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View Full Version : Obama's Tax Plan Has Already Been Rejected by the Democrats



Conley
09-14-2011, 10:42 AM
The bulk of the additional tax revenue under Mr. Obama’s proposal would come from the wealthiest 1.5 percent of taxpayers — individuals with adjusted gross income over $200,000, families with more than $250,000 — who would face new limits on their itemized deductions for such things as charitable contributions and state and local taxes. The initiative is similar to one made by the president during the debt ceiling negotiations two months ago and rebuffed by Congressional Republicans.

In its new incarnation, however, the measure would raise an additional $80 billion in taxes over 10 years by restricting “above the line” deductions, which allow taxpayers to exclude items like foreign earnings and earnings from municipal bonds from their taxable income. The proposal would also require wealthy taxpayers to count some employer health benefits as income.

Other elements of the proposal would end tax breaks for hedge fund managers and other investment partnerships, for corporate jets and for oil companies.

Most of the measures have been pitched by the Obama administration in some form or other since 2009, yet none generated enough support to pass Congress — even when Democrats controlled both houses.

http://www.nytimes.com/2011/09/14/business/economy/white-house-offers-tax-plan-for-jobs-bill.html?_r=1&hpw

It's looking like there is nothing new in this bill...it doesn't have a prayer in its current state. I guess Obama's thinking is that he has to try something but if his own party won't accept it, who will? Also by limiting tax deductions on donations to charity, just who is he going to help with that ???

wingrider
09-14-2011, 10:46 AM
hmmmm.. lets see

80 billion over 10 years, that is 8 billion a year how about we just cut off the money to foriegn aid for a month. there is your 8 billion and nobody pays any more taxes than we already do

MMC
09-14-2011, 04:20 PM
hmmmm.. lets see

80 billion over 10 years, that is 8 billion a year how about we just cut off the money to foriegn aid for a month. there is your 8 billion and nobody pays any more taxes than we already do


Yes but more than a month. Stop all those NFP's overseas for 6 months and you can quadruple it all.

Pendragon
09-14-2011, 04:59 PM
hmmmm.. lets see

80 billion over 10 years, that is 8 billion a year how about we just cut off the money to foriegn aid for a month. there is your 8 billion and nobody pays any more taxes than we already do


I believe you may wish to double check your mathematical calculations.

MMC
09-14-2011, 05:10 PM
hmmmm.. lets see

80 billion over 10 years, that is 8 billion a year how about we just cut off the money to foriegn aid for a month. there is your 8 billion and nobody pays any more taxes than we already do


I believe you may wish to double check your mathematical calculations.


I don't need to double-check mine. You can put up any figures you want and they would still be quadrupled. That would be all NFP's for overseas Foreign Humanitarian Aid.

Juggernaut
09-14-2011, 07:20 PM
The bill doesn't look promising, dems want to milk the rich, the same rich they depend on to get reelected plus dem owned biz's are hurting under the strict regulation environment that taxes them and makes it harder to borrow money. Wallstreet is already romancing Rick Perry as the biz friendly candidate who gets it.

Dems are also having a shiz fit over Obama's continued call for entitlement cuts to medicare, welfare and so on. Obama has some centrist qualities but the far left think they own this country and Obama too. Many lefties sat out the 2010 elections, Obama has lost some union support, anti-war, enviro-fascists are deep crazed and now taxes. Keep it up BO O0