Obama's Budget Seeks to Shrink Tax Benefits of Owning

Wahington Post ^ | 3/8/09 | Kenneth R. Harney

[justiceseeker93]

Surprise, surprise! The WaPo is having second thoughts about their Messiah.

[SunkenCiv]

I doubt it, look at this:

Is the Obama administration serious about beginning to limit at least some of these subsidies?

A tax deduction isn't a subsidy, it isn't welfare for the rich, etc, but the WashPo writer sounds more like a HuffPo scribbler.

[1035rep]

"Why cut these deductions? Very simply, to raise tax revenue so the government can spend the money elsewhere, such as for health care."

Mr Obama needs us to pay for his stimulus which includes:

$1.7 million for pig odor research in Iowa

$2 million for the promotion of astronomy in Hawaii

$475,000 for a parking garage in Provo City, Utah

$300,000 to build a Montana World Trade Center 

$150,000 for a rodeo museum in South Dakota 

[Windflier]

Either we force them to retreat on this assault. Or it will force an open conflict.

I have said that over and over again. It is the most logical conclusion.

There is one other, but that one is unthinkable.

[Windflier]

...since when is paying for something then taking a legal deduction a “subsidy”?

Damn, I didn't even catch that one. Good job.

[justiceseeker93]

Mr. Obama needs to pay for his stimulus ...

But the bozos who wish to "raise tax revenue," allegedly so "the government can spend the money elsewhere," don't realize that when you increase a tax on an activity (which is essentially what you do when you take away or reduce an existing deduction for it), you discourage participation in the activity, which in turn reduces total economic activity and thereby reduces tax revenues.

In other words, tax increases ultimately reduce tax revenues, which is the flip side of the maxim that tax cuts ultimately increase tax revenues. It all goes under the rubric of supply side economic theory.

And the cruelest of these proposed cuts in tax deductions will be the cut proposed for the deduction for charitable contributions. Charitable giving will be discouraged at a time when charitable organizations are already suffering from reduced donations due to the recession. Yet the Left will always persist with the myth that their policies are "compassionate."

[1035rep]

Bozo’s is correct. If you want to stimulate the economy you need to stimulate what runs the economy.

These clowns don’t have a clue.

[Alamo-Girl]

Thanks for the ping!

[sheik yerbouty]

His real goal is Obamunism..

[cookiedough]

I’m for that, too. It will never happen. The IRS-Gestapo won’t let it.

[Kickass Conservative]

I used to say that the Government takes half of what you earn, and when you die, they take half of what's left.

That sure isn't enough for the Marxists, now is it?

I think about 90% might appease them for a little while.

[Patriotic1]

Tax policy is geared towards modifying the behavior of people. People make monumental decisions based on the tax code. How wrenching it is to people’s lives when huge changes are put through.

[ml/nj]

You don't understand. Charity is the function of the government. Its competitors must be eliminated. Does charity exist in Cuba?

ML/NJ

[SunkenCiv]

[justiceseeker93]

Charity is the function of government. Its competitors must be eliminated.

That looks like one of the many pernicious parts of what the 'Rats meant by "change" and "hope."

[Arizona Carolyn]

I’m still reeling at their 45% death tax... more and more long term family ranches and farms fall to people like Ted Turner when they cannot afford to pay their inheritance taxes and I think that is criminal.

[Teacher317]

May 2, 2008: Dow closed at 13,058.20
Today, it looks to be closing at abour 6530.

Half gone... in 311 days.

[Chunga]

Hah. I hope all the idiots in the burbs who voted for this clown lose everything because of these tax hikes.

That's ill will. Wishing that kind of devastation on anyone could come back to bite you on the ass.

If they lose theirs, you'll probably lose yours too.

[Teacher317]

Feb 9, 2009, the Dow was at 8270.87
Then Obama announced his stimulus plan details on naitonal TV.
Today, it's at around 6535.

20% gone in just 28 days.

[MrB]

All wealth belongs to the ruling class,

and anything that you keep is a “cost” to them.