No Surprise - Obama Wants To Raise Taxes

Obama Unveils Deficit Plan Containing $1.5 Trillion in Tax Hikes
Fox News - WASHINGTON – President Obama, drawing immediate condemnation from congressional Republicans, unveiled a new deficit reduction plan Monday anchored by $1.5 trillion in new taxes, including an end to Bush-era rates for upper income earners making $250,000 or more and additional taxes on millionaires.

Keying in on a populist message that millionaires and billionaires should pay more in taxes than their secretaries, the president announced a plan in the Rose Garden that includes more than $2 trillion total in entitlement cuts and tax increases over the next decade.

Together with spending cuts enacted last month and projected savings from interest payments, the savings in the president's plan total more than $3 trillion. The Obama administration is also adding on another $1 trillion in savings over 10 years from winding down the wars in Iraq and Afghanistan, though that kind of accounting has been dismissed in past debates as a gimmick.

The $4 trillion effort is tied to his American Jobs Act, aimed at putting nearly 14 million unemployed back to work. Critics have stated that targeting job creators -- the top 1 percent pays 38 percent of the tax burden, according to 2008 estimates -- won't help the jobless find employment.

House Speaker John Boehner last week warned that tax hikes should be off the table as a newly formed bipartisan committee meets to extract long-term deficit savings. - Continue reading...

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Blog author's comments - Obama's jobs bill will not produce new jobs or help grow the economy. Now he plays the class warfare game with his deficit reduction plan. Does he believe this will save him in 2012?

When he announced the plan for his jobs bill he repeatedly said it must be passed right away. The Democrat controlled Senate does not have it on their calendar until some time in October. I don't believe they want any part of it either.

He told everyone he wanted to raise taxes while he was campaigning in 2008. This is the reason businesses pulled back and unemployment started to rise. But he and his regime continued to blame Bush for the problems they created during his first two years in office when the Democrats also controlled the House.

My hope is that enough voters now understand that he has been a dreadful mistake for our country and will remove him in 2012. Whatever he attempts to do now will not help the economy. Most businesses will continue to sit on their money and wait for the outcome of the 2012 election.

For the private sector to grow and private sector jobs to be created and Obama's tax plan to happen at the same time, is not possible.

In 2009: Obama in Elkhart, IN: "The last thing you want to do is raise taxes in the middle of a recession because it would take more demand out of the economy"


HT: GWP

The Biggest Tax Increase In US History!

The Bush Tax Cuts Are Gone In January.

See the following tax increases that the Obama Administration has in place, which will affect all of us.

Are you ready for the biggest tax increase in US history? Ready or not, it’s coming unless Congress acts before the end of the year. That’s because the 2001 and 2003 Bush tax cuts will expire on December 31st, 2010. That means that everyone's taxes will go up...right in the middle of a recession!

Personal income tax rates will go up!

-35% goes to 39.6%

- 33% goes to 36%

- 28% goes to 31%

- 25% goes to 28%

- And 10% goes to 15%

- The “marriage tax” penalty comes back

- Capital gains taxes go up from 15% to 20%

- Dividend taxes go up from 15% to 39.6%

- And the “death tax” goes from 0% up to a top rate of 55%!

It will be the largest tax hike in American history! And it’s set to happen AUTOMATICALLY under current law – unless Congress acts!

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Obama, August 2009...you don't raise taxes in a recession. "We have not proposed a tax hike for the wealthy that would take effect in the middle of a recession...the last thing you want to do is raise taxes in the middle of a recession because that would suck up, and take more demand out of the economy and put businesses in a further hole."

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Blog author's comments - Not much for me to add. You see what the Obama Administration already has in place which will automatically kick in this January.

You can also listen to the president talk about taxes. Obama told us he would not raise taxes for the middle class, he has also said he would not raise taxes on the wealthy during a recession.

The above data proves otherwise. What he has in place will affect us all. The man lied, that should not surprise anyone.

h/t: conservative outpost
Cartoon by Michael Ramirez

Tax Hikes And The 2011 Collapse

The Wall Street Journal
Today's corporate profits reflect an income shift into 2010. These profits will tumble next year, preceded most likely by the stock market.

By ARTHUR LAFFER
People can change the volume, the location and the composition of their income, and they can do so in response to changes in government policies.

It shouldn't surprise anyone that the nine states without an income tax are growing far faster and attracting more people than are the nine states with the highest income tax rates. People and businesses change the location of income based on incentives.

John Fund of WSJ's Political Diary breaks down Tuesday's most interesting primary contests. Also, WSJ Columnist Mary Anastasia O'Grady translates the latest economic signals from Washington.

Likewise, who is gobsmacked when they are told that the two wealthiest Americans—Bill Gates and Warren Buffett—hold the bulk of their wealth in the nontaxed form of unrealized capital gains?

The composition of wealth also responds to incentives. And it's also simple enough for most people to understand that if the government taxes people who work and pays people not to work, fewer people will work. Incentives matter . . . Read More.

Skip aka Kirby - Thanks to President Barack Obama and his fellow Democrats in office, there will be many new tax increases for everyone in 2011.

The "community organizer from Chicago", while campaigning and wooing the votes of those who did not 'educate' themselves as to whom and what they were actually voting for, lied to you. In 2011 you will see that "Hope and Change" for what it really is.

The 'drive-by' media who are on the side of the leftists, told you every day, what a great president Obama would be. Well they also lied. Now we will all literally pay the price.

Let's hope by now, that many of the Obama voters have seen the light and who BO really is and what he wants to do, so we can attempt to stop some of the trashing of our country.

By voting for the right Senators and Congress members in the election this November is our only chance. If we don't stop some of this wreckage in November, we the taxpayers are in serious trouble.

"On or about Jan. 1, 2011, federal, state and local tax rates are scheduled to rise quite sharply. President George W. Bush's tax cuts expire on that date, meaning that the highest federal personal income tax rate will go to 39.6% from 35%, the highest federal dividend tax rate pops up to 39.6% from 15%, the capital gains tax rate to 20% from 15%, and the estate tax rate to 55% from zero."

"Lots and lots of other changes will also occur as a result of the sunset provision in the Bush tax cuts." "The result will be a crash in tax receipts once the surge is past. If you thought deficits and unemployment have been bad lately, you ain't seen nothing yet."

At this point in time I don't even want to guess what other surprises Obama has in store for us. This was the man who told us no more tax increases for the middle class.

He also said he was going to tax big business. What happened even before the election? Many companies began to downsize, which is a large reason for the current unemployment rate. Yet Obama and his leftists are still blaming George W. Bush for our economic condition.