Obamanomics= spend,spend,spend= tax,tax,tax

Obamanomics= spend,spend,spend= tax,tax,tax


Higher Taxes Coming, Just Like Obama Promised

Posted May 12, 2009 04:36pm EDT by Aaron Task in Newsmakers, Recession

Related: ^DJI, ^GSPC, SPY, DIA, TLT, TBT, UUP

People always complain when politicians break their campaign promises.
But "this White House feels strongly on the need to keep the promises
and deliver" on campaign pledges, says Mike Allen, chief White House
correspondent of Politico.com.

Of course, Barack Obama's campaign featured numerous pledges to raise
taxes. As Allen and I discuss in the accompanying video, tax hikes and
fear of more to come have taken center stage this week for a number of
reasons of both immediate and long-term concern:

Fears about a financial system meltdown have subsided (for now).

The CBO upped its estimate for the government's deficit to $1.84
trillion for fiscal 2009 vs. a February projection of $1.75 trillion.
For fiscal 2010, the deficit is now estimated at $1.26 trillion, up
from $1.17 trillion.

Obama asked for $59 billion in additional taxes to pay for his health
care program. The new proposals "are in addition to more than $1
trillion in tax increases over the next decade the president wants to
impose beginning in 2011," Bloomberg reports.

The trustees who oversee Social Security predict the fund will be
effectively wiped out by 2037 and that benefits paid will outweigh tax
revenues brought in by the system by 2016.

The "green book" report showed the new 36% top tax rate would hit
couples with about $235,000 of taxable income, or income after
deductions and exemptions; not the $250,000 level Obama has long
cited.

In addition, Obama stepped up efforts to close offshore tax loopholes,
a highly contentious area where businesses are pushing back hard.
Allen believes the president might be stymied on that front but won't
be deterred from his broader agenda: "The president is willing to
propose a lot, hoping he gets a little," Allen says"

Selected responses from readers:

pthlsstrvld - Tuesday May 12, 2009 04:46PM EDT
Higher Taxes, Higher Unemployment, Higher Inflation with little growth
what great change the voters are getting.

report abuseunrepresented_american - Tuesday May 12, 2009 04:47PM EDT

Taxes are sure to start out at 250k incomes, but we got plenty of
years for that to be voted down to 200k then 150k and then
100k.....get ready, this will be the decade of taxes......Uncle Sam is
grinning hard and has his hands out!

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Higher Taxes Coming, Just Like Obama Promised

Posted May 12, 2009 04:36pm EDT by Aaron Task in Newsmakers, Recession

Related: ^DJI, ^GSPC, SPY, DIA, TLT, TBT, UUP

“People always complain when politicians break their campaign
promises. But "this White House feels strongly on the need to keep the
promises and deliver" on campaign pledges, says Mike Allen, chief
White House correspondent of Politico.com.

Of course, Barack Obama's campaign featured numerous pledges to raise
taxes. As Allen and I discuss in the accompanying video, tax hikes and
fear of more to come have taken center stage this week for a number of
reasons of both immediate and long-term concern:


Fears about a financial system meltdown have subsided (for now).

The CBO upped its estimate for the government's deficit to $1.84
trillion for fiscal 2009 vs. a February projection of $1.75 trillion.
For fiscal 2010, the deficit is now estimated at $1.26 trillion, up
from $1.17 trillion.

Obama asked for $59 billion in additional taxes to pay for his health
care program. The new proposals "are in addition to more than $1
trillion in tax increases over the next decade the president wants to
impose beginning in 2011," Bloomberg reports.

The trustees who oversee Social Security predict the fund will be
effectively wiped out by 2037 and that benefits paid will outweigh tax
revenues brought in by the system by 2016.

The "green book" report showed the new 36% top tax rate would hit
couples with about $235,000 of taxable income, or income after
deductions and exemptions; not the $250,000 level Obama has long
cited.

In addition, Obama stepped up efforts to close offshore tax loopholes,
a highly contentious area where businesses are pushing back hard.
Allen believes the president might be stymied on that front but won't
be deterred from his broader agenda: "The president is willing to
propose a lot, hoping he gets a little,"


364 Comments

Showing comments 1 - 20 of 364Next

pthlsstrvld - Tuesday May 12, 2009 04:46PM EDT
Higher Taxes, Higher Unemployment, Higher Inflation with little growth
what great change the voters are getting.

report abuseunrepresented_american - Tuesday May 12, 2009 04:47PM EDT
Taxes are sure to start out at 250k incomes, but we got plenty of
years for that to be voted down to 200k then 150k and then
100k.....get ready, this will be the decade of taxes......Uncle Sam is
grinning hard and has his hands out!

report abusepthlsstrvld - Tuesday May 12, 2009 04:48PM EDT
Obama is trying to kill the American dream

report abuseBeavis - Tuesday May 12, 2009 04:49PM EDT
We will all be on welfare and food stamps soon thanks to King Obama
the Messiah. I guess thats job security for me since I work for the
food stamp office.

report abuseKeith S - Tuesday May 12, 2009 04:51PM EDT
Who is John Galt? Obama = Looter.

report abuseunrepresented_american - Tuesday May 12, 2009 04:51PM EDT
This administration doesn't talk in billions, it's always trillions
now......and guess what, it's always Bush's fault!! HAHAH right???....

report abuseEric F - Tuesday May 12, 2009 04:52PM EDT
So multinational corporations make a pile of money and hide it
overseas to dodge their taxes. Gee, can't see why that doesn't have
popular support.

report abuseYahoo! Finance User - Tuesday May 12, 2009 04:53PM EDT
Our government is intent on rewarding failure. I'm putting my family
first and buying only groceries and other necessities. Listen up
business owners, blame the government when you fail.

report abuseYahoo! Finance User - Tuesday May 12, 2009 04:54PM EDT
I want my stimulus check so I can just throw it back into taxes along
with thousands more for property taxes,etc & on & on.I think I might
afford a dollar meal from McDonalds.Guess it b a dollar worth of
fries.

report abuseGray - Tuesday May 12, 2009 04:55PM EDT
Don't blame me, I voted for McCain. You fools that voted for Obama are
going to get a real eye-opener. You think taxes on people making over
250K is going to solve this issue. You think that Obama with an open
checkbook won't ruin the future of this nation. We are headed for
national bankruptcy or taxes like they were back in the from the 40's
through the 70's. That will result in higher taxes for everyone. You
watch it will happen and then you will regret allowing the democrats
to turn our great nation into a socialist nightmare.

report abuseYahoo! Finance User - Tuesday May 12, 2009 04:56PM EDT
Suprise Suprise - Obama is liar after all!

report abuseRobin - Tuesday May 12, 2009 04:56PM EDT
Typical Spend, Spend, Spend......Then Tax, Tax, Tax, DemoCrap!!

report abuseYahoo! Finance User - Tuesday May 12, 2009 04:57PM EDT
Obama the socialist at work... Aaron you seem so SHOCKED obama is
raising taxes???? lose your tingle up your leg yet??.. This goon obama
will not stop until America is socialist state. Michelle doesn't like
America .. she said she was NEVER proud of AMerica.. NEVER !!...
imagine that.... tax tax and more tax... ONLY 60 billion, that sound
so small eh obama lovers???? it's not $250K threshold anymore? oops...
LMAO

report abuseTom S - Tuesday May 12, 2009 04:59PM EDT
To many sheep who drank the cool aid of hope and change.

report abusekriskaup5 - Tuesday May 12, 2009 05:00PM EDT
So the poor keep begging and this time they get it? Sweet I do not
even know why I am going to college if my money is just going to get
taken..

report abusewm333 - Tuesday May 12, 2009 05:01PM EDT
The percentage of Americans earning over $250 k is so small. It kills
me that people earning $50k a year complain about their tax rates when
they are hardly paying any taxes.

report abuseJim - Tuesday May 12, 2009 05:01PM EDT
He also promised during one of the debates that people making under
( $100,000 was it, don't recall the EXACT # with 100% accuracy ) would
not see ANY increase in taxes. A promise he already broke by raising
the taxes on cigarrettes. A promise hes sure to break many more times
I'm certain......

.

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