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Gary M

By Gary M
in Politics, Polls, and Pundits

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Gary M Veteran

Gary M

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Thats not exactly fair. let me edit together all the times you say "and um" or "and ah" in a week.

 

I am not the paid mouthpiece for the POTUS.

 

And actually, I try very hard not to speak unless I know what I am going to say, so I don't use um and ah alot.

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KD in CA Hall of Famer

KD in CA

Posted
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I am not the paid mouthpiece for the POTUS.

 

And actually, I try very hard not to speak unless I know what I am going to say, so I don't use um and ah alot.

 

 

Give the guy a break. He's been struggling to get by on his modest $172,000 salary.

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erynthered All Pro

erynthered

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The Obama Administration must be doing something right if this is what you hacks are focused on.

 

 

Speaking of hacks. Your boys proposed budget looks cool, no?

 

President Obama released his budget this morning. Rather than focusing on Washington's over-spending problem, the budget calls for higher taxes on families and small businesses to pay for even more government spending. Under the Obama budget, tax revenues will grow from 14.4% of GDP in 2011 to 20% of GDP in 2021. By comparison, the historical average is only 18% of GDP.

 

Tax hike lowlights include:

 

  • Raising the top marginal income tax rate (at which a majority of small business profits face taxation) from 35% to 39.6%. This is a $709 billion/10 year tax hike
  • Raising the capital gains and dividends rate from 15% to 20%
  • Raising the death tax rate from 35% to 45% and lowering the death tax exemption amount from $5 million ($10 million for couples) to $3.5 million. This is a $98 billion/ten year tax hike
  • Capping the value of itemized deductions at the 28% bracket rate. This will effectively cut tax deductions for mortgage interest, charitable contributions, property taxes, state and local income or sales taxes, out-of-pocket medical expenses, and unreimbursed employee business expenses. A new means-tested phaseout of itemized deductions limits them even more. This is a $321 billion/ten year tax hike
  • New bank taxes totaling $33 billion over ten years
  • New international corporate tax hikes totaling $129 billion over ten years
  • New life insurance company taxes totaling $14 billion over ten years
  • Massive new taxes on energy, including LIFO repeal, Superfund, domestic energy manufacturing, and many others totaling $120 billion over ten years
  • Increasing unemployment payroll taxes by $15 billion over ten years
  • Taxing management capital gains in an investment partnership ("carried interest") as ordinary income. This is a tax hike of $15 billion over ten years
  • A giveaway to the trial lawyers—not letting companies deduct the cost of punitive damages from a lawsuit settlement. This is a tax hike of $300 million over ten years
  • Increasing tax penalties, information reporting, and IRS information sharing. This is a ten-year tax hike of $20 billion.

Add it all together, and this budget is a ten-year, $1.5 trillion tax hike over present law. That's $1.5 trillion taken out of the economy and spent on government instead of being used to create jobs.

 

The "tax relief" in the budget is mostly just an extension of present law, and also some refundable credit outlay spending in the tax code. There is virtually no new tax relief relative to present law in the President's budget.

 

PDF Version

 

 

http://www.washingto...tal-us-economy/

 

President Obama projects that the gross federal debt will top $15 trillion this year, officially equalling the size of the entire U.S. economy, and will jump to nearly $21 trillion in five years’ time.

 

Amid the other staggering numbers in the budget Mr. Obama sent to Congress on Monday, the debt stands out — both because Congress will need to vote to raise the debt limit later this year, and because the numbers are so large.

 

Mr. Obama‘s budget said 2011 will see the biggest one-year jump in debt in history, or nearly $2 trillion in a single year. And the administration says it will reach $15.476 trillion by Sept. 30, the end of the fiscal year, to reach 102.6 percent of gross domestic product (GDP) — the first time since World War II that dubious figure has been reached.

 

In one often-cited study, two economists have argued that when gross debt passes 90 percent it hinders overall economic growth.

 

The president’s budget said debt as a percentage of GDP will top out at 106 percent in 2013, but only if the economy booms.

 

“I still don’t see a sense of urgency from the president about the massive federal debt,” said Sen. Lamar Alexander, Tennessee Republican. “His budget calls for too much government borrowing – even though the debt is already at a level that makes it harder to create private-sector jobs.”

 

Speaking on MSNBC on Monday, Jacob “Jack” Lew, the White House budget director, said their long-term plan to lower deficits will stabilize the debt.

 

“When we came into office, when President Obama took office, the deficit was climbing to over 10 percent of the economy. We have a plan that would bring it down to 3 percent,” he said. “That is the most rapid reduction in the deficit in history. It is what we have to do to be able to say we’re paying our bills and we’re not adding to the debt.”

 

The administration said debt as a percentage of GDP will stabilize at about 105 percent in the middle of this decade, though those calculations assume economic growth levels significantly above projections of the non-partisan Congressional Budget Office.

 

The government measures debt several ways. Debt held by the public includes the money borrowed from Social Security’s trust fund.

 

 

You're right Frenkle, He's doing a great job.

 

Sorry this post is not about God or Global Warming, I know they're your fav's.

 

 

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3rdnlng Hall of Famer

3rdnlng

Posted
Posted

Speaking of hacks. Your boys proposed budget looks cool, no?

 

President Obama released his budget this morning. Rather than focusing on Washington's over-spending problem, the budget calls for higher taxes on families and small businesses to pay for even more government spending. Under the Obama budget, tax revenues will grow from 14.4% of GDP in 2011 to 20% of GDP in 2021. By comparison, the historical average is only 18% of GDP.

 

Tax hike lowlights include:

 

  • Raising the top marginal income tax rate (at which a majority of small business profits face taxation) from 35% to 39.6%. This is a $709 billion/10 year tax hike
  • Raising the capital gains and dividends rate from 15% to 20%
  • Raising the death tax rate from 35% to 45% and lowering the death tax exemption amount from $5 million ($10 million for couples) to $3.5 million. This is a $98 billion/ten year tax hike
  • Capping the value of itemized deductions at the 28% bracket rate. This will effectively cut tax deductions for mortgage interest, charitable contributions, property taxes, state and local income or sales taxes, out-of-pocket medical expenses, and unreimbursed employee business expenses. A new means-tested phaseout of itemized deductions limits them even more. This is a $321 billion/ten year tax hike
  • New bank taxes totaling $33 billion over ten years
  • New international corporate tax hikes totaling $129 billion over ten years
  • New life insurance company taxes totaling $14 billion over ten years
  • Massive new taxes on energy, including LIFO repeal, Superfund, domestic energy manufacturing, and many others totaling $120 billion over ten years
  • Increasing unemployment payroll taxes by $15 billion over ten years
  • Taxing management capital gains in an investment partnership ("carried interest") as ordinary income. This is a tax hike of $15 billion over ten years
  • A giveaway to the trial lawyers—not letting companies deduct the cost of punitive damages from a lawsuit settlement. This is a tax hike of $300 million over ten years
  • Increasing tax penalties, information reporting, and IRS information sharing. This is a ten-year tax hike of $20 billion.

Add it all together, and this budget is a ten-year, $1.5 trillion tax hike over present law. That's $1.5 trillion taken out of the economy and spent on government instead of being used to create jobs.

 

The "tax relief" in the budget is mostly just an extension of present law, and also some refundable credit outlay spending in the tax code. There is virtually no new tax relief relative to present law in the President's budget.

 

PDF Version

 

 

http://www.washingto...tal-us-economy/

 

President Obama projects that the gross federal debt will top $15 trillion this year, officially equalling the size of the entire U.S. economy, and will jump to nearly $21 trillion in five years’ time.

 

Amid the other staggering numbers in the budget Mr. Obama sent to Congress on Monday, the debt stands out — both because Congress will need to vote to raise the debt limit later this year, and because the numbers are so large.

 

Mr. Obama‘s budget said 2011 will see the biggest one-year jump in debt in history, or nearly $2 trillion in a single year. And the administration says it will reach $15.476 trillion by Sept. 30, the end of the fiscal year, to reach 102.6 percent of gross domestic product (GDP) — the first time since World War II that dubious figure has been reached.

 

In one often-cited study, two economists have argued that when gross debt passes 90 percent it hinders overall economic growth.

 

The president’s budget said debt as a percentage of GDP will top out at 106 percent in 2013, but only if the economy booms.

 

“I still don’t see a sense of urgency from the president about the massive federal debt,” said Sen. Lamar Alexander, Tennessee Republican. “His budget calls for too much government borrowing – even though the debt is already at a level that makes it harder to create private-sector jobs.”

 

Speaking on MSNBC on Monday, Jacob “Jack” Lew, the White House budget director, said their long-term plan to lower deficits will stabilize the debt.

 

“When we came into office, when President Obama took office, the deficit was climbing to over 10 percent of the economy. We have a plan that would bring it down to 3 percent,” he said. “That is the most rapid reduction in the deficit in history. It is what we have to do to be able to say we’re paying our bills and we’re not adding to the debt.”

 

The administration said debt as a percentage of GDP will stabilize at about 105 percent in the middle of this decade, though those calculations assume economic growth levels significantly above projections of the non-partisan Congressional Budget Office.

 

The government measures debt several ways. Debt held by the public includes the money borrowed from Social Security’s trust fund.

 

 

You're right Frenkle, He's doing a great job.

 

Sorry this post is not about God or Global Warming, I know they're your fav's.

 

Didn't we just have a tax debate? All this does is cause more confusion and doubt about the future. A really good way to encourage the economy to move forward.

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3rdnlng Hall of Famer

3rdnlng

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I think you may be misunderstanding me. Your post is a good one. I was referring to our country just having a tax rate debate and it was decided to extend the "Bush tax cuts". Now Obama wants to raise taxes again?

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