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Car Forum / Toyota / Toyota Cars / February 2009

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{OT} Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs

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dbu' - 26 Feb 2009 20:05 GMT
Heh-heh-heh, that ain't gonna be enough.  Guess where the rest is coming
from you suckers, when there aren't going to be enough $250K wage
earners left to carry the load,   LOL

<http://blogs.abcnews.com/politicalpunch/2009/02/obamas-budget-a.html>

Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs,
Starting 2011
February 26, 2009 12:00 PM

Obama's budget proposes $989 billion in new taxes over the course of the
next 10 years, starting fiscal year 2011, most of which are tax
increases on individuals.
1) On people making more than $250,000.
$338 billion - Bush tax cuts expire
$179 billlion - eliminate itemized deduction
$118 billion - capital gains tax hike
Total: $636 billion/10 years

2) Businesses:
$17 billion - Reinstate Superfund taxes
$24 billion - tax carried-interest as income
$5 billion - codify "economic substance doctrine"
$61 billion - repeal LIFO
$210 billion - international enforcement, reform deferral, other tax
reform
$4 billion - information reporting for rental payments
$5.3 billion - excise tax on Gulf of Mexico oil and gas
$3.4 billion - repeal expensing of tangible drilling costs
$62 million - repeal deduction for tertiary injectants
$49 million - repeal passive loss exception for working interests in oil
and natural gas properties
$13 billion - repeal manufacturing tax deduction for oil and natural gas
companies
$1 billion - increase to 7 years geological and geophysical amortization
period for independent producers
$882 million - eliminate advanced earned income tax credit
Total: $353 billion/10 years
Signature


"It's deja vu all over again"
Yogi Berra

ACAR - 27 Feb 2009 00:19 GMT
> Heh-heh-heh, that ain't gonna be enough.  Guess where the rest is coming
> from you suckers, when there aren't going to be enough $250K wage
> earners left to carry the load,   LOL

The Feds may have to Nationalize banks and this fool is worried about
rich people having to pay a little more in taxes. Unbelievable.
Mike Hunter - 27 Feb 2009 00:26 GMT
5% is a little bit more?    The 'rich' already pay 60% of all the taxes and
the 'rich' pay at a higher rate to boot.    Do you think it would be 'fair'
for you to pay 5% more for everything you buy than the people that earn less
than you, as well?   Why is it 'fair' for the 'rich' to pay taxes at a
higher RATE than you?

On Feb 26, 3:05 pm, dbu' <nos...@nobama.com.invalid> wrote:
> Heh-heh-heh, that ain't gonna be enough. Guess where the rest is coming
> from you suckers, when there aren't going to be enough $250K wage
> earners left to carry the load, LOL

The Feds may have to Nationalize banks and this fool is worried about
rich people having to pay a little more in taxes. Unbelievable.
Jeff - 27 Feb 2009 00:43 GMT
> 5% is a little bit more?    The 'rich' already pay 60% of all the taxes and
> the 'rich' pay at a higher rate to boot.    Do you think it would be 'fair'
> for you to pay 5% more for everything you buy than the people that earn less
> than you, as well?   Why is it 'fair' for the 'rich' to pay taxes at a
> higher RATE than you?

The rich also have more.

And who does all the work, like pick up the trash? Not the rich.

IMHO, the rich should pay more because they have more to protect.

Jeff
B. Peg - 27 Feb 2009 01:46 GMT
> "Jeff" wrote:
>> On Feb 26, 7:26 pm, "Mike Hunter" wrote:
[quoted text clipped - 4 lines]
>> than you, as well? Why is it 'fair' for the 'rich' to pay taxes at a
>> higher RATE than you?

> The rich also have more.

They also have more to hide offshore; hence Swiss banks, Caymon Islands,
Nertherlands.

Better yet.  Pay no taxes at all and just become a politician.

Who keeps promoting this "Unfair to tax the rich" crap other than the dumb
rich who cannot to hide their money well enough.  If they really were
investing in jobs, it would be a tax deduction and they wouldn't need to pay
as much tax anyhow.  However, it seems they'd rather hoard, hide, and avoid.

B~
larry moe 'n curly - 27 Feb 2009 19:49 GMT
> 5% is a little bit more?    The 'rich' already pay 60% of all the taxes and
> the 'rich' pay at a higher rate to boot.

What percentage of the nation's personal wealth do those rich have?
dbu' - 27 Feb 2009 01:52 GMT
In article
<0d3b2a81-2671-408b-933d-77e36da8f4cd@t3g2000yqa.googlegroups.com>,

> > Heh-heh-heh, that ain't gonna be enough.  Guess where the rest is coming
> > from you suckers, when there aren't going to be enough $250K wage
> > earners left to carry the load,   LOL
>
> The Feds may have to Nationalize banks and this fool is worried about
> rich people having to pay a little more in taxes. Unbelievable.

A little more???  You too are in the dunce class.  Obama has added on to
the bank recovery a multitude of pet projects that only are for
gathering votes.  You need to go back to school.  

BTW, if you are under the $250K class of incommers, don't feel you are
free home, because you're not, klutz.
Signature


"It's deja vu all over again"
Yogi Berra

JoeSpareBedroom - 27 Feb 2009 14:34 GMT
> In article
> <0d3b2a81-2671-408b-933d-77e36da8f4cd@t3g2000yqa.googlegroups.com>,
[quoted text clipped - 12 lines]
> BTW, if you are under the $250K class of incommers, don't feel you are
> free home, because you're not, klutz.

WTF is an "incommer"???
dbu' - 27 Feb 2009 18:20 GMT
> > In article
> > <0d3b2a81-2671-408b-933d-77e36da8f4cd@t3g2000yqa.googlegroups.com>,
[quoted text clipped - 14 lines]
>
> WTF is an "incommer"???

You don't know what an incommer is??  You be a dumb a.s for sure.
Signature


"It's deja vu all over again"
Yogi Berra

JoeSpareBedroom - 27 Feb 2009 14:34 GMT
On Feb 26, 3:05 pm, dbu' <nos...@nobama.com.invalid> wrote:
> Heh-heh-heh, that ain't gonna be enough. Guess where the rest is coming
> from you suckers, when there aren't going to be enough $250K wage
> earners left to carry the load, LOL

The Feds may have to Nationalize banks and this fool is worried about
rich people having to pay a little more in taxes. Unbelievable.

================

There's more than one way to nationalize a bank.
larry moe 'n curly - 27 Feb 2009 19:39 GMT
> Heh-heh-heh, that ain't gonna be enough.  Guess where the rest is coming
> from you suckers, when there aren't going to be enough $250K wage
[quoted text clipped - 4 lines]
> Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs,
> Starting 2011

With zero inflation and zero growth, the federal government will cost
roughly $20T - $25T over ten yers, so $1T is 4-5% of that and is
probably necessary to clean up the GW Bush deficit mess.  Also
inflation has traditionally been around 2-3% a year, making it more
like $800B in real terms.

Something tells me that you didn't consider those factors but instead
are playing the old crank's game of demagoguery, either knowingly or
due to your ignorance.
dbu' - 27 Feb 2009 21:47 GMT
In article
<e3252ea8-f651-45dc-af7d-3cc6258b1dcb@k9g2000prh.googlegroups.com>,

> > Heh-heh-heh, that ain't gonna be enough.  Guess where the rest is coming
> > from you suckers, when there aren't going to be enough $250K wage
[quoted text clipped - 14 lines]
> are playing the old crank's game of demagoguery, either knowingly or
> due to your ignorance.

GWB didn't cause the  "deficit mess", the democrats in congress caused
the "deficit mess" and bubba clinton.  The Republicans will fix it after
the next election.
Signature


"It's deja vu all over again"
Yogi Berra

larry moe 'n curly - 28 Feb 2009 00:42 GMT
> In article
> <e3252ea8-f651-45dc-af7d-3cc6258b1dcb@k9g2000prh.googlegroups.com>,
[quoted text clipped - 20 lines]
> GWB didn't cause the  "deficit mess", the democrats in congress caused
> the "deficit mess" and bubba clinton.

That doesn't make sense because the deficit reduction plan was part of
Clinton's first budget, and zero Republicans voted for it, remember?
No, of course not because it's factual.  And because of that bill,
plus some clever sloganeering that appealed to the stupid, the
Republicans won back control of Congress in the following year.
You'll probably contend that the economy grew and the government ran
surpluses because the Repubicans held down the budget, and I don't
deny that, but the problem with that line of reasoning is that it
doesn't explain why the same Republican Congress tossed fiscal
constraint out the window once Clinton left office and GW Bush became
President.  To that you'll probably squawk, "9/11!", but that doesn't
make sense because Lyndon Johnson managed to avoid big deficits and
still pay down the debt/GDP during his presidency, even though the
expensive Vietnam war was going on, and a bunch of new social spending
was introduced.

The fact is, Clinton was a very good president in regards to economic
policy, while GW Bush has been one of the worst.  Of course that won't
stop crazy people like you (no offense, Charles -- you're still #1 in
that respect, by far) from blaming Clinton and Obama.

Here's what Clinton hater and Reagan and GW Bush administrations
Treasury Dept. official Bruce Bartlett wrote about Bill Clinton in
2004:

http://tinyurl.com/clvofl

--------------------------------------------

"...a president can be judged only by what actually happens on his
watch; not by what he thought or intended or by what he might have
done but wasn't able to.

"On this basis, conservatives should rethink the Clinton presidency.
At least on economic policy, there is much to praise and little to
criticize in terms of what was actually done (or not done) on his
watch.

"Bringing the federal budget into surplus is obviously an achievement.
After inheriting a deficit of 4.7 percent of gross domestic product in
1992, Mr. Clinton turned this into a surplus of 2.4 percent of G.D.P.
in 2000 -- a remarkable turnaround that can be appreciated by
realizing that this year's deficit, as large as it is, will reach only
4.2 percent of G.D.P., according to the Congressional Budget Office.

More important, from a conservative point of view, Mr. Clinton
achieved his surplus in large part by curtailing spending. Federal
spending fell to 18.4 percent of G.D.P. in 2000 from 22.2 percent in
1992. Although he raised taxes in 1993, he cut them in 1997. He even
reduced the capital gains tax -- something his predecessor, George H.
W. Bush, tried but failed to accomplish.

Although much of the budgetary savings came from lower defense
spending and reduced interest on the debt, entitlement spending also
fell to 10.6 percent of G.D.P. in 2000 from 11.5 percent in 1992. Mr.
Clinton signed welfare reform into law in 1996, the only time in
American history when an entitlement program was abolished. By
virtually all accounts, welfare reform has been a success.

Mr. Clinton was also steadfast in his support for free trade. It is
doubtful that anyone else could have persuaded Congress to approve the
North American Free Trade Agreement. On monetary policy, he
reappointed Alan Greenspan, a Republican, as chairman of the Federal
Reserve, thereby helping to bring inflation down to its lowest
sustained level in a generation.

By contrast, Mr. Clinton's Republican successor has caused the surplus
to evaporate, raised total federal spending by 1.6 percent of G.D.P.,
established a new entitlement program for prescription drugs and
adopted the most protectionist trade policy since Herbert Hoover.
While President Bush has done other things that conservatives view
more favorably, like cutting taxes, there is no getting around the
reality that Mr. Clinton was better in many respects.

The fact that Mr. Clinton accomplished conservative objectives against
his will in some cases, and in others only because a Republican
Congress prevented him from enacting more liberal reforms, is beside
the point. What matters is what actually was accomplished while Mr.
Clinton was in office. On that score, he did much that conservatives
should approve of."

------------------------------------------------

> The Republicans will fix it after the next election.

That'll be a repair that's worse than the damage, if the craftsmanship
of GW Bush is any indication. What are we Republicans going to do,
have Bobby Jindal dress up in a Deputy Barney Fife uniform?  Really,
don't you notice the resemblence?  He'd better not sniff or shake if
he doesn't want people to be reminded so much.
 
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