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Obama to raise taxes on the rich

Discussion in 'Political Discussion' started by Patters, Feb 21, 2009.

  1. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Obama to Unveil an Ambitious Budget Plan

    President Obama is putting the finishing touches on an ambitious first budget that seeks to cut the federal deficit in half over the next four years, primarily by raising taxes on business and the wealthy and by slashing spending on the wars in Iraq and Afghanistan, administration officials said.

    ...

    Obama also seeks to increase tax collections, primarily by making good on his promise to eliminate the temporary tax cuts enacted in 2001 and 2003 for wealthy taxpayers, whom Obama defined during the campaign as those earning more than $250,000 a year. Those tax breaks would be permitted to expire on schedule for the 2011 tax year, when the top tax rate would rise from 35 percent to more than 39 percent.

    Obama also proposes to maintain the tax on estates worth more than $3.5 million, instead of letting it expire next year. And he proposes "a fairly aggressive effort on tax enforcement" that would target tax havens and corporate loopholes, among other provisions, the official said.
     
  2. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Raising taxes on business during a recession is risky at best. I won't be hit by the "wealthy" tax but I still don't like it being defined at $250K and I'm still not sure it won't end up being lower than that. But even at $250K, I don't consider that "wealthy". I'd be much more comfortable with that being $1M.
     
  3. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    I am glad that he plans to try to address the deficit. I think he should make the tax more progressive, and have a top rate of closer to 50%, while people earning $250k might pay only an additional percent more. That said, in general, after reading about what Paul Volcker said, I am putting a lot of trust in the economic braintrust that's advising Obama. There is probably no sure fix to the current crisis, but aggressively attacking it with the stimulus while signaling longer-term economic reform is probably the right message to send to the market.
     
  4. Stokes

    Stokes In the Starting Line-Up

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    Yikes, a tax hike on business in a recession seems a bad idea to me, and I hope they're not counting on being able to reduce spending on Afghanistan, if anything that's going to suck up most of the money that is now being spent in Iraq. I like hearing about a plan that includes reducing deficits, but I think its somewhat pie-in-the-sky to assume increasing taxes right now are going to give you a jump in revenue to offset the new spending on things like healthcare. It will be very interesting to see the details when they come out though.
     
  5. PressCoverage

    PressCoverage Banned

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    Curious... how is it that the rich seem to be the only ones who benefitted from Iraq, but we all were ordered to pay for it?

    I'm so tired of listening to the RW parrot the mantra "it's unwise to raise taxes during a recession," when you consider 1) it'll be raised for the rich; and 2) their heroes in government and big business have bilked some $2 trillion out of the U.S. tax payer to fund their privatized police action abroad.

    This is the progressive administration's answer to the great wealth transfer of the 21st century. Unfortunately, it's all too little, too late.
     
  6. Stokes

    Stokes In the Starting Line-Up

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    Let's put aside any questions of who deserves to have their taxes raised for a moment and just ask the simple question; will the tax hike raise revenues over what they'd be with the lower rate? I say no, if the cuts during Bush's years didn't drop revenues then I have a hard time believing that a hike will raise them, especially at a time when we know revenues will be dropping already. I love talk of decreasing deficits and being fiscally responsible, but let's not forget that's the same thing W was saying about his budgets, and basing it all on rosy revenue forcasts that never came to pass. Details will be necessary, but I have a hard time understanding how Obama can increase spending at a time when revenues are decreasing and claim the deficit will still shrink. It all sounds too much like the same old song and dance we heard from the last administration.

    Also I'd argue every American benefits from ousting Saddam not just the rich but considering the thread topic and knowing how different we feel about that one maybe we should skip that particular dance!
     
  7. Real World

    Real World Moderator Staff Member

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    Wow, here comes the depression everyone was whispering about. This exemplifies my personal likeness for executive experience in presidents. When you haven't even run a lemonade stand, there is no way you could possibly understand how a business functions, nor how important it is to have a favorable environment for them to function in, during times like these. Chelsea just raised its commercial property taxes by about 17% from already bloated numbers. Businesses and owners in the are are now paying voer $2 per sq/ft, per year, per property, on average. That is absolutely astounding. How are bsuinesses supposed to hire people, and keep their costs down, when they are paying 20-30% of their rent rate, to the city? Gross. Details are always critical, but on the surface, this is a genuine recipe for disaster. We're headed for an Italian style economy, where there is minute growth, and ultra high inflation. Ouch.
     
    Last edited: Feb 21, 2009
  8. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #87 Jersey

    Obama can try to raise taxes on the wealthy and the wealthy will just find new ways of hiding their money in other countries. They will just open more sham foreign corporations that make little to no money.

    I much prefer and I hope he finds the time to make tax incentives for companies to do business in America. Tax incentives for people to invest in America. Close the tax loopholes that allow people to eat up their wealth with sham corporations.

    What Obama could easily do is to raise corporate taxes on companies manufacturing outside of the country while at the same time like I said above give tax incentives to those manufacturing in the country.

    I am not in favor of just raising taxes on the wealthy because that takes away from individual investment. With less individual investment will come ... and we are seeing it now ... more government investment.

    I am not crazy about the stimulus ... it is what it is. I am not crazy on raising the taxes on the wealthy. I would like to see the tax code altered ... so that like I said in another thread we have a smaller percentage of people who pay no taxes ... the truly needy as opposed to the truly lazy. Alter and fix the loopholes so we have more Americans and more people paying the bill for Uncle Sam.

    While Obama may be to the left during this crisis he will soon move back to the middle and hold Americans more accountable. Obama is a man who prospered with government assistance ... and he put it to good use. I think he will expect the same from many Americans soon ... especially the lazy ones who suck the system dry.
     

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