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White House's OMB Seems to Remove All Doubt: Sub-$250,000 Tax Spree To Commence

Marla Singer's picture




 

Not that this should surprise anyone at all, but it does seem to sound pretty official now. CNBC reports:

President Barack Obama's deficit-reduction committee will consider all options to reduce the government's ballooning deficit, including cutting spending in areas currently protected by the administration's formal budget proposal, or raising taxes for those earning less than $250,000, Peter Orszag, director of the White House's Office of Management and Budget, told CNBC Thursday.

 

"What the president was very clear about first was that [raising taxes] was not what we proposed, but that we have to let this commission do its work, and that everything's on the table," Orszag said. "All options need to be examined."

 

 

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Thu, 02/18/2010 - 17:12 | 236151 bugs_
bugs_'s picture

Dems always go there, alpha and omega.

Thu, 02/18/2010 - 17:42 | 236258 deadhead
deadhead's picture

+100000

Thu, 02/18/2010 - 23:30 | 237017 DoChenRollingBearing
DoChenRollingBearing's picture

+100001

Dems lyin' again about taxes.  Um, the people who elect these guys haven't figured it out yet?

Or maybe taxing "the rich" has always been an uglier phenomenom than I had always thought. 

Maybe it's time for Marla to start a New Poll:

Where does the new top tax rate start?:

1) $  75,000

2) $100,000

3) $125,000

4) $150,000

5) We're all so frikkin' doomed it doesn't matter.

 

Thu, 02/18/2010 - 19:37 | 236654 knukles
knukles's picture

Obama was gonna buy a pound puppy too, for Christ's sake.

Thu, 02/18/2010 - 20:14 | 236740 Anonymous
Anonymous's picture

Hey, I'm an ultra-liberal Democrat and I promise you I can find enough spending cuts to balance the budget with no tax increases. I don't think conservatives (Republican or Democratic) would like my cuts, though, any more than I would like their cuts. It's impossible to please everyone on spending cuts, while spending increases are a You-scratch-my-back-I'll-scratch-yours arrangement. That's why spending ALWAYS goes up (except for a brief period during WWII demobilization), no matter which party has the Presidency and/or the congress, and no F****ing commissions are gonna be changing a 220 year old tradition.

Thu, 02/18/2010 - 20:59 | 236815 Rainman
Rainman's picture

+ 1.........you are talking about Greece, aren't you ??

Thu, 02/18/2010 - 22:09 | 236907 35Pete
35Pete's picture
You called yourself a "Democrat" (identification with a party).  You then called yourself a "liberal". (identification with an ideology ~ "your thoughts are my thoughts!").  I'm penciling you in as just one more mindless sheep that gets his thoughts from someone else.  BTW. You can't find enough cuts. THAT's the problem. 
Thu, 02/18/2010 - 22:33 | 236944 MsCreant
MsCreant's picture

If all the GDP went to it for years, we couldn't pay it.

Sun, 02/21/2010 - 19:09 | 239522 Anonymous
Anonymous's picture

We're supposedly talking about the annual budget deficit (less than 100% of GDP), not the national debt (greater than 100% of GDP).

There is neither a means nor an intent, nor serious discussion of eliminating the national debt; this is not to be confused with hot air complaining about it. Since the 17th Century, when the Bank of England invented the permanent, rolled-over national debt, no "civilized" country has even contemplated being completely debt-free.

Thu, 02/18/2010 - 17:13 | 236153 chet
chet's picture

A deficit-reduction committee wouldn't be much of a deficit-reduction committee if it didn't talk about cutting spending and raising taxes.

Thu, 02/18/2010 - 17:35 | 236232 jplotinus
jplotinus's picture

It is agreed the deficit has to be reduced, right?

Thu, 02/18/2010 - 17:39 | 236243 Mad Max
Mad Max's picture

It will ultimately be inflated away regardless of any deck-chair rearranging that might be done right now.

Any claims of attempting to balance the budget are 10% political show, 90% continued destruction of the middle class.  We're already in a quiet economic genocide.

Thu, 02/18/2010 - 17:43 | 236264 Anonymous
Anonymous's picture

One can't really inflate away, say, Medicare.

Thu, 02/18/2010 - 19:19 | 236593 Mad Max
Mad Max's picture

Compare trends for these three items:

Medicare reimbursement (as actually paid per procedure/treatment under PPS)

Private health care insurance premiums

CPI-U

I think you'll see that Medicare reimbursement is not keeping pace with the CPI-U, and that the private health insurance premiums exceed both.

Thu, 02/18/2010 - 17:40 | 236245 Anonymous
Anonymous's picture

Obama is at the Fillmore. Predo says all post have been wired. Flash time is 2.57 pm MST. Second flash 3.01 pm MST. All units out.

Predo

Thu, 02/18/2010 - 22:15 | 236917 35Pete
35Pete's picture

No, not really. I'm an advocate of the Deadbeat Doctrine, yet to be drafted.

It's a legal treatise, an announcement to the global financial markets that spells out the official position of the US in matters related to debt. 

Here it is. 

 

The Deadbeat Doctrine. 

On this day of 18 Feb 2010, the government of the United States of America proclaims:

Fuck it, we not payin'. Our peoples are too debt-laden as it is. We be non-cooperatin' in this shit. So go blow yourselfs". It's a Jubilee!.  

 

Thu, 02/18/2010 - 18:58 | 236531 Anonymous
Anonymous's picture

It's the fact that Obama didn't have the balls to do it himself that is sad. He creates a 'side committee' to do his dirty work. Now he can say, "I didn't raise your taxes, the committee did."

Thu, 02/18/2010 - 19:48 | 236684 Anonymous
Anonymous's picture

They should be required to propose $5 of spending cuts for every $1 of tax increase. The problem is not primarily under-taxation.

And any spending cuts must begin in 6 months and not be weighted to the back end of the time horizon they are using.

This commission is a joke. We have had commissions in the past and we have a 535 member commission already (which could set up a sub-committee at anytime).

It is not going to move the needle folks. When all is said and done, much more will be said then done.

Thu, 02/18/2010 - 20:41 | 236780 Anonymous
Anonymous's picture

The problem IS undertaxing---of the assholes who supported these programs in the first place. The 'graduated' tax that should be implemented should be based on age and not income or worth. Fucking baby boomers by and large gave us this mess and they should be forced to pay for it!

Thu, 02/18/2010 - 21:59 | 236902 Anonymous
Anonymous's picture

Wrong.

Get rid of "these programs" and many more and you won't need more taxes. Folks need to figure how to be 100% responsible for themselves and their family - a terribly antiquated idea.

$5 of cuts for each $1 of taxes.

Thu, 02/18/2010 - 17:13 | 236156 Anonymouse
Anonymouse's picture

Wow.  Stunning announcement.  I mean, no one could have seen that coming.  But I'm sure, just like Clinton, he can say "I've worked harder than I've ever worked in my life to meet that goal."

Thu, 02/18/2010 - 17:13 | 236158 Shameful
Shameful's picture

Wow another promise broken, I am so surprised...

I wonder if they truly can get blood from a stone. Tax the unemployed! Also they will not examine several options. They will not examine cutting off our military actions worldwide, or money to lobbyists and the TBTF. The only thing they actually will look at is new taxes.

Thu, 02/18/2010 - 17:27 | 236200 Kitler
Kitler's picture

Brilliant Shameful.

We tax activities and things that are bad for us to help get rid of them. (Cigarettes and alcohol come to mind.) Ergo taxing the unemployed should lead to a decrease in unemployment. I'll notify Obama of your plan immediately!

Thu, 02/18/2010 - 17:38 | 236240 E pluribus unum
E pluribus unum's picture

May I suggest we tax the unemployed 100% on all work-related income? I am tired of these half-way measures.

Thu, 02/18/2010 - 19:16 | 236547 Kitler
Kitler's picture

Half measures do in fact suck so let's get serious for a change. How does a $12,350 annual flat tax on all 300MM Americans to fund the $3.8T budget grab you? Less required paperwork too! Who's on board?

(Don't worry about the unemployed... they still have assets they can sell like blood, kidneys and such. Have you seen the price of a liver in Tel Aviv?)

Thu, 02/18/2010 - 17:55 | 236313 Shameful
Shameful's picture

Well that or we can label them all as enemy combatants. That ought to broaden out the war on terror. Can even have a new slogan "Get a job or your with the terrorists".

Thu, 02/18/2010 - 18:19 | 236406 Kitler
Kitler's picture

We need Bush for a cameo... man was a genius!

"Yur either with us (employed) or agin us (unemployed unpatriotic unbankbailouting terrorist)."

Now that's a Public Service Anouncement we can all get behind.

Thu, 02/18/2010 - 19:27 | 236618 Joe Sixpack
Joe Sixpack's picture

"Tax the unemployed! "

 

They will, and the will SHAFT THE EMPLOYED.

Thu, 02/18/2010 - 17:14 | 236159 MsCreant
MsCreant's picture

The seams are bulging, the rivets are popping, the creaking is deafening, she's gonna blow...

Thu, 02/18/2010 - 17:29 | 236211 Kitler
Kitler's picture

More sucking than blowing going on right now... but I hear you... just give it a little more time!

Thu, 02/18/2010 - 20:52 | 236802 Anonymous
Anonymous's picture

vacuum?

Thu, 02/18/2010 - 17:14 | 236160 Psquared
Psquared's picture

Obamonomics. The "trickle up" theory or, better known as, "spend it and they will come."

Thu, 02/18/2010 - 17:16 | 236166 MsCreant
MsCreant's picture

No Psquared, it's the "cough it up" theory.

Thu, 02/18/2010 - 17:28 | 236205 cougar_w
cougar_w's picture

Government as a shake-down operation.

Wait. Didn't we once have a major fight with the British crown over something like this? Because you know what, I don't think those guys I elected are repre'sent'n me anymore, if ever they were. Otherwise they wouldn't be working toward my eventual extinction this way. Didn't elect anyone on the "kill the middle-class" platform that I can recall.

Thu, 02/18/2010 - 17:34 | 236225 spekulatn
spekulatn's picture

Well said, cougar.

 

Maverick

Thu, 02/18/2010 - 17:48 | 236288 Anonymous
Anonymous's picture

It goes in cycles, the Brits are ready to dump your Starbucks* into the Liverpool docks.

*should have done it sooner, that stuff is an affront to coffee.

Fri, 02/19/2010 - 08:56 | 237344 loki
loki's picture

Starbucks - swill.   Akin to washing the dregs of an ashtray swirling and pour in to a cup.

Inferior beans, burned beyond recognition...  add lotsa sugar, cinnamon, cream and caramel to drink it.

 

Real coffee lovers don't enjoy "burned".   Kenya AA, Kona, even Dunkin Donuts.... way better!

Thu, 02/18/2010 - 17:40 | 236246 Psquared
Psquared's picture

+1

should have said, "spend it and they will pay" :-)

BTW, does anyone keep track of posters on this board. What if one of us disappears in a rendition one night? Will anyone know?

Hopefully they will take Tyler or Marla first. <JK>

Thu, 02/18/2010 - 17:58 | 236328 Mad Max
Mad Max's picture

A lot of us are already wondering if Project Mayhem got a free unscheduled CIA vacation.

Thu, 02/18/2010 - 18:05 | 236351 Mad Max
Mad Max's picture

A lot of us are already wondering if Project Mayhem got a free unscheduled CIA vacation.

Thu, 02/18/2010 - 18:44 | 236505 gmrpeabody
gmrpeabody's picture

Not to mention Cheeky Bastard, probably gonna be alone there in Gitmo.

Thu, 02/18/2010 - 19:35 | 236646 Takingbets
Takingbets's picture

Michael vanished too.

Thu, 02/18/2010 - 20:56 | 236813 primus
primus's picture

"I warn every animal on this farm to keep his eyes very wide open. For we have reason to think that some of Snowball's secret agents are lurking among us at this moment! " ~ Squealer Animal Farm

Thu, 02/18/2010 - 21:13 | 236844 Rusty Shorts
Rusty Shorts's picture

anyone here windtalkers?

Thu, 02/18/2010 - 19:02 | 236537 A Nanny Moose
A Nanny Moose's picture

Meh. Trickle-Down, or Cough-It-up.

 

Either way the taxpayers should just Bend-It-Over.

Thu, 02/18/2010 - 17:15 | 236165 Anonymous
Anonymous's picture

In totally unrelated news: FAA announces suspension of private pilot licenses for those with incomes under $250,000.

Thu, 02/18/2010 - 17:24 | 236191 cougar_w
cougar_w's picture

+1 lol. needed that

Thu, 02/18/2010 - 18:13 | 236378 Anonymous
Anonymous's picture

that's a good one!

Thu, 02/18/2010 - 18:13 | 236379 Anonymous
Anonymous's picture

that's a good one!

Thu, 02/18/2010 - 17:16 | 236168 Anonymous
Anonymous's picture

At least Dems being honest, bugs. Check $USDX for Republican tax 2001-2008.

Thu, 02/18/2010 - 17:18 | 236177 Hondo
Hondo's picture

If they're going to start doing that they first need to add back the 40% of income earners that pay no tax.......everyone needs to have skin in the game or the 40% just votes to spend and tax at unlimited rates/amounts.

Thu, 02/18/2010 - 17:28 | 236202 DonnieD
DonnieD's picture

20% are unemployed. 40% were never employed. That leaves 40% of the population to pick up Obama's tax tab in this economic eutopia called America.

We are officially in a death spiral.

Thu, 02/18/2010 - 23:38 | 237024 DoChenRollingBearing
DoChenRollingBearing's picture

Hondo is right.  Skin in the game for everyone.  If we are to have the Income Tax abomination, then EVERYONE should have to fill out the forms and pay something, even if only a little.

I'd rather just go for a nice simple National Sales Tax and junk the others.  More privacy a side benefit.

Thu, 02/18/2010 - 17:19 | 236178 Handle with care
Handle with care's picture

That giant sucking sound you hear?  That's the sound of the government sucking the money out of the wallets of the middle class to pay for the money they've given to Wall Street

Thu, 02/18/2010 - 18:31 | 236455 Andrei Vyshinsky
Andrei Vyshinsky's picture

Yes sir! That's what's happening. Nothing could be clearer than this unconscionable upward transfer of wealth. Perhaps now, with a middle-class tax increase, its that you'll see really significant counter pressures, now that mass demonstrations and strikes become more likely. How many more bailouts, how many more illegal wars are these filth going to ask the people to fund before something snaps? This tax and a little more unemployment just might do it.

Thu, 02/18/2010 - 23:35 | 237022 Silver-Is-Better
Silver-Is-Better's picture

Now that sounds about the same as

Jobless Recovery.

Thu, 02/18/2010 - 17:20 | 236182 Mad Max
Mad Max's picture

Just makes it more likely that this November will be the biggest defeat of an incumbent party ever, as the sheep get scared away from one wolf and flee into the arms of the other wolf.

"Unsere letzte hoffnung" posters are probably being printed as we write.  Perhaps with Darth Cheney's likeness?

Thu, 02/18/2010 - 17:25 | 236195 chet
chet's picture

I'm starting to get curious about what will happen in November.  No doubt it will be bad for Dems, but I think most people can remember back two years to GW Bush, and four years to GOP control of Congress.  Hardly inspiring.

Not sure what will happen.  Turnout will be signficantly lower than 2008, that's for sure.

Thu, 02/18/2010 - 17:41 | 236251 Mad Max
Mad Max's picture

Yeah.  I'm not claiming the Republicans would be any better.  Theoretically a third party could make enormous gains, but it appears that the established powers are masters at coopting and neutering any third-party and grassroots movements that show any strength.  Probably a year for a wave of brand new candidates, all of whom will be thoroughly corrupted within months of the election.

Thu, 02/18/2010 - 17:50 | 236295 Anonymous
Anonymous's picture

i will write in a 3d party candidate
for any office...i will never vote for
republican or democrat again....

that started in 2008 and will continue
until i die...

http://www.constitutionparty.org/

fuck the republicans and fuck the democrats...

former republican....

Thu, 02/18/2010 - 23:18 | 237007 carbonmutant
carbonmutant's picture

Neither the Democrats or the Republicans want a Third Party in their Game.

That would truly break up the status quo.

Both parties will spend a lot of air time marginalizing any such attempts.

Thu, 02/18/2010 - 17:42 | 236256 primus
primus's picture

I am not convinced turnout will be lower in '08. I think as the 'Good-Day, Sun-Shine!' American standard of living continues its slide toward somthing resembling sustainablity, you'll see every stripe of knock on effect. Specificlly, I don't think anyone should rule out an increase of participation in the political process.

 

 

Thu, 02/18/2010 - 17:47 | 236284 Handle with care
Handle with care's picture

The electorate will do what they have often done and split power in the vain hope it'll slow down the government doing things.  So a left wing dem in the white house and right wing republicans in Congress and the Senate.

 

Unfortunately, the balance of power that this used to imply is meaningless these days when both parties are employees of Wall Street, although it does mean two years of ferocious battles over things that mean nothing to Wall Street such as abortion, gay rights and Terry Schiavo like incidents in order to provide the illusion of two party democracy and distract the people from their descent into feudalism and the solidification of the new aristocracy

Thu, 02/18/2010 - 18:06 | 236354 Mad Max
Mad Max's picture

Yes, unfortunately.

Thu, 02/18/2010 - 18:09 | 236364 chet
chet's picture

I hear you....

Thu, 02/18/2010 - 22:51 | 236977 Madcow
Madcow's picture

Fools on Wall Street, inside the Beltway, and twittering away on their train between - 

 

Are not realizing that these people - who are about to be hit with massive tax increases - are ALREADY TEETERING UPON THE ABYSS.  They're assets are wiped out. Their home equity is gone. Their living expenses are going up. They are hopelessly in debt. They are woefully unprepared financially for their futures. Their taxes are going up. They are hopelessly in debt and can never catch up. They're wondering if they should quickly sell their homes - even at a loss - before they can't make payments and lose control of the default process. They're contemplating "strategic foreclosures" and are coming around to the view that "walking away" is the responsible and prudent course of action ....

And we're going to hit these people with a massive tax increase. Just think about the consequences of that for a couple minutes ...

To take MORE MONEY OUT of circulation at a time like this is to GUARANTEE continued and accelerating deflation and asset failure. 

To save the dollar and UST is to destroy the economy and surrounding assets.

 

 

Thu, 02/18/2010 - 17:54 | 236309 Anonymous
Anonymous's picture

A leading indicator would be the UK general elections in the next couple of months, we have a similar system of two parties that are ideologically similar to each other, with the key difference being different coloured ties. There's mass seething hatred of the incumbents, and the alternative are a vacuous bunch of sleazy scumbags.

Thu, 02/18/2010 - 17:51 | 236299 Anonymous
Anonymous's picture

we don't have elections in this country...
we have electoral gang rape....
TAG, it's the Republicans "turn" again

Thu, 02/18/2010 - 17:23 | 236185 cougar_w
cougar_w's picture

Under $250K nicely targets the middle-class and Main Street merchant class, the ones with the least political influence. Easy money right there. Then say good-bye to the American democratic experiment because it was just a dream anyway.

It's an end-game, people. Everyone grabs what they can while heading for the roof where the chopper is spinning up. Knocking down slow old ladies and tossing children into the stairwell on the way out. And we wonder why someone flies a plane into an IRS building? It's all just too sad to watch.

Thu, 02/18/2010 - 17:54 | 236301 Psquared
Psquared's picture

+1

At some point (before the fall) we need to have a discussion in this country about why an otherwise intelligent and successful software engineer would commit such an act. If you read his manifesto he was clearly over the edge. But the question is "why?"

Of course, he will be villified and we will be told he was on anti-depressants and beat his wife and children, etc. I refuse to buy into the Matrix on this one. He is not the unabomber, but a man who was well balanced enough to own a plane and do fairly complex work and yet highly upset by what he saw going on around him. Not that that makes him a model of sanity, but on this one we need to dig deeper and think harder.

But will anyone discuss him in terms other than, "that fruitcake" or "the lunatic who flew his plane into a building?" Or will it be the next such incident or the one after that?

How do we start a bipartisan nationwide dialog about what is happening in this country? Something that both parties are equally responsible for; something that won't turn into a blame Bush or blame Obama rally?

Calm, polite, intellectual, thoughtful, hopeful and entered into with a spirit of humility and real desire to effect meaningful change?

Thu, 02/18/2010 - 18:13 | 236380 cougar_w
cougar_w's picture

[Or will it be the next such incident or the one after that?]

yes.

[How do we start a bipartisan nationwide dialog about what is happening in this country?]

You just did.

It will take a while. The important thing is to not drink the Kool-aid on the way, and not fall into dark depression, and not lose your mind, and not lose your way. It was a bunch of guys in wigs and tights sitting around disagreeing but not losing it that got one of them fired up enough to pen the Declaration of Independence.

That was some pretty wild shit right there. But it paid off. Could happen again. You never know.

cougar

Thu, 02/18/2010 - 18:54 | 236528 Anonymous
Anonymous's picture

How long til the MSM coins the term "Joe the Pilot" in reference to rebellious behaviour?

Thu, 02/18/2010 - 19:27 | 236616 Anonymous
Anonymous's picture

I heard he stole the plane. Apart from that, +1.

Fri, 02/19/2010 - 00:10 | 237073 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

OZ wald.

Fri, 02/19/2010 - 01:11 | 237161 merehuman
merehuman's picture

i read today that iceland is holding community meetings of the populace to discover how they plan to govern themselves.

Why cant we do that? Ignore washington!

Thu, 02/18/2010 - 17:26 | 236198 primus
primus's picture

A few thoughts come to mind...

1) I sure wish there were a way to convert my retirement funds into physical precious metals I could put in my safe without cashing the accounts out. Oh well, at least I don't have a pension that is going to get stolen too.

2) Which country will be the best to expatriate myself and my family to and how much time to I actually have.

Thu, 02/18/2010 - 17:32 | 236221 fxguy
fxguy's picture

If your a US "person" (citizen or resident) it doesn't matter if
you leave. You will be obligated to file and pay taxes on any
income you make anywhere you reside for as long as you live.

 

Thu, 02/18/2010 - 18:05 | 236344 Shameful
Shameful's picture

Three things.

1: You can give up your citizenship. Just tell them off.

2: You are obligated but what if you don't? Will the CIA send hit teams after him if he is living in the developing world making 20k-60k a year and not reporting? I think the IRS will be busy with local tax evaders, the low hanging fruit.

3: There is treaties and tax deductions, it's not as big a deal as you make it out to be.

Thu, 02/18/2010 - 17:34 | 236227 Anubis
Anubis's picture

Regarding your comment 1) - you touch into the subject yourself - but then you contradict yourself. You want to protect yourself by going into precious metals - because you expect you assets (pensionvalues) will deflate - well they will - even though your pension is fully financed today - if the money supply is inflated like it is up till today and as the forward looking yearly deficits indicate such prinnting will continue with full force.

Thu, 02/18/2010 - 20:11 | 236731 ATG
ATG's picture

Deflation not kind to gold

when we're off the gold

standard.

There is legislation

for force majeure

conversion of

retirement plans into

Treasury annuities,

thus completing the

greatest theft in

history. In

Argentina, Russia,

Thailand, Vietnam,

the mafia took over

after they stole the

guns and pensions...

http://www.jubileeprosperity.com/

Thu, 02/18/2010 - 18:10 | 236368 BernankeCo
BernankeCo's picture

What would be most unfortunate is twisting this event as a false pretext for going after political opponents.

Fri, 02/19/2010 - 01:15 | 237168 merehuman
merehuman's picture

When my house has a problem , i fix it.

I dont walk away. Better to build a better country. Other countries dont look much better anyhow.

Thu, 02/18/2010 - 17:31 | 236218 10044
10044's picture

They're playing with fire. Change we can all believe in

Thu, 02/18/2010 - 17:32 | 236219 waterdog
waterdog's picture

There go the November elections. No wonder the democrats have been jumping off the party ship. Obama is a fool to propose something like a tax hike that he will not have a chance of passing with a minority in both houses. When he says everything is on the table he must be including his head.

 

Thu, 02/18/2010 - 17:43 | 236268 Mad Max
Mad Max's picture

So, as we're all enslaved by Kang to build the intergalactic death ray, you'll be Homer saying "Don't blame me, I voted for Kodos."

Thu, 02/18/2010 - 17:44 | 236271 Anonymous
Anonymous's picture

it will pass before november....it will be a
done deal and forgotten in no time flat -
especially if done before labor day....
i predict this will be complete before
memorial day...

and the tax will be retroactive....

Thu, 02/18/2010 - 23:45 | 237034 DoChenRollingBearing
DoChenRollingBearing's picture

Thanks for your opinion, but I doubt that very much.

The Republicans will filibuster and make so much hay out of this it would make your head spin.  Even less a chance it's retroactive,

Fri, 02/19/2010 - 00:46 | 237124 Anonymous
Anonymous's picture

the republicans will not fillibuster and will not
make any hay whatsoever....the clintons already
paved the way with retroactive taxes....

it's coming to an irs office near you....

anyone relying on the republicans for anything except
a branding iron up the ass is demented....

Thu, 02/18/2010 - 17:55 | 236318 cougar_w
cougar_w's picture

Not a single person making under $1M income will have any influence on the next 100 years worth of federal elections.

Federal elections are now the exclusive playground of the wealthy Wall St class, and the cover charge is a cool $10M personal income just to play. Thank you SCOTUS.

And now you start to understand why taxing the middle-class into extinction is simply not a big deal.

cougar

Fri, 02/19/2010 - 01:32 | 237188 merehuman
merehuman's picture

I thought the middle class (me) was the golden goose. We built houses and dreams. We actually MADE things. We, the owners of homes provide the tax base for our shools, counties.

We provided stability, purchasing power  and the americam dream realized.

Now we are almost gone , as are the jobs and tax base.

If someone set out to destroy this country they could not have done better that our own selfserving idiots who apparantly cant see past their nose.

Can our military take over the government?

They should, but instead we will kill our own as they protest their rape.

At this rate we may all become brigands and roving tribes.

 Remodeling my ford350 crew cab for m60 cal. on roof mount is a good start.

Fri, 02/19/2010 - 02:50 | 237233 Chaz
Chaz's picture

You forgot bulletproofing.

Thu, 02/18/2010 - 17:34 | 236226 chet
chet's picture

I don't want to pay a dime more in taxes, but we have to remember that taxes have been coming down for a long time now.  I don't think a marginal rate increase is really going to bring about revolution.

Again, I don't WANT an increase.  But I think some of these comments are a bit overblown.

Nothing will come out of this commission, but at least it's something.  We rail around here about govt ignoring gigantic structural problems until they explode.  Well this is a commission designed to acknowledge and directly address a gigantic structural problem.  Better than putting the head back in the sand.

Thu, 02/18/2010 - 19:30 | 236630 faustian bargain
faustian bargain's picture

Unfortunately they're looking at the cracks in the beams at the *top* of the building, not the ones at the *bottom*.

Thu, 02/18/2010 - 20:41 | 236775 ATG
ATG's picture

Taxes have been coming down for a

long time now? Maybe for GD, GE, GS,

Hollywood and Foundations.

Maybe you're from another

planet that indexes alt min taxes for

inflation and has a 1% Transparent

Transaction Tax.

There are more taxes on the

middle class small businessman today

than ever before.

(Just add them up sometime: Benefits, C,

Cigarettes, DMV, Dogs, Franchise, Heathcare,

Licenses, Medical MJ, Payroll, Pensions,

Property, Sales, SAD special assessment

districts, State, Telephone, user fees,

whiskey...)

That's plus the government mafia

was what Joe Pilot was mirroring,

although the FBI yanked his website

statement, last available on

Smoking Gun. We fought a Revolution

over .8% Tea Taxes...

http://www.jubileeprosperity.com/

Thu, 02/18/2010 - 17:35 | 236228 A Man without Q...
A Man without Qualities's picture

No doubt equities will rally on the back of this news...

Thu, 02/18/2010 - 17:35 | 236231 Leo Kolivakis
Leo Kolivakis's picture

LOL, come to Canada and see half your income go to all sorts of taxes! At least we have decent public education and public health care.

Thu, 02/18/2010 - 17:42 | 236261 E pluribus unum
E pluribus unum's picture

I can stay here and see half my income go to taxes and get mugged in front of the school but have no health insurance when I end up in the ER. What's your point?

Thu, 02/18/2010 - 17:43 | 236267 lizzy36
lizzy36's picture

Canada Rocks!

Thu, 02/18/2010 - 17:43 | 236265 Mad Max
Mad Max's picture

Leo, move to Alberta.  My Canadian friends were always telling me how much lower the worst US taxes were compared to theirs.  Then we did some research and discovered that Alberta has a lower overall tax burden than the higher tax US states like NY and Kalifornia.

Thu, 02/18/2010 - 17:37 | 236235 Anonymous
Anonymous's picture

did anyone really think that the man who lies about his citizenship would not lie about campaign promises?

www.obamacrimes.com

Thu, 02/18/2010 - 17:38 | 236238 Orly
Orly's picture

Okay.  What the hell just happened in the forex market?

Thu, 02/18/2010 - 18:33 | 236461 Anonymous
Anonymous's picture

Maybe the discount rate increase?

Thu, 02/18/2010 - 17:38 | 236242 buzzsaw99
buzzsaw99's picture

Everything Obama says is a lie. filthy disgusting corrupt weak...

Thu, 02/18/2010 - 17:43 | 236253 economessed
economessed's picture

It's time to start talking flat tax:  19%, no exemptions for anyone under any circumstances.

It's also time to reign in social security, lifting the retirement age and means-testing benefits.

And the defense department could stand a haircut.  How about a 40% reduction for starters?

Thu, 02/18/2010 - 17:45 | 236274 Mad Max
Mad Max's picture

Flat tax is mostly silliness.  Tax rates don't complicate taxes to any significant extent.  It's all in determining what constitutes income and what time that income is realized.  A flat tax does zilch for those questions.

Thu, 02/18/2010 - 20:45 | 236752 ATG
ATG's picture

No involuntary regressive flat taxes,

thank you. No defaulting on Social

Security and Medicare either, which

93% of retired Americans need.

Spending freeze with a Constitutional

uniform Temporary 1% Transparent

Transaction Tax on a $quadrillion

voluntary transactions a year

replacing special interest income taxes

and reduced to one mil when the debts

are paid can work wonders for Americans

and America, so everyone can do

business here instead of hiding money

offshore or in unproductive assets like gold.

Canada has only 33 M people, Leo,

and they're older...

http://www.jubileeprosperity.com/

Thu, 02/18/2010 - 17:42 | 236255 girl money
girl money's picture

SURPRISE!!!  Fed Raises Discount Rate

http://www.cnbc.com/id/35465481

Thu, 02/18/2010 - 18:33 | 236462 Orly
Orly's picture

Surprise is right!

Man, I am sick to death of getting thumped by this stuff every time I turn around.

Grrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr

/:

Fri, 02/19/2010 - 00:27 | 237098 Anonymous
Anonymous's picture

Your recommendation awhile ago to short the EUR (although 1.3690 was not seen, it does not diminish the point) was a rather timely call - at a time of renewed euro optimism, to boot.

Sorry to hear you did not profit from last night's events.

Thu, 02/18/2010 - 17:42 | 236257 Wynn
Wynn's picture

"Read my lips - No new taxes" - said by the last one term president

Thu, 02/18/2010 - 17:42 | 236262 Anonymous
Anonymous's picture

Going after the average "Joe" eh?

Thu, 02/18/2010 - 17:44 | 236273 Racer
Racer's picture

Notice how this rate change was 'after' hours!!!

 

So they can fiddle the overnight futures again and la la la, it will be up 300 points in the morning with some good storyline attached to it

Thu, 02/18/2010 - 20:47 | 236794 ATG
ATG's picture

What are you smoking?

Thu, 02/18/2010 - 21:23 | 236858 Rusty Shorts
Rusty Shorts's picture

What are you smoking ATG? You forgot to attach your "jubilee" link,    dip-shit.

Thu, 02/18/2010 - 17:48 | 236290 Anonymous
Anonymous's picture

I actually doubt that will happen. This is just an announcement that all options are on the table so that no one can claim their ideas weren't heard. With job losses continuing and state and local taxes being raised the federal government will end up cutting other programs before raising taxes for those making under 250,000. And yes, cuts will be made to military spending.

Thu, 02/18/2010 - 20:48 | 236797 ATG
ATG's picture

Don't count on it.

Much of the military budget Black or

off budget...

http://www.jubileeprosperity.com/

Thu, 02/18/2010 - 17:50 | 236293 Herd Redirectio...
Herd Redirection Committee's picture

Wait, what?  Tax increases for those making under 250,000?  Could they spell it out any clearer what category the oligarchs are in?  "One set of rules for us - one set for you guys,  I thought it was clearly written between the lines" - anonymous Oligarch

 

Maybe they should tax holders of wealth totalling over 1 billion dollars???  No.....  That would mean taking the stolen goods back from the robber barons!

Thu, 02/18/2010 - 18:06 | 236356 cougar_w
cougar_w's picture

You sound ... bitter.

Perhaps you were expecting to be treated fairly. It's a common misconception. Keep in mind that the middle-class is being written off the books anyway, so the better bet is to tax them out of existence rather than letting them spend their money on crap from China, enriching the PBoC in the process. Going out this way would not be strategic for the US oligarch class.

And you do want to be strategic, correct? Of course you do.

Enjoy oblivion. It's all the thing this year.

cougar

Thu, 02/18/2010 - 19:33 | 236639 faustian bargain
faustian bargain's picture

That does it. I don't want to be middle class any more.

...

...

Wait...why are you pushing the 'down' button?

Thu, 02/18/2010 - 17:53 | 236307 Fazzie
Fazzie's picture

 Everythings on the table except for the porkfest of a bloated recent budget?

Thu, 02/18/2010 - 17:55 | 236314 topshelfstuff
topshelfstuff's picture

and all this "coincidentally" occurs after the close on a Thursday preceding an Options Expiration Friday

The Crooks make another Huge Score

 

Thu, 02/18/2010 - 18:05 | 236347 Anonymous
Anonymous's picture

... and all this "coincidentally" occurs after the close on a Thursday preceding an Options Expiration Friday

The Crooks make another Huge Score

Not only that... take a look:

http://www.federalreserve.gov/newsevents/press/monetary/20100218a.htm

Thu, 02/18/2010 - 18:08 | 236362 BernankeCo
BernankeCo's picture

Get ready for more taxes

Thu, 02/18/2010 - 18:36 | 236471 arnoldsimage
arnoldsimage's picture

joe stack did.

Thu, 02/18/2010 - 23:45 | 237037 Unscarred
Unscarred's picture

HA!  +1

Thu, 02/18/2010 - 18:12 | 236375 DaveyJones
DaveyJones's picture

"What the president was very clear about first was that [ruining this country] was not what we proposed, but that we have to let this corruption do its work and that everything's on the table"

Thu, 02/18/2010 - 18:14 | 236385 Anonymous
Anonymous's picture

Hey you sheople :

next time you gonna vote for the reps, right ?

and after again, dem ?

Its your small minds that brought you there, the system you bought into. You enjoy being lied to before an election, so take the consequences afterwards.

Nobody is to blame for than the voters themselve.

CHANGE the 2 party system first !

Go Ron Paul.

Thu, 02/18/2010 - 19:14 | 236576 Anonymous
Anonymous's picture

so much truth in so few words...the sheople
wanted their free lunch and now they are
about to find out that it is roast lamb,
lamb chops, and lamb stew all served on a
nice sheep skin with wooly fringes...

the fools have been brainwashed since birth
to believe every god damned lie from authority
and question every shred of truth....

they are going to their slaughters...baahh

Thu, 02/18/2010 - 21:11 | 236841 Mad Max
Mad Max's picture

I notice you refer to sheeple and then to eating lamb... sheep = mutton.  I think your statement may, however, conceal a deeper and darker truth.

Thu, 02/18/2010 - 20:00 | 236711 Takingbets
Takingbets's picture

Oh the buyers remorse I saw after they kicked Ron Paul off the ballot, claiming he was a crackpot and voted for their savior, the crook from Illinois.

It makes me sick to hear them now. They should have opened their eyes a little more, instead they doomed the rest of us.

Thu, 02/18/2010 - 18:15 | 236393 Psquared
Psquared's picture

Maybe this is a distress call. Obama is a prisoner in the White House and this is his way of sneaking out a message ... "run for your fucking lives!!"

Thu, 02/18/2010 - 18:24 | 236429 Anonymous
Anonymous's picture

Leo, will tomorrow be a good time to buy ??

Thu, 02/18/2010 - 20:51 | 236801 ATG
ATG's picture

ROTFLMAO...

Thu, 02/18/2010 - 18:42 | 236498 chumbawamba
chumbawamba's picture

Now is the time to fight, People.  Send that bill back to Obama marked "RETURN TO SENDER".

I do not consent.  Do you?

I am Chumbawamba.

Thu, 02/18/2010 - 23:53 | 237050 DoChenRollingBearing
DoChenRollingBearing's picture

I just retired (53) and will do whatever it takes to keep my "income" as low as possible.

Ahh, and when the time comes, gold is so easy to quietly give away.

And as my wife and I progress toward old age, Peru is starting to look better and better.

Thu, 02/18/2010 - 18:51 | 236519 Anonymous
Anonymous's picture

Nothing like higher taxes to stimulate a dead economy! Obama really does intend to be a one-termer.

Thu, 02/18/2010 - 18:55 | 236529 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

On this issue of right-wing media's mis-reporting of the newly announced tax policy enhancement involving my workers, let me be perfectly clear.  Hold on a sec.  Rahm, cue up the 'prompter.  OK, here we go.  What I said was "no new taxes on those earning less than $2500.00, not $250000".  Perhaps a decimal went unenunciated.  Who knows.  In any case, we're talking small potatoes in the Grand Scheme of things, and don't you worry, the funds withheld from your paychecks will be redistributed in a most efficient manner.  Now, not to name names or anything, but we can all agree that these increases, along with the further load of liberty-restricting, counter-productive, motivation-crushing, statism-entrenching policy coming shortly down the pike, are in unavoidable response to follies committed by my predecessor and his administration.

 

Barack says: How Do You Like Me Now?

http://www.youtube.com/watch?v=sVzvRsl4rEM

 

Thu, 02/18/2010 - 18:59 | 236533 Vacca
Vacca's picture

What the US needs is another war! Any candidates?

Thu, 02/18/2010 - 19:08 | 236560 Anonymous
Anonymous's picture

D.C. ?

Thu, 02/18/2010 - 19:23 | 236604 Mad Max
Mad Max's picture

How about a war on the middle class?

Thu, 02/18/2010 - 19:35 | 236645 cougar_w
cougar_w's picture

No go. They don't have any oil. And it would tie up eight divisions just policing the suburbs of Los Angeles.

Thu, 02/18/2010 - 20:54 | 236809 Shameful
Shameful's picture

Why police? Cut off food going in, a few bombs to destroy power plants and water plants and the city will destroy itself. The modern cities are easy pickings to a modern military, it's not like the sieges of old. What would LA look like after a week with no working water, power or food? Shit they would be begging for the Feds to come in restore order.

Fri, 02/19/2010 - 11:44 | 237548 DaveyJones
DaveyJones's picture

it would look a little bit worse than it now looks

Thu, 02/18/2010 - 19:18 | 236587 Anonymous
Anonymous's picture

you know, I some times think DC is full of Crooks
and Wall street is corrupt or is it DC is corrupt
and wall street is full of crooks..gotta go now the
plane is warming up.

Thu, 02/18/2010 - 19:22 | 236599 MarketTruth
MarketTruth's picture

Let me tell you how it will be,
There’s one for you, nineteen for me,
‘Cause I’m the Taxman,
Yeah, I’m the Taxman.
Should five per cent appear too small,
Be thankful I don’t take it all.
‘Cos I’m the Taxman,
Yeah, I’m the Taxman.

(If you drive a car ), I’ll tax the street,
(If you try to sit ), I’ll tax your seat,
(If you get too cold ), I’ll tax the heat,
(If you take a walk ), I’ll tax your feet.
Taxman.

‘Cause I’m the Taxman,
Yeah, I’m the Taxman.
Don’t ask me what I want it for
(Taxman! Mister Wilson!)
If you don’t want to pay some more
(Taxman! Mister Heath!),
‘Cause I’m the Taxman,
Yeah, I’m the Taxman.

Now my advice for those who die, (Taxman!)
Declare the pennies on your eyes, (Taxman!)
‘Cause I’m the Taxman,
Yeah, I’m the Taxman.
And you’re working for no-one but me,
(Taxman).

Thu, 02/18/2010 - 19:44 | 236672 Anonymous
Anonymous's picture

I wish our government all the best of luck with their endeavors.

-MobBarley

Thu, 02/18/2010 - 20:06 | 236720 Psquared
Psquared's picture

Really interesting day for news:

  • Obama will raise taxes on the working stiffs to pay for the bailout of the billionaires;
  • Fed Res raised the discount rate after the close and the day before option expirations; (frontrunning by GS anyone?)
  • The first (and possibly the second) shot fired in the second American Revolution using a plane in Austin, TX and suspected food poisoning at Ft. Jackson Military training base

 

Thu, 02/18/2010 - 20:55 | 236810 Unscarred
Thu, 02/18/2010 - 21:25 | 236860 Anonymous
Anonymous's picture

Does anyone remember old "Read my hips" after saying"Read my lips" no new taxes. Yeah, right!

Didn't someone just fly a plane into an IRS office?

The gig is up!

http://www.gigisup.net/

Do NOT follow this link or you will be banned from the site!