenses to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI). The new provision imposes a threshold of 10 percent of AGI. Waived for 65+ taxpayers in 2013-2016 only. Bill: PPACA; Page: 1,994-1,995
12. Obamacare Tax on Indoor Tanning Services (Tax hike of $2.7 billion/took effect July 2010): New 10 percent excise tax on Americans using indoor tanning salons. Bill: PPACA; Page: 2,397-2,399
13. Obamacare elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D (Tax hike of $4.5 bil/takes effect Jan. 2013) Bill: PPACA; Page: 1,994
14. Obamacare Blue Cross/Blue Shield Tax Hike (Tax hike of $0.4 bil/took effect Jan. 1 2010): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services. Bill: PPACA; Page: 2,004
15. Obamacare Excise Tax on Charitable Hospitals (Min$/took effect immediately): $50,000 per hospital if they fail to meet new "community health assessment needs," "financial assistance," and "billing and collection" rules set by HHS. Bill: PPACA; Page: 1,961-1,971
16. Obamacare Tax on Innovator Drug Companies (Tax hike of $22.2 bil/took effect Jan. 2011): $2.3 billion annual tax on the industry imposed relative to share of sales made that year. Bill: PPACA; Page: 1,971-1,980
17. Obamacare Tax on Health Insurers (Tax hike of $60.1 bil/takes effect Jan. 2014): Annual tax on the industry imposed relative to health insurance premiums collected that year. Phases in gradually until 2018. Fully-imposed on firms with $50 million in profits. Bill: PPACA; Page: 1,986-1,993
18. Obamacare $500,000 Annual Executive Compensation Limit for Health Insurance Executives (Tax hike of $0.6 bil/takes effect Jan 2013). Bill: PPACA; Page: 1,995-2,000
19. Obamacare Employer Reporting of Insurance on W-2 ($min/takes effect Jan. 2012): Preamble to taxing health benefits on individual tax returns. Bill: PPACA; Page: 1,957
20. Obamacare “Black liquor” tax hike (Tax hike of $23.6 billion/took effect immediately). This is a tax increase on a type of bio-fuel. Bill: Reconciliation Act; Page: 105
21. Obamacare Codification of the “economic substance doctrine” (Tax hike of $4.5 billion/took effect immediately). This provision allows the IRS to disallow completely-legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed. Bill: Reconciliation Act; Page: 108-113
Americans for Tax Reform : Comprehensive List of Obama Tax Hikes

Since taking office, President Barack Obama has signed into law twenty-one new or higher taxes. Which one of these tax hikes will destroy the most jobs?

All of them.

 

[freedombecki]

This is why we have a deficit.

We need to raise taxes.

deficit's are created by over spending. You can raise taxes all you want but when you spend more than what you take in it will create a deficit

Oh, I better write that down.

Don't just write it down, Luddly. Write a letter and tell him to stop the overspending.

 

[JakeStarkey]

Don't be an ignorant sap.

Either you have figures or you don't. We are not talking about Reagan and his mistakes, PC.

Either we cut the deficit wisely or we are going to be in the soup.

Leave your feelings and love affair with libertarianism home, and give us some numbers if you disagree.

When you do this, you get as much respect as a lefty in love with Socialism.

I gather they follow the Bowles-Simpson thinking.

Would those cuts in spending be along the same lines that the Congress promised President Reagan?

1. Reagan subsequently made such a deal, in which for each $1 in higher taxes Congress promised $3 in spending cuts; Reagan delivered the tax hike, but Congress reneged, actually increasing spending.
Human Events - Wikipedia, the free encyclopedia

2. George Santayana (1863-1952) said: "Those who cannot remember the past are condemned to repeat it"


That is what happens when one 'gathers.'

In Liberals, feeling often passes for knowing.

 

[GoneBezerk]

Idiot....Obamination has spent money worse than Bush.

You fucking idiots don't make sense with your bullshit here.

Look in the mirror, idiot.

Deficit spending is a tax, albeit deferred.

Then Bush was taxing us at an astronomical rate!

And all those GOP fools thought that he cut taxes!

 

[PoliticalChic]

Don't be an ignorant sap.

Either you have figures or you don't. We are not talking about Reagan and his mistakes, PC.

Either we cut the deficit wisely or we are going to be in the soup.

Leave your feelings and love affair with libertarianism home, and give us some numbers if you disagree.

When you do this, you get as much respect as a lefty in love with Socialism.

I gather they follow the Bowles-Simpson thinking.

1. Reagan subsequently made such a deal, in which for each $1 in higher taxes Congress promised $3 in spending cuts; Reagan delivered the tax hike, but Congress reneged, actually increasing spending.
Human Events - Wikipedia, the free encyclopedia

2. George Santayana (1863-1952) said: "Those who cannot remember the past are condemned to repeat it"


That is what happens when one 'gathers.'

In Liberals, feeling often passes for knowing.

Step off.

 

[JakeStarkey]

Keep it up, PC, you get the same.

 

[ilia25]

This is why we have a deficit.

We need to raise taxes.

deficit's are created by over spending. You can raise taxes all you want but when you spend more than what you take in it will create a deficit

Thank you, bigrebnc1775.

Seriously, becki, why don't you try thinking just once? You must realize that reverse is also true -- even if you cut spending to a bare minimum, you will still run deficits if you don't collect enough taxes!

 

[M14 Shooter]

And so did Bush

I'll take this red herring as your acceptance of the fact that The Obama -chose- to run those deficits.

So what?

"So what" if He chose to run those deficts?
Seems to me that deliberate fiscal irresponsibility is a good argument against electing someone.
You'd agree if not for the (D) next to His name.

The alternative -- drastic spending cuts -- would have destroyed the economy. Naturally, no sane President would chose that option.

News:
Continued $1T deficits will -certainly- have that effect.

One way or the other, the days of unquestioned unthinking and irresponsible government over-spendng are numbered.

 

[ilia25]

The alternative -- drastic spending cuts -- would have destroyed the economy. Naturally, no sane President would chose that option.

News:
Continued $1T deficits will -certainly- have that effect.

Wrong -- if that were true, investors wouldn't lend their money to the Government, much less at low interest rate.

You are blaming Obama for saving the economy from a total collapse.

One way or the other, the days of unquestioned unthinking and irresponsible government over-spendng are numbered.

Wrong again -- Romney already had promised that, if elected, his first priority would be preventing cutting the deficit in half, which is planned for the next year.

 

[M14 Shooter]

The alternative -- drastic spending cuts -- would have destroyed the economy. Naturally, no sane President would chose that option.

News:
Continued $1T deficits will -certainly- have that effect.

Wrong -- if that were true, investors wouldn't lend their money to the Government, much less at low interest rate.
You are blaming Obama for saving the economy from a total collapse.

Your response indicates that neither I nor anyone else has any reason to continue to take you seriously.

 

[bigrebnc1775]

deficit's are created by over spending. You can raise taxes all you want but when you spend more than what you take in it will create a deficit

Thank you, bigrebnc1775.

Seriously, becki, why don't you try thinking just once? You must realize that reverse is also true -- even if you cut spending to a bare minimum, you will still run deficits if you don't collect enough taxes!

Well there is where we are, the government collects enough taxes without raiing them, cut spending and you will kill the deficit

 

[ilia25]

News:
Continued $1T deficits will -certainly- have that effect.

Wrong -- if that were true, investors wouldn't lend their money to the Government, much less at low interest rate.
You are blaming Obama for saving the economy from a total collapse.

Your response indicates that neither I nor anyone else has any reason to continue to take you seriously.

You, sir, are a certified asshole.

 

[ilia25]

Thank you, bigrebnc1775.

Seriously, becki, why don't you try thinking just once? You must realize that reverse is also true -- even if you cut spending to a bare minimum, you will still run deficits if you don't collect enough taxes!

Well there is where we are, the government collects enough taxes without raiing them, cut spending and you will kill the deficit

And why do you think we are collecting enough taxes? Here is how the US compares to other developed countries (% to GDP):

US: 27%
Canada: 32%
UK: 39%
Germany: 40%

OECD average: 34%

Rising taxation level to that of Canada will bring $750 billions of additional revenue. Raising it to OECD average, will bring more than a trillion dollars.

 

[M14 Shooter]

Wrong -- if that were true, investors wouldn't lend their money to the Government, much less at low interest rate.
You are blaming Obama for saving the economy from a total collapse.

Your response indicates that neither I nor anyone else has any reason to continue to take you seriously.

You, sir, are a certified asshole.

And you, a mindless partisan bigot.

 

[JakeStarkey]

M14, in other words, can't respond to the point of Ilia25's tax number except with vituperation.

That is being the asshole, M14.

 

[freedombecki]

deficit's are created by over spending. You can raise taxes all you want but when you spend more than what you take in it will create a deficit

Thank you, bigrebnc1775.

Seriously, becki, why don't you try thinking just once? You must realize that reverse is also true -- even if you cut spending to a bare minimum, you will still run deficits if you don't collect enough taxes!

That's the rub, isn't it. You're the one who cannot envision that when the imminent Republican administration comes in there will be zero neglect of bringing back employment to America. We'll pay down the deficit and start balancing the budget by law if we have to.

Raise taxes? That raises unemployment. Not gonna happen with Romney and Ryan.