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Thread: But wait, there's more!
02-26-09, 04:25 PM #1
But wait, there's more!
If this isn't a recipe for financial disaster, I don't know what is. We gotta get him and the Demokrats out before this happens.
Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011
February 26, 2009 12:00 PM
President Obama's budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.
1) On people making more than $250,000.
$338 billion - Bush tax cuts expire
$179 billlion - eliminate itemized deduction
$118 billion - capital gains tax hike
Total: $636 billion/10 years
$17 billion - Reinstate Superfund taxes
$24 billion - tax carried-interest as income
$5 billion - codify "economic substance doctrine"
$61 billion - repeal LIFO
$210 billion - international enforcement, reform deferral, other tax reform
$4 billion - information reporting for rental payments
$5.3 billion - excise tax on Gulf of Mexico oil and gas
$3.4 billion - repeal expensing of tangible drilling costs
$62 million - repeal deduction for tertiary injectants
$49 million - repeal passive loss exception for working interests in oil and natural gas properties
$13 billion - repeal manufacturing tax deduction for oil and natural gas companies
$1 billion - increase to 7 years geological and geophysical amortization period for independent producers
$882 million - eliminate advanced earned income tax credit
Total: $353 billion/10 years
Political Punch: Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011
02-26-09, 04:57 PM #2
"The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money."
- Alexis de Tocqueville, Democracy in America
Tell me not, Sweet, I am unkind,
That from the nunnery
Of thy chaste breast and quiet mind
To war and arms I fly. - Lovelace
The opinions expressed by this poster are wholly his own, and should never be construed to even remotely be in representation of his employer, its agencies or assigns. In fact, they probably fail to be in alignment with the opinions of any rational human being.
02-26-09, 05:07 PM #3
I'm serious, Guys, this is scary. I watched LBJ do this same stuff, raising taxes for his "Great Society" in the 60's and it set off a chain of events that ended up in horrible inflation. I remember being thrilled at being able to get a home loan at 9%, most of it was 2 digits. This hits the very people who make our economy viable. If they can't invest, nothing gets done and no jobs get created. Democrats have never figured this out. I hope Americans figure this out before it happens.
My wife told me she wants to retire due to a bunch shit going on with the state where she works. I'm scrambling to refinance our home loan before the interest rates start up.
02-26-09, 05:39 PM #4
The thing is, even in that article they don't tell you the truth.
If the Bush tax cuts expire, my family will pay $1800 more in taxes, and we do not make 250K.
This is scarier than even the media is going to report.I'm your huckleberry...
Quemadmoeum gladis nemeinum occidit, occidentus telum est!
You can be the weapon, and the gun in your hand is a tool - or the gun is a weapon and you are the tool.
I was looking for a saint who was a devil of a lover,
but every girl I found was either one way or the other...
02-26-09, 05:52 PM #5Chief Wheaties PisserVerified LEO
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Several friends who are accountants, financial planners and money types are genuinly disturbed by this package. As one planner told me, "Maybe that Russian dude will be right!", meaning the breakdown of these united States.
We are already seeing some deflation which will, into the course of one to two years, lead us into some significant inflation. Even my ever loving liberal and Democrat voting wife admitted that we are at the top end of a depression and will likely wind up much lower (she an accountant, finance director and a former IG team member for the FDIC).
02-26-09, 08:08 PM #6
I'm no money guy and a lot of people know more about economics than I do. But I am a history buff and unfortunately have lived through a lot of it. And the adage that history repeats itself is so true.
The far left had the reins of government from 1964 to 1980. Even Nixon rubber stamped every domestic spending bill Congress handed to him, he was only interested in foreign policy. Ford tried to rein them in a little, but didn't have much luck. Carter took us right over the cliff, only Reagan saved us.
Obama and Congress are chomping at the bit to do the same dumb things. I've pretty much written off all my stock market holdings. They went down nearly 50% and I have little faith they will recover enough to do my much good. And most of that money came from a lot of years of hard, long overtime I earned. Guess I should have done like some of my peers and blown it on toys.......
Our only hope is the economy tanks enough in the next few years that voters will get him, Pelosi and Reed out before they make the damage irreparable.
02-27-09, 05:08 AM #7
As I said before we are now in the era of Tax and spend government."An Unarmed man can only flee from evil, and evil is not overcome by fleeing from it." Jeff Cooper
Some people are meant to be the police......Some people are meant to call the police!!!
"Socialism only works in two places: Heaven where they don't need it and hell where they already have it."
" I believe that forgiving them (Terrorist) is God's function. OUR job is to arrange the meeting."
General Norman Schwartzkopf
Not all Muslims are Terrorists, but all Terrorists are Muslim.
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02-27-09, 05:21 AM #8
So they gonna tax on investment interet???Big WhoopI was just informed by my bank that the interet on my CD went from 3.9,down to 1.2May as well invest it in First National MattressSubstantial Penalty for early withdrawal???Oh yeah,whats that gonna be 75 cents??
02-27-09, 12:32 PM #9THE five-ohVerified LEO
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We're screwed. Frankly, I'm just praying that at the end of all of this, me and the wife will be able to come out with at least a job and able to buy the basics for life.
02-27-09, 01:34 PM #10
God help us.Do not war for peace. If you must war, war for justice. For without justice there is no peace. -me
We are who we choose to be.
R.I.P. Arielle. 08/20/2010-09/16/2012
02-27-09, 02:50 PM #11
Reagen was able to help the econemy by cutting taxes(captial gains tax was 70% at the time) and decreasing government spending. Obama's idea of helping the economy increase government spending and raise taxes. The new deal didn't work in the 30's and it wont work now. The new president has been in office less than 2 mths and so far he has spent $1,000,000,000,000 and the dow has droped way over 1000pts.Romans 13:4
For he is God's servant to do you good. But if you do wrong, be afraid, for he does not bear the sword for nothing. He is God's servant, an agent of wrath to bring punishment on the wrongdoer.
02-27-09, 03:05 PM #12
He doesn't really address what effect the expiration of the Bush tax cuts will be exactly.
That tells me that he is a Bill Clinton type of liar - Not telling the whole truth (or misleading people, whichever you prefer) is still a lie, even though it may technically be correct.
The fact is that they present "letting tax cuts expire" to be vastly different than a tax hike by the same amount. I hope people aren't dumb enough to think there's a difference.
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