Posted on 02/27/2009 12:13:01 AM PST by 2ndDivisionVet
President Barack Obama's budget proposal would shift much of the tax burden from middle- and low-income families to the wealthy, while increasing taxes on many businesses.
Oil and gas companies would be hit with big tax increases, as would U.S. companies doing business overseas. Hedge fund and other private equity managers would also see significant tax increases.
Most of the tax increases would be delayed until 2011, when the economy will presumably be improved. Several of the tax cuts would be permanent extensions of those enacted in the economic recovery package this month.
Among them, a new tax credit that provides up to $400 a year for individuals and $800 for couples, and an expanded $2,500 tax credit for college expenses.
The budget outline released Thursday lacked many details about the tax provisions. But the policies represent a clear ideological break from the Bush administration.
Tax cuts enacted under Bush for families making more than $250,000 would be allowed to expire in 2011, increasing the top income tax rate from 35 percent to 39.6 percent. The top capital gains tax rate would be increased from 15 percent to 20 percent.
Republicans and business groups said the tax package would delay an economic recovery that has yet to happen, while Democrats hailed the proposal as a break from the policies that caused the recession in the first place.
"This is a budget about a new era of responsibility," House Speaker Nancy Pelosi said. "This is about accountability, fiscal discipline, cutting waste, fraud and abuse."
Marty Regalia, the chief economist at the U.S. Chamber of Commerce, called Obama's tax proposals "the biggest return to the welfare state that we've seen in decades."
(Excerpt) Read more at kfsm.com ...
I will be keeping what little money I have left to myself instead of spending it profusely as usual and keeping services workers employed and well tipped. Not anymore. They are going to steal my money to give to themselves or others that never worked for it, I will withhold it from our economy. Too bad good honest working people will ultimately lose their jobs. They can get new one though I suppose with ACORN cheating Americans out of good honest elections etc.
Who is John Galt?
Very strange, thiis article seems to conflict with another article from the AP that I posted here:
http://www.freerepublic.com/focus/f-news/2195181/posts
Well, that is going to put a damper on the idea I had for a small business.
I am so sick of the endless warfare against those who take risks and strive to, or have been, successful.
It’s sadly Bush chickens coming home to roost, to a large degree. Him being unable to control spending to control the budget just meant that Democrats have an easy time racking up the taxes again in the name of “fiscal responsibility”. Meh, as if.
Tax cuts financed by deficits = Future tax increases waiting to happen.
But hey, don’t you think the department of education could use a few extra billion?
The problem is that all those taxes on corporations and small business will be passed on to all Americans in the form of highers prices. This isn't a tax increase on the wealthiest American so much as it is a redistribution of the tax burden. In the end, we will have the shared misery that Winston Churchill once talked about.
Agree. The coming inflation will result in the lowering of everyone's standard of living. IMHO - the only "Losers" will be those who work, save, plan, etc. to supply the living expenses for those who do not, in exchange for the government allowing them to have a slightly better, but highly regulated standard of living (ex. You are allowed to save some money for a bigger TV, but you can't use it to go out of the country for an immediate, life saving operation).
Indeed. And this http://www.kfsm.com/news/nationworld/sns-ap-fact-check-budget,0,827072.story story...from the same source as the story posted also conflicts with it.
The most anit-capitalist President ever.
Ahhh. I see. Bush’s Fault. How original.
Bush's Fault ?
A troll?
I suspect our $7 a week (pre-tax) will not begin to cover the increased cost of energy, food, transportation, not to mention the whammy when the Bush Tax cuts expire.
Also, the recent pork bills severely underestimate the costs entailed by Obama’s social programs.
In the end there are two classes: those who work for the government and those who work to support the government. He is going to make us all slaves. Ironic, given what he ostensibly symbolizes.
Rush had a caller yesterday that he described at “shrugging.” The family had decided over cereal that morning that it was time for Dad/husband to stop working so much and let their income fall back to 40hrs. a week.
Gee, way to be a teensy bit too paranoid - pointing out that “Compassionate Conservatism”, I.e. letting spending run amok is bad is hardly controversial on FR. Bush-botism died spring 2007 on FR.
And one of the reasons spending binges are bad is the unfortunate fact that those binges easily lead to tax increases once Democrats take power. To “balance the budget”. Which is what is happening now.
We had no children, claimed 0 dependents and, at the end of the year we had to pay up to the state and feds $400-600 at tax time.
I refused overtime as much as I could because it exasperated the situation even worse while most of the OT pay was erased from the weekly check due to the with-draw tables at that time.
Basically, guess I'm trying to say is; Deja Vu!
Second many ultra rich supported 0 so let them pay - I have no sympathy.
Third set up several companies to deal with your income. Move some offshore to protect your assets because asset confisaction is coming soon to a town near you.
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