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Title: Loser President Obama Will Raise Your Taxes, and That Means You
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URL Source: http://www.kiplinger.com/columns/wa ... -big-tax-hikes-inevitable.html
Published: Mar 15, 2010
Author: Joan Pryde
Post Date: 2010-03-15 14:54:55 by dont eat that
Keywords: None
Views: 533
Comments: 10
Don’t be fooled by all the tax cuts you’re going to see approved this year. Tax increases are on the horizon -- and yes, they’re likely to apply to the middle class, too. The U.S. Congress just can’t get its fiscal house in order without raising revenues. Democratic leaders will be careful to keep a lid on the tax-hike talk through the November midterm elections, but the debate over whose ox gets gored will have to begin next year. There’s no getting around the budget hole that the U.S. finds itself in. The Congressional Budget Office recently projected that the deficit will exceed $600 billion a year for the next 10 years. And if deficits remain unchecked during that time, the total federal debt could climb to a stratospheric $15 trillion by the end of this decade. Anyone who says that a gap of that size can be plugged by cutting spending alone is either kidding or crazy. The debate, when it comes, isn’t going to be over tax changes that nip around the edges of the IRS code. Lawmakers are going to have to raise massive amounts of revenue, and they’ll be forced to look at big-ticket items. So where are taxpayers going to take the hit? That will depend, of course, on who is in power after November. If Democrats retain the upper hand, it’s a safe bet that upper-bracket taxpayers will face higher taxes on income and capital gains. The deficit will play right into the president’s hands: He’ll use the budget gap as an argument for raising the top marginal income tax rate -- currently 35% -- to 39.6% on single folks with taxable incomes above approximately $196,000 and married couples over $231,000. He’ll also push for a top capital gains rate of 20% for this group, up from 15% now. Democrats could also trot out a plan for a surtax on upper income taxpayers. This idea was endorsed by the House last year during the debate on health care reform, and it would have pulled in more than $500 billion, so it’s likely to be on the table in any deficit debate. And middle-class taxpayers will probably be included as well: It’s not hard to imagine some form of payroll tax increase, since the House considered a hike in the 1.45% Medicare tax to 1.8% last year, also as part of health care reform. What direction will Republicans go in, if they’re in charge? They’re more likely to push a consumption tax, which would hit all income levels. The huge revenue that could be raised by a value-added tax or national sales tax would look very attractive to deficit cutters. The trick, of course, would be where to set the rate. Lawmakers will want it as low as possible, say 1%, to garner votes, but they will be under heavy pressure to exempt things such as food and medicine. To offset those exemptions, the rate would have to be 3% or more. As controversial as they are, it’s hard to see any of these tax hikes making it through Congress -- at this point. And there’s no sign that either party has the spine yet to make the tough decisions on revenues. But the budget numbers aren’t going to get any better, and they are what will finally force lawmakers into making some pretty distasteful decisions about raising taxes.
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#1. To: dont eat that (#0)
You mean we're actually going to have to pay for Bush's wars and the financial disaster that he oversaw? Who'd a thunk it?
I sent this to you private in error: Boy Blunder squanders a revenue surplus and turns it into a HUGE deficit and adds $4trillion to the debt. But it's ALL Obama's fault...
Day 22 of Packrat refusing to register here. Day 20 of Boofer The One Eyed Wonder Bot refusing to answer: When is Blackwell going to have the recount? Jan 30, 2006 ... by saveliberty (Proud to be Head Snowflake, Bushbot...
Will you for one minute stop being such an idiot, even for you. Your statement is only useful as a well worn (worn out actually) bit of far left propaganda that wasn't even effective enough on a factual basis to prevent Bush's reelection. Bush actually inherited an economy in decline while Clinton ignored the inevitable tech bubble while he spent his time jacking off in the White House sinks and sticking cigars in young girls. Hussein is continuing Bush's overseas policies without skipping a beat, so obviously even this this Kenyan born idiot sees it is money well spent. We are well into Obama's Presidential budgets and his only. If you've got a problem with spending now, you are a fucking moron for blaming Bush.
You got that right! These losers don't realize that tax revenues increase when the tax burden is cut, works every time it has been tried. Libtards come up with the solution first, then make up the scenario to make the solution fit their perceived problem real or imaginary. Think global warming for the simplest example. I hate working around these people, if brains were gunpowder they wouldn't equal a wet firecracker.
Hilarious coming from you, gutterball.
So why do you bother soiling this site with your vacuous and inane commentary? ... yukon haha lots of laughing out loud
They also increase when you RAISE taxes and revenues FELL after Kemp Roth and Boy Blunder's 2001 cuts.
Day 22 of Packrat refusing to register here. Day 20 of Boofer The One Eyed Wonder Bot refusing to answer: When is Blackwell going to have the recount? Jan 30, 2006 ... by saveliberty (Proud to be Head Snowflake, Bushbot...
Let me think, the muslim "boys" used to park in the hills outside Tehran because they couldn't afford to buy a wife, all the old guys bought them and locked them up. The boys parked with each other and practiced making out and who knows where they stopped. Haven't had an update since the Shah was overthrown, but I guess now stoning women to death for getting raped is justice. The religion of peace my ASS. I'll bet despite I'm-in-a-need-of-jihad's statements the boys are still porking each other, probably more than ever. FDR made a big mistake not bombing the he77 out of every NAZI collaborating muslim back during WW2. His list of mistakes is right up there with Carter, Klintoon, and now Zero.
What is this fixation of yours? This thread has nothing to do with what you address. Taxes...and you think like that. Shame on you, Gump.
What?! What the hell are you babbling about? These things don't happen!! Maybe just in those magazines you read. Get out into the world!!
So why do you bother soiling this site with your vacuous and inane commentary? ... yukon haha lots of laughing out loud
Hey idiot, The past, current, and future taxes are a result of both parties, moron. Two party shills like you are about to find you've outlived your usefullnes.
(sneakypete)DID Palin say or write these things or not? (Mad Dog's reply) I don't know or F ing care.
#2. To: Skip Intro (#1)
#3. To: war (#2)
Boy Blunder squanders a revenue surplus and turns it into a HUGE deficit and adds $4trillion to the debt.
#4. To: dont eat that (#3)
you are a fucking moron
#5. To: reaganisright (#4)
if brains were gunpowder they wouldn't equal a wet firecracker.
#6. To: Gump (#4)
(Edited)
These losers don't realize that tax revenues increase when the tax burden is cut, works every time it has been tried.
#7. To: Abu el Banat (#5)
#8. To: reaganisright (#7)
The boys parked with each other and practiced making out and who knows where they stopped.
#9. To: reaganisright (#7)
#10. To: dont eat that (#0)
Loser President Obama Will Raise Your Taxes, and That Means You
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