At his press conference yesterday, President Obama said it is nearly impossible to raise taxes on the wealthy (a key piece of his fiscal strategy) without increasing their tax rates. It is, Obama said, a matter of simple arithmetic. (Snip) Most of the current focus is on avoiding the fiscal cliff. Most of the current focus is on avoiding the fiscal cliff. Obama insists on extending most of the 2001-03 tax cuts except for those that benefit the rich. Most Republicans want to extend those tax cuts for everyone, including the wealthy, which would add about another $1 trillion to the deficit.
Comments: There are plenty of obstructionist dRATS who haven´t passed off on a budget for the 0bamaNation that should, like the lemmings they are, keep walking toward a ´´physical cliff,´´ and don't stop.
I should imagine that the so-called "loopholes" only benefit fairly rich people who can hire CPAs to tell them how to use the system to save a bundle on taxes. Close those loopholes and more revenue should be generated. The only problem for the democ rats is that all the entertainers as well as other rich democ rat supporters use these loopholes.
For once and for all, his goal is not more revenue. If it was he would be doing things a lot different. His goal is redistribution of wealth. It is part of his class warfare program, part of the divide the nation. He knows the wealthy have ways of sheltering their taxes, sure he uses them, so it more of a grand show.
It is even simpler than all that. You increase tax revenue by letting "the rich" make a profit. When you eliminate the profit for business, you not only eliminate the tax on the profit but you also create loss carry-back which means tax money flows back to these tax payers. It is a double-whammy. You want more revenue? Help the business owner make a profit. It´s that simple. There is NO need to mess with rates or deductions.
I presume the projections are spread over the 10-year budgeting and not based on 1 year since the wealthy paying an extra 3% tax wouldn´t seem to generate anywhere near the $$ they´re stating in the article.
I read the other day that the top 100 net-worth individuals in the U.S. total about $1 trillion. Which means, if you took all their money today it wouldn´t even cover the current deficit year. (and then there wouldn´t be any more $$ to contribute ever again since they´d have given it all).
And why this type of simple illustration isn´t used by Republicans against the tax and spend Democrats?
I´m on the road, otherwise I´d quickly search out the budget [ha,, ha, ha, ha, ha] differences between GWB and Stinky.
Let´s first take the $5 trillion of deficit spending out of it [a big chunk of Stinky´s new spending]. Then let´s look at what´s left, and start cutting anything not specifically delegated to the Feds under the Constitution. Yeah, yeah, yeah. But that´s no excuse to not fight this usurping tyrant every step.
And start lining up replacements for the too, too many spine-donor Republicans in office.
Totally incorrect. The tax is on income, not wealth. This is not a tax on the wealthy. It is a tax on high earners. There is a difference. We must not allow the big libs to change the meaning of words or use words incorrectly.
Anyone who’s ever gone on a diet is told to lay off the booze because it’s high in calories. And that, of course, must make it very fattening indeed. Go onto the NHS Direct website, and you’ll be told a glass of wine contains as many calories as a slice of cake. Or if you prefer beer, the British Nutrition Foundation reminds you two pints are roughly the equivalent in calories to a full glass of single cream. So you may be surprised to learn that there’s no scientific evidence whatsoever to support the idea that alcohol makes you on weight. That’s hugely counter-intuitive, I know, because alcohol certainly is said to contain lots of calories.
President Barack Obama sounded a nostalgic personal note Sunday night and offered a rare self-assessment while criticizing congressional Republicans as an "impediment" to governing during the start of a West Coast fundraising tour for the Democratic Party. Obama told donors the sight of Mt. Rainier illuminated by a setting sun was particularly special because it reminded him of his mother, who attended high school in the Seattle area. "I feel the spirit of my mom," he said. He also attempted to contrast himself with Republicans who control the House of Representatives, saying they are "more focused on positioning themselves for
Los Angeles - Rather than thanking a list of friends and colleagues, Macklemore & Ryan Lewis used their American Music Awards acceptance speech to send a message of tolerance on Sunday night. Ben Haggerty, the rapper known as Macklemore, accepted the award for favorite rap/hip-hop album, then quoted Martin Luther King Jr. in a live satellite feed from the rap group´s latest tour stop. "Due to the fact that we are in Florida tonight accepting this award I want to acknowledge Trayvon Martin and the hundreds and hundreds of kids each year that are dying due to racial profiling and the violence that follows it," he said.
China and India’s success in weakening the latest global warming agreement created friction with other developing nations that are seeking to step up the fight against climate change. The two countries insisted on single-word changes for a deal at a United Nations conference involving 190 nations on Nov. 23. Instead of making “commitments” to roll back fossil fuel emissions, they signed up for “contributions,” a formulation that allows more flexibility in their action. Those last-minute revisions at a meeting that ran overtime by almost 30 hours underscored the reluctance of China and India to join in the sort of emissions
Washington - Hobby Lobby, a chain of crafts stores, closes on Sundays, costing its owners millions but honoring their Christian faith. The stores play religious music. Employees get free spiritual counseling. But they do not get free insurance coverage for some contraceptives, even though President Obama’s health care law requires it. Hobby Lobby, a corporation, says that forcing it to provide the coverage would violate its religious beliefs. A federal appeals court agreed, and the Supreme Court is set to decide on Tuesday whether it will hear the Obama administration’s appeal from that decision or appeals from one of
A historic agreement on Iran´s nuclear programme was made possible by months of unprecedented secret meetings between US and Iranian officials, in further signs of the accelerating detente between two of the world´s most adversarial powers, it emerged on Sunday. The meetings ran parallel to official negotiations involving five other world powers, (Snip) The Obama administration asked journalists not to publish details they had uncovered of the secret diplomacy until the Geneva talks were over for fear of derailing them. The Associated Press and a Washington-based news website, Al-Monitor, finally did so
Tokyo - Japan’s foreign minister on Sunday refused to recognize China’s newly claimed air defense zone over disputed islands, signaling that Japan would not back down as tensions increased in the maritime dispute. China on Saturday said its “air defense identification zone” would give it the right to identify and possibly take military action against aircraft near the islands in the East China Sea. The uninhabited islands are administered by Japan but claimed by China and Taiwan. China’s announcement appeared to be the latest step in what analysts have called a strategy to chip away at Japan’s claims of control of the islands.
President Obama will cast growing income inequality and a decline in economic mobility as a “fundamental threat to the American dream” during a speech Wednesday in Washington. The speech will serve as an early preview for next year’s State of the Union address, according to a White House official, who said Obama would focus much of his energy over the next three years on the issue. “The decisions we make over the next few years will determine whether or not our children will grow up in an America where, if you work hard, you can get ahead,” the official said.
Good stuff from Jonathan Turley at today’s House hearing on executive power, although I regret that I couldn’t find a more user-friendly format for you to watch. There’s no compilation clip; you’ll have to make do with the C-SPAN embed by fast-forwarding to the time cues I give you and being patient while the vid buffers (and buffers, and buffers).(Snip)That brings us to point two: Even if Congress can’t stop Obama, the courts can. The problem there, though, says Turley, is that O and the DOJ have argued successfully in many cases that no one has standing to sue him
One of President Obama´s chief political assets has been his ability to excite young people like almost no politician in history. But the days of America´s youth fawning over the president are over. A new Harvard University Institute of Politics poll released Wednesday confirms what other surveys have shown in recent months: Millennials have soured on Obama so much this year that their opinion of him largely mirrors the American public´s. Even though Obama does not ever have to face another election, he should be worried about the findings for a couple of reasons, which we will dive into momentarily.
During a presentation at the White House in which President Barack Obama touted the benefits of the Affordable Care Act, the president declared that his signature health care reform law was not going to be repealed. This assertion led his administration members, his staff, and audience members to rise from their seats and give the president a standing ovation. Obama said that ACA opponents’ alternative to the health care reform law is to champion repeal and going back to the health care delivery system status quo ante. He specifically cited Sen. Mitch McConnell (R-KY) who he said was asked directly for
I have never been much of a conspiracy theorist. For me it was always Oswald by himself from the Texas School Book Depository and nothing in the intervening fifty years has disabused me of this notion. For the most part, I’m an Occam’s Razor kind of guy — the most obvious explanation is likely to be true. (Snip) To put it bluntly, Occam’s Razor has moved. Things that were once possibilities now seem almost certainties to me. Principal among those is that Obama’s academic records are perpetually unavailable for a reason — and that reason is most likely that they reveal
A woman has revealed how difficult it is to eat healthily and stay full when living off an average food stamp budget. Melinda Moulton, from Huntington, Vermont, was one of 200 people to take part in the 3Squares Challenge, which saw her living for a week on just $36 worth of food, or around $1.71 a meal. Opting to try and eat as healthily as possible, Ms Moulton resorted to cheap foods like yogurt for breakfast, two handfuls of peanuts for lunch and lentil stew for dinner, all of which left her unsatisfied.´I don´t know how people do it,´ said
[Video] President Obama on Wednesday declared that addressing income inequality would be the focus of “all” of the White House’s efforts “for the rest of my presidency.” In a sweeping address that touched on raising the minimum wage, investing in infrastructure and ending tax breaks for the wealthy, Obama warned that the American economy has become “profoundly unequal,” declaring economic mobility the “challenge of our time.” “The combined trends of increasing inequality and decreasing mobility pose a fundamental threat to the American dream, our way of life, and what we stand for around the globe,” he said in an hour-long