Skip to comments.Labor to press Obama on tax hike for wealthy
Posted on 11/13/2012 8:47:04 AM PST by tobyhill
A cadre of top labor leaders is headed to the White House on Tuesday to press their concerns about the fiscal cliff.
Topmost on their list: Tax hikes for the wealthiest Americans, and protection from cuts to Medicare, Medicaid, Social Security and other programs for low income families.
Attending the meeting are leaders representing teachers, municipal employees, nurses, truck drivers, grocery store clerks, and factory floor workers, among others.
The fiscal cliff is the most pressing issue facing the President, who won reelection last week. If Congress doesn't act in the next seven weeks, it will deliver a one-two punch that will knock down the economy as it takes down hundreds of jobs and increases taxes for millions of Americans.
Labor leaders want to make sure Obama makes good on his promise to raise taxes for households making more than $200,000 a year, or $250,000 if married, by allowing those tax cuts to lapse and bringing in some revenue via that route.
(Excerpt) Read more at money.cnn.com ...
IIRC, the lower bracket goes from 10% to 15%.....that’s gonna go over like a turd in a punch bowl....wait a minute!
Those 10% ers don’t pay federal income taxes anyway! They’re our EITC babies....
On Jan 2, this happens. Of course, a bunch of Obama’s people go from 0% to 15% taxes at the same time because the Bush tax rates had eliminated the lowest bracket.
....the short version: Odungo tells Trumka hang tight.
not only that, but a helluva lot of people that did not pay any taxes, are now going to have to....
fair is fair, and this is an increase on EVERYBODY, but the biggest hit will be the lower scale wage earners, ya know, the ones that voted for fubo..
let them eat cake
Yes, and that may be a very good thing.
The middle class is about to run into an AMT buzzsaw where $1,000 refunds turn into $1,500 tax bills. And that’s on 2012 income.
Very few of the policy changes that CBO has examined in the past are large enough, by themselves, to achieve a sizable portion of the deficit reduction necessary to put the budget on a more sustainable path. In addition, many options that would have a substantial budgetary impact would require large numbers of people to pay more in taxes or receive less in government benefits or services; others would shift significant costs to state and local governments.
It is possible to keep tax revenues at their historical average share of GDPbut only by making substantial cuts, relative to current policies, in the large benefit programs that aid a broad group of people at some point in their lives. Alternatively, it is possible to keep the policies for those large benefit programs unchangedbut only by raising taxes substantially, relative to current policies, for a broad segment of the population.
A tax hike does the following.
1. Takes money away from consumers. Less money to spend they spend less money. The economy depresses.
2. Takes capital away from small business owners. They do not hire more workers. Less workers less tax base! Business doesn’t grow the economy depresses.
3. Gives the spenders in Government more money to pay off special interests that put them in office and does not reduce the deficit one red cent!
Does that include a tax hike on union leaders who, of course, are in the 1%?
These union leaders are beating a dead horse. It was the Democrats that put the expiration date in the Bush Tax Cuts for everyone so I’m not sure what they are negotiating? It’s like they’re negotiating for something they already have.
They will honor it, when the Bush Tax Cuts expire for everyone.
Interesting. Do you think they realize this yet? My guess is no, they have no clue at all.
They realize it. Problem is they didn’t expect 2010 to happen. Now that is did and the Republicans control congress, they cannot figure out how to let the Bush tax cuts expire and only have the expire for those making more than 200k.
Obama has to give something up and he doesn’t want to. And there is n way for the media to spin this. It is the time for the Republicans to tell Obama if he wants his tax increase, Obamacare as we know it is dead.
Revenge is a dish best served with a tax hike.
How ling before the left will clam Bush is racist because of that?
Does anyone really believe that Obama will let the Union bosses pay higher taxes from the money they acquire from their “brothers and sisters” dues?
Tax hikes on wealthy? This is code for ‘crushing private sector job creation’. In 0’s view, every job should be a government job. ‘YOU DIDN’T BUILD THAT’ (THE GOVERNMENT DID). Amerika voted for this sh!t? No. It was stolen.
How will the tax increase kill Obamacare as we know it? (Sorry, I’m a blonde and can’t see how that would change anything!)
The union presidents will simply vote themselves a raise to cover the tax increase.