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Home Front: Politix
Obama: more tax revenue needed to address U.S. deficit -CBS
2013-02-04
[REUTERS] President Barack Obama
If you have a small business, you didn't build that...
said on Sunday more tax revenue would be needed in the coming years to reduce the U.S. deficit but raising tax rates was not a key issue.

"I don't think the issue right now is raising rates," Obama said in an interview on CBS.

"There is no doubt we need additional revenue, coupled with smart spending reductions in order to bring down our deficit. And we can do it in a gradual way so that it doesn't have a huge impact," he said.
Smart spending reductions like what?
At the beginning of the year Obama pushed through legislation to address the U.S. "fiscal cliff" that raised income tax rates on households making more than $450,000 a year.
Posted by:Fred

#23  Please correct me iff I'm wrong, but iff memory serves wasn't it in France where it was proposed for suborn any and all wealthy French to submit to a 100% tax rate???

WEIRD-N-MYSTERIOUS SUDDEN URGE TO MOVE TO THE CAYMAN ISLANDS + RUSSIA, ETC. is prolly in the minds of many French elites right now???
Posted by: JosephMendiola   2013-02-04 23:27  

#22  They can simply print money hand-over-fist like the've been doing. That is a de-facto tax on everyone because it dilutes the value of the dollar. You just don't see it.
Posted by: CrazyFool   2013-02-04 21:40  

#21  It should have dawned on the US Gov't by now that they have probably passed the point of "Peak Taxes Collected". They are not going to get more ... Americans just don't have the money to give. Real takehome pay has been dwindling for US income earners for a long time now. Families are really squeezed on discretionary income.

If the US Gov't boosts tax collection by any new means ... Americans will just bypass the measure. For example, do more transactions in cash and don't declare the income. There is NO way out of this - except the the US Gov't to shrink in size. "More government" is NOT the answer.
Posted by: Raider   2013-02-04 19:57  

#20  Shipman, that is such a funny joke--hadn't heard it before. The old, old Soviet joke becomes the new reality.

Warthogswife. I've been reading this from a lot of sources lately. The oldsters will be up in arms (if they haven't been confiscated). It's hard to believe there would be such thievery on such a large scale. However, maybe not so unbelievable since a huge wealth grab went on with the subprime loan debacle.
Posted by: JohnQC   2013-02-04 16:52  

#19  Translation: Your hip replacement is now scheduled for April, 2029.

Oh noes! That's when the Cable Guy is coming out!

/old old Soviet joke.
Posted by: Shipman   2013-02-04 16:03  

#18  warthogswife, I first heard rumors about democrat congresspeople talking about taking over retirement accounts 'to protect the consumer' a few years ago. I think it was a trial balloon then that did not go anywhere. What you are describing may be part of the preparation for that.
You have to remember that the Government thinks it can manage your money much, much, better than you possibly could - including retirement.
Posted by: CrazyFool   2013-02-04 14:43  

#17  Probably need to register with the Federal Reserve everything in your bank's safe deposit box...for your own protection, of course. That way if you showed up at the bank some morning and it has been closed, the Federal Reserve will be able to tell what and worth of personal artifacts being held.
Posted by: swksvolFF   2013-02-04 14:26  

#16  ... that damnned piece of legislation raised taxes on people making less than $100K than it did on people making more than $450K.

My taxes went up ~40% due primarily to a change in mineral depletion rules (but also the rest of ATRA), I doubt many making under $100k saw that sort of spike. As a result some properties I operate became unprofitable overnight. The wells thereon are being plugged, the revenues previously generated for local, state & federal governments therefrom will go to zero over the next few months, some employees will be released to the unemployment rolls, etc.

Not complaining as I still do rather well but this isn't the way I'd prefer to add to my leisure time.
Posted by: Clyde Omiling8317   2013-02-04 13:58  

#15  #4#1 Try this on for size: http://www.bloomberg.com/news/2013-01-18/retirement-savings-accounts-draw-u-s-consumer-bureau-attention.html It's the first step towards getting their hands on your 401K and it's being mulled over now.
Posted by: warthogswife   2013-02-04 13:24  

#14  Yeah... more taxes will help. Just ask France and Greece.
Posted by: DarthVader   2013-02-04 11:40  

#13  
Posted by: junkiron   2013-02-04 11:01  

#12  Well, if you like chicken nuggets and eat'em at Chick Filet, Obama just raised your taxes. The Kathy family owns and operates Chick Filet.

Batesville Casket Co. is a very successful family owned business. If you plan to one day die, chances are.....
Posted by: Besoeker   2013-02-04 10:56  

#11  Congress needs to shut his ass down - all of it. Cut off every dime to everything this clown instituted.
Posted by: newc   2013-02-04 10:56  

#10  I call BS on the party line about the fiscal cliff legislation raising taxes on families making more than $450K, that damnned piece of legislation raised taxes on people making less than $100K than it did on people making more than $450K.
I wonder if this moron at Reuters took a look at his pay stub recently, he's making several dollars less a payperiod than he did.
Also when are these fucking journalists going to realize that tax increases do not exempt them? They seem to be almost gleeful when they report on new taxes, levies, fees, and other confiscation of income.
Posted by: Bill Clinton   2013-02-04 10:35  

#9  Tax Mexico.
Posted by: Iblis   2013-02-04 10:31  

#8  Gasoline prices up for 18 consecutive days. $3.55 per galon... the new normal. Printing money has consequences. Higher prices create inflation and increased tax revenues. Champ takes a bow as our KSA oil tick masters smile. Keystone XL languishes.
Posted by: Besoeker   2013-02-04 09:10  

#7  Deadbeat wife to abused husband "Work harder, I need some new shoes!"
Posted by: Bright Pebbles   2013-02-04 08:33  

#6  Entitlements are donk umbilical cords. Cut them and the dependent client dies.
Posted by: Besoeker   2013-02-04 08:30  

#5  Ok perhaps not all of what I listed. But you know he will never cut any entitlements.
Posted by: CrazyFool   2013-02-04 08:19  

#4  #1 CrazyFool. Should Obama be pushing what you suggest, everyone will be pushing impeachment even the Donks.
Posted by: JohnQC   2013-02-04 07:52  

#3  A True Socialist. Then one year later the expenses get higher and he will say the same...
Posted by: Phaith Grique4599   2013-02-04 04:01  

#2  He's trial ballooning for more stimulus money. Likely to announce his intentions at the State of the Union on Feb 12th, which I will take great pleasure in not watching. Less than 4 years remaining of this imposter.

....smart spending reductions in order to bring down our deficit. And we can do it in a gradual way so that it doesn't have a huge impact," he said.

Translation: Your hip replacement is now scheduled for April, 2029. An individual's net worth should play a greater role in calculating taxes, which will close a loophole and reduce the tax burden of middle income wage earners. People are living much longer now. A single Social Security eligibility age should be established, age 72 sounds fair to me.
Posted by: Besoeker   2013-02-04 03:57  

#1  Smart:

Spending Reductions: Defense, Social Security (that people paid into), Medicare (that people paid into), Defense, Border Security. Embassy Security. Defense. All the things the Federal Government is supposed to do by the Constitution (Except federal pay).

Revenue: Takeover of individual IRA and 401K's - so that everyone has a fair share and if you don't agree you are racist, sexist, hate poor people - it's for the CHILDREN. Higher taxes on Energy. Taxes on Ammo. Taxes on Oil Drilling, Taxes on shale oil. Taxes on sunlight. Taxes on shade. Taxes on...
Posted by: CrazyFool   2013-02-04 00:19  

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