Obama's Continued Demand for $1.6 Trillion Tax on the Wealthy and His Cross of Debt

Confounded Interest ^ | 11/29/2012 | Anthony B. Sanders

[whitedog57]

The time is drawing near for a deal to avoid the fiscal cliff. Here is the White House proposal (courtesy of Zach Goldfarb at the Washington Post).

ACCORDING TO REPUBLICAN AIDES. THIS IS A SUMMARY ONLY AND NOT AN OFFICIAL DOCUMENT.

White House Proposal November 29, 2012

STAGE ONE:

Taxes Immediate increase in both top marginal rates, as well as capital gains and dividends: +$960 Billion Additional taxes: +$600 Billion 2009-level estate tax AMT and business tax extenders: -$236 Billion Payroll tax extension or alternative policy: -$110B Bonus depreciation extension

Spending/Extras

$50 billion stimulus package in FY13 Mass refi mortgage proposal Deferral of sequester Savings from non-entitlement mandatory programs Extension of unemployment insurance: $30 billion Medicare SGR Patch: $25 Billion Increase in the debt limit to avoid requiring Congress to vote to increase

STAGE TWO:

Tax reform consistent with $1.6 trillion tax increase Entitlement policies from President’s FY13 budget that could total $400 billion in savings

So, President Obama is sticking by his campaign promise to tax “the wealthy” (still defined as households earning $250,000 or more per year). This is reminiscent of populist William Jennings Bryan’s “Cross of Gold” speech. Instead of silver coinage, President Obama wants the debt limit to be increased (uh-oh) so his administration can spend trillions more.

The Cross of Debt? Or just the opening salvo in the tax and debt war with Republicans?

[whitedog57]

Good analogy between Obama and the Populists.

[muawiyah]

The populists imagined monetary policy would result in cheaper mortgages on crops ~ Obama is just stupid.

[Clock King]

I want the tax to hit all the Gates, Buffetts, Oprahs, NBA, NFL, and Hollyweird types hard. The GOP needs to put language in the bill saying that the tax can not be passed on and must come out their “stash”.

[blueunicorn6]

No more money for unemployment.

[Leto]

Yeah Obozo wants the tax increases now and the cuts when he intros his budget.

Since he isn’t ready to commit on spending cuts the HoReps should just pass a bill to expend the status quo for 6 months and put off the fiscal cliff till Obama has prepared a budget to show his cuts proposals.

Then adjourn this session of congress, let Reid and Obama either sign the bill or go over the cliff.

[exDemMom]

I do not see how continuous spending increases and the accompanying economic slowdown will help avoid the cliff. It could have been avoided—by passing the balanced budget act back in the 90s.

When your lifestyle is based on credit, you’re used to spending with abandon, and you reach your credit limit, you don’t rescue yourself by getting another credit card. Too bad none of our politicians have ever had to stick to a budget, or they would know that instinctively.

[Lumper20]

Amazing that I read a term called 99 er. That is the person who just lost his/her unemployment check after 98 weeks. Almost unreal as 26 weeks was what unemployment had in mind as the absolute max as it made sense that after six months most should have a good ideas if they were/would be permanently and totally disabled. Then SSDI came in. Obviously SSDI took much more time to process unless one was very serious like my wife who had stage IV cancer and lost a lot of body functions. What gets me is these numbers:

http://endoftheamericandream.com/archives/more-than-100-million-americans-are-on-welfare.

And we have almost 400K every week applying for the 98 weeks. I read a few comments on a forum that stood out and urged these folks to take a two year vacation, get the “fooder” bennies, plus all they could. So SNAP and medicaid are being hit hard, as is every program.

I am still waiting on Obama to show up and issue the shovels for his SHOVEL READY JOBS. Yet, they are asking for 2K in tax refunds or credits. I am lost with this commie.