Monday, February 14, 2011

Obama's New Budget - Uncovered: The 15 Tax Hikes Hidden in Obama's New Budget - The Blaze (2) Obama Unveils Surreal, Catastrophic New Budget - Hot Air

Over the last two years, the president has regularly touted his fight to lower taxes for Americans. In fact, his latest budget proposal offered up today is being billed as a package of tough cuts. But buried within the budget’s rhetoric and numerous pages are actually a healthy amount of increases — tax increases, that is 15 of them. The folks over at Business Insider note “the budget contains as much as $1.5 trillion in hikes over ten years,” thanks to some diligent sleuthing by the group Americans for Tax Reform. Here are the hidden increases: (1) Raising the top marginal income tax rate (at which a majority of small business profits face taxation) from 35% to 39.6%. This is a $709 billion/10 year tax hike (2) Raising the capital gains and dividends rate from 15% to 20% (3) Raising the death tax rate from 35% to 45% and lowering the death tax exemption amount from $5 million ($10 million for couples) to $3.5 million. This is a $98 billion/ten year tax hike.  (4) Capping the value of itemized deductions at the 28% bracket rate. This will effectively cut tax deductions for mortgage interest, charitable contributions, property taxes, state and local income or sales taxes, out-of-pocket medical expenses, and unreimbursed employee business expenses. A new means-tested phaseout of itemized deductions limits them even more. This is a $321 billion/ten year tax hike.  Read more........

Obama Unveils Surreal, Catastrophic New Budget - Hot Air - [Senators] have to lead, because this president is too weak, too cautious, too beholden to politics over policy to lead. In this budget, in his refusal to do anything concrete to tackle the looming entitlement debt, in his failure to address the generational injustice, in his blithe indifference to the increasing danger of default, he has betrayed those of us who took him to be a serious president prepared to put the good of the country before his short term political interests. Like his State of the Union, this budget is good short term politics but such a massive pile of fiscal bullshit it makes it perfectly clear that Obama is kicking this vital issue down the road. To all those under 30 who worked so hard to get this man elected, know this: he just screwed you over. He thinks you’re fools. Either the US will go into default because of Obama’s cowardice, or you will be paying far far more for far far less because this president has no courage when it counts. He let you down. On the critical issue of America’s fiscal crisis, he represents no hope and no change. Just the same old Washington politics he once promised to end.  Read more.......

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