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The money would be financed in part by the limits on tax deductions for those earning more than $250,000 a year and by requiring insurance companies participating in the Medicare Advantage program to enter into competitive bidding.
‘Carried Interest’ Loophole
The budget proposes raising taxes on hedge-fund managers by eliminating the so-called “carried interest” tax loophole that allows investment managers to pay 15 percent tax rates on their compensation rather than the usual income tax rates. The spending plan would also raise taxes on corporate income earned overseas and crack down on business transactions that are solely designed to reduce companies’ tax bills.
The budget would eliminate the Advance Earned Income Tax Credit, a tax break for low-income earners that government officials have said is poorly administrated.
The spending plan assumes the government would begin taking in at least $75 billion in 2012 from a cap-and-trade system that requires companies to buy credits if they exceed greenhouse-gas limits. That money would be used to invest in clean-energy technology and also help offset higher energy costs for lower-and middle-income Americans, according to officials who spoke on condition of anonymity.
Agreed. I think they need to just let these businesses fail... If they keep bailing companies out it is going to continue forever... Afterall if you are one of these CEO's why would you go back to sound business practices when you know the federal government will take care of you...
It's time for the wealthiest out there to come to the aid of their country....they should be the ones privately buying up and financing the banks....not us.
If the banks aren't worth investing in for them, then we shouldn't either...
we only have 5 major banks left now....they DO NOT have the money to loan to us, to fund the 10 trillion dollar economy....
we could give them another 5 trillion in bailouts and they still would not have enough to fund our 12 trillion economy....
NOTHING is going to help us, we are DOOMED.....unless they put in regulations to prevent this from happening again....which i believe they did on the part of NOT letting the industry be their own "watchdog" anymore, because this cleaqrly did NOT work.
But they haven't done anything with the toxic assets and have not brought them in to the light of day, which makes all of the wealthy and retirement pension funds etc, STAY AWAY from investing in and funding the banks again....
They also haven't instituted other regulations that prevent the short "playing" that was done....
key regulation changes or reinstituting some of the old ones that existed before the banks were able to rape America has to take place.....
[/quote]The money would be financed in part by the limits on tax deductions for those earning more than $250,000 a year and by requiring insurance companies participating in the Medicare Advantage program to enter into competitive bidding.
Carried Interest Loophole
The budget proposes raising taxes on hedge-fund managers by eliminating the so-called carried interest tax loophole that allows investment managers to pay 15 percent tax rates on their compensation rather than the usual income tax rates. The spending plan would also raise taxes on corporate income earned overseas and crack down on business transactions that are solely designed to reduce companies tax bills.
The budget would eliminate the Advance Earned Income Tax Credit, a tax break for low-income earners that government officials have said is poorly administrated.
The spending plan assumes the government would begin taking in at least $75 billion in 2012 from a cap-and-trade system that requires companies to buy credits if they exceed greenhouse-gas limits. That money would be used to invest in clean-energy technology and also help offset higher energy costs for lower-and middle-income Americans, according to officials who spoke on condition of anonymity.
