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2009-02-26 Home Front: Politix

Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

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Posted by Steve White 2009-02-26 14:46|| || Front Page|| [3 views ] Top

#1 CALL to ACTION:
We must gain the attention of Washington immediately to avert this disaster from forver changing our nation. I propose a National Strike. On an agreed upon date, not very far off, every opponent of this administration and it's insane socialist agenda should simply fail to go to work. A national Blue Flu. No demonstrations, no violence, no civil disobedience, just millions of people not working that day! And when they drive, headlights on! Let the politicians in Washington get a sense of the aner and frusration the actual producers of American feel at being robbed to pay or bailout those who don't contribute to our national prosperity but who would take ours by force of law.

Posted by CALL to ACTION">CALL to ACTION 2009-02-26 16:08|| 2009-02-26 16:08|| Front Page Top

#2 I just took a look at the summary. The budget projects out to 2019. Deficits shrink to $533 billion for 2013. They start to rise again thereafter.

$533 billion is the lowest annual deficit projected for the next 10 years.

The budget also assumes that nominal GDP is flat for 2009, up 3.4% in 2010, and averages 5.0% growth from 2011 to 2019.

The Budget is entitled "A New Era of Responsibility" and the first chapter is "Inheriting a Legacy of Misplaced Priorities".

Posted by DoDo 2009-02-26 16:26|| 2009-02-26 16:26|| Front Page Top

#3 The number that matters isn't the annual deficit, it's the cumulative debt.

As debt goes up, interest payment consume an increasing proportion of revenues, leaving progressively less to be spent on other things.

High debt levels give governments a vested interest in inflation and the need to keep interest rates artificially low.

I can't find an estimate of interest rates paid by the gov in future years, but I doubt they are realistic and hence these projections probably meaningless.

Posted by phil_b 2009-02-26 17:37|| 2009-02-26 17:37|| Front Page Top

#4 On an agreed upon date, not very far off, every opponent of this administration and it's insane socialist agenda should simply fail to go to work.

Don't worry, the productive people will stop working soon enough.

Posted by AzCat 2009-02-26 18:40|| 2009-02-26 18:40|| Front Page Top

#5 It's call three card monty. Here's the point.

"The âtop 2%â includes a family of two earners making $250,000 per year â¦ but it also includes the super rich such as Warren Buffett and Bill Gates. $250,000 to $40 billion. Thatâs a pretty big gap for a space of just 2%. Of course, most of the uber-wealthy do not pay income taxes but rather pay capital gains taxes, generally because to become that rich you either inherited it, donât actually make an âincome,â or own huge amounts of stocks and bonds and periodically sell. Those types of disbursements - set up by very top of global wealth - are generally taxed at a 15% capital gains rate and itâs why Warren Buffett is wrong on taxes when he says he âpays less than his secretary.â

Amid the frenzy to be âfairâ and have the ârichâ pay more, letâs remember one thing: income taxes are paid by those who make an income. In other words, they work. The majority of the highest income tax payers in America arenât the Forbes 400, but rather successful businesspeople and small business owners who take an income and not stock, tax free municipal bonds, etc."

Let's destroy the means of production while we seize them. /sarcasm off

Posted by Procopius2k 2009-02-26 18:47|| 2009-02-26 18:47|| Front Page Top

#6 Don't worry, the productive people will stop working soon enough.

Or find ways to make sure they are about 10k or so under the cutoff line (which will probably be less than the proposed 250k.)

Posted by Cornsilk Blondie 2009-02-26 18:56|| 2009-02-26 18:56|| Front Page Top

#7 And I suspect that sort of thing will be a lot easier in flyover country than on the coasts Blondie.

Posted by Thing From Snowy Mountain 2009-02-26 19:32|| 2009-02-26 19:32|| Front Page Top

#8 How to make money off of any resulting shifts that might cause, I don't know.

Posted by Thing From Snowy Mountain 2009-02-26 19:33|| 2009-02-26 19:33|| Front Page Top

#9 Better learn to enjoy recession, we're going to be in one for a LONG time.

Posted by DMFD 2009-02-26 19:57|| 2009-02-26 19:57|| Front Page Top

#10 Where did I hear it all before?

Posted by g(r)omgoru 2009-02-26 20:27|| 2009-02-26 20:27|| Front Page Top

#11 I note the static analysis used for these "estimates". They are not estimates at all, they are wishful thinking.

Tax collections depend disproportionately on reported income by high-income earners. This is extremely volatile. The CBO estimates on reported income are by their nature obsolete, based on previous years high levels of reported income. We certainly won't see that again for a long time. The CBO made the same gross errors in their revenue estimates for the 2001-2003 recession.

And then there is the fact that tax increases suppress reported earnings (and tax cuts increase them), so a tax increase NEVER collects as much as a static analysis implies.

Posted by buwaya 2009-02-26 21:00|| 2009-02-26 21:00|| Front Page Top

#12 video showing how he's better then us peons

Posted by 3dc 2009-02-26 21:11|| 2009-02-26 21:11|| Front Page Top

23:41 Glenmore
23:29 trailing wife
23:24 trailing wife
23:24 Glenmore
23:21 trailing wife
23:18 trailing wife
23:01 JosephMendiola
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22:58 JosephMendiola
22:55 JosephMendiola
22:50 Kojo Throlurong3308
22:46 Kojo Throlurong3308
22:25 JosephMendiola
22:23 DMFD
22:19 DMFD
22:18 JosephMendiola
22:07 crosspatch
22:06 Penguin
22:05 DMFD
21:57 GinzaNoodleGirl35
21:49 Whineper Prince aka Broadhead6
21:43 Hyper
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21:24 Whineper Prince aka Broadhead6