Obama to Seek $1.5 Trillion in Tax Hikes
Posted by Jim Hoft on Sunday, September 18, 2011, 10:35 PM
After a weekend dominated by reports on the European crisis and talk of Obama’s tax hikes the markets are getting slammed.
(Business Insider)
Barack Obama and Democrats added over a trillion dollars to the Federal Budget in the last 4 years.
That’s at least a 30% increase in federal spending in just 3 years. And, now Obama’s proposal is not to cut spending but to seek over a trillion dollars in tax hikes.
Barack Obama is expected to propose a $1.5 trillion tax hike on Monday to pay for his latest stimulus plan.
Business Insider reported, via Free Republic:
President Barack Obama will ask the Super Committee to double its mandate and cut $3 trillion from the federal deficit, according to White House officials, with half of the savings coming from tax increases on corporations the wealthy.
Republicans have already rejected a central component of the plan — the so-called “Buffett Rule,” which would set a minimum tax rate for those with incomes over $1 million. This tax increase goes well above and beyond the approximately $800 billion agreed to by Speaker of the House John Boehner in the failed “grand bargain” negotiations over the debt ceiling.
Rep. Paul Ryan called the tax increase “class warfare,” saying it would hurt small businesses and pledging that GOP lawmakers would rally against it.
The White House, wary of raising taxes as the economy recovers, has insisted that the tax increases would not take effect until 2013.
In his speech tomorrow, Obama will also outline reforms to Medicare, but will not call for raising the eligibility age for the entitlement program. The plan will also avoid touching Social Security — which has become a major issue among the GOP presidential candidates.
Republicans, including Speaker of the House John Boehner, have called on the bipartisan committee of 12 lawmakers to exceed their statutory mandate — but only through spending cuts, or at most, closing corporate loopholes and lowering the tax rate.
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Published May 22, 2012 at 5:04 am - 78 Comments
rbosque commented:
Yeah. Now that mr. hope & change racked up a 4.5 trillion dollar debt that WE have to pay for, he wants to raise taxes he said he wouldn’t raise to pay for more of his mindless spending. Great.
Rhoda R commented:
Not only that, rbosque, but he doesn’t want them to take effect until after the elections.
Multitude commented:
Why is it Obama’s probably sitting there in the White House saying:
“That’s it? That’s all? I thought that line would have tanked the whole damn thing. Sunk the ship. Crap! What the hell do I have to do to destroy this damn country?!!”
One who grew up indoctrinated in why American Exceptionalism must be extinguished should not be expected to do anything other than seek its destruction when entrusted with the command and direction of its trajectory.
Ella commented:
Dear Congress – NO. Read my lips, N-O!
Joanne commented:
Told you so to those who think he is just stupid and incompetent. Obama has a goal and it is to bankrupt America. You can’t make up this crazy sheite.
Say What? commented:
The Dems are really going to push Hillary to run now… before they are all going to be voted OUT! With this, we are going to pay our total salary in taxes and we are going to have a deficit to each one of us to boot… WOW… start building your food supply in your pantry. This will be a total destruction to the country that we know and loved! The 2012 vote is now the turning point to survival to our freedoms!!!! May GOD be with us!!!
Mikey commented:
Now more than ever it’s very important that the Republicans take the Senate and keep the House of Representatives.
With all the trickery afoot it’s very important that the Democrats are kept in check no matter who may win the Presidency.
aprilnovember811 commented:
“Super committee?” Since when does the United States Constitution designate a “Super committee?” John Boehner is being primaried. I don’t like him, and don’t trust him. This man Obama is an impostor hell bent on destroying this country. I spit on Boehner, and the rest of them for knowing he’s not American born and continuing this charade. You’re going to be voted out Boehner. You’ve helped contribute to this raping of this country.
Ipso Facto commented:
That Obama has no idea what he is doing has now been eclipsed by the more significant fact that there is absolutely no support in the legislative branch for what he wants to do – not even the Democrats in the Senate support him anymore.
Do not be surprised if Obama gets caught with his hand in the cookie jar with respect to the various iterations of the Solyndra deal he pushed. If even one credible person implicates him and provides evidence of a pay to play deal – Obama will be in grave danger of impeachment because now even the Democrats are looking for an end game strategy for the Obama Presidency. If there is credible evidence that Obama got payola in exchange for doing really bad deals – even the Democrats will throw him under the bus in order to get past the untenable situation we all (and the economy) now face with him in the White House.
We’re all just waiting now.
Molon Labe commented:
Our society is mor5ally and politically bankrupt. It thinks nothing of robbing future generations or others to reward those it deems deserving. It has thrown the founders vision of America under the bus. So none of this is surprising. The US has become a coalition of competing interest groups, racial groups, and economic groups vying for advantage. The glue which held the republic together is gone, but has been replaced with head lice, bed bugs, and exotic diseases never seen in the USA before.
Each people get the government they deserve. The American people have long labored and tolerated politicians working mightily to destroy the Constitution. Some bit by bit, others in giant leaps. America today is not the America I grew up in. It is a land of crony capitalism, technocrats withotu pivate sector experience, racial spoils, opennly criminal behavior, and disrespect for our traditions. In ten years we will be Europe. I do not hope to see the next stage nor do I wish to.
I am glad I bought land else where.
Blackbird commented:
Saw that coming from a million miles away. Hurry up and check the seat cushions, rob the well dressed guys walking down the street, shake down the businesses that are still open (suggest that they might not want something “bad” to happen if they don’t cooperate). Come up with a fantastic deficit reduction plan. Then spend it ALL in one years time like a drunk sailor on everything but deficit reduction. I’m loosing my freaking mind trying to keep my company alive and all I hear out of Washington is “let them eat cake”. Perhaps it is time to start looking at investing in pitchforks, tar and feathers. At this point I believe it may yield the best return.
Robert commented:
As part of the package Obama will also be proposing nearly $250 billion in reductions in Medicare spending along with $330 billion in cuts in other mandatory benefit programs.
So, just as I have been saying, the Republicans including the much-ballyhooed “Tea Party” candidates have all sat on their a$$e$ and let Obama seize the initiative in cutting.
StrangernFiction commented:
Looks like the DOD is going to get it.
big L commented:
we have got to focus on the Senate. Get the 7 we need then replace another 7 Gop hacks. Then like Holluwood Squares it is “X” to block.
But I still think Justice Ginsburg retires early and OIbama names himself to be Sup Ct Justice.
Taft served in Sup Ct after his presidency in about 1912. So there is precedent.The Sup Ct staff writes Obama opinions and also this gives Obama another op to besmirch the Sup Ct, and the Const.
Then the Senate ,breatjing a sigh of relief approves Obama in about 20 mins on the Cmte and the full senate in and hour. Then Hil is cleared to run with,say, Colin Powell, or amazingly, Petraeus.
depends on whre they are from. But the Constitution doesn’t matter anyway so they can be from anywhere. No one to challenge anything. Solyndra et al falls off radar as does F and F.
DavidD commented:
The fact that Obama seems to like toxic programs that don’t take effect until 2013 or beyond, such as Obamacare and the Buffett tax, has given me an idea.
The Republicans in the House should propose and push an explicit Obama tax–a 50% tax rate, across the board–payroll, capital gains, whatever the source–on anyone making more than $20K that takes effect in 2013 only if Obama is reelected.
Finncrisp commented:
No possibility for this clown to ever change direction. Marxist statism is his one trick pony. Interesting how deep into this failed policy the Democrats are willing to go – makes you wonder about their ability to lead anything.
Finncrisp commented:
#12
Bet you the cuts are only in actual benefits paid, not headcount reduction at the federal level. Without actual reduction in the size of government, there will only be increased misery for us. If this is the initiative you want, lots of luck with that position. We need to have a real plan to escape from the destruction of the American healthcare system. Paying doctors less so that abandon Medicare does not solve anything.
Fuquay Steve commented:
Yeah, this oughta work. He’s so focused on jobs it’s f’in amazing.
jj commented:
How much did GE pay in taxes last year and how much did they give to the Obama campaign
Espresso Logic - The 6th Sense commented:
#12 September 19, 2011 at 2:31 am
Robert commented:
Roberta has seized the initiative on stupid.
Greg commented:
Look up history of capital gains tax rates and you will find far more information than 10 economists could digest. Consider, might this be a great place to obfuscate, supporting something that no one understands and being against something no one understands. While taxing the rich makes for simple campaign oneliners, they really have no clue of the impact on investment strategy changes as folks move from taxable to non taxable investments. Taxing dividends at 2x the current rate makes unfavorable the entire capital investment. That is a big hit to the market wiping out trillions.
A simple come back to tax the rich might be “allow homeowners to take a capital gains loss on their house just as General Electric takes a capital gains loss on its asset”
SeniorD commented:
Not only NO but HELL NO!!
The only people profiting from this double-dip depression are the Professional Politicians in D.C., the bureaucrats and Obama himself. We’re supposed to step up and say “Sure. Here’s my wallet, my bank routing number and my account number. Take all you want – I’ll be in the bread line”
Ruebacca commented:
my 401k can’t take anymore Obama speeches.
Ginger commented:
Big L….We hear you in our state and are working hard to take out the demo-rat senators and congress people. Your words are getting out and passed to other blogs!
I hear Boehner has a young man going against him. Have not heard much about him except people were to stuck on Boehner and the young man may not have a chance but is backed by the Tea Party . I see it this way…Yogie Berra said: “It ain’t over till its over.” 
I feel Boehner is one of them!
befuddled commented:
No speech is too small nor ambition to great when it comes to another round of bailing out Unions.
The rest of you Red Staters can go to hell– foodstamps will be provided for your stay.
mg4us commented:
Obama must go. . .
He is incompetent, Inept, Inexperienced and probably in-eligible
He is radical too!!
Even his own newspaper thinks it is time he call it quit!
http://www.chicagotribune.com/news/politics/obama/ct-oped-0918-chapman-20110918,0,5039308.story
Doug Edelman commented:
http://www.examiner.com/conservative-in-st-louis/the-uncomfortable-truth-we-can-t-soak-the-rich-enough