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  1. I was afraid this would happen. I don’t know how anyone could even think of raising taxes during a recession. They don’t seem to have any guts to stand up to Obama. I don’t want my taxes raised. I’d like to keep my money, thank you very much, and I don’t blame wealthy people who place their money in offshore tax havens so the government can’t waste it. Hell, I’d do if I was wealthy.

  2. While it hasn’t happened quite yet, it looks like the congressional Republicans are about to repeat the mistakes of Ronald Reagan and the elder George Bush, to give in on tax increases, now, in exchange for Democratic promises of spending cuts and entitlement reforms later.

    Not quite:

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    Amid the endless (and endlessly confusing) Beltway chatter about the deal that supposedly will keep the U.S. economy from gunning it over the fiscal cliff on New Year’s Day, one thing has already become crystal clear: The Republican strategy for protecting its plutocratic donor base from the party’s inevitable surrender on taxes.

    Basically, it consists in offering up the 20% as human shields to protect the 0.0001% from the rapacious revenue demands of the 47%.

    [...]

    Here’s the rub, though: Once the deprived tax benefits have been fully taken away — i.e., once our billionaire taxpayer has lost all his/her itemized deductions or has reached the point where all of his/her income is being taxed at the top rate (the current 35%, not the Clinton-era 39.6%), then it’s smooth sailing from that point on: Their effective top marginal rate reverts to 35% and stays there forever and ever, no matter how much more income they earn.

    This, of course, is on top of the fact that the really fat fat cats — i.e. the wealthiest 0.0001% I was talking about earlier — take most of their income in the form of dividends and capital gains, which are already taxed at a much lower top rate than ordinary work-a-day income. And I definitely haven’t heard the GOP Politburo say anything about heaving those tax breaks over the side. Andrew Mellon and J.D. Rockefeller would probably climb down from the pantheon of Republican deities and smite them dead if they tried.

    It doesn’t take too many math skills to recognize that when you count your income in the hundreds of millions (or billions), the tax hit from losing your itemized deductions doesn’t even rate up there with nicking yourself shaving in terms of the personal pain involved. But for an upper middle class taxpayer — or even an upper upper middle class taxpayer — with, say, a big mortgage, sky-high property taxes, a steep state and/or local income tax, and really large out-of-pocket medical bills, it will hurt.
    —-

    So what’s happening is that the Republicans are selling out the people who thought they were working for them in order to protect the people they really work for. They belong heart and soul to the top 500 or 1000 richest Americans – and the rest of you are just rubes and dupes.

  3. Thank you for your opinion, Dana. Rest assured we will take it with the full respect and trust you have shown you deserve.

  4. It doesn’t take too many math skills to recognize that when you count your income in the hundreds of millions (or billions), the tax hit from losing your itemized deductions doesn’t even rate up there with nicking yourself shaving in terms of the personal pain involved. But for an upper middle class taxpayer — or even an upper upper middle class taxpayer — with, say, a big mortgage, sky-high property taxes, a steep state and/or local income tax, and really large out-of-pocket medical bills, it will hurt.
    —-

    You moron. Obama wants to raise taxes on everyone over $250,000. That’s a LOT of NON-millionaires. That’s people who are TRYING to become rich, not those who are already rich.

    Of course, this whole ideology is from people who hate success. Who hate achievement. Who want to punish success and achievement. People driven by envy and resentment. Why should our government be run by such scum?

  5. The Phoenician wrote:

    Thank you for your opinion, Dana. Rest assured we will take it with the full respect and trust you have shown you deserve.

    Apparently you think it is worth something; you keep coming back here.

  6. 75 Percent of Obama’s Proposed Tax Hikes to Go Toward New Spending.

    According to the minority side of the Senate Budget Committee, $1.2 trillion of the proposed $1.6 trillion in tax hikes would go toward new spending, while only $400 billion would go toward deficit reduction.

    “The [president's] plan called for $1.6 trillion in new taxes, twice what the president asked for in the campaign. He asked for $800 billion during the campaign. Now he wants $1.6 trillion in new taxes,” said Senator Jeff Sessions, the ranking member on the Senate Budget Committee, last week on the floor.

    “Spending under that plan would increase $1 trillion above the levels agreed to in the Budget Control Act, as signed into law. We agreed to the Budget Control Act 16 months ago, in August 2011, and we raised the debt ceiling and agreed to reduce spending. We raised the debt ceiling $2.1 trillion and agreed to reduce spending $2.1 trillion. The President’s plan would take out over $1.1 trillion of those spending limitations that are in current law. I repeat, spending will increase more than $1 trillion above the already projected growth in spending,” Sessions added.

    “Our spending is growing. It is not decreasing. It is already projected to grow, but the President’s proposal is to have it grow even faster than the law currently calls for.”

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