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White House's OMB Seems to Remove All Doubt: Sub-$250,000 Tax Spree To Commence
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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THINGS TO NOT DO TO REDUCE THE DEFICIT: 1)Do not secure the borders to stop new parasites and terrorists from entering the welfare state 2)Do not immediately remove the free healthcare, education,housing(including 1/3 of the prison population),and food supply to MILLIONS of ILLEGAL parasites 3)Do not end the 65 year occupation of Germany, Japan, and dozens of other countries around the planet 4)Do not formulate a foreign policy that places American interests above Israel 5)Do not end Trillion(thats thousands of BILLIONS) $$$ wars causing thousands of dead and wounded to chase a few dozen fanatics and protect bumper opium crops 6)Do not actually invest in DOMESTIC energy solutions 7)Do not end no win trade agreements such as NAFTA or GATT which have NEVER produced a trade surplus 8)Do not end the continued outsourcing of jobs and industries 9)Do not worry. We have a COMMUNITY ORGANIZER at the helm!
Is it me, or is it groundhog day??
Why do I feel like Charlie Brown, the government playing the role of Lucy, and the "promise" is the football?
Hmm, looks like the commission wasn't just a trick to get Republicans to agree to tax increases on the wealthy, but a way for Obama to weasel out of his pledge not to raise taxes on everyone else. Those of us that knew Obama was a weasel a year and a half ago officially say, "we told you so."
Raising taxes in a deflationary depression is unbelievably stupid.
Taxes and bank interest have been rising - as a % of income - for 30 years. Both are DEFLATIONARY. But the deflationary impact has - until now - been masked by the inflationary consequences of credit expansion. Now the fog of credit expansion has lifted.
But they have to raise taxes. They've already spent the money. And now that new cash is disappearing and incomes are declining and there's less money flowing into the treasury, they're going to have to raise taxes even further ...
Yes it kills asset prices, but it kills them less quickly than would a total system crash and "sudden stop"
I'LL BE FUCKIN GODDAMNED IF I WILL PAY FOR BOA,GS,C,BNY,MS,PNC AND THE REST OF THE COCKSUCKERS AND THEIR GODDAMN LOOTING FUCKIN WAYS. YOU WANT FUCKIN MONEY TO PAY THE FUCKIN DEBT OFF, BARK UP THEIR MOTHER FUCKIN TREE. I'LL QUIT MY FUCKIN JOB AND LIVE THE SOCIALIST DREAM BEFORE I PAY GODDAMN DAMN IT!!!!
How about a commission that was required to propose budget cuts in direct proportion to the contributions of interest groups? The more the contributions over, say, the last ten years, the higher the percentage cut.
Constitutional amendment, anyone? Limit deficits to 5% only under certain conditions, and said commission to enforce automatic rollbacks based on some mix of: 1. Historic average political contributions by sector; 2. Historic level of Federal tax/spending outlays; or 3. Historic profitability of sector or some combined formula.
In addition, note that top tax brackets are still taxed at the lowest rates in almost a century. Hell, Eisenhower would raise top rates quite a lot. But first, bloody budget massacre. Total mayhem. Take the beast back at least 30 years in size. Liberal and conservative programs alike. We'll figure out the proper balance later.
Just wait until the "bracket creep" starts. Hyper-stagflation, baby!
YOU’RE ALL MISSING THE POINT !
Duh, what didn’t you hear in that announcement? Lay-offs of government employees, that’s what. By raising taxes a little bit Obama just saved like a million jobs. Plus we need all those government workers to do things we can’t. What, are you going to scan your own body at the airport? Counsel yourself about Diversity? Put on a ‘SECURITY’ vest and watch people get beat up on the subway?...I don’t think so.
Besides, we’re going to need that extra tax money for the tens of thousands of ACORN census takers that are going to be hired this spring. They don’t actually grow on trees you know.
Duh.
I knew BO was a sadist coming in, and now he solidifies his masochism. Dude is nuts!
Deficit reduction committee. What an oxymoron!
It is actually alot more simple than an actual dollar amount...if your tax return consists of a W2, mortgage interest and misc expenses, ie. child care "writeoffs", you are fakked.
The simple solution is not to tax the people that don't mind paying because it is a fact of existence in the real world, it is that corporations and "personal businesses" can screw the pooch in the front and the back, and can get a reach around to boot. Make them pay what they owe, screw the acountimagickery and the people that enable it.
Raising taxes is inevitable just look at the fucking deficit. Was that April Fools day that Obama was elected?
The president who hasn't done shit has formed a committee (the purpose of a committee is to not accomplish shit) to study the shit we are in and all shit is on the table. I wonder what the outcome will be?
Hint: it is preceded by the word 'more'
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