Obama seeks to increase tax collections, mainly by making good on his promise to eliminate some of the temporary tax cuts enacted in 2001 and 2003. While the budget would keep the breaks that benefit middle-income families, it would eliminate them for wealthy taxpayers, defined as families earning more than $250,000 a year. Those tax breaks would be permitted to expire on schedule in 2011. That means the top tax rate would rise from 35 percent to 39.6 percent, the tax on capital gains would jump to 20 percent from 15 percent for wealthy filers and the tax on estates worth more than $3.5 million would be maintained at the current rate of 45 percent.
Obama also proposes “a fairly aggressive effort on tax enforcement” that would target corporate loopholes, the official said. And Obama’s budget seeks to tax the earnings of hedge fund managers as normal income rather than at the lower 15 percent capital gains rate.
Overall, tax collections under the plan would rise from about 16 percent of the economy this year to 19 percent in 2013, while federal spending would drop from about 26 percent of the economy, another post-World War II high, to 22 percent. Read More
Obama is misleading the American people again! He should have cut spending before he spent $800 billion of our tax money. He has now gave billions to the rich and to companies and now raising taxes on those same failing companies…where does that make sense at all, are we sure that he has enough learning to run this country?
Do you agree its time for the TEA PARTY?
Obama to Announce Cap & Trade Policy This Week… Will Cost US 4 Million Jobs
Obama will also announce the implementation of an expensive cap and trade energy policy this week to battle pretend global warming.
The plan could cost the US over a trillion dollars.
Is it any wonder that the stock market just had its worst January since 1896?
Is is any wonder Wall Street gave Obama a Big Fat “F” for his first month in office?
Is it any wonder the stock market is off nearly 10% from the day before the inauguration?
…Welcome to the age of hope and change.
No, I’m not kidding:
I’m pretty sure raising taxes is generally accepted as a great way to jump-start an ailing economy.
In his weekly radio and Internet address today, Obama expressed determination to “get exploding deficits under control” and described his budget request as “sober in its assessments, honest in its accounting, and lays out in detail my strategy for investing in what we need, cutting what we don’t, and restoring fiscal discipline.”
Hey, I know a good way to do that. A trillion-dollar stimulus package packed to the gills with pork spending!