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 ...
This isn’t going to end well...
Am I alone (rethorical question) in noticing just how immunized people have become to dollar figures in the Trillions being casually discussed? I don’t think so.
Can anyone imagine Clinton or Reagan casually floating a trial balloon about a $3 Trillion tax increase and the public not going into hysterical meltdown?
But thanks to the dems, the gen pub is so used to hearing these numbers casually banded about they don’t even care. Which has been the Dem plan all along. They took the heat early in Obama’s rule and now...Meh...just another number...can’t understand why evil conservatives are upset.
Seriously thinking about becoming an Ex-pat. Wondering which country my military retirement will go the farthest.
I’ll be livin like a bum under a rock if this asshat gets re-elected.
I’ll take Sam Kinnisons advice and “Pack my shit and move!”
I think you may have unfortunately hit the proverbial nail on the proverbial head.
Many people had a bad feeling before he got elected.
“Overnight Market Selloff Still Getting Worse”
HAVE NO FEAR, Geitner/Bernake will just print more money to prop up the markets with.
Imagine if Sam was still alive today ;)
obama doing what he is.
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