Obama's "Tax Trigger" Takes Aim at Jobs and Growth [No Recovery in Sight]

ATR ^ | 2011-04-18 | Ryan Ellis

[92nina]

...What this means is that every deduction and credit in the code (including for those making less than $250,000) will face an across-the-board “haircut” in 2014 (2013 in the commission plan). Nothing would be spared. All Americans who claim the following tax deductions and credits would see their taxes raised without even a vote in Congress:

• Mortgage interest deduction and the charitable deduction
• State and local income, sales, and property tax deduction
• Exclusion from wages of your employer-provided health insurance
• Student loan interest deduction and teacher classroom expense deduction
• IRAs, HSAs, and self-employed retirement plan deductions
• All general business credits and the domestic production deduction (Sec. 199)

Read more: http://www.atr.org/obamas-tax-triggerbr-takes-aim-jobs-a6067#ixzz1JzEVQG7P

[92nina]

The president cannot persuade for tax hikes, so he needs for them to be automatic.

Take this article and others I found to the fight to the Libs on their own turf; put the Left on the defensive at at Digg and at Reddit and in Delicious and Stumbleupon

[AU72]

Obama has done plenty without Congressional authorization. Raising taxes that is the logical next step.

[GeronL]

What else does he need to be considered a dictator?

Can he abolish Congress?

[IamConservative]

I could live with loss of these deductions provided we also eliminate all tax credits and all subsidies.

[TheOldLady]

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[17th Miss Regt]

Can he abolish Congress?

"...The last vestiges of the Republic have been swept away"

"But how will the emporor maintain control?"

"Fear will keep the local systems in line...."

[17th Miss Regt]

Oops! “emporer” = “emperor”

[wiggen]

Subsidies keep commodity prices high. If they came down we could all get along with less spending power.

[GeronL]

Yep, it will die with thunderous applause

[griswold3]

Best Analysis of speech was by the liberal Jon Stewart,

”Spending reductions in the tax code”? The tax code isn’t where we spend, it’s where we collect. I guess what you said is tax code — code for raising taxes. You managed to talk about a tax hike as a spending reduction. Can we afford that and the royalty checks you’re going to have to send to George Orwell?”

Awesome

[Thom Pain]

"I could live with loss of these deductions provided we also eliminate all tax credits and all subsidies."

You are correct. ALL deductions and credits:

• Provide opportunity for corruption
• Require expense/cost to calculate, file, administer
• Require someone/everyone else to subsidize
• Siphon off $$ due to Gov't overhead ( > 75% in most agencies)
• Provide fodder for the lobbyists who are worse than vultures

We need major tax code revision to do away with ALL this crap! TAx code should be 10 pages or less. Today's Fed Tax Code is > 65,000 pages! And the scammers/crooks/politicians/lobbyists are robbing us blind.