Obama Can Keep Pledges on Taxes: Geithner (BS alert)

CNBC ^ | 9/15/09 | Reuters

[your local physicist]

This is pure BS from Geithner. The administration wants a massive new health care entitlement program and another massive bureaucracy to run that program, and some types of taxation will have to increase to pay for this new program and other rapidly expanding entitlement programs. The administration is planning to increase federal debt by $9 trillion in the next ten years, and taxes will have to increase somewhere to pay all the interest on that debt. There are three types of taxation: 1) direct taxes, 2) higher interest rates, and 3) inflation. All three of these types of taxation are going to increase in the next ten years. There's no way around it if entitlement spending continues to explode upward, which is the path of least resistance that congress is taking at this time. Entitlement spending has to be paid for through these three kinds of taxation. We may not see higher income taxes on the middle class, but there will be other kinds of tax increases such as higher sales taxes on utilities, airline tickets, beer, wine, snacks, soft drinks, etc., higher interest rates, and of course much higher inflation in the next ten years.

This administration apparently has almost no concern for people in the upper half of the income distribution, who are our business leaders, risk takers, entrepreneurs, and the people the same administration expects to higher a lot of workers and create new jobs. This administration is all about entitlement programs and subsidies for low income people. It's all about rewarding lack of effort and irresponsibility. Of course we need to help people now during this recession while they're unemployed, but eventually the growth of entitlement programs has to be slowed, or all three kinds of taxation have to increase.

[avacado]

Once the 2003 tax cuts expire at the end of 2010 ALL INCOME LEVELS will be paying higher federal income tax rates of the
year 2000.

This whole issue is moot! We are ALL definitely getting slammed with higher taxes at the end of 2010!

[downtownconservative]

“It’s his (Obama’s) commitment and he’s very committed to that.”

It’s good that he’s committed to his commitiments. Is he committed to being committed to the committments he’s committed to?????

[Jeff Head]

OBAMA'S IMAGE FALLS TO THE MOB

[DuncanWaring]

You lie!

That should become the standard response to pretty much anything out of this regime.

[sr4402]

President Barack Obama can return the U.S. budget situation to a sustainable one without breaking his pledge to not raise taxes on Americans making less than $250,000,

Major Mistake: The Equivalent of Bushes "Read my lips, no new taxes". Believe me, the taxes on the poor and middle class are on the way and slated already. And the same fate as George senior, for this saying, is on the way for Obama.

[HiTech RedNeck]

It depends on what the meaning of “is” is.

[downtownconservative]

Geithner...where did they dredge up this idiot? Don’t answer that, rhetorical question!!

[Carling]

Geithner is a bumbling fool. He reminds me of the creepy friend in the movie Ghost who was stealing all of the money from his firm.

[downtownconservative]

He reminded me of that guy right off the bat too - embezzlers of the highest order.

[rvoitier]

Geithner was born to be someone’s bitch.

[your local physicist]

Good point. The MSM always says the Bush tax cuts were tax cuts for “the rich” and the end of those tax cuts is a tax increase only on “the rich.” But middle class taxes will be going up too. So this administration apparently believes the end of tax relief is not a tax increase, or else they’ve only been talking about “new taxes” and their baseline is from the point when the Bush tax cuts expire.

[kamikaze2000]

Whew I guess this means Obama will veto the health bill, since it includes new taxes on anyone too poor to buy insurance. That’s a relief!

[avacado]

The MSM always says the Bush tax cuts were tax cuts for “the rich” and the end of those tax cuts is a tax increase only on “the rich.”

One of the biggest pieces of propaganda ever hoisted upon the American public by the MSM and Democrats.

[your local physicist]

Not only that but it sounds like the health care bill may force everybody to buy a “comprehensive” health insurance policy with a fairly low annual deductable, whether we want it or not. Those “comprehensive” policies will cost more than high-deductable policies, which are usually purchased by younger people in good health and higher income people who want to self-insure up to a certain cost level (like myself). So this bill will effectively be a tax increase on people who want high-deductable policies and don’t need a lot of coverage—a tax increase to subsidize insurance costs for poor people and people with pre-existing conditions, who are going to be extremely expensive for health insurance companies. We’re losing our freedom of choice as the democrats seize control of our economy and our lives.

[metalcor]

Depends on what your definition of ‘taxes’ is.

Taxes on medical services and goods will translate to higher prices. Taxes on carbon emissions will translate to higher prices for energy, etc. We may not see an increase in our checks to the IRS, but we will pay, and pay..... but it’s for our own good, yaknow.

[USNBandit]

That is my biggest point about the healthcare reform bill. If you are a family of 4, and make more than $90,000 a year, you don't get any subsidies and have to buy insurance from the "exchange." Depending on what the government decides "basic coverage" means, you could go $15,000 a year without ever stepping into the doctor's office. People aren't going to be able to afford that.

Depending on when fully subsidized healthcare kicks in, we are going to turn ourselves into a socialist European country. It won't make any sense for people in the middle class to make more money because they will lose it all in mandatory insurance and taxes. The American Dream will officially be supplanted by a cradle to grave worker bee mentality.

[savage woman]

Geithner is a bumbling fool. He reminds me of the creepy friend in the movie Ghost who was stealing all of the money from his firm.

Yes, I always thought that too! Great ending for him too!

[Pearls Before Swine]

Geithner might say, “I think of myself as middle class, and you can bet I’m not paying any extra taxes.”