Here Comes Your Tax Increase

[red states rule]

Looks like the Obama talking heads are setting the stage for a middle class tax increase

How will the Obama supporters spin this if THEY have to pay for that hope and change they voted for>



2 Obama administration officials can't guarantee middle-class Americans won't see tax hike


WASHINGTON (AP) -- President Barack Obama's treasury secretary said Sunday he cannot rule out higher taxes to help tame an exploding budget deficit, and his chief economic adviser would not dismiss raising them on middle-class Americans as part of a health care overhaul.

As the White House sought to balance campaign rhetoric with governing, officials appeared willing to extend unemployment benefits. With former Federal Reserve Chairman Alan Greenspan saying he is "pretty sure we've already seen the bottom" of the recession, Obama aides sought to defend the economic stimulus and calm a jittery public.

Treasury Secretary Timothy Geithner and National Economic Council Director Larry Summers both sidestepped questions on Obama's intentions about taxes. Geithner said the White House was not ready to rule out a tax hike to lower the federal deficit; Summers said Obama's proposed health care overhaul needs funding from somewhere.

"There is a lot that can happen over time," Summers said, adding that the administration believes "it is never a good idea to absolutely rule things out, no matter what."

During his presidential campaign, Obama repeatedly vowed "you will not see any of your taxes increase one single dime." But the simple reality remains that his ambitious overhaul of how Americans receive health care -- promised without increasing the federal deficit -- must be paid for.

"If we want an economy that's going to grow in the future, people have to understand we have to bring those deficits down. And it's going to be difficult, hard for us to do. And the path to that is through health care reform," Geithner said. "We're not at the point yet where we're going to make a judgment about what it's going to take."

http://finance.yahoo.com/news/2-Obama-officials-No-apf-2491158742.html?x=0&.v=7

[Gaffer]

We can see the bottom of the recession as we pass through it into the depression.

[red states rule]

We can see the bottom of the recession as we pass through it into the depression.

Obama voted against a tax increase just before he voted for it.

Let's not forget that when Bush 41 broke his "Read my lips" promise, our liberal friends never tired of telling us that he lied.

Time will tell if the libs and Obama drones are consistent when Obama breaks his promise to raise taxes on folks making $250,000/year

He already has with his "sin tax" increase - but libs do not count that tax increase

[red states rule]

Why is Obama denying the obvious? if he continues his spending spree - he has no choice but to raise taxes on the middle class


5 Reasons why Obama will hike middle-class taxes

1) Obama knows the budget math doesn’t work. Put aside today’s budget mess. It’s gospel among center-left wonks (the kind of folks who give Obama economic advice) that structural government spending as a percentage of GDP is headed sharply higher over the long term because of entitlements — and there’s little that can be done about it. The ratio has been around 20 percent or so the past few decades, and number crunchers forecast a sharp rise to 25 percent (best case scenario) to 30 percent (worst case) of GDP over the next few decades. Tax revenues typically hover around 18 percent of GDP. That gap — representing $500 billion to $1 trillion a year — will need to be closed or else cause economic chaos. The possible answers: a) less spending, b) higher tax revenues from higher growth, or c) higher tax revenues from higher rates on the non-wealthy. Oh, and the wonks are convinced “a” is a political impossibility and “b” an economic one. They’re wrong, but that’s what they think.

2) Obama seems to prefer tax hikes to spending cuts. Reduced future healthcare spending needs to be a huge part of the budget solution, and ObamaCare doesn’t make the grade at this point. Right now the various Obamacrat plans actually make things worse by failing to “bend the curve.” What’s more, Obama has proposed nothing as president to make Social Security solvent. And during the campaign, his preferred fix was higher payroll taxes rather than commonsense measures like extending the retirement age or changing how benefits are calculated. Of course, Obama has also proposed raising income, investment, corporate and energy taxes. Cut spending or raise taxes – for Obama it’s an easy pick, unfortunately.

3) Obama has already tried raising taxes. Let’s, for the sake of argument, ignore the increased federal cigarette tax that would certainly seem to be a violation of Obama’s tax pledge. Call it a misdemeanor offense. But what about his cap-and-trade proposal, a de facto energy tax on everyone? Before the plan was modified in the House, the White House expected the plan to bring in some $80 billion a year from 2012 to 2019 by auctioning off carbon emission permits (probably to pay for healthcare reform). And making energy more costly is as about as broad-based a tax as you can get.

4) Obama’s advisers are for higher taxes. Let’s review, for example, what White House economic adviser and guru Larry Summers said on Sunday about tax hikes: “There is a lot that can happen over time. It is never a good idea to absolutely rule things out no matter what.” Indeed, Summers won’t rule it out because he thinks all the Bush tax cuts need to go, not just the ones for so-called rich folks. Here is Summers from earlier this year on Meet the Press when he put no qualifiers on letting the Bush tax cuts expire at the end of 2010: “I don’t think there’s any question they have to be repealed. The country can’t afford them for the long run. … They can’t be, they can’t be part of the long-run budget picture.” Not for anyone, it seems.

5) Obama doesn’t seem to think high taxes are harmful. Think about this: Not only was the top income tax rate a stratospheric 70 percent when President Reagan took office in1981, the tax code was not indexed to inflation. A lethal combo for economic growth. But here’s what Obama wrote about the Reagan tax cuts in The Audacity of Hope: “The high marginal tax rates that existed when Reagan took office may not have curbed incentives to work or invest, but they did distort investment decisions — and did lead to the wasteful industry of setting up tax shelters.” That’s it! Heavens, if Obama doesn’t think the pre-Reagan tax code wasn’t a disincentive to working, saving and investing, is there any tax system that he would find anti-growth?

Bottom line: The belief in the need for higher, European-style taxes (like a VAT) fills the policy cloud that surrounds Obama. It’s hard to overstate this. It’s right up there with global warming. Obama knows he faces a looming fiscal crisis and higher taxes will be his weapon of choice. To paraphrase Mondale, “Obama will raise middle-class taxes. He won’t tell you (yet). I just did.

http://blogs.reuters.com/james-pethokoukis/2009/08/04/5-reasons-why-obama-will-hike-middle-class-taxes/

[Immanuel]

We can see the bottom of the recession as we pass through it into the depression.

Don't forget to wave as you go by.

Immie

[Gaffer]

Don't forget to wave as you go by.

Immie

Don't have too, your coming with us.

[gabosaurus]

How about an across the board tax increase?
The Bushies screwed up the country. Someone has to fix it. Which requires money.

[Monkeybone]

How about an across the board tax increase?
The Bushies screwed up the country. Someone has to fix it. Which requires money.

How about an across the board budget CUT!!! You know spending LESS money. Thats how most of us in the real world do it!!!!!!!!!!!

[stephanie]

I never thought I would see the day, when people actually ASK and accept that their own Government tax the shit out them and make them slaves to the state..

no wonder this country is in so much trouble..we are doomed, I'm afraid..:eek:

[Little-Acorn]

How about an across the board tax increase?


How do you expect the people to pay for this tax increase?

What spending or activities do you intend them to reduce or eliminate, to pay this new tax?

That spending would have gone to stores or service providers or etc. around them... and now those stores, SPs etc. won't get that money. What do you expect THEM to do, to make up for that lost revenue, as well as pay your new tax?

And finally, in what way do you expect those changes to improve the economy? Please be specific.

[namvet]

We can see the bottom of the recession as we pass through it into the depression.

if you put those 2 together its a repression

[namvet]

How about an across the board tax increase?
The Bushies screwed up the country. Someone has to fix it. Which requires money.

who's money????

[gabosaurus]

How about an across the board budget CUT!!! You know spending LESS money. Thats how most of us in the real world do it!!!!!!!!!!!

Sure. Let's start with the military budget. Like, perhaps 50 percent. That should eliminate the waste and fat.

[namvet]

Sure. Let's start with the military budget. Like, perhaps 50 percent. That should eliminate the waste and fat.

lets start with you !!! 50% of your income. done !!!!

[5stringJeff]

Sure. Let's start with the military budget. Like, perhaps 50 percent. That should eliminate the waste and fat.

I agree, actually. We could reduce the size of our military, keeping only that which we need to defend America. Then we can go on from there, and:


Eliminate the Departments of Education & Health and Human Services.
Eliminate the EPA, FDA, ATF, and NLRB.
End Social Security, beginning with those born in 1974 (that gives them 30 years to save for retirement at age 65).
Eliminate Medicare, Medicaid, and SCHIP.
Reduce the Dept. of Interior by selling off the majority of national lands and parks.
Reduce the Depts of State and Defense by eliminating foreign aid.


And so on, and so on. That alone would take the first four years of my administration.

[Little-Acorn]

How about an across the board tax increase?

Gabo, how do you plan for the people to pay for this tax increase?

What spending or activities do you intend them to reduce or eliminate, to pay this new tax?

That spending would have gone to stores or service providers or etc. around them... and now those stores, SPs etc. won't get that money. What do you expect those stores and SPs to do, to make up for that lost revenue, as well as pay your new tax?

And finally, in what way do you expect those changes to improve the economy? Please be specific.

[red states rule]

How about an across the board tax increase?
The Bushies screwed up the country. Someone has to fix it. Which requires money.

Please explain how higher taxes will grow the economy?

Seems to me if you want to tax an activity Gabby, you would want to encourage that activity. Higher taxes will discourage the activity - and you generate less revenue

Besides, the top 1% already pay 40% of all federal income taxes - while the bottom 50% pay less then 3%

Why would you want to punish success Gabby?

[red states rule]

I agree, actually. We could reduce the size of our military, keeping only that which we need to defend America. Then we can go on from there, and:


Eliminate the Departments of Education & Health and Human Services.
Eliminate the EPA, FDA, ATF, and NLRB.
End Social Security, beginning with those born in 1974 (that gives them 30 years to save for retirement at age 65).
Eliminate Medicare, Medicaid, and SCHIP.
Reduce the Dept. of Interior by selling off the majority of national lands and parks.
Reduce the Depts of State and Defense by eliminating foreign aid.


And so on, and so on. That alone would take the first four years of my administration.


We can also cut these pork projects


http://cdn1.libsyn.com/theangryblackwoman/Pig_Book__Congressional_...pdf?nvb=20090805034446&nva=20090806035446&t=0d23e6c384e5f645cdecd