Obama Schedules Massive New Tax Hikes For 2010

• February 23, 2009

The accepted liberal terminology for this is “letting the Bush tax cuts expire.” But when the tax cuts expire, and we’re all stuck paying a lot more in to the government, what is that but a tax hike?

WASHINGTON (Reuters) – President Barack Obama will allow tax breaks given to wealthier Americans under his predecessor, George W. Bush, to expire as scheduled rather than eliminate them sooner, an administration official said on Saturday.
Obama, who promised during his White House campaign to roll back tax cuts on people earning more than $250,000, also plans to boost tax collections from about 16 percent of the economy this year to 19 percent in 2013, the official said, confirming a Washington Post report on Obama’s budget proposals for the 2010 fiscal year.

This is more bad news for the economy.
While liberals, and their mouthpieces in the media, consistently refer to the Bush tax cuts as being for “wealthier Americans” the truth is that after the Bush tax cuts the top income brackets ended up paying more in taxes. Here’s a year-by-year breakdown of federal income tax revenue for the top tax bracket courtesy of the Heritage Foundation:

2003: $407
2004: $475
2005: $558
2006: $616

In fact, “the rich” are now paying a larger percentage of federal taxes than ever before.
Now, granted, “the rich” paid a smaller rate when they paid taxes. But that lower rate resulted in more tax revenues because it inspired more economic activity. Economic activity, I’d remind you readers, that creates jobs and prosperity at all levels of income.
Even if you try to put a silver lining on this and say that letting the Bush tax cuts expire will draw in more tax revenue to pay for the spending spree (“stimulus,” bailouts, entitlement expansions and now an “aggressive” domestic spending agenda), but even that isn’t right. After the Bush tax cuts, federal tax revenues wen’t way up:

And federal budget deficits went down:

In fact, if Republicans (and for the last two years Democrats) had kept spending under control during that error Bush could have left office with surpluses. But I digress.
The point is that letting the Bush tax cuts expire, and hiking taxes on our economy, is only going to depress economic activity and lead to stagnation. And stagnation doesn’t generate a lot of tax revenue.
Obama’s economic policies, to date, are going to lead us to nothing but bigger tax bills and less economic growth.

Tags: Asshats, Domestic Issues, Politics

http://sayanythingblog.com/entry/america_is_back/#c397018 DINO

The best times in this country’s history were when tax rates went up to 70-90 percent.

That last million? You don’t need 900,000 of it anyway.
robert108

All the more reason to impeach him this year.
http://SayAnythingBlog.com The_Whistler_ofnd

So Obama is increasing government’s share of the economy 19%. Socialism in not so small of steps.
Hannitized

But when the tax cuts expire, and we’re all stuck paying a lot more in to the government, what is that but a tax hike?

The tax cuts increase for people making 250k a year and more. That is not “all of us”. You are lying again…or too stupid to know what you are talking about.

Nobody from the left will have any reasonable argument in favor of raising the tax rates.

What can the left say to change your mind? Nothing, therefore no mater what the say, reasonable or not, you would never consider it reasonable because you are a stubborn brat.
http://www.willisms.com/ Zsa Zsa

How else would he be able to pay for all his Socialism stimulating plans ?
robert108

The evil genius of the leftie liars is to turn the argument on to the taxpayers to justify why they shouldn’t have to pay more to the govt, when the real argument should be for the govt to prove that it needs our money for anything that benefits us in any way. The govt needs to justify every penny they want to take from us.
http://sayanythingblog.com/entry/america_is_back/#c397018 DINO

Not in the republican view. That view frets endlessly about the plight of the rich.

Oh whatever will we do to save them from the resentful hordes of underachievers?
http://sayanythingblog.com/entry/america_is_back/#c397018 DINO

BOOHOO More crocodile tears for the rich.

Why don’t all you middle class wealth worshippers set up a fund for those poor rich folks. You can send any refunds or tax cuts you get to them. That way you can win their favor and they’ll throw you a job or two.

I urge you to act quickly to help alleviate this horrible injustice.

Tired of Socialism

Maybe you should have made smarter about your educational and career choices, and then worked 60+ hours per week for 20+ years. Perhaps you too would then be "rich" and would join those of us on the other side of the fence. I regularly come across many of you cry babies that made weak decisions and/or have poor work ethics who can't understand why you struggle your entire life and then expect handouts from those of us who made wiser decisions and worked smarter and harder for many years to attain high incomes and high net worth, only to have to shell out for the poor decisions of so many others (e.g. HS dropouts, useless college majors, lazy, too many kids, kids out of wedlock, drugs, alcohol, and the list goes on). I've worked since I was 14, my folks divorced when I was a teenager, and I put myself through college and MBA school over a 13 year period. If I can do it, so can you. The difference is work ethic, good choices and delayed gratification. I pay multiples in taxes than most families earn in a year, and I also contribute to charities. But enough is enough.

Bat One

Swish,

Stop fretting! The interest paid on municipal bonds is exempt from federal taxation. And if the bonds are issued in the state in which the “taxpayer” resides (in my case Georgia), the interest paid is exempt from state income taxes as well.

Four years from now, the next president will be forced to cut tax rates… substantially… to jump-start the economy and help recover from the financial debacle that the Obama administration is shaping up to be. When that happens, those among us who are economically productive will become active again once we know we will enjoy the fruits of our own labors.
http://ndgoon.blogspot.com/ goon

The tax cuts increase for people making 250k a year and more. That is not “all of us”. You are lying again…or too stupid to know what you are talking about.

That is not true that is campaign fodder and basically proven to not be true. Everyone’s taxes will be going up.
Bat One

The tax cuts increase for people making 250k a year and more. That is not “all of us”. You are lying again…or too stupid to know what you are talking about.

First of all, if you go back to the original Bush tax cut legislation, the ones set to expire next year, you’ll see that the cuts reached a whole lot further down the AGI food chain than the $250K that is being claimed, dishonestly, by those on the Left.

Next, as noted, taxes on business will also go up, a crucial mistake by the Obama administration since historically over 90% of all jobs are created by small business.

Finally, there were the rate cuts on capital formation, cap gains and dividends, which not only proved a huge boost to the post-9/11, post-Clinton tech bubble economy, but also increased the amount of tax revenues collected.

Instead of questioning the integrity of those who disagree with Obama’s policies, perhaps you ought to be thinking of ways to defend those “policies, ideas and decisions” on their own, economic and financial, merit.
Capitalist

It sux to be me right now, but as a free market capitalist I would much rather be me than those poor suckers that step and fetch for Obama.

Each morning when I get up I am unemployed or a free enterprise capitalist seeking for a better life. Thing is that one only need to take a look at Russia to see how the Markus’s concept of socialism was and will always be a miserable failure.
Yes in theory all were equal. but the individual farms were clearly more efficient
that the collectives.
Just as today with our government bureaucracy, they are the collectives and we are the small business capitalist.
The bureaucracy, is already so bloated that it will implode on itself, and cannot be controlled by the elected officials.
Term limits, are what we need… with the elected officials to begin with, but more importantly with any person who’s job is funded by tax dollars.
All government employees, local, state, and national shop be placed on a limited 12 year contract. The contract expires and the employee is out to go into the private sector for a minimum of two years before being eligible to reapply for another government position for another 12 years. And, O yes.. no govern retirements benefits greater that what any taxed payer has available.
What government needs is job churn, just like in the private sector. A little job fear never hurt anyone.
richNJ

haha..haha.haha…haha…you really do live in a fantasy world dino. Why are you so afraid of success. Or are you just jealous of people who are successful. If we reach 70-90% tax rate then we are not a democracy anymore. Be brave Dino. Try to be successful. Try to make something of yourself. Do not be afraid to try new things, to show initiative in your life. You could be a contender.
welder4

I have never seen one job created by a working man who gets up and goes to work comes home and watches TV for a few hours and then showers and off to bed . no jobs created period now it would make sense that tax cuts for the ones that do make work for others is a good idea it worked for Reagan and it would have worked for Bush if the democrats had not been in bed with the wall street crowd. If you did not mean to type error instead of era then you are leaving your self open to some fun from the left here. you could call it an error because it was an error that they went with the democrats in spending like drunken sailors .
http://sayanythingblog.com/entry/america_is_back/#c397018 DINO

My heart still breaks for the downtrodden wealthy.

It’s making it hard for me to get through the day knowing of the burden we’re placing on the rich.

Please, set up that “rich people rescue fund” with haste.
richNJ

Here is the simple truth. Raise the taxes on the rich and they raise the rate they charge for their services. Instead of $350 an hour. They will now charge $450. Congress will give more money to the poor because it is now more expensive to pay for all the increases that accompany a tax hike. So, the rich still make their money, the poor gets more money and the middle class gets screwed again. It has happened over and over and over. The only winners in this are the rich. They wind up making more money eventually because of their rate increase for their services. It really isn’t that hard to understand. It just takes common sense. Something lost on this baby boomer generation. As an example, do you think the Hollywood crowd won’t charge more per picture for their services. You really think they will take a cut in pay to help Obama. Yeah, right………
http://ndgoon.blogspot.com/ goon

Who would have thunk it, another stupid post from an idiot named DINO. Wow, I am just shocked.
bill-tb

Motor mouth Obama says a lot of things, most of which is just outright lies. Obama should hoof it back to Kenya where they have people who are dumb enough to believe him.

Democrat

It is people like you that make idiotic comments that should just stay off line and be thrown in a deep dark closet

Hannitized

Can you explain your argument in more detail Citizen?

Are you saying businesses that make 250k in profit will have their taxes increased?
http://sayanythingblog.com/ likwidshoe

Nobody from the left will have any reasonable argument in favor of raising the tax rates. That’s a safe prediction. They can’t argue with the facts, but will rather instead stutter and stammer stupidity (link takes one to a typical leftist comment).
sayanything-15427

First of all that “elastic clause” was not put there to change they TYPE of government nor to allow a move away from the Constitution. It was put in to allow the Congress to grow or shrink the government and create laws that would allow it to exercise its power as spelled out in the Constitution. Up until now it has only been used, often in conjunction with the Commerce Clause to expand government.

However since you like Thomas Jefferson so much you have to remember that he was the one who penned the Declaration of Independence and felt very strongly that oppresive governments who begin to encroach on the rights of the people must be overthrown.

The 150 years you are talking about was a personal quote and not anything in the Declaration or the Constitution. It was actually every “15 to 20 years” but it was not necessarily calling for violent revolution, it could be a peaceful revolution such as the complete turnover from republicans to democrats recently. Then again if that is found to be a mistake it can be corrected in the next 4 years after that.

Jefferson is also the one who said “The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.” Again, that blood may be philosphical rather than physical. But it goes to show that the founding fathers were able to see 200+ years into the future and knew that at some point government would get full of itself and need to be spanked.

Another favorite Jefferson quote, “When the people fear the Government that is tyranny, when the Government fears the People that is liberty.”
http://sayanythingblog.com/entry/america_is_back/#c397018 DINO

Suitepotato, just STFU and pay back the welfare you took.
mplsbob

I can’t find one example where raising taxes has helped an economy out of a recession. Dino??
Jason

I got an 85K/yr fed gov job. No debt. And a part time sales job in the private sec. So when you suckers are being bled dry, and your 401K is completely looted, I will be laughing saying TOLD YOU SO! My job and retirement are rock solid.
ambigious

I am fresh out of high school so forgive me if i sound a bit nieve or stupid here, but i work two jobs currently. One as a waitress in a small busniess and another as a register girl at yet another small deli busniess. I couldn’t afford to go to school right after i graduated and was shortly thereafter kicked out of my house for not continuing my education. Has it occured to anyone that some of these tax dollars may go to something to help everyone out? for instance, you here all the time how in this economic recession people are going back to school….

also, when to constitution was written, thomas jefferson left the elastic clause stating that the form of government be changed to fit the country at that time….our form of government was ment to be changed about every hundred to 150 years, instead we stuck to the constitution as written. granted there are rights within the constitution that we should all be entitled to have, but lets face it….democracy is outdated. We were supposed to overthrow the government and establish a new one by now, and well i am not partically in favor of obama, maybe it is time that we do try something new. Look at switzerland….they are a socialist society that gets along just fine. Socialism works just fine (and not only in theory like communism) it just sounds shitty because it takes away everything that has been embedded into just about every american since they were born…..work hard, make good money, be happy. A socialist society in theory would make everyone equal. but no one would any longer have things to flaunt in others faces, strive for, we would work for the benifit of everyone in the country. i dont know if socialism has ever been tried in a country as large as ours but its worth a shot.
robert108

It’s actually pretty simple: Govt doesn’t produce anything, so all money diverted to govt results in reduced creation of wealth, and we are all poorer for it. A few things govt does are useful, and are a necessary expense, like national defense. Govt expense should be kept to a minimum, in the interest of every citizen. Increasing tax rates, especially on the most productive citizens, is counterproductive.
If you don’t believe that, ask a homeless person for a job.
sayanything-2483

Corporate and payroll taxes will go up.
sayanything-2483

the plight of the rich…
DINO on February 22, 2009 at 01:16 pm

Another contradiction.
probuiltenterprises

Flag….its obvious you have a piss poor job ( or you work for the local, state or federal government in one way or the other ) and blame those who are successful on your class situation. sucks to be you I guess. opportunities are out there if you have the gumption to go for it. I am a small business owner and you can bet I will “shave” my income as to pay as little tax as possible. This may affect your kind in receiving your funding through social programs….you know…Obama bucks! One thing for sure, my family will not sacrifice anymore to save a job. We have done more than our share in that category. Get a life looser and quit blaming others for their success and your failure
http://suitepotato.blogspot.com/ sayanything-4808

Dino, take your dick out of your mouth, straight up, and let the oxygen flow to your brain again.

Who do you think invests in businesses that then use the money to hire new workers? People with money on hand to invest. Take that money away by taxation, they don’t invest, businesses that would have used the money to hire people don’t. People don’t have jobs. They then get a small part of that taxation as a handout and the majority goes to the politically connected. That is EXACTLY how your system works. In the superficial name of the poor, most of the money goes right back to the wealthy, just a different group of them. YOUR leftist wealthy.

Which makes YOU the hypocrite.

I’d rather have a job, getting paid for the work I do. What I view to be a fair or at least to me acceptable trade. My time and labor for their money. I then spend money on what I view to be a fair or at least acceptable trade. I need something, they want my money, I give them money, they give me a product or service.

What you object to is that this system doesn’t allow you and yours to skim off the top. That you’re not central to the entire thing. That you’re not in control. That it isn’t all about you.

In the name of your selfish obsession with getting you way, of being in charge, of getting stuff, and being at the center of it all, you’re willing to violate the free will of everyone else. Especially someone like you who I remind the peanut gallery, has come out in favor of using force to make people adopt socialism.

You’re a selfish self-centered git and you will fail. I really pity you.
sayanything-2483

The tax cuts increase for people making 250k a year and more. That is not “all of us”. You are lying again…or too stupid to know what you are talking about.

This will also include business’s, and it will trickle down.
sayanything-2483

the downtrodden wealthy…
DINO on February 22, 2009 at 12:39 pm

That is a contradiction.
sayanything-2483

Why don’t all you middle class…
DINO on February 22, 2009 at 10:37 am

Dino’s envy shows it’s ugly head again. Did your digital TV converter coupon get there yet? LOL!
Nay Sayer

it amazes me how little each of you know about how our government works. people keep talking about how taxes fund social programs..taxes do not fund social programs..in fact, your tax dollars don't even go to the government, they go straight to the federal reserve.

let me condescend on you for a moment. the way the government works goes like this…

obama and congress decide to pass a bill to fund 100 million to lets say – put more police on the streets…the treasury then prints 100 million worth of treasury bonds, and gives them to the federal reserve, the federal reserve then transfers 100 million to the treasury to print out (at interest mind you)..the program is now funded…

when each of us pay taxes, it is COLLECTED by the IRS and sent to the federal reserve to pay them back the original loan, plus any interest it can…

the reason we have a deficit is because the IRS isnt collecting enough in taxes to repay the full amount of principal and interest. this is why you hear so much about the "interest on the debt"…

when you make comments about the government not collecting enough to use for programs it shows just how much you DON'T know about the way things work..i could go on, since none of you know where money comes from either – so i'll leave you to banter more about things..its entertaining to me to watch, and see why other countries call us stupid americans..none of you apparently even know how our government works…THAT is scary…

Ken McCracken

Get over yourself.

You are like some nitpicker who prides himself on saying 'turning your key doesn't start your car! It only starts the ignition, which cranks over the engine . . . "

Trust me, you are far from the only one here who knows what the federal reserve is and how it works.

CarMan

The battery turns the engine over MORON!

http://intensedebate.com/people/Proof_Positive Proof_Positive

Actually the starter motor turns the engine over, but this ain't auto shop!

http://intensedebate.com/people/liberal_larry10 liberal_larry10

But when the tax cuts expire, and we’re all stuck paying a lot more in to the government, what is that but a tax hike?

How dumb do you have to be? If the tax cuts have an expiration date on them, then they are not increasing anything, the free giveaway at the expense of our deficit ends on it's own.

If the tax cuts didn't have an expiration date on them, then you might have an argument.
John Galt

Karl Marx invented the progressive tax rates… How fair is it for one to pay more or less than another? Being equal under the law does not apply to taxes. Many Americans are pushing the country towards a Russian type structure, however they have never lived in the old Russia. Lots of tears are going to fall when inflation hits, government fails, and the people thinking they are going to benefit from Marx are tossed under the bus first. Good Luck Comrade, you are going to need it!

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