Six Things You Should Know About Obama’s ‘Spend and Tax’ Budget

[Revmitchell]

According to analyses of the budget undertaken by different public policy organizations:

No. 1: The Obama budget raises the top income tax bracket to 39.6 percent from 35 percent and takes the 33 percent bracket to 36 percent.

No. 2: These new rates will depress economic activity even further, producing less revenue than the budget writers expect it to. Supporters of the increased rates claim the new rates only hurt the rich.

No. 3: The budget also presumes the death tax will — after it reaches zero in 2010 — go back on the books at a top rate of 45 percent and a $3.5 million exemption because Congress failed to make its elimination permanent.

No. 4: The double-taxation of international corporate profits will be made even worse

No. 5: The Obama budget raises the capital gains and dividends tax for upper-income earners from 15 percent to 20 percent.

No. 6: The Obama budget also contemplates a “cap and trade” system ..... And every American family will have to pay these new taxes, as well as the other increased taxes on energy contained within the budget.

.............Regardless of what was promised or claimed during the presidential campaign it is now clear that Obama meant what he said when he promised to “spread the wealth around.”

More Here

 

[LeBuick]

No. 2: These new rates will depress economic activity even further, producing less revenue than the budget writers expect it to. Supporters of the increased rates claim the new rates only hurt the rich.

Can you explain how the new rates will depress economic activity even further?

No. 4: The double-taxation of international corporate profits will be made even worse

This one seems false, they are currently not paying any tax on international profits. Bush eliminated it. So it won't be doubling it, it will be adding it.

No. 5: The Obama budget raises the capital gains and dividends tax for upper-income earners from 15 percent to 20 percent.

What problem with this cause? You think they'll stop investing because of the tax hike?

No. 6: The Obama budget also contemplates a “cap and trade” system ..... And every American family will have to pay these new taxes, as well as the other increased taxes on energy contained within the budget.

The idea is to move us off of polluting energy and move us to green. The government is providing money for the change. If your energy company has you paying higher rates because they don't switch to green energy then it is them who is charging you more and not Obama.

 

[Revmitchell]

Can you explain how the new rates will depress economic activity even further?



This one seems false, they are currently not paying any tax on international profits. Bush eliminated it. So it won't be doubling it, it will be adding it.



What problem with this cause? You think they'll stop investing because of the tax hike?



The idea is to move us off of polluting energy and move us to green. The government is providing money for the change. If your energy company has you paying higher rates because they don't switch to green energy then it is them who is charging you more and not Obama.

Read the article.

 

[BigBossman]

I have heard of the death tax, but am not familiar with how that works. Does that mean if a family member of mine dies, that in addition to paying for funeral & burial expenses that I also have to pay a tax on top of that? Or is the death tax included in the cost of a funeral & burial? If this is the case, how much does this tax normally run?

 

[Revmitchell]

I have heard of the death tax, but am not familiar with how that works. Does that mean if a family member of mine dies, that in addition to paying for funeral & burial expenses that I also have to pay a tax on top of that? Or is the death tax included in the cost of a funeral & burial? If this is the case, how much does this tax normally run?

http://www.policyandtaxationgroup.com/

 

[matt wade]

The idea is to move us off of polluting energy and move us to green. The government is providing money for the change. If your energy company has you paying higher rates because they don't switch to green energy then it is them who is charging you more and not Obama.

The government does not have money! That's the problem with people's thinking today. If "the government" is going to provide money that means that the American people will provide money through taxes.

 

[just-want-peace]

The government does not have money! That's the problem with people's thinking today. If "the government" is going to provide money that means that the American people will provide money through taxes.

Emphasis mine

But to those who are on the "delivery" end of the government teat, this fact is moot! It's a one-way deal for these folks - they also vote & explains the reason D's are getting more & more power.

But there are also enough of those who just plain can't grasp the fact that to pay these previous clientele sucking the teat, those of us who do work must ante up the where-with to pay!

Obviously the national fog is getting denser as the Dept. of Ed. & liberalism increases in influence; as is becoming more & more obvious.