More from Wall Street Journal:
http://online.wsj.com/article/SB10001424127887323551004578117152861144968.html
Obama Sets Steep Tax Target
EXCERPT:
President Barack Obama will begin budget negotiations with congressional leaders Friday by calling for $1.6 trillion in additional tax revenue over the next decade, far more than Republicans are likely to accept and double the $800 billion discussed in talks with GOP leaders during the summer of 2011.
Mr. Obama, in a meeting Tuesday with union leaders and other liberal activists, also pledged to hang tough in seeking tax increases on wealthy Americans. In one sign of conciliation, he made no specific commitment to leave unscathed domestic programs such as Medicare, leaving the door open to spending cuts many fellow Democrats oppose.
Kevin Smith, a spokesman for House Speaker John Boehner (R., Ohio), dismissed the president’s opening position for the negotiations. He said Mr. Boehner’s proposal to revamp the tax code and entitlement programs is “consistent with the president’s call for a ‘balanced’ approach.”
Mr. Boehner hasn’t specified a revenue target that would be his opening bid. He has said he would be willing to accept new tax revenuesnot higher tax ratesif Democrats accept structural changes to entitlement programs, the ultimate source of the U.S.’s long-term budget woes.
The president’s opening gambit, based on his 2013 budget proposal, signals Mr. Obama’s intent to press his advantage on the heels of his re-election last week. However, before gathering at the White House with lawmakers on Friday, he will meet with chief executives of a dozen companies Wednesday. Many executives have aired concerns about the economic consequences of the looming “fiscal cliff”and the risk of another standoff.
Nothing is going to happen. The economy will go over the cliff and both sides will blame the other. Get use to Greece style living.
Taxes, I believe....savings...won’t happen...budget cuts from entitlements won’t happen...military budget cuts...absolutely. Remember, he has more flexibility since his reelection, our nuclear arsenal shall be reduced to nothing.
I'll betcha most people in that bracket learned enough in high school to know that hike is more like 13%. Maybe community organizers don't have to take math in high school ...or college, for that matter.
His first offer is a demand for “everything and more!”.
Who didn’t see that coming? LOL!
Here’s the ‘gotcha’: “...continuing $1.1 trillion in spending cuts already passed into law...”
The spending “cuts” outlined aren’t really cuts, at all. They are, in fact, lessened increases in spending growth. This is a function of the base line budget model used by the Feds, to keep people in the dark.
The same model allows them to cast a tax rate reduction as a deficit increase.
The fix is to force the government to use a zero based budget model, and require two year or four year sunset on ALL program enabling legislation that requires funding for implementation and continuation.
I guess it is just beyond the mental capacity of democrats to even think that cutting spending works better then increasing taxes.
Yea ol’ economic standard ... increasing taxes lowers taxable income coming to the government, lowering taxes increases taxable income coming to the government. Basic Icon 101. But, I guess, lowering the burden is not the object ... making the US a third world country is the ultimate goal.
I propose a counter, we raise taxes on newspapers, news anchors, news reporters, all employees of ABC, CBS, NBC, CNN, FOX, MSNBC, DISNEY, ETC., movie actors and production companies, and recording artists and companies.
80% sounds fair for every dollar over 200k
next is dancers and artists, then add in wedding planners, decorators, college teachers, and anyone working in Federal Government. (Military will be except)
Let them pay their fair share first.
How is this even mathematically possible?!?!
Mebbe Boehner will just tell him to go get his Senate to pass a budget first and then bring it to the House to negotiate it.?
Isn’t that how it’s usually done?
Pfl
It’s not the Fiscal Cliff. It is Grecian Formula.
Obama seems pretty confident. He knows Bohner and McConnell too well. At least if Pelosi was House Speaker Republicans would oppose this stuff. For some reason I think another cave is coming.
Is the 1.1 T $ the so called prior cuts (that no-one noticed) or the automatic ones that have not taken place yet? I am for letting those automatic cuts go into effect.
We're all going over the fiscal cliff anyway.
Give him everything he asks for and let him own the whole brakeless bus.
The people demand it. Stupid effing people.
I want my Obama Dollars!!”
You can have my answer now, if you like. My final offer is this: nothing.