Nanker Posted February 2, 2015 Share Posted February 2, 2015 Another centerpiece of the president's tax proposal is an increase in the capital gains rate on couples making more than $500,000 per year. The rate would climb from 23.8 percent to 28 percent. Obama wants to require estates to pay capital gains taxes on securities at the time they are inherited. He also is trying to impose a 0.07 percent fee on the roughly 100 U.S. financial companies with assets of more than $50 billion. Link to comment Share on other sites More sharing options...
DC Tom Posted February 2, 2015 Share Posted February 2, 2015 Another centerpiece of the president's tax proposal is an increase in the capital gains rate on couples making more than $500,000 per year. The rate would climb from 23.8 percent to 28 percent. Obama wants to require estates to pay capital gains taxes on securities at the time they are inherited. He also is trying to impose a 0.07 percent fee on the roughly 100 U.S. financial companies with assets of more than $50 billion. His budget proposal contains tax legislation? Link to comment Share on other sites More sharing options...
Nanker Posted February 2, 2015 Author Share Posted February 2, 2015 Yes, shocking isn't it. I wonder what the basis is for the "fee" on the financial companies. Let's see .07% of 5 trillion dollars is $350 billion if I did the math right. $350,000,000,000.00 You could play a lot of golf with that kind of money. Link to comment Share on other sites More sharing options...
keepthefaith Posted February 2, 2015 Share Posted February 2, 2015 Yes, shocking isn't it. I wonder what the basis is for the "fee" on the financial companies. Let's see .07% of 5 trillion dollars is $350 billion if I did the math right. $350,000,000,000.00 You could play a lot of golf with that kind of money. The basis is he needs money for his programs, the financial sector is hoarding money that should be put to "better" use and that bankers are evil. Link to comment Share on other sites More sharing options...
Nanker Posted February 2, 2015 Author Share Posted February 2, 2015 Shouldn't such a seizure be considered theft? Link to comment Share on other sites More sharing options...
TakeYouToTasker Posted February 2, 2015 Share Posted February 2, 2015 It also includes a 14% tax on "overseas profits". Link to comment Share on other sites More sharing options...
IDBillzFan Posted February 2, 2015 Share Posted February 2, 2015 It's amazing to me that after six years, Obama is still stupid enough to to raise taxes on the people and companies who already pay 90% of the tax revenue...and do it based on the sole principle that these people and companies need to "pay their fair share." If you're a Democrat and aren't drastically embarrassed by everything this guy does, you are one massive partisan nutsucker. Link to comment Share on other sites More sharing options...
DC Tom Posted February 2, 2015 Share Posted February 2, 2015 (edited) If you're a Democrat and aren't drastically embarrassed by everything this guy does, you are one massive partisan nutsucker. If you're a Democrat, you aren't drastically embarrassed because you bought into this exact sort of divisive "us vs. them" politicking before you voted for him. Edited February 2, 2015 by DC Tom Link to comment Share on other sites More sharing options...
B-Large Posted February 3, 2015 Share Posted February 3, 2015 "Obama's budget projects a deficit of $583 billion in 2015, up significantly from last year's $485 billion imbalance. Obama's budget plan never reaches balance over the next decade and projects the deficit would rise to $687 billion in 2025." http://www.realclearpolitics.com/articles/2015/02/02/obama_sends_record_4_trillion_spending_plan_to_congress_125472.html It's embarassing that our President can't submit a budget proposal that doesn't have a even balance anywhere in the foreseeable future. I'm sorry, there are 500B in cuts or reforms in our Federal Government, there is no excuse. Link to comment Share on other sites More sharing options...
3rdnlng Posted February 3, 2015 Share Posted February 3, 2015 Other than Obama single handedly bringing Osama to justice , what has he accomplished in the six years he has been in office that any sane person could be happy about? He has been a complete failure on domestic issues and even worse when it comes to foreign policy. I challenge you libs, name something that he has done that is not only good for the country but is sustainable. Link to comment Share on other sites More sharing options...
Nanker Posted February 3, 2015 Author Share Posted February 3, 2015 Other than Obama single handedly bringing Osama to justice , what has he accomplished in the six years he has been in office that any sane person could be happy about? He has been a complete failure on domestic issues and even worse when it comes to foreign policy. I challenge you libs, name something that he has done that is not only good for the country but is sustainable. Racial division, class warfare, envy of wealth, promoting victimhood. There. Oh. Oh, you said good for the country. Sorry. He's got nothin'. Link to comment Share on other sites More sharing options...
B-Man Posted February 3, 2015 Share Posted February 3, 2015 President Obama’s “above the fray” shtick is getting tiring, says Charles Krauthammer — especially when it is accompanied by purely political machinations, like the White House’s proposed budget for the upcoming fiscal year. “I don’t mind if the president sends a budget which he knows is not going to achieve anything. But when he prefaces his remarks . . . by saying that we have to put politics aside, posing again as the one person in the country who rises above partisanship and party, speaks for the national interest, it’s really grating,” said Krauthammer on Monday’s Special Report. “The budget he gave he knows is not going to pass. It’s not a real document. It is entirely a political and partisan document. It’s a way to present liberal budget choices in a way that is completely unacceptable, but a way to frame the debate in the future.“ “And when he talks about the mindless austerity of the sequester — this is austerity?” asked Krauthammer. “The budget he presented is a half a trillion dollars of deficit. Until Obama acceded to the presidency, never in our history did we have a half a trillion dollars of deficit. Now he tells us we are in prosperity and recovery, and he still has half a trillion of deficit. And he calls it austerity. “This is a spending budget. The Republicans are not going to accept it. And rather than use it as a starting point for the bargaining on the budget, it should be completely ignored,” Krauthammer advised. “Let the Republicans start from scratch. http://www.nationalreview.com/corner/397765/krauthammers-take-president-obamas-budget-entirely-political-and-partisan-document-nro . Link to comment Share on other sites More sharing options...
B-Man Posted February 3, 2015 Share Posted February 3, 2015 Politico has a list of the top 10 "biggest and boldest" tax proposals in President Obama's FY 2016 budget, which would raise $1.387 trillion over the next 10 years. Every single dime of that would go to fund new spending schemes by the president. Zero would be applied to the deficit, which the CBO says will hit a trillion dollars by 2025. Here are a few of them (All amounts raised reflect the total over 10 years.): "BUFFETT TAX": The White House wants millionaires to pay a minimum tax rate of 30 percent. Raises $35 billion.. LIMITING ITEMIZED DEDUCTIONS FOR THE WEALTHY: Obama wants to limit the value of itemized deductions used by the wealthy, such as mortgage interest, to 28 percent of their income.Raises $640 billion. CAPITAL GAINS: The administration wants to hike the top rate to 28 percent from the current rate of about 25 percent with various surcharges, while expanding the number of things that would be subject to it. Raises $208 billion TOBACCO TAX: Nearly doubles the tax on a pack of cigarettes. Raises $95 billion. .More at the link: . Link to comment Share on other sites More sharing options...
DC Tom Posted February 3, 2015 Share Posted February 3, 2015 Politico has a list of the top 10 "biggest and boldest" tax proposals in President Obama's FY 2016 budget, which would raise $1.387 trillion over the next 10 years. Every single dime of that would go to fund new spending schemes by the president. Zero would be applied to the deficit, which the CBO says will hit a trillion dollars by 2025. Here are a few of them (All amounts raised reflect the total over 10 years.): "BUFFETT TAX": The White House wants millionaires to pay a minimum tax rate of 30 percent. Raises $35 billion.. LIMITING ITEMIZED DEDUCTIONS FOR THE WEALTHY: Obama wants to limit the value of itemized deductions used by the wealthy, such as mortgage interest, to 28 percent of their income.Raises $640 billion. CAPITAL GAINS: The administration wants to hike the top rate to 28 percent from the current rate of about 25 percent with various surcharges, while expanding the number of things that would be subject to it. Raises $208 billion TOBACCO TAX: Nearly doubles the tax on a pack of cigarettes. Raises $95 billion. .More at the link: . "8. BANK TAX: The plan would impose a 7 basis point fee on the nation’s approximately 100 biggest banks. The administration says it would force them to think twice about borrowing heavily." Someone want to explain how a 0.07% tax inhibits borrowing? Link to comment Share on other sites More sharing options...
IDBillzFan Posted February 3, 2015 Share Posted February 3, 2015 Politico has a list of the top 10 "biggest and boldest" tax proposals in President Obama's FY 2016 budget, which would raise $1.387 trillion over the next 10 years. You have to appreciate how he attempts to personify his taxes by giving them names of the rich. The Buffett Tax. The Mitt Romney Loophole. The Gringrich-Edwards Loophole. I look forward to the day a Republican proposes the Obama Tax; an extra fee paid by people too stupid to tie their own shoelaces. I'm actually surprised the president didn't use his pen and phone to make marijuana legal so he could impose massive taxes there. He would certainly get the support of every stoner moron who thinks federally legal marijuana would be good for them. Link to comment Share on other sites More sharing options...
Tiberius Posted February 3, 2015 Share Posted February 3, 2015 "Obama's budget projects a deficit of $583 billion in 2015, up significantly from last year's $485 billion imbalance. Obama's budget plan never reaches balance over the next decade and projects the deficit would rise to $687 billion in 2025." http://www.realclearpolitics.com/articles/2015/02/02/obama_sends_record_4_trillion_spending_plan_to_congress_125472.html It's embarassing that our President can't submit a budget proposal that doesn't have a even balance anywhere in the foreseeable future. I'm sorry, there are 500B in cuts or reforms in our Federal Government, there is no excuse. Aside from the fact balancing the budget makes no economic sense, you are right... Link to comment Share on other sites More sharing options...
IDBillzFan Posted February 3, 2015 Share Posted February 3, 2015 Aside from the fact balancing the budget makes no economic sense, you are right... Please enlighten us as to why you believe balancing the budget makes no economic sense. I'll get the popcorn. Link to comment Share on other sites More sharing options...
DC Tom Posted February 3, 2015 Share Posted February 3, 2015 Aside from the fact balancing the budget makes no economic sense, you are right... Bush's unbalanced budget: bad. Obama's unbalanced budget: good. You're an idiot. Link to comment Share on other sites More sharing options...
Chef Jim Posted February 3, 2015 Share Posted February 3, 2015 Aside from the fact balancing the budget makes no economic sense, you are right... At what point does the imbalanced budget become bad? It has to be at some point right? I'd like to know, in your mind, what the breaking point is and how you've arrived at that point. I think the first place to start is LA's question then mine. Oh those damn pesky questions again. Link to comment Share on other sites More sharing options...
DC Tom Posted February 3, 2015 Share Posted February 3, 2015 At what point does the imbalanced budget become bad? It has to be at some point right? I'd like to know, in your mind, what the breaking point is and how you've arrived at that point. I think the first place to start is LA's question then mine. Oh those damn pesky questions again. Let's go a step further. Gatorman, what happens when the government can no longer service its debt? Link to comment Share on other sites More sharing options...
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