Warpath  

Home | Forums | Salary Cap Info | Shop | Donate | Stay Connected




Go Back   Warpath > Off-Topic Discussion > Parking Lot


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

Parking Lot


Reply
 
LinkBack Thread Tools Display Modes
Old 02-26-2009, 01:45 PM   #1
Living Legend
 
Monkeydad's Avatar
 
Join Date: Mar 2006
Location: PA
Age: 35
Posts: 16,275
Post Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

Change you can believe in.

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

February 26, 2009 12:00 PM

President Obama's budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.

1) On people making more than $250,000.

$338 billion - Bush tax cuts expire
$179 billlion - eliminate itemized deduction
$118 billion - capital gains tax hike

Total: $636 billion/10 years

2) Businesses:

$17 billion - Reinstate Superfund taxes
$24 billion - tax carried-interest as income
$5 billion - codify "economic substance doctrine"
$61 billion - repeal LIFO
$210 billion - international enforcement, reform deferral, other tax reform
$4 billion - information reporting for rental payments
$5.3 billion - excise tax on Gulf of Mexico oil and gas
$3.4 billion - repeal expensing of tangible drilling costs
$62 million - repeal deduction for tertiary injectants
$49 million - repeal passive loss exception for working interests in oil and natural gas properties
$13 billion - repeal manufacturing tax deduction for oil and natural gas companies
$1 billion - increase to 7 years geological and geophysical amortization period for independent producers
$882 million - eliminate advanced earned income tax credit

Total: $353 billion/10 years

SOURCE: Political Punch: Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011
__________________
Not sent from a Droid, iPhone, Blackberry or toaster
Monkeydad is offline   Reply With Quote

Advertisements
Old 02-26-2009, 02:46 PM   #2
Registered User
 
saden1's Avatar
 
Join Date: Feb 2004
Location: Seattle
Age: 35
Posts: 10,069
Re: Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

Did I miss something or were his intentions not clear during the campaign? Is this not the change people voted for?


I like, I like very much! Very very nice!
saden1 is offline   Reply With Quote
Old 02-26-2009, 03:33 PM   #3
MVP
 
dmek25's Avatar
 
Join Date: Oct 2005
Location: lancaster,pa
Age: 53
Posts: 10,523
Re: Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

isn't this exactly what he said he would do?
__________________
"It's better to be quiet and thought a fool than to open ones mouth and remove all doubt."
courtesy of 53fan
dmek25 is offline   Reply With Quote
Old 02-26-2009, 03:33 PM   #4
Playmaker
 
70Chip's Avatar
 
Join Date: Jan 2006
Location: Manassas
Age: 44
Posts: 3,048
Re: Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

Politics at its best. First they give a trillion dollars to their friends through the stimulus package and then they take a trillion dollars from their enemies through a tax increase. Elections do have consequences.

Of course your summary doesn't even contemplate the cap and trade system he wants which will bankrupt entire sectors of the economy.
__________________
This Monkey's Gone to Heaven
70Chip is offline   Reply With Quote
Old 02-26-2009, 03:34 PM   #5
Playmaker
 
Slingin Sammy 33's Avatar
 
Join Date: Feb 2007
Location: Virginia Beach
Posts: 4,342
Re: Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

Apparently the folks who understand the finance of this country don't like it, the Dow is down from about 9000 on Jan. 6th to below 7300 now. What's changed? Obama has come forward with his proposals for U.S. fiscal policy. Because a majority of Americans bought into Obamamania doesn't mean it's good for the economy.

and yes saden, if the economy turns around due to Obama's policies, I will give credit, however it has never happened historically.
__________________
"I would bet.....(if), an angel fairy came down and said, '[You can have anything] in the world you would like to own,' I wouldn't be surprised if you said a football club and particularly the Washington Redskins.'' Jack Kent Cooke, 1996.

Last edited by Slingin Sammy 33; 02-26-2009 at 03:47 PM.
Slingin Sammy 33 is offline   Reply With Quote
Old 02-26-2009, 03:43 PM   #6
Playmaker
 
Slingin Sammy 33's Avatar
 
Join Date: Feb 2007
Location: Virginia Beach
Posts: 4,342
Re: Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

Quote:
Originally Posted by dmek25 View Post
isn't this exactly what he said he would do?
Class warfare usually works when the class being catered to (low-middle income) outnumbers the class being punished (the "evil" rich). Unfortunately while this wins elections, it puts the country further behind the eight-ball. Government spending on social programs and liberal pet-projects never stimulates the economy it only hurts and either extends a recession/depression or increases the debt for future generations.

Most of the folks making over $ 250K are either small business owners, doctors/lawyers, or business professionals. The effect of increasing taxes on them will cause an increase in the cost of their goods/services which will effect everyone, especially the low-middle income folks. A dinner out that used to be $ 40 that increases to $ 44, a home reapir that increases from $ 1,000 to $1,100, etc. hurts a family making $ 80K a lot more than a family making $ 180K.

Also the middle income folks who are saving in their 401Ks and IRAs own stock in the energy companies and other "evil" corporations. Increase taxes on these corporations and profits/dividends shrink, hurting everyone who owns the stock.

EDIT: More good news Estimated Budget Totals for 2008-2010 Show Government Public Debt Rise 63 Percent - First 100 Days of Presidency - Politics FOXNews.com

Can someone tell me why any of this is good policy?
__________________
"I would bet.....(if), an angel fairy came down and said, '[You can have anything] in the world you would like to own,' I wouldn't be surprised if you said a football club and particularly the Washington Redskins.'' Jack Kent Cooke, 1996.

Last edited by Slingin Sammy 33; 02-26-2009 at 04:15 PM.
Slingin Sammy 33 is offline   Reply With Quote
Old 02-26-2009, 04:01 PM   #7
RG Glee
 
Schneed10's Avatar
 
Join Date: Feb 2005
Location: Newtown Square, PA
Age: 35
Posts: 8,483
Re: Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

I'm not a fan of tax hikes in any form because of the economic toll it can take. But I have to credit him for at least waiting to initiate the hikes until 2011.

By then most economists forecast the recession will be over and we'll be on the rebound. If he put the tax increases in place immediately it would thrust us into a horrendous depression. He's willing to acknowledge the consequences of tax hikes and he's clearly taking it into consideration. Kudos for that.
Schneed10 is offline   Reply With Quote
Old 02-26-2009, 04:07 PM   #8
Pro Bowl
 
Beemnseven's Avatar
 
Join Date: Feb 2004
Location: Virginia Beach
Age: 40
Posts: 5,301
Re: Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

Raise the capital gains tax? More good news for the stock market!

I don't want to hear any Obama supporters complain about their 401k accounts from here on out if this actually happens.

I thought the idea was to stimulate the economy?
Beemnseven is offline   Reply With Quote
Old 02-26-2009, 04:47 PM   #9
Registered User
 
saden1's Avatar
 
Join Date: Feb 2004
Location: Seattle
Age: 35
Posts: 10,069
Re: Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

Quote:
Originally Posted by Slingin Sammy 33 View Post
Apparently the folks who understand the finance of this country don't like it, the Dow is down from about 9000 on Jan. 6th to below 7300 now. What's changed? Obama has come forward with his proposals for U.S. fiscal policy. Because a majority of Americans bought into Obamamania doesn't mean it's good for the economy.

and yes saden, if the economy turns around due to Obama's policies, I will give credit, however it has never happened historically.
Don't take that road, you'll end up on Sad and Pathetic Road which is totally not a cool place for an upstanding gentlemen such as yourself. Time will tell but it seems to me your side doesn't know how to play at all at the moment. Until then, watch and learn.
saden1 is offline   Reply With Quote
Old 02-26-2009, 04:59 PM   #10
Gamebreaker
 
CRedskinsRule's Avatar
 
Join Date: Aug 2008
Location: Pasadena, Md
Age: 47
Posts: 13,008
Re: Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

Quote:
Originally Posted by saden1 View Post
Don't take that road, you'll end up on Sad and Pathetic Road which is totally not a cool place for an upstanding gentlemen such as yourself. Time will tell but it seems to me your side doesn't know how to play at all at the moment. Until then, watch and learn.
you know what would be interesting, is the same graph as your "doesnt know how to play" except shade it according to the House of Reps control. Seems to me like the Dems had a heavy hand with Reagan when he kept asking for a line item veto, and that the Republicans had control for a large part of Clintons Presidency.

But I forgot it is the PRESIDENT who initiates all spending bills under the Constitution [/sarcasm]

Last edited by CRedskinsRule; 02-26-2009 at 05:01 PM. Reason: added quote
CRedskinsRule is offline   Reply With Quote
Old 02-26-2009, 05:23 PM   #11
Playmaker
 
Slingin Sammy 33's Avatar
 
Join Date: Feb 2007
Location: Virginia Beach
Posts: 4,342
Re: Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

Quote:
Originally Posted by saden1 View Post
Don't take that road, you'll end up on Sad and Pathetic Road which is totally not a cool place for an upstanding gentlemen such as yourself. Time will tell but it seems to me your side doesn't know how to play at all at the moment. Until then, watch and learn.
My friend, you are much better than this. Should I link to the cross-over dribble on YouTube for you.

I'm by no means on the same road as Drudge. Nor am I unaware of the graph you linked to. We both know the President has limited control over the economy, but a President with his party controlling both houses of Congress can do much good....or harm. Many believe the expansion of the social programs FDR put forth in the 30s caused the depression to last longer. The expansion of these programs is draining the federal budget now. The expansion of government oversight / social programs in the mid-60s, many believe caused the economic issues in the 70s, and Carter certainly didn't help. It appears we are repeating past mistakes. I don't care who takes the credit, I'll happily give it to Obama if he does the things needed to get our federal budget balanced and our deficit reduced, but his current plan is not a blueprint for success.

EDIT: and for the record, Bush did a crappy job with the budget. He was definitely no fiscal conservative.
__________________
"I would bet.....(if), an angel fairy came down and said, '[You can have anything] in the world you would like to own,' I wouldn't be surprised if you said a football club and particularly the Washington Redskins.'' Jack Kent Cooke, 1996.

Last edited by Slingin Sammy 33; 02-26-2009 at 05:42 PM.
Slingin Sammy 33 is offline   Reply With Quote
Old 02-26-2009, 05:24 PM   #12
Playmaker
 
Slingin Sammy 33's Avatar
 
Join Date: Feb 2007
Location: Virginia Beach
Posts: 4,342
Re: Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

Quote:
Originally Posted by firstdown View Post
Your using Fox as a source don't you know they are bias. You need to use good sources like PBR, MSNBC, CNN, ABC, CBS, NBC, to get unbias reporting.
What was I thinking, next thing you know I'll post a WSJ link
__________________
"I would bet.....(if), an angel fairy came down and said, '[You can have anything] in the world you would like to own,' I wouldn't be surprised if you said a football club and particularly the Washington Redskins.'' Jack Kent Cooke, 1996.
Slingin Sammy 33 is offline   Reply With Quote
Old 02-26-2009, 08:42 PM   #13
Registered User
 
saden1's Avatar
 
Join Date: Feb 2004
Location: Seattle
Age: 35
Posts: 10,069
Re: Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

Quote:
Originally Posted by Slingin Sammy 33 View Post
My friend, you are much better than this. Should I link to the cross-over dribble on YouTube for you.

I'm by no means on the same road as Drudge. Nor am I unaware of the graph you linked to. We both know the President has limited control over the economy, but a President with his party controlling both houses of Congress can do much good....or harm. Many believe the expansion of the social programs FDR put forth in the 30s caused the depression to last longer. The expansion of these programs is draining the federal budget now. The expansion of government oversight / social programs in the mid-60s, many believe caused the economic issues in the 70s, and Carter certainly didn't help. It appears we are repeating past mistakes. I don't care who takes the credit, I'll happily give it to Obama if he does the things needed to get our federal budget balanced and our deficit reduced, but his current plan is not a blueprint for success.

EDIT: and for the record, Bush did a crappy job with the budget. He was definitely no fiscal conservative.
I can't quantify "many believe" into facts and figures. I am afraid you'll have to do better than "many believe," specially if that many include Buster, firstdown, and the usual cohorts.

When you say expansion what do you mean? We're not a static nation, our population has increased 400% since 1900 and 225% since 1940. The fact that national debt relative to the GDP was heading south aught to tell you we were heading in the right direction. The only time we seem to have issues is when we go to war and put all that money on the credit card.

Government spending during an economic downturn is a good thing but only if the money is spent wisely. Sure, there's plenty of government mismanagement that goes on but to use this to justify cutting back government spending and programs right now absurd. I want us to reign in the fraud/waste/abuses unlike many I can't subscribe to "look -- right there, it's bad, get rid of it" philosophy. You have to have a good alternative and I'm not convinced a spending freeze would be a good thing right now. That goes for a tax increase before the economy recovers too.
saden1 is offline   Reply With Quote
Old 02-26-2009, 10:43 PM   #14
Playmaker
 
Slingin Sammy 33's Avatar
 
Join Date: Feb 2007
Location: Virginia Beach
Posts: 4,342
Re: Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

Quote:
Originally Posted by saden1 View Post
I can't quantify "many believe" into facts and figures. I am afraid you'll have to do better than "many believe," specially if that many include Buster, firstdown, and the usual cohorts.
I wasn't referring to Buster, firstdown, and the usual cohorts, but I'm pretty sure they are included in the "many"
I was actually referring to folks like these:

FDR's policies prolonged Depression by 7 years, UCLA economists calculate / UCLA Newsroom

The truth about stimulus and the Depression - Feb. 11, 2009

and also FDR's own Treasury Secretary Henry Mrogenthau, On May 9, 1939, with unemployment at 20%, speaking to the House Ways and Means Committee Congress, Morgenthau said "We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong...somebody else can have my job. I want to see the country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promise....I say after eight years of this administration we have just as much unemployment as when we started....and an enourmous debt to boot!"

from wiki article on Social Security:
Economic concerns
One reason for the proposed changes in 1939 was a growing concern over the impact that the reserves created by the 1935 act were having on the economy. The Recession of 1937 was blamed on the government, tied to the abrupt decrease in government spending and the $2 billion that had been collected in Social Security taxes.[33]

Quote:
When you say expansion what do you mean? We're not a static nation, our population has increased 400% since 1900 and 225% since 1940. The fact that national debt relative to the GDP was heading south aught to tell you we were heading in the right direction. The only time we seem to have issues is when we go to war and put all that money on the credit card.
By expansion I mean; Expansion of Social Security benefits over the years, addition of Medicare under Johnson's "Great Society". These programs are not static and just grow due to population, additional beenfits have been added that have gotten us to this point:




from wiki: By 2017, the government is expected to have borrowed nearly $4.3 trillion against the Social Security Trust fund.[4] By 2041, the Social Security Fund is expected to be officially exhausted, as payments in excess of receipts draw it down to zero.[5] There are certain key implications to understand under current law, if no reforms are implemented:
  • Payroll taxes will only cover 78% of the scheduled payout amounts after 2041. This declines to 75% by 2082.[6] Without changes to the law, Social Security would have no legal authority to draw other government funds to cover the shortfall and payments would decline without a large tax increase.[2]
  • Between 2017 and 2041, redemption of the trust fund balance to pay retirees will draw $4.3 trillion in government funds from sources other than payroll taxes. This is a funding challenge for the government overall, not just Social Security.
  • The value of unfunded obligations under Social Security during FY 2007 was approximately $6.8 trillion. In other words, this amount would have to be set aside today such that the principal and interest would cover the shortfall over the next 75 years.
from wiki: By dollars paid, the U.S. Social Security program is the largest government program in the world and the single greatest expenditure in the federal budget, with 20.9% for social security and 20.4% for Medicare/Medicaid.

In FDR's wildest dreams I'm sure he didn't envision the program spiraling so wildly out of control.

Quote:
Government spending during an economic downturn is a good thing but only if the money is spent wisely. Sure, there's plenty of government mismanagement that goes on but to use this to justify cutting back government spending and programs right now absurd. I want us to reign in the fraud/waste/abuses unlike many I can't subscribe to "look -- right there, it's bad, get rid of it" philosophy. You have to have a good alternative and I'm not convinced a spending freeze would be a good thing right now. That goes for a tax increase before the economy recovers too.
Here's where we're about 80% in agreement (as it usually seems). We just take different paths to get there. The government should be spending on infrastructure, fixing roads, modernizing the electric grid, building/authorizing new nuclear plants, encouraging development in renewable/alternative fuels, encouraging oil/natural gas exploration and development within our own borders offshore, etc. Where the line needs to be drawn is on expanded/new social programs (prescription drug benefit was completely wrong, Universal Health Care, etc.) or enacting new government regulations (extreme environmental controls, Employee Free Choice Act). Change the benefit structure or full retirement age for SS, grandfather in those retiring within 10 yrs., but over that increase the full benefit retirment age. Stop the bailouts, let the automakers hit a Chapter 11 reorganization to deal with all the legacy costs and bloated union contracts that are killing them. Get the toxic mortgage assets under one roof and stop bailing out the banks too. The free market will sort itself out. Finally revamp the tax system, FairTax.org deserves a solid look. But there will need to be some sort of increases, either in the SS/Medicare contributions and in Fed Witholding, but those increases need to be going to programs mentioned above or directly against retiring the national debt, IMHO.
__________________
"I would bet.....(if), an angel fairy came down and said, '[You can have anything] in the world you would like to own,' I wouldn't be surprised if you said a football club and particularly the Washington Redskins.'' Jack Kent Cooke, 1996.
Slingin Sammy 33 is offline   Reply With Quote
Old 02-26-2009, 11:35 PM   #15
Living Legend
 
That Guy's Avatar
 
Join Date: Jun 2004
Location: Springfield, VA
Age: 32
Posts: 16,397
Re: Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

nuclear and private SS (no ind/gov borrowing against, 5%+ yearly ROI) would be huge cost savers

and i wouldn't be against a japanese type medicare system (where you have a small % to pay of your own bills to put the onus and cost control on the user for non preventive care, and then you could tag on a higher % if the condition was preventable - ie lung cancer due to smoking for someone born after date X to encourage users to decrease national medical spending individually - super simplified, but as a summary) as long as it was implemented correctly.

then there's tax and tort reform, farm subsidies (props for obama trying to open that, the dems are going to block it though).

we'll just have to see how it works out though.
__________________
Who says shameless self promotion is stupid? oh yeah, that was me... Click For Tunes!
That Guy is offline   Reply With Quote
Reply

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -4. The time now is 02:40 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2015, vBulletin Solutions, Inc.
This site is not officially affiliated with the Washington Redskins or the NFL.
Page generated in 0.36788 seconds with 9 queries

Search Engine Friendly URLs by vBSEO 3.2.0 RC5

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25