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Thread: Obama budget resurrects rejected tax increases

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by washunut View Post
    hate to confuse anyone with facts. But the extention of the Bush tax rates for those above $250 thousand was about $150 billion, not chump change but also not your exagerated numbers. Again the statistic Obama used was $700 billion over 10 years.
    As previously posted:

    "Obama's new budget puts forward a plan to achieve $1.1 trillion in deficit reductions over the next decade, according to an administration official who spoke to the Associated Press on condition of anonymity in advance of the formal release of the budget.

    Those reductions -- averaging just over $100 billion each year -- are achieved mainly by squeezing social programs. A deal struck to extend the Bush tax cuts for just two years, meanwhile, increased the deficit by $858 billion dollars. More than $500 billion of that bargain constituted tax cuts, with billions more funding business tax breaks and a reduction in the estate tax. Roughly $56 billion went to reauthorize emergency unemployment benefits.

    The president's budget was expected to mostly target "non-defense discretionary spending," which makes up less than one-quarter of the overall budget, making balancing the budget with such cuts mathematically impossible.

    Indeed, the driver of the deficit is tax cuts. The Wall Street Journal is reporting that as a result of the tax cut deal, the projected deficit in Obama's budget will reach a "record" level of $1.6 trillion this year, though that figure, relative to the size of the American economy, is far lower than many other governments around the world, according to data compiled by the Central Intelligence Agency. And the relative deficit is well below the levels of the 1940s, a time of economic prosperity. "President Barack Obama's 2012 budget proposal projects this year's deficit will reach $1.6 trillion, the largest on record, as December's tax-cut deal begins to reduce federal revenues, a senior Democrat said Sunday," the Journal reported Sunday evening. (The deficit is only a record if it is neither adjusted for inflation nor considered relative to the size of GDP.)"
    Obama Budget Proposal: Cuts To Target Working Poor, Middle Class & Students (LIVE UPDATES)
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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by Catawba View Post
    As previously posted:

    "Obama's new budget puts forward a plan to achieve $1.1 trillion in deficit reductions over the next decade, according to an administration official who spoke to the Associated Press on condition of anonymity in advance of the formal release of the budget.

    Those reductions -- averaging just over $100 billion each year -- are achieved mainly by squeezing social programs. A deal struck to extend the Bush tax cuts for just two years, meanwhile, increased the deficit by $858 billion dollars. More than $500 billion of that bargain constituted tax cuts, with billions more funding business tax breaks and a reduction in the estate tax. Roughly $56 billion went to reauthorize emergency unemployment benefits.

    The president's budget was expected to mostly target "non-defense discretionary spending," which makes up less than one-quarter of the overall budget, making balancing the budget with such cuts mathematically impossible.

    Indeed, the driver of the deficit is tax cuts. The Wall Street Journal is reporting that as a result of the tax cut deal, the projected deficit in Obama's budget will reach a "record" level of $1.6 trillion this year, though that figure, relative to the size of the American economy, is far lower than many other governments around the world, according to data compiled by the Central Intelligence Agency. And the relative deficit is well below the levels of the 1940s, a time of economic prosperity. "President Barack Obama's 2012 budget proposal projects this year's deficit will reach $1.6 trillion, the largest on record, as December's tax-cut deal begins to reduce federal revenues, a senior Democrat said Sunday," the Journal reported Sunday evening. (The deficit is only a record if it is neither adjusted for inflation nor considered relative to the size of GDP.)"
    Obama Budget Proposal: Cuts To Target Working Poor, Middle Class & Students (LIVE UPDATES)
    The number you are pointing to is the TOTAL reduction in taxes for the two year period, not just the taxes for those over $250K per year. It also includes the 2% reduction in social security tax which helps mostly lower incomes as it is capped at around $105K.

    Keep trying you will get there.

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by washunut View Post
    The number you are pointing to is the TOTAL reduction in taxes for the two year period, not just the taxes for those over $250K per year. It also includes the 2% reduction in social security tax which helps mostly lower incomes as it is capped at around $105K.

    Keep trying you will get there.
    I see now where I misread, you are correct the $858 billion was the amount the deficit was increased by, and "the More than $500 billion of that bargain constituted tax cuts, with billions more funding business tax breaks and a reduction in the estate tax."

    Thanks!
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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by washunut View Post
    The number you are pointing to is the TOTAL reduction in taxes for the two year period, not just the taxes for those over $250K per year. It also includes the 2% reduction in social security tax which helps mostly lower incomes as it is capped at around $105K.

    Keep trying you will get there.
    That's true. Just not extending the tax cuts, while helping, would not be a huge number. I am not opposed to slightly raising the taxes on those who make over $500,000 past the "normal level". They have had a free lunch for long enough. The country needs their help and its their patriotic duty to help keep the country that pays them such a nice salary solvent.

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by liblady View Post
    oh my gosh.........how many times a year do most people fly? and is there some reason why we should believe that airlines are looking out for US? lol!
    It's not the job of a private corporation to look out for anyone but themselves. It's the government's job to protect US. Part of that job entails not passing legislation that will cost us more money and kill jobs in the middle of a depression.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by whysoserious View Post
    That's true. Just not extending the tax cuts, while helping, would not be a huge number. I am not opposed to slightly raising the taxes on those who make over $500,000 past the "normal level". They have had a free lunch for long enough. The country needs their help and its their patriotic duty to help keep the country that pays them such a nice salary solvent.
    How you figger they've had a, "free lunch"? Those are the folks that make up the 5% of the population that pay 50% of the taxes.

    I think we should leave their taxes alone and instead lower the earned income credit by 10%. Or, we can do away with the tax credit on solar panels, that no one can afford, anyway.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by apdst View Post
    How you figger they've had a, "free lunch"? Those are the folks that make up the 5% of the population that pay 50% of the taxes.

    I think we should leave their taxes alone and instead lower the earned income credit by 10%. Or, we can do away with the tax credit on solar panels, that no one can afford, anyway.
    Effective Tax Rates of the Richest 400 Americans

    My favorite part of this whole story is that the top 500 made almost as much as the bottom 90% of Americans. These people make hordes of money off of the backs of hard-working people.

    The top-line finding drawing the most attention is that these 400 earned about $138 billion, collectively, in 2007, the most recent year of data. In contrast, the bottom 90 percent of Americans, over 24 million filers, earned $247 billion.
    But the tax rate for these guys does not really end up being that high:

    The second thing to note is that the overall tax rates are really not that high. Contrary to concerns about socialism or a government takeover, the richest Americans, those earning an average of $345 million in 2007, paid about 16.5 percent in federal income taxes.


    I call paying a marginal rate of 17% while earning billions to be eating lunch for free.
    Last edited by whysoserious; 02-16-11 at 09:18 PM.

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by whysoserious View Post
    Effective Tax Rates of the Richest 400 Americans

    My favorite part of this whole story is that the top 500 made almost as much as the bottom 90% of Americans. These people make hordes of money off of the backs of hard-working people.



    But the tax rate for these guys does not really end up being that high:





    I call paying a marginal rate of 17% while earning billions to be eating lunch for free.
    17% of a billion dollars comes out to be $170,000,000, and you call that a free lunch?

    I'll take that, "free lunch", any day, my friend.

    Seems to me, that the government is the one that is greedy.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by whysoserious View Post
    Effective Tax Rates of the Richest 400 Americans

    My favorite part of this whole story is that the top 500 made almost as much as the bottom 90% of Americans. These people make hordes of money off of the backs of hard-working people.



    But the tax rate for these guys does not really end up being that high:





    I call paying a marginal rate of 17% while earning billions to be eating lunch for free.
    I am impressed with your post! Most people seem to be ignorant of how much the tax rates have been slashed for the top income earners and the resulting effect of shift of tax burden more on the middle class, who are already struggling with astronomical health care costs.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by Catawba View Post
    I am impressed with your post! Most people seem to be ignorant of how much the tax rates have been slashed for the top income earners and the resulting effect of shift of tax burden more on the middle class, who are already struggling with astronomical health care costs.
    Thanks!

    Yeah, I am studying to be an actuary so if there is anything I understand it is probability/stats and money. They have forced more information about the ways to accumulate money, compound interest, buy derivatives, etc than I would have ever thought.

    So I am not easily fooled when it comes to charts and graphs that get thrown around to trick the average person. I am not an accountant, though, so tax codes are elusive to me, but one major thing I have been learning about is the use of derivatives and other financial means to hide taxable money.

    If people only knew how money flows they would change their tune about tax rates!

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