"This is the greatest wealth destruction I've seen by a President." - Cramer
Posted on 03/05/2009 8:25:56 AM PST by SonOfDarkSkies
President Barack Obama is meeting strong Democratic Party resistance to his proposal to reduce tax deductions enjoyed by upper-income Americans and could be forced to drop or modify the idea.
Mr. Obama in his budget blueprint last week proposed a cap on itemized deductions for mortgage interest and charitable donations to help pay for his health-care overhaul. The plan would cost wealthier taxpayers about $318 billion in new taxes over 10 years, according to government estimates.
But after objections from Democratic lawmakers, Treasury Secretary Timothy Geithner appeared to suggest at one point Wednesday that the administration was willing to consider dropping or modifying the proposal.
The resistance from Mr. Obama's own party -- focusing on a single element of the president's tax plans -- could foreshadow broader troubles for the rest of his proposed tax increases.
(Excerpt) Read more at online.wsj.com ...
I guess some in his party want to get re-elected.
oh boy...learning on the job.
Oh, and then the left will say -
“see, it didn’t get passed, you can’t call us radical leftists or communists now”
The one still has majority Democrat support for those and it's doubtful that will change anytime soon.
Wow... I guess he got his hands on an economics 101 book in the Oval Office. Having this pissant in the White House is embarrassing.
This is ridiculous. He’s making it up as he goes along, then changing when it becomes a threat to 2012.
I did predict his program won’t pass, but this will only be true with continued strong political blowback. And even half his program is a disaster.
Also PO’s me that people can go on loving this idiot as a figurehead if his lousy programs fail.
..don’t think tea parties are not being noticed...the rat party is getting phone calls too
I saw “Mutiny On The Bounty” yesterday and when the ship’s crew threw the breadfruit plants overboard, I thought it was more like the situation we now face than the Boston Tea Party. The libs are revolting against Capt. Bly.
Community organizing isn't a cornerstone of presidential qualification?
If someone can figure out a way for Michelle to get $1,000,000 a year in return for ditching these policies, it will be done. I figure as First Lady she wants an increase from her old no show job.
It appears that “the White House” “rethinks” anything that they can’t get “bipartisan” cover for.
Like a bunch of 5 year olds and the electorate buys it!
They want cover, see my post above.
Amateur Hour in America.
Exactly.
Hillary warned that the White House would be OJT for Obama.
Dropping “charity” write-offs is a great idea. They can keep the ones for churches - taxing religion is a slippery slope at best... dump the rest of them.
Yep...still better than Alinsky hour in America. If Obama bends to the will of the people, we still have a chance.
It's a finger pointing political blame thing isn't it.
The reason the charitable deduction cutback on high earners is so obnoxious is that you have to give to the government in order to donate to charity. It is added insult and corrosive to the social compact.
Careful, you may be offending a fellow FReeper by comparison...:)
Thank God. My family income is not yet at $250,000, but it conceivably could be by the end of Obama’s term.
Even though my husband was laid off for 2 months this year, if the Bush tax cuts expired tomorrow we’d still lose $5-6K a year.
I’m surprised only 1.2% of American families make more than $250,000. In the San Francisco Bay Area, and I know in the DC area too, it is quite common for the wife and the husband’s salaries together to be that, or near that.
The world would certainly be different (and far better) if this Pissant was in the oval office.
Capping charity write offs and mortgage interest deductions, while hurtful to the economy, are not the most damaging. The bull in the china shop is the proposed cap and trade legislation and excise taxes on domestic oil production. If these go into effect we are in for a long period of economic woes.
That we would, but it might still be embarrassing to have the cops called over to the White House at 2 AM because of the drunken brawls... :)
Good analogy.
Even Bloomberg knows that a tiny percentage pay most of the taxes and that if you piss them off, they just might stop doing what they do to earn the money that pays the taxes or they might move to a different country.
Obama just doesn’t care. His whole plan is one of equal outcome, even if that means that everyone will be equally poor and miserable. Well, everyone except the elite liberals, of course.
In Obamabizarro World, it is better that 99.5% of the people be poor and miserable and 0.5% be wealthy, than for 5% to be rich, 80% to be in the middle class and comfortable and 15% be poor.
Headline:
“American people re-think election of Obama”.
My bi-weekly federal withholding LAST PAYDAY 246.54 THIS PAYDAY 215.77
Extra on my bi-weekly paycheck + $ 30.77 or 61.54 a Month
BUT I just got a letter from my mortgage company that my Escrow is increasing $117 a months beginning April 1st due to increased taxes on my property.
MY NET LOSS each month – $55.46. That’s Right, this middle class well below 250K worker, in fact below 100K, WILL BE PAYING MORE TAXES.
Funny. He may be a tap dancer but he's no Bill Robinson.
That's not our FR pissant!
If he rethinks tax hikes is he also going to rethink the enormous proposed spending increase?
I sure would like to see the new deficit numbers for:
No tax hikes
Reduced tax revenue
Significantly higher spending
Bailouts galore
He wanted the sun and moon - he asked for the sun, moon, stars and planets and when people said "that's too much" he responded by saying "OK - we'll drop the stars and planets".
Obama continues to fail. DOW down..... -228.
Agreed! I just hate to see your great screen name besmirched by comparison...
I would think that auditing the rich would accomplish the same. Apparently, by Obama’s appointment record, it is acceptable for the wealthy to ignore the tax code and pay far less than is due.
My CPA said the IRS has been heavily auditing the earned income poor and leaving wealthy clients alone.
Well, uh, the taxes didn’t go over too well, so we have decided to make the national speed limit 15 miles per hour. To enforce this, we will put up 10 million speed cameras around the country. This should balance the budget in 2 years.”
Obama in his budget blueprint = How to kill a country in six months or less.
On the job training, experienced in nothing, just what you want in a president. He’s a rookie and a fool.
>>Community organizing isn’t a cornerstone of presidential qualification?<<
Maybe if he had been, oh, I dunno, a governor or something...
Oh, he's got "broader troubles" coming, alright. This is only just the start of his troubles with the American people.
He's a Chicago politician, THAT must count for something. /s
I guess Turbo Timmaaahhh is really going after those off shore and fraudulent tax shelters that the earned income poor have set up /s
He can't even do that right.
I give us at least 7 months....
No tax hikes
Reduced tax revenue
Significantly higher spending
Bailouts galore
Live as long as your great, great grandchildren live and you possibly could see it while paying for it.
Why Democrats Will Target the Investor Class in 2009
US News & World Report | October 30, 2008 | James Pethokoukis
Posted on 03/05/2009 8:00:34 AM PST by 101viking
http://www.freerepublic.com/focus/f-news/2199867/posts
Soaking the rich has consequences
Waterbury Republican-American | March 5, 2009 | Editorial
Posted on 03/05/2009 11:13:41 AM PST by Graybeard58
http://www.freerepublic.com/focus/f-news/2200024/posts
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