Obama Proposal Increases Tax Rates for All Income Brackets by 2014
safari
2012/07/10 20:56:56
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Excerpts: (CNSNews.com) – President Barack Obama today proposed allowing the income tax rates enacted in the Bush tax cuts of the last decade to expire at the end of this year for people earning more than $250,000 and at the end of next year for everyone else.
Under current law, the lower tax rates will expire at the end of 2012. Under Obama's proposal, they will expire at the end of 2012 for those making more than $250,000 and at the end of 2013 for Americans making less than $250,000.
The new tax increases Obama called for on Monday are projected to be steep, especially as the economy continues to recover. (RECOVER?? REALLY???) As CNSNews.com reported in January, expiring tax rates similar to Obama’s proposal will cause federal revenues to “shoot up,” according to the Congressional Budget Office.
“In particular, between 2012 and 2014, revenues in CBO’s baseline shoot up by more than 30 percent,” the CBO said in January, “mostly because of the recent or scheduled expirations of tax provisions, such as those that lower income tax rates and limit the reach of the alternative minimum tax (AMT), and the imposition of new taxes, fees, and penalties that are scheduled to go into effect.”
In particular, CBO said that if current tax rates expired at the end of 2012--as they are currently scheduled to do--it would add $3.8 trillion to the federal treasury over 10 years. In other words, it would amount to a $3.8 trillion tax increase on all Americans.
“Those expirations--which are projected to boost revenues by a total of $3.8 trillion over the fiscal year 2013–2022 period--will affect various parameters of the individual income tax,” the CBO said in its January Budget and Economic Outlook.
Under current law, the lower tax rates will expire at the end of 2012. Under Obama's proposal, they will expire at the end of 2012 for those making more than $250,000 and at the end of 2013 for Americans making less than $250,000.
The new tax increases Obama called for on Monday are projected to be steep, especially as the economy continues to recover. (RECOVER?? REALLY???) As CNSNews.com reported in January, expiring tax rates similar to Obama’s proposal will cause federal revenues to “shoot up,” according to the Congressional Budget Office.
“In particular, between 2012 and 2014, revenues in CBO’s baseline shoot up by more than 30 percent,” the CBO said in January, “mostly because of the recent or scheduled expirations of tax provisions, such as those that lower income tax rates and limit the reach of the alternative minimum tax (AMT), and the imposition of new taxes, fees, and penalties that are scheduled to go into effect.”
In particular, CBO said that if current tax rates expired at the end of 2012--as they are currently scheduled to do--it would add $3.8 trillion to the federal treasury over 10 years. In other words, it would amount to a $3.8 trillion tax increase on all Americans.
“Those expirations--which are projected to boost revenues by a total of $3.8 trillion over the fiscal year 2013–2022 period--will affect various parameters of the individual income tax,” the CBO said in its January Budget and Economic Outlook.
Read More: http://cnsnews.com/news/article/obama-proposal-inc...
Top Opinion
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Racefish 2012/07/10 21:02:07
Yet ANOTHER great lie
The time for talk of over!!! Get off your sofas and start the revolution ... peacefully!!!
Here is how ...
It's time for We The People to take matters into our own hands starting with a nationwide tax revolt, stop paying all bank loans and implement a national plea for our military to come home and rescue their country and put up a fence around DC and call it the National Penitentiary. Then put all of them (politicians and judges) and their bankers on trial and punish them for treason. And a note to the media ... we have special plans for you!
I hold you and your type TOTALLY responsible for the demise of America! Look at what the people of Iceland have done then go hide under your mothers skirt while real men and women take care of your freedom!
http://ireport.cnn.com/docs/D...
And the people of Mexico are getting ready to do the same! The only reason America hasn't yet is because of dumbed down wimpy slaves like you.
btw, if you look up "prepper", you'll find that we are the LAST people who are in "denial" about anything, idiot. Also, I don't carry a gun for the purpose of skeet shooting. What a major ass you are! Go away, you're not worthy of my time.
Now shoo, vamoose, skat, git, go away (need I say more?) . . .
Obumer has been dong it one excutive order at a time with help of his Attorney General since he has been in office. I.E. Suing the State of Arizona for trying to protect their citizens when neither of them will and turn around by issuing an executive order to cover up Eric Holder's on sending guns to Mexico at the cost of murder of one of our Border Patrol people. This entire Administartion is rotten to the core.
Well, okay then, with that logic, we ALL should just go around breaking laws! Yea, we're kids again, "if it feels good, do it", no matter the consequences!!! Hip, hip hoorah!
83 percent of all doctors are about ready to quit over medicine coming under government control--or even such control as it will come under.
Does Obama want to try for a John Galt Strike?
Is it no wonder when I told him this that he said to me, his grandmother, "F**k! I hate obama!"..............but I agree.
Ya know that you are going to get hit by his disciples don't you?
OBAMA and the PROGRESSIVES.....