Post by Maxf1ex on Sept 19, 2011 3:30:05 GMT -8
By JIM KUHNHENN, Associated Press
WASHINGTON — President Barack Obama's proposal to reduce long-term deficits with $1.5 trillion in new taxes is less an opening bid in a negotiation than it is an opening salvo in a struggle to draw sharp contrasts with congressional Republicans.
www.wral.com/business/story/10150234/
As always, more details would be nice. What little there is does have me a bit worried such as ... It combines the new taxes with $580 billion in cuts to mandatory benefit programs, including $248 billion from Medicare. ... theses were programs the American people were force to pay into. With a promise of return to the American people. And now he is cutting it?
The administration also counts savings of $1 trillion over 10 years from the withdrawal of troops from Iraq and Afghanistan. Can we leave? And is this really a savings? After all is it (the Wars and Peacekeeping we do world wide (( does this mean we are leaving the UN at last?)) in the budget every year? Or is this just the (mostly) funding for the Armed Services he plans to cut?
In a defiant note, administration officials made clear Sunday that Obama would veto any Medicare benefit cuts that aren't paired with tax increases on upper-income people. While I dislike the plan to cut programs the American people were force to pay into with a promise of return from the government, I do not see where any cuts should be linked to an increase on taxes just because the government overspends on programs.
At issue is the difference between a taxpayer's tax bracket and the effective tax rate that taxpayer pays. Millionaires face a 35 percent tax bracket, while middle income filers fall in the 15 or 25 percent bracket. But investment income is taxed at 15 percent and Buffett has complained that he and other wealthy people have been "coddled long enough" and shouldn't be paying a smaller share of their income in federal taxes than middle-class taxpayers. Seems to me that even the 15% tax for Millionaires on investments ( what type of investments and time limits comes to mind) is fair since the normal tax rate on there income is 35%.
In this time of need, maybe the Government should rethink the earn income credit? For I see no need to increase tax on the people who do invest in creating jobs while still "giving" people a credit on not working or for staying in a low paying job just because the Government will give them money.
WASHINGTON — President Barack Obama's proposal to reduce long-term deficits with $1.5 trillion in new taxes is less an opening bid in a negotiation than it is an opening salvo in a struggle to draw sharp contrasts with congressional Republicans.
www.wral.com/business/story/10150234/
As always, more details would be nice. What little there is does have me a bit worried such as ... It combines the new taxes with $580 billion in cuts to mandatory benefit programs, including $248 billion from Medicare. ... theses were programs the American people were force to pay into. With a promise of return to the American people. And now he is cutting it?
The administration also counts savings of $1 trillion over 10 years from the withdrawal of troops from Iraq and Afghanistan. Can we leave? And is this really a savings? After all is it (the Wars and Peacekeeping we do world wide (( does this mean we are leaving the UN at last?)) in the budget every year? Or is this just the (mostly) funding for the Armed Services he plans to cut?
In a defiant note, administration officials made clear Sunday that Obama would veto any Medicare benefit cuts that aren't paired with tax increases on upper-income people. While I dislike the plan to cut programs the American people were force to pay into with a promise of return from the government, I do not see where any cuts should be linked to an increase on taxes just because the government overspends on programs.
At issue is the difference between a taxpayer's tax bracket and the effective tax rate that taxpayer pays. Millionaires face a 35 percent tax bracket, while middle income filers fall in the 15 or 25 percent bracket. But investment income is taxed at 15 percent and Buffett has complained that he and other wealthy people have been "coddled long enough" and shouldn't be paying a smaller share of their income in federal taxes than middle-class taxpayers. Seems to me that even the 15% tax for Millionaires on investments ( what type of investments and time limits comes to mind) is fair since the normal tax rate on there income is 35%.
In this time of need, maybe the Government should rethink the earn income credit? For I see no need to increase tax on the people who do invest in creating jobs while still "giving" people a credit on not working or for staying in a low paying job just because the Government will give them money.
