S&P Futures:
Posted on 09/18/2011 8:06:43 PM PDT by blam
Obama To Propose $1.5 Trillion In Tax Increases Tomorrow
Zeke Miller
Sep. 18, 2011
President Barack Obama will ask the Super Committee to double its mandate and cut $3 trillion from the federal deficit, according to White House officials, with half of the savings coming from tax increases on corporations the wealthy.
Republicans have already rejected a central component of the plan — the so-called "Buffett Rule," which would set a minimum tax rate for those with incomes over $1 million. This tax increase goes well above and beyond the approximately $800 billion agreed to by Speaker of the House John Boehner in the failed "grand bargain" negotiations over the debt ceiling.
Rep. Paul Ryan called the tax increase "class warfare," saying it would hurt small businesses and pledging that GOP lawmakers would rally against it.
The White House, wary of raising taxes as the economy recovers, has insisted that the tax increases would not take effect until 2013.
In his speech tomorrow, Obama will also outline reforms to Medicare, but will not call for raising the eligibility age for the entitlement program. The plan will also avoid touching Social Security — which has become a major issue among the GOP presidential candidates.
Republicans, including Speaker of the House John Boehner, have called on the bipartisan committee of 12 lawmakers to exceed their statutory mandate — but only through spending cuts, or at most, closing corporate loopholes and lowering the tax rate.
The $1.1 trillion in savings from ending the wars in Iraq and Afghanistan has been criticized by Republicans as being a ficticious number — since the wars were never going to continue indefinitely. With that figure excluded, the plan cuts just over $2 trillion, with about 75 percent coming from tax increases.
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(Excerpt) Read more at businessinsider.com ...
The is the most one trick-one trick pony I have ever ****ing seen in my life...
Hope I’m wrong but I’m waiting for Boehner to cave.
He’s becoming background noise. Somebody needs to turn off his microphone, much like they used to do to OJ Simpson on Monday Night Football after he make a stupid comment.
“made” ... not “make”.
“made” ... not “make”.
Oh my GOD! That Obama, always coming up with novel ideas!
??????
It there a company called Corporation the Wealthy?
Or does he mean Corporations?
Or wealthy corporations?
Or corporations and the wealthy?
the rest of the country is sitting on our hands afraid for our jobs, looking for work and he’s spending like there is NO Tomorrow!
It’s the only trick he knows about economics.
He has other tricks that are just as bad about just about everything else.
Then Tuesday another 500 billion, the Wednesday ...
I think the Left’s strategy at this point it to keep throwing stuff until something sticks.
What a joke. Smaller increases in spending can only be called budget cuts and savings in Washington.
See here.
The Oceans Fall
An attempted Homicide in Gary, Indiana.
The Plans for the F-35 are going Poorly
Command and Conquer 4 sucks
Food Prices are on the rise
American Exports and Manufacturing are down.
My Video Card has crapped out on me!
whats Ubama's solution?!?!!?
You Guessed it!
RAISE FRIGGIN' TAXES!!!!!
What a bold faced lie!
” Oh my GOD! That Obama, always coming up with novel ideas! “ That fail big time.
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