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Discussion Starter #1
President Obama released his budget this morning. Rather than focusing on Washington’s over-spending problem, the budget calls for higher taxes on families and small businesses to pay for even more government spending. Under the Obama budget, tax revenues will grow from 14.4% of GDP in 2011 to 20% of GDP in 2021. By comparison, the historical average is only 18% of GDP.

Tax hike lowlights include:

* Raising the top marginal income tax rate (at which a majority of small business profits face taxation) from 35% to 39.6%. This is a $709 billion/10 year tax hike
* Raising the capital gains and dividends rate from 15% to 20%
* Raising the death tax rate from 35% to 45% and lowering the death tax exemption amount from $5 million ($10 million for couples) to $3.5 million. This is a $98 billion/ten year tax hike
* Capping the value of itemized deductions at the 28% bracket rate. This will effectively cut tax deductions for mortgage interest, charitable contributions, property taxes, state and local income or sales taxes, out-of-pocket medical expenses, and unreimbursed employee business expenses. A new means-tested phaseout of itemized deductions limits them even more. This is a $321 billion/ten year tax hike
* New bank taxes totaling $33 billion over ten years
* New international corporate tax hikes totaling $129 billion over ten years
* New life insurance company taxes totaling $14 billion over ten years
* Massive new taxes on energy, including LIFO repeal, Superfund, domestic energy manufacturing, and many others totaling $120 billion over ten years
* Increasing unemployment payroll taxes by $15 billion over ten years
* Taxing management capital gains in an investment partnership (“carried interest”) as ordinary income. This is a tax hike of $15 billion over ten years
* A giveaway to the trial lawyers—not letting companies deduct the cost of punitive damages from a lawsuit settlement. This is a tax hike of $300 million over ten years
* Increasing tax penalties, information reporting, and IRS information sharing. This is a ten-year tax hike of $20 billion.

Add it all together, and this budget is a ten-year, $1.5 trillion tax hike over present law. That’s $1.5 trillion taken out of the economy and spent on government instead of being used to create jobs.

The “tax relief” in the budget is mostly just an extension of present law, and also some refundable credit outlay spending in the tax code. There is virtually no new tax relief relative to present law in the President’s budget.

Read more: http://www.atr.org/obamas-fy-budgetbr-taxes-more-a5844##ixzz1Dyej7aw5
 

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He would do away with Social Security and medicare and raise taxes on anyone making less than $1,000,000 and make anyone who does not own a gun pay an extra tax.

:devil:
I agree with the gun part. Everyone should be trained and prepared to defend themselves and their community.

I also think we should pay a bounty for capturing/killing an illegal, but with a stiff penalty for getting it wrong.
 

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Well, let's be real, here.

The 'untouchable' spending, according to most of Congress, is military/defense, Medicare, and SSI. That leaves something like $545 bil to trim the budget from. With a defecit of $1.xx tril, what options do we really have?

School us. How would you balance the budget?

http://finance.yahoo.com/news/The-Budget-Debate-Austerity-dg-3648203890.html?x=0
defunding OBamaCare will net $500 billion more per year, and most likely spur job growth which would put more tax money into the coffers.

The present plan has failed miserably. The turtle tunnels are all built and the unions got all the money to build them. The turtles are happy, but they still don't use the tunnels...idk, it seemd like a good idea at the time...for libtards.

So, now we just add another $1.5 T on top of the $1 T he just got from the pubs? And that will fix everything...ok, got it.
 

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Toast

Mr. Obama Sir I think we can honestly say that you've had your chance and opportunity in office but with decisions such as this and others damages more than it helps and in 2012 you maybe toast. :nuts::buhbye:
 

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Well, let's be real, here.

The 'untouchable' spending, according to most of Congress, is military/defense, Medicare, and SSI. That leaves something like $545 bil to trim the budget from. With a defecit of $1.xx tril, what options do we really have?

School us. How would you balance the budget?

http://finance.yahoo.com/news/The-Budget-Debate-Austerity-dg-3648203890.html?x=0
Aside from the obscene death tax, did you see all of the new taxes on businesses? Is this really going to help the economy? Is anyone stupid enough to believe this money will come out of the businesses pockets? ALL taxes are paid by consumers - they are passed along as price increases. Consequently everyone will have less money to spend, thereby crushing the economy even more. This is insanity. Yes, here is plan that can work. Cut spending to 2007 levels. Just 3 years ago, we got by on that. We should be able to do it again. That budget would make a giant cut in our deficit over 10 years. Would it be painless? No. Nothing will be. But cuts don't hurt the overall economy, business climate, and job creation ability nearly as much as trying to balance the budget with tax increases.
 

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dont forget his new and improved high-speed amtrack bullet lines....new amtrack even more in the red....
 

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dont forget his new and improved high-speed amtrack bullet lines....new amtrack even more in the red....
This high speed rail thing pisses me off. It's bad enough all the thugs we get from Chicago driving here. Last thing I want is high speed access for that crap.

It would be one thing if it was even close to breaking even, but it is not, never will be, and really accomplishes nothing but screwing the airline industry.
 

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defunding OBamaCare will net $500 billion more per year, and most likely spur job growth which would put more tax money into the coffers.
First part is patently untrue. The second part is poor conjecture that didn't do a damn thing in the Bush years.

We tried it for 8 years and went from a surplus to a massive defecit. Sure there were other factors involved, but plenty of poor choices along the way really screwed the working stiff.
 

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Discussion Starter #12
School us. How would you balance the budget?
Short of a revolution, the budget cannot be balanced. We have already went over the cliff, we are just waiting for the sudden stop.

He would do away with Social Security and medicare and raise taxes on anyone making less than $1,000,000 and make anyone who does not own a gun pay an extra tax.

:devil:
If being a moron was illegal, you would be on the lamb..

First part is patently untrue. The second part is poor conjecture that didn't do a damn thing in the Bush years.

We tried it for 8 years and went from a surplus to a massive defecit. Sure there were other factors involved, but plenty of poor choices along the way really screwed the working stiff.
So, Bush had some deficits, so it's ok for Barry to tripled them every year? :crazy: Now I see how a comedian got elected to represent you.. :laughing:
 

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This high speed rail thing pisses me off. It's bad enough all the thugs we get from Chicago driving here. Last thing I want is high speed access for that crap.

It would be one thing if it was even close to breaking even, but it is not, never will be, and really accomplishes nothing but screwing the airline industry.
Every king likes to build a castle so that future generations can see how great he was. It looks like our president wants his castle to be called ObamaTrak. There is no other reasonable explanation for this boondoggle.
 

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Every king likes to build a castle so that future generations can see how great he was. It looks like our president wants his castle to be called ObamaTrak. There is no other reasonable explanation for this boondoggle.
:agree:
I think instead of a castle, he wants a 'pyramid'.
 

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:agree:
I think instead of a castle, he wants a 'pyramid'.
I think you are on to something. That would make him a Pharaoh, which could explain why he is so lovey dovey to the Egyptian rioters.
 
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