george68hemirr
I think you guys are full of shit.
How Obama Plans to Raise Taxes by $1.1 Trillion
A week ago, Obama’s administration leaked his plans to increase taxes on almost everyone. Later, when the full details were released, both parties were horrified at the plan — it was an incoherent mix of tax increases and budget changes that seemed almost crafted to infuriate everyone involved.
The end result was that almost every major opinion source has rejected the plan. Progressives downright threatened to primary any Democrat who even considered voting for it. Conservatives and libertarians alike have been outraged over the tax proposals.
Now we know how much in new taxes the plan could create… 1.1 trillion according to the Treasury Department. This massive tax hike during a broken economy is essentially economic suicide, but let’s look at each major part of the tax proposal specifically, courtesy of the Heritage Foundation.
•Capping Deductions and Exemptions. The deductions and exemptions hit everyone, from corporations to individuals to even cities and towns which rely on issuing bonds for financing purposes. Part of his plan is to cap how much you can deduct from charitable donations. This is disgusting, because it means it’ll severely cut non-profits and charities. Remember, his goal is to replace everything with the state.
•The “Buffett Rule”. We’ve talked about this in the past. The entire idea is based on bad economics, dishonesty by Buffett himself, and will destroy jobs — or stop them from being ever created in the first place.
•Indexing Tax Brackets to Chained CPI. This means that Obama would automatically consider you making more money than you will in the future, by pushing your tax bracket up over time. This is essentially an accounting gimmick used to keep taxes as high as possible for as long as possible. This is a tax hike on everyone.
•Increasing the Death Tax. There are only two certainties in life: death and taxes. Obama apparently wants this to be made extra certain, because he’s planning on increasing death taxes to 45%. That’s almost half, which means that the money children get from their parents’ estate would be taxed as income at first, and then taxed at death. The end result is that this destroys family estates, pushing people to need the state. This is always his goal.
•Capping Retirement Accounts. We’ve talked about this before. This is a tax on people who will have saved their entire lives to have a comfortable retirement. Remember, when your goal is to grow the state, then independence is the enemy. Statists need you dependent on them for your next meal — that means they have to push people down from the middle class. This is simply a basic strategy that’s been used since the dawn of politics.
•Cigarette Tax Hike. Obama’s budget includes an almost 100% increase in tobacco taxes. This means even the poor would be kicked in the mouth with his budget — and he was a smoker until just recently, if his claim to have given it up is true. While I’m not a cigarette smoker, I am a believer in government leaving people alone and am against all tax increases. Even non-smokers should be united against new tobacco tax hikes.
Increasing taxes is always a bad idea, but doing it during this economy? That’s not the plan of someone trying to fix the economy. That’s the plan of someone trying to “fundamentally change” the economic structure of the country in a manner that consolidates power for himself and his elitists friends. That’s the plan of someone who worships at the alter of government — and it’s a plan we should reject.
What’s horrifying is that most people just think the taxes are for “evil rich people”, because the media continually paints Obama as supporting everyone else.
A week ago, Obama’s administration leaked his plans to increase taxes on almost everyone. Later, when the full details were released, both parties were horrified at the plan — it was an incoherent mix of tax increases and budget changes that seemed almost crafted to infuriate everyone involved.
The end result was that almost every major opinion source has rejected the plan. Progressives downright threatened to primary any Democrat who even considered voting for it. Conservatives and libertarians alike have been outraged over the tax proposals.
Now we know how much in new taxes the plan could create… 1.1 trillion according to the Treasury Department. This massive tax hike during a broken economy is essentially economic suicide, but let’s look at each major part of the tax proposal specifically, courtesy of the Heritage Foundation.
•Capping Deductions and Exemptions. The deductions and exemptions hit everyone, from corporations to individuals to even cities and towns which rely on issuing bonds for financing purposes. Part of his plan is to cap how much you can deduct from charitable donations. This is disgusting, because it means it’ll severely cut non-profits and charities. Remember, his goal is to replace everything with the state.
•The “Buffett Rule”. We’ve talked about this in the past. The entire idea is based on bad economics, dishonesty by Buffett himself, and will destroy jobs — or stop them from being ever created in the first place.
•Indexing Tax Brackets to Chained CPI. This means that Obama would automatically consider you making more money than you will in the future, by pushing your tax bracket up over time. This is essentially an accounting gimmick used to keep taxes as high as possible for as long as possible. This is a tax hike on everyone.
•Increasing the Death Tax. There are only two certainties in life: death and taxes. Obama apparently wants this to be made extra certain, because he’s planning on increasing death taxes to 45%. That’s almost half, which means that the money children get from their parents’ estate would be taxed as income at first, and then taxed at death. The end result is that this destroys family estates, pushing people to need the state. This is always his goal.
•Capping Retirement Accounts. We’ve talked about this before. This is a tax on people who will have saved their entire lives to have a comfortable retirement. Remember, when your goal is to grow the state, then independence is the enemy. Statists need you dependent on them for your next meal — that means they have to push people down from the middle class. This is simply a basic strategy that’s been used since the dawn of politics.
•Cigarette Tax Hike. Obama’s budget includes an almost 100% increase in tobacco taxes. This means even the poor would be kicked in the mouth with his budget — and he was a smoker until just recently, if his claim to have given it up is true. While I’m not a cigarette smoker, I am a believer in government leaving people alone and am against all tax increases. Even non-smokers should be united against new tobacco tax hikes.
Increasing taxes is always a bad idea, but doing it during this economy? That’s not the plan of someone trying to fix the economy. That’s the plan of someone trying to “fundamentally change” the economic structure of the country in a manner that consolidates power for himself and his elitists friends. That’s the plan of someone who worships at the alter of government — and it’s a plan we should reject.
What’s horrifying is that most people just think the taxes are for “evil rich people”, because the media continually paints Obama as supporting everyone else.
