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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.

Read More: http://cnsnews.com/news/article/obama-proposal-inc...

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  • Bureauc 0Bamao 2012/07/13 02:34:58
    Hiss Boo!!!
    Bureauc 0Bamao
    Of coarse, he won't be encumbered by another election.
  • texasred 2012/07/11 21:38:28
    Hiss Boo!!!
    texasred
    Pisses me off to no end.
  • ScottyG - Faqueue 2012/07/11 18:23:36
    Hiss Boo!!!
    ScottyG - Faqueue
    "I will NOT raise taxes on the middle class one dime"

    Yet ANOTHER great lie
  • Aqua Surf BTO-t-BCRA-F 2012/07/11 05:00:18
    Hiss Boo!!!
    Aqua Surf BTO-t-BCRA-F
    He won't be in power by 2014 so I'm not worried.
  • wtw 2012/07/11 03:32:23
    Hiss Boo!!!
    wtw
    Of course he will raise taxes and cost on all of us!
  • Kane Fernau 2012/07/11 00:41:02
    Hiss Boo!!!
    Kane Fernau
    Obama wants all our money.
  • Obama Failed Soda Head Chie... 2012/07/11 00:34:33
    Hiss Boo!!!
    Obama Failed Soda Head Chief Opi
  • pbunny 2012/07/11 00:10:00
    Hiss Boo!!!
    pbunny
    ...to the highest power.
  • ConLibFraud 2012/07/10 21:59:57
    Hiss Boo!!!
    ConLibFraud
    +3
    America is toast.

    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!
  • JAA ConLibF... 2012/07/10 23:03:41
    JAA
    What a fool you are!! One doesn't change a nation by breaking its laws, nor in exacting vengeance. Perhaps, like most, you see only the symptoms of a nation in free fall, but no nothing of the disease that caused the symptoms.
  • ConLibF... JAA 2012/07/10 23:47:14
    ConLibFraud
    +3
    What laws? Unconstitutional acts of legislation? Put your money where you mouth is and produce the legislation that says we have to pay income tax. And before you get started Einstein, the constitution is not legislation. And are so dumbed down you don't even know that all bank loans are fraud. You are so phucking programmed to talk like a slave it is sickening.

    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.

  • JAA ConLibF... 2012/07/11 01:12:26 (edited)
  • ConLibF... JAA 2012/07/11 01:24:24
  • JAA ConLibF... 2012/07/11 01:27:55 (edited)
    JAA
    Methinks you are a crazy RWNJ. You are causing trouble for all conservatives. Move away from your keyboard, slowly! Let them put your strait jacket back on you, but only AFTER they remove the tin foil from YOUR head.

    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.
  • ConLibF... JAA 2012/07/11 01:37:21
    ConLibFraud
    You were born without ears.
  • JAA ConLibF... 2012/07/11 01:44:35 (edited)
    JAA
    Now you're just being silly. Are you a teenager?

    Now shoo, vamoose, skat, git, go away (need I say more?) . . .
  • ConLibF... JAA 2012/07/11 01:46:59
  • JAA ConLibF... 2012/07/11 10:00:04 (edited)
    JAA
    ROFL! Sorry, baby, but telling someone to go away is not an SH Policy infraction. In fact, it's a prudent gesture, considering your attacks. I think something is very, very wrong with you. Bye.
  • Jim JAA 2012/07/11 10:10:00
    Jim
    +1
    "One doesn't change a nation by breaking its laws".
    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.
  • JAA Jim 2012/07/11 10:36:22
    JAA
    "bumer has been dong it one excutive order at a time with help of his Attorney General since he has been in office."

    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!
  • Jim JAA 2012/07/11 11:24:54
    Jim
    Sounds like an Alan Colmes synopsis.
  • Gregaj7 2012/07/10 21:26:12
    Hiss Boo!!!
    Gregaj7
    +2
    How about setting things up legally, like the Rothschilds/Rockefellers/Kenn... al, that there is no authority to tax at all?
  • littlebuffalo55TBA 2012/07/10 21:23:17
    I Dunno!!!
    littlebuffalo55TBA
    +1
    I guess it's vote now pay later? Now that's "Transparency!"!
  • Temlakos~POTL~PWCM~JLA~☆ 2012/07/10 21:19:47
    Hiss Boo!!!
    Temlakos~POTL~PWCM~JLA~☆
    +2
    Now isn't that typical.

    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?
  • Louisa - Enemy of the State 2012/07/10 21:18:40
    Hiss Boo!!!
    Louisa - Enemy of the State
    +1
    My 21 yr old grandson paid over $15k in Federal tax last year. The proposed tax increases are expected to increase his tax rate by 4.6% which together with his current earnings would increase his FT to approximately $25k.

    Is it no wonder when I told him this that he said to me, his grandmother, "F**k! I hate obama!"..............but I agree.
  • Charu ∞ijm♥∞ 2012/07/10 21:16:49
    I Dunno!!!
    Charu ∞ijm♥∞
    +2
    hmmmmmmmmmm.....maybe we need the Supremes to weigh in on this one too!
    Ya know that you are going to get hit by his disciples don't you?

    OBAMA and the PROGRESSIVES.....

  • Louisa ... Charu ∞... 2012/07/10 21:20:02
    Louisa - Enemy of the State
    +2
    These are the only Supreme's that I would want making decisions for me! ; }
  • Charu ∞... Louisa ... 2012/07/12 05:34:40
    Charu ∞ijm♥∞
    +1
    lol...I hear ya! :)
  • ☆ QueenAline 2012/07/10 21:13:28
    Hiss Boo!!!
    ☆ QueenAline
    +3
    That's why he's GOTTA GO
  • Evil 1 2012/07/10 21:04:52
    I Dunno!!!
    Evil 1
    +5
    Come on! No, No, No........ That's not true. It's not a tax.... it's, it's it's a penalty. No, wait..... maybe it's a tax..... yeah it's a tax....... well maybe it's a...........
  • safari Evil 1 2012/07/10 21:06:42
  • Evil 1 safari 2012/07/10 21:09:58
    Evil 1
    +4
    It's 'two, two mints in one!!' Or, sometimes 'you feel like a nut, sometime you don't!' How pathetic Obama is and how pathetic they still believe this POS.
  • Charu ∞... Evil 1 2012/07/10 21:17:35
    Charu ∞ijm♥∞
    +2
    BWAHAHAHAHA
  • Quietma... Evil 1 2012/07/10 21:11:10
    Quietman   ~PWCM~JLA
    +4
    an..... investment?
  • Charu ∞... Quietma... 2012/07/10 21:17:47
    Charu ∞ijm♥∞
    +2
    hahaha
  • Charu ∞... Evil 1 2012/07/10 21:17:16
    Charu ∞ijm♥∞
    +3
    Love it!!! lol
  • Racefish 2012/07/10 21:02:07
    Hiss Boo!!!
    Racefish
    +6
    HYPOCRITE!
  • safari Racefish 2012/07/10 21:06:34
    safari
    +6
    What floors me is that people still can't see it!
  • Quietma... safari 2012/07/10 21:12:01
    Quietman   ~PWCM~JLA
    +4
    It's a case of the blind leading the blinder!!
  • littleb... safari 2012/07/10 21:18:19
    littlebuffalo55TBA
    +3
    They are not "People".....they are.....

    lemmings

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