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Obama wants to cut taxes

Quantum Windbag

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Why am I not surprised?

The White House is weighing the idea of a tax cut that it believes would lift Americans’ take-home pay and boost a still-struggling economy, according to people familiar with the administration’s thinking, as the presidential candidates continue battling over whose tax policies would do more for the country. Obama administration officials have concluded that the economy, while improved, is still fragile enough that it may need another bout of stimulus. The tax cut could replace the payroll tax cut championed by President Obama in 2011 and 2012, which was designed as a buffer against economic shocks such as the financial crisis in Europe and high oil prices. It expires at year’s end.
The new tax cut could provide hundreds of dollars or more a year to workers and show up in every paycheck. It may be similar to a tax cut Americans received in 2009 and 2010, which provided up to $400 for individuals and $800 for married couples, sources close to the administration said.

White House considering new tax cut - The Washington Post
 

alan1

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Maybe he can start by cutting the taxes he already signed into law. Here is 21 of his tax increases.

1. A 156 percent increase in the federal excise tax on tobacco

2. Individual Mandate Excise Tax (takes effect in Jan 2014): Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax
3. 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.

4. Surtax on Investment Income (Tax hike of $123 billion/takes effect Jan. 2013):
5. Excise Tax on Comprehensive Health Insurance Plans (Tax hike of $32 bil/takes effect Jan. 2018)

6. Hike in Medicare Payroll Tax (Tax hike of $86.8 bil/takes effect Jan. 2013

7. Medicine Cabinet Tax (Tax hike of $5 bil/took effect Jan. 2011)
8. HSA Withdrawal Tax Hike (Tax hike of $1.4 bil/took effect Jan. 2011

9. Flexible Spending Account Cap – aka “Special Needs Kids Tax” (Tax hike of $13 bil/takes effect Jan. 2013
10. Tax on Medical Device Manufacturers (Tax hike of $20 bil/takes effect Jan. 2013)

11. "Haircut" for Medical Itemized Deduction from 7.5% to 10% of AGI (Tax hike of $15.2 bil/takes effect Jan. 2013)
12. Tax on Indoor Tanning Services (Tax hike of $2.7 billion/took effect July 2010)

13. 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)

14. Blue Cross/Blue Shield Tax Hike (Tax hike of $0.4 bil/took effect Jan. 1 2010)

15. Excise Tax on Charitable Hospitals (Min$/took effect immediately)
16. Tax on Innovator Drug Companies (Tax hike of $22.2 bil/took effect Jan. 2011)

17. Tax on Health Insurers (Tax hike of $60.1 bil/takes effect Jan. 2014)
18. $500,000 Annual Executive Compensation Limit for Health Insurance Executives (Tax hike of $0.6 bil/takes effect Jan 2013)

19. Employer Reporting of Insurance on W-2 ($min/takes effect Jan. 2012)
20. “Black liquor” tax hike (Tax hike of $23.6 billion/took effect immediately).

21. Codification of the “economic substance doctrine” (Tax hike of $4.5 billion/took effect immediately).
 

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