Posted on 04/11/2011 7:47:35 AM PDT by bestintxas
President Barack Obama will lay out his plan for reducing the nation's deficit Wednesday, belatedly entering a fight over the nation's long-term financial future. But in addition to suggesting cuts—the current focus of debate—the White House looks set to aim its firepower on a more divisive topic: taxes.
In a speech Wednesday, Mr. Obama will propose cuts to entitlement programs, including Medicare and Medicaid, and changes to Social Security, a discussion he has largely left to Democrats and Republicans in Congress. He also will call for tax increases for people making over $250,000 a year, a proposal contained in his 2012 budget, and changing parts of the tax code he thinks benefit the wealthy.
"Every corner of the federal government has to be looked at here," David Plouffe, a senior White House adviser, said Sunday in one of multiple television appearances. "Revenues are going to have to be part of this," he said, referring to tax increases.
(Excerpt) Read more at foxnews.com ...
When in doubt, TAX.
When you spend 4-6 times more than you have revenue for, the answer is to raise taxes. That’s how a politician looks at it.
problem is that when taxes go on the table, cutting spending usually goes off of it
The problem is the FASCIST FED that keeps the politicians hooked on the drug, fiat money. Politicians LOVE fiat money because they can get FREE MONEY that only the TAX PAYERS have to pay for. And that is why, once a nation is HOOKED on MONEY DRUGS, they become to be in the mess we are in.
Can only end this mess by getting rid of the FED, and their bogus FEES for the use of THEIR money.
And those who want to ONLY blame congress know full well that this drug has NO way to leave it but cold turkey.
NWO order W.Wilson gave us the FED, just like Ozombie gave us DeathCare. Those socialist commie Fascists just keep chipping away.
$250K will become $25K in the fine print of the final bill, which nobody will have read, which will only be discovered after the 2011 tax tables are mailed out, which will have an exemption for all public and private union members and the AARP.
Byron York stated on Bill Bennett’s show this morning that one of Obama’s proposals on Wednesday will be raising the top income-tax bracket to 47%.
As if $4/gallon gas isn’t bad enough
I would be fine with tax increases but only if they were across the board tax increases, with a constitutional amendment creating the flat tax, and repealing Obamacare.
Same chit, different day.
Tax the “wealthy.” That is, tax business, which will kill jobs and deepen the recession.
When are these idiots going to realize that taxation does not improve the economy?
“From each according to his ability, to each according to his need.”
Medicare an "entitlement"? Didn't the government laud this as the perfect solution for the elderly once they retired?
Well, if he hasn't already lost all the senior vote (with no SS raise in 2 years) this will surely do it!
I WON'T! First they better cut all the waste in government spending. I remember reading an article, about a year ago, where our tax money was going to do research about some type of mouse in another country, to see if it was going to become extinct!
I also read articles about OUR tax money being spent to build a "skate park"!
There are a million more like this, eliminate all that garbage (the pork) from bills & they would not have to raise taxes one bit!!
No matter what the rate will be raised to, the revenue will never exceed 20% of GDP, which will be lower according to Christine Romer.
NO NEW TAXES
Once again he’s on that $250,000 threshold. What he doesn’t understand is there aren’t as many people making that much money anymore.
We’ve seen this show before. The taxes always get raised, even higher than was discussed, but the cuts never materialize. That was the story with Bush #1.
The gov’t could create a bond that only the wealthy would buy, except they would be a fool to buy it.
You knew with Obama that this day was eventually going to come. In a way a good thing he is forced to bring it up before the 2012 election. Not a showball’s chance in hell of it getting through the House I reckon.
Why does this remind me of Walter Mondale in 1984 - “He (Reagan) won’t tell you that he’ll raise your taxes, but I’m honest enought to tell you that I will!”
That worked out real well for Walter. Here’s hoping Obambi gets similar results.
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