I think when you spread the wealth around, it’s good for everybody.Well, in his 2010 budget, President Obama is doing just that: spreading the wealth.
Here are the numbers:
Tax increases:
The budget will impose the Clinton-era tax rates of 36 percent and 39.6 percent for couples earning more than $250,000 and individuals earning more than $200,000.. This change would generate $338 billion over 10 years.
The budget would also limit tax deductions for itemized deductions for families earning more than $250,000 and individual making more than $200,000. This would generate $179 billion over 10 years.
The plans would change capital gains tax rates to 20 percent, up from 15 percent, also for individuals above $200,000 and families above $250,000. This would generate $118 billion.
Tax cutsYou do the math. Obama is taking in $635 billion from the rich and giving $638 back out to working families.
The budget includes a tax credit that would provide a refund on payroll taxes of up to $400 per individual and $800 per family. This costs $536 billion over 10 years. It expands the earned income tax credit, costing $32 billion over 10 years. It expands the child tax credit, costing $70 billion over 10 years.
This might be a statistical anomaly, a quirk of statistics; but, knowing Obama, you can certainly believe that its intentional, can't you?
6 comments:
A politician keeping his promises - AND helping working families?? We've gotta find a way to stop this guy.
Yes we do. Raising taxes in a recession is bad; raising capital gains taxes in a capital crisis will exacerbate the problem; eliminating the charitable deduction for people most able to donate to charities is damaging to charities. Shall I continue...
That's okay, I can download the rest of the Club for Growth talking points from their website. You just seem so outraged that the guy made a lot of promises, got elected in a near-landslide, and then started keeping those promises - including one of the biggest tax cuts in US history (not really a campaign promise, but a nice little bonus, I thought).
God forbid we should go back to those Clinton era tax rates, though. We all remember what an economic disaster the 90s were.
Well, I hope the kool-aid tastes good, at least.
1. the election was not a landslide. A 3-percentage point victory is not a large margin of victory, and one easily turned.
2. The "largest tax cut" is a total fraud. $13 a week for a year is not a tax cut; only done so he can say he cut taxes. $13 a week will not help the economy. He did not reduce any tax rates; he is giving you an advance on Social Security. And, if you happen to earn more than $70k you are out of luck. No $13 for you. My kid gets more than than in his allowance.
3. The "clinton" economy was actually the Gingrich economy. The first two years under Clinton were not that great. He re-structured the national debt, which helped some; but the big boost to the economy was the tax rate cuts pushed through by the Republican congress. It was after they cut individual tax rate, capital gains tax rate, business tax rates, etc. that the economy took off.
I am outraged that Obama is pushing this country towards a socialist model. Just ask Castro and Hugo Chavez, both of whom are very approving of the moves Obama is making (Castro may have even sent his message from the grave!)
Obama's pushing for state ownership and administration of the means of production and distribution of goods?
But, "the Gingrich economy" - I hadn't heard that one before. That's funny. I really do enjoy this blog sometimes.
I'm glad you enjoy my humble little blog. It is my goal to entertain, educate, and enlighten.
I like your comments, too. They keep me thinking. Thinking that there are a lot of misguided people out there who need some truth. Even those in Mexico.
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