Posted on 02/21/2009 4:27:02 PM PST by Diana in Wisconsin
WASHINGTON (Reuters) - President Barack Obama will allow tax breaks given to wealthier Americans under his predecessor, George W. Bush, to expire as scheduled rather than eliminate them sooner, an administration official said on Saturday.
Obama, who promised during his White House campaign to roll back tax cuts on people earning more than $250,000, also plans to boost tax collections from about 16 percent of the economy this year to 19 percent in 2013, the official said, confirming a Washington Post report on Obama's budget proposals for the 2010 fiscal year.
(Excerpt) Read more at reuters.com ...
Stocks in the tank on Monday...
All except for the gun manufacturers.””
Gun and ammo manufacturers will soon become the targets of lawsuits that will break them. Hussein and his gang of crooked trial lawyers will utimately make these manufacturers liable for the crimes committed with their products. Mark my words—hussein will fill bench positions with every enemy of the Constitution he can find.
You are free to stay with the obamanation. Given the opportunity, I would choose option two.
Move to a state with the most red counties.””
Actually, northern CA is covered with red counties. Oklahoma is probably one of the reddest states and the people are some of the best—no, I am not an Okie but I have known many.
Regarding the gun issue...just like the bo’s plan agianst the coal industry, they won’t ban them, they’ll just make it impossible to afford.
In Illinois they are proposing requiring million dollar insurance on all guns.
Obama is going to tank the economy and explode the national debt on the pretext of saving the economy and reducing the national debt. Not good, but I don’t think he’ll be around forever.
He will...He is the only real hope and change, after all!
>>I do not like this man. He has no clue what he is doing. Can we impeach him yet?<<
He knows EXACTLY what he is doing.
Who do you think will impeach him, Pelosi and company?
Never happen. They have to go before you can even get a hearing on the floor about impeaching their savior.
Insurance which is not available on the market, at any price.
“Not good, but I don’t think he’ll be around forever.”
And HOPE-FULLY we can hobble him a bit come 2010. ;)
I am really tired of the lying MSM. Bush cut taxes for everyone who paid Federal Income taxes. Those at the bottom got the biggest % cuts. Some were even taken off the tax rolls. Such liars and lies. Makes me sick.
I disagree. Although I understand your line of thinking consider this.
Every time Obama pulls one of these stunts the market drops a bit more on Wall street. The markets in japan and Europe follow suit. Then wall street reacts and the cycle begins again.
What we really need is smarter tax breaks for business so that the market can begin a trend in the other direction. It needs to be sustained with good news constantly so the rest of the world can feed off of it as well and the cycle can be positive instead of negative.
It would probably starve off this depression long enough for business to pick up and trade to begin again. The dollar would certainly become stronger and the sting wouldn’t be as bad.
Hopefully more than that.
My point is that he is clueless about history. His supposed “exactly planned” strategy will fail. He is taking us down a path that cannot endure. The political tides will turn after much damamge is done, and I’m just suggesting we get started now on removing him. An empty suit cannot survive the hazards of running the most powerful country in the world. His lack of experience and misled foreign policies will be his demise. It just a matter of time.
jveritas (or any other posters) - do you have a full breakdown of the Bush tax cuts by bracket? I have been in more than one conversation in the past year where people absolutely refused to believe that Bush lowered taxes on every bracket and allowed many more people to not pay any taxes. I remember he created the new lower 10% bracket, and I remember that each bracket was lowered...the low and middle brackets lowered at a greater percentage than the top brackets.
Attention Mr. Obama: YOU FIND SOMEONE WHO MAKES LESS THAN $300,000 WHO’D BE CONSIDERED “RICH” IN WEST L.A. JERK.
No doubt.
Thank you very much FRiend :) There is no doubt that he or she was a liberal based on his posts. Anyway the mods took care of him/her.
Change the year to 2000 and you will get how much extra tax each bracket used to pay before the Bush tax cuts. You can also enter your current salary and see how much extra tax you will pay after the Bush tax cut expires (use the 2000 tax brackets to do the calculations for the extra tax you will pay in starting in January 2011).
FOBO. In the Latin declensions..FUBO, FUBOA, FUBOAE, FUBOARUM, FUBARIS, FUBOAS, FUBOIS.
I’m going to say 6998 for Monday’s close. That will be the Market’s warning shot to the Dem House, Senate and WH. The new spending bill and the tax increases are the Dem’s complete and all out declaration of war on the U.S. economy and we, the sheeple. Gosh, you’d think the Dem’s would get a clue at the record drops on Nov. 5th and 6th. Those were the “Oh $hit” days when the Market realized that we, the Sheeple are really THAT Stupid and elected the Zero Man to lead us through the Hurricane Cat 5 weather dead ahead. Neidermeyer, I’ll be watching the final half hour to see if the Floor puts in the uptick trades to rescue the day.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.