Still... a little... left... in their... pockets...
Posted on 02/03/2015 1:24:21 PM PST by PapaNew
President Obama has proposed a fiscal year 2016 budget that raises $3.5 trillion in fiscal year 2016 and $45 trillion over ten years. In his budget, he proposes that over the next ten years, tax cuts of $349 billion be accompanied by tax increases of $1.9 trillion, for a net ten year tax increase of $1.6 trillion.
The president’s budget would repeal, let expire or limit:
the Lifetime Learning Credit; the student loan interest deduction (for new borrowers); Coverdell accounts; and 529 education savings plans.
The president’s budget would:
triple the maximum Child and Dependent Care Tax Credit (CDCTC); expand the American Opportunity Tax Credit; create an auto-enroll IRA for workers without an employer-based retirement plans (with an option to opt out); create a new second earner credit of up to $500 for families where both spouses work; and expand the Earned Income Tax Credit (EITC) for workers without children and for non-custodial parents.
The president’s budget would raise taxes in many ways. For example, it would:
increase the capital gains and dividend tax rate to 28 percent (inclusive of the net investment income tax); end stepped-up basis by treating bequests and gifts as realization events that would trigger tax liability for capital gains; raise estate and gift taxes; limit the value of itemized deductions to 28 percent; create an additional alternative minimum tax designed to ensure certain high income taxpayer pay at least 30 percent of income —after charitable contributions—in taxes; impose a 19 percent on the foreign earnings of U.S. companies; raise tobacco taxes; and impose a tax on the debt of financial institutions.
(Excerpt) Read more at dailysignal.com ...
But the one thing, besides monetary mismanagement by the FED, that will kill the economy is higher taxes.
It's as though Obama realizes that despite all his efforts, he has failed to permanently screw up the economy and figures he only has a little more time left to do it.
He has nothing to lose while the GOP Congressmen may very well figure they have everything to lose. That's usually why Obama, the true believer, usually wins. Obama's ideology of tyranny trumps politics the way Reagan's ideology of freedom did. They both thought about the next generation. That's why they both triumphed over the hand-wringing cowardly politicians who are only worried about their political fortunes and the next election.
Let's HOPE something CHANGES this time around.
I bet all Democrats will for vote for Obama’s budget this time , LOL
Keep in mind that the buying power of a dollar is about half what it was when Obama took office.
He’s trying to speed things up.
He knows he has only two more years to complete his “fundamental transformation” and America is proving to be more resistant than expected.
Also keep in mind that the average middle class worker is making LESS, too.
Not sure about that. My dollar goes almost as far as it did eight years ago. I certainly have not had to double my spending for the same things over the last eight years. Obama and the FED’s haven’t yet done enough to make that happen yet. Or if they have, it hasn’t taken effect yet. But they still have two years.
Still... a little... left... in their... pockets...
tax revenues were $2.6 trillion... and he’s going to increase them by $1.6 trillion?
that a 62% increase in taxes
seriously... wtf
He doesn’t like America. Love to see it brought down. Will the craving politicians in Congress who worry mostly about their political opportunities and not about America do anything to stop him?
Sound like one of those Saturday morning serials. Stay tuned for the next exciting adventure.
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