Obama to Unveil an Ambitious Budget Plan

The Washington Post ^ | February 21, 2009 | Lori Montgomery and Ceci Connolly

[laxcoach]

my mom is a cpa and she told me that at seminars they getting warned about it constantly... that it has been going bubbling through committees for a while, but Republicans had been blocking it.

Certain members of congress consider it a corporate ‘loophole’. Add that to the idea that keeps kicking around to apply fica to all income (no cap) and it gets even uglier. — ya ya libs, I know about the ‘donut’, but I don’t expect that to last long.

The kicker is that they think one way to get it through is to only apply these changes to service based income. I don’t see how they can maintain that distinction. But, it must be geared toward getting more of the income from lawyers, doctors, CPAs, IT, and probably some financial service providers.

If they managed to get both ideas enacted, it would amount to a 13.5% (fica/medicare) immediate tax increase for s-corp dividends.

[arkady_renko]

They will include some sacrificial pork in the budget so that they can can claim they trimmed fat from it.

[roaddog727]

Might be that time is fast approaching.

[servantboy777]

>>Here it comes . . .<<

You betcha! More taxes, more spending.

Our nation has taken a flyin leap toward a socialist big brother society the likes of England.

Thanx to Bush, Clinton, Obama and the liberal progressive congress.

[John123]

primarily by raising taxes on business and the wealthy

Of course! This must be the "change" he is talking about...

[Aggie65]

He is actually modifying the draft FY10 that Bush's team had started. All FY10 MILCON was submitted as Sept/Oct for review. DOD reviewed the MILCON and all other appropriations and for differences, determine the correct amount. They made DOD decisions and services (Army, Navy, Air Force, and DOD Agencies submitted reclamas. The FY09 MILCON and the DOD FY09 were the only 2 out of 13 appropriation acts completed. The rest of the government is on a Continuing resolution.

[patton]

Aahhh, then I stand corrected.

[AmericanVictory]

And all that new environmental regulation and additional health care will produce revenue? Why say anything that makes sense when your kneepadders such as Matthews will echo anything you say and never hold you accountable when it doesn't work?

[TennTuxedo]

We Got Your Money!

[ding_dong_daddy_from_dumas]

Obama to Unveil an Ambitious Budget Plan