Obama’s ‘rosy’ budget scenario doubles down on class warfare

[dogtowner]

well "budget" should probably read "platform"

here is a little summation of this document for your entertainment

the high (low) lights

1. The top income rate would be raised to 39.6 percent vs. 35 percent today.
2. Under the “Buffett rule,” no household making over $1 million annually would pay less than 30 percent of their income in taxes.
3. Between now the end of a second Obama term, Obama proposes $707 billion in “net deficit reduction proposals.” Of that amount, only 16 percent is spending cuts.
4. The majority of small business profits would be taxed at 39.6 percent vs. 35 percent today.
5. The capital gains rate would rise to 25.0 percent (including the Obamacare surtax and deduction phase out) from 15 percent today.
6. The double-tax on corporate profits (including dividends) would increase to 64 percent based on the statutory corporate tax rate (58 percent using the effective tax rate), easily the highest among advanced economies.
7. The double tax on corporate profits (including capital gains) would increase to 51 percent (44 percent using the effective tax rate), also among the highest among advanced economies.

All in all, Obama has proposed some $1.6 trillion in new taxes over ten years, taking tax revenue as a share of GDP to 20.1 percent in 2022 vs. a historical average of 18 percent. And despite all those new taxes, Obama’s plan would still add $6.7 trillion in new debt and make no progress in lowering the nation’s total debt levels as a share of output. The debt-to-GDP ratio is predicted to be 74.2 percent this year and 76.5 percent in 2022.

At the same time, federal spending would never fall below 22 percent of GDP. Indeed, Obama — if he serves two terms — would be the first U.S. president in history to spend 22.0 percent or more of GDP for eight straight years (and then beyond). And keep in mind that these debt and spending numbers claim about $850 billion in savings from unwinding the wars in Iraq and Afghanistan, spending about a quarter of those phony “savings” on highway funding.

And also don’t forget about the rosy growth assumptions of 3.4 percent growth in 2015, 4.1 percent in 2016, 4.1 percent in 2017, and 3.9 percent in 2018. The U.S. economy has only seen a run like that three times in the past four decades. And the Obama Boom is supposed to happen amid rising tax rates, interest rates, and debt? Good luck, Mr. President.

 

[Openmind]

Sounds great to me! And it sounds great to a LOT of people.

Everything will be decided in November 2012. . .we'll see!

 

[dogtowner]

Sounds great to me! And it sounds great to a LOT of people.

Everything will be decided in November 2012. . .we'll see!

of course it sounds good to you, its other people's money !

oh unless you realize as BO has that raising capital gains taxes actual lowers revenue.

 

[Openmind]

of course it sounds good to you, its other people's money !

oh unless you realize as BO has that raising capital gains taxes actual lowers revenue.

No it doesn't. . .it only lowers revenue if it is raise drastically. . .(like to 90%). It goes on a curve line.
And, by the way. . .I pay just as much tax (maybe more that you) than anyone else. . .and this budget is good for the middle class. The large majority of middle class does not have (or has VERY LITTLE) capital gain taxes, since most of them don't have enough income to have investments.

The capital gain tax has ALWAYS advantage the very wealthy to an optimal level, while doing very little for the middle class and NOTHING for the poor.

 

[Alias]

No it doesn't. . .it only lowers revenue if it is raise drastically. . .(like to 90%). It goes on a curve line.
And, by the way. . .I pay just as much tax (maybe more that you) than anyone else. . .and this budget is good for the middle class. The large majority of middle class does not have (or has VERY LITTLE) capital gain taxes, since most of them don't have enough income to have investments.

The capital gain tax has ALWAYS advantage the very wealthy to an optimal level, while doing very little for the middle class and NOTHING for the poor.

Obama's budget is more spending. How come Obama tells us we need to cut spending and we all need to sacrifice and then he goes directly opposite of what he says?

 

[dogtowner]

Obama's budget is more spending. How come Obama tells us we need to cut spending and we all need to sacrifice and then he goes directly opposite of what he says?

because he's campaigning, not "ruling".

 

[Alias]

because he's campaigning, not "ruling".

All I can say is these libs are either dumber than a broken ax handle or they just don't care about honesty and integrity. I think it's probably a combination of the two.

 

[dogtowner]

All I can say is these libs are either dumber than a broken ax handle or they just don't care about honesty and integrity. I think it's probably a combination of the two.

they just want a sugar daddy. Greece is a fine example of the result of this sort of plan.

 

[Openmind]

because he's campaigning, not "ruling".

they just want a sugar daddy. Greece is a fine example of the result of this sort of plan.

Sure dear. . .you are just admitting by your comment that you were happier with the very wealthy's sugar daddy, and it bothers you that we have a president who is looking out for the middle class.

Well. . .I guess we'll see how is dumb in November!

Daily Poll Summary, 2/14

2012 Matchup Polls

Sell Romney, Buy Santorum Shares: http://www.nationalpolls.com/articles/20120214001-sell-romney-buy-santorum-stock.html
National, Ramussen, 2/11 - 2/13: Obama 49, Romney 42
National, Rasmussen, 2/11 - 2/13: Obama 49, Santorum 41
National, PPP, 2/9 - 2/12: Obama 49, Romney 42
National, PPP, 2/9 - 2/12: Obama 49, Santorum 44
National, PPP, 2/9 - 2/12: Obama 52, Gingrich 40
National, PPP, 2/9 - 2/12: Obama 49, Paul 41
http://www.nationalpolls.com/2012/general-election/national.html

 

[dogtowner]

Sure dear. . .you are just admitting by your comment that you were happier with the very wealthy's sugar daddy, and it bothers you that we have a president who is looking out for the middle class.

Well. . .I guess we'll see how is dumb in November!

if extending the recession and devaluing the dollar which drives oil up is looking out for the middle class I'd hate to see what harming it is like.

 

[Openmind]

if extending the recession and devaluing the dollar which drives oil up is looking out for the middle class I'd hate to see what harming it is like.

Devaluing the dollars? When was that done? and extending recession? It seems to me that all the indicator show that the recesssion ended a while back, and that we are finally getting out of the hole.

I know that it doesn't please you to see that the economy is moving forward (and upward), but pretending to ignore it and spreading more fearmongering is ridiculous and not helpful. . .at least not to the majority of Americans.

 

[dogtowner]

Devaluing the dollars? When was that done? and extending recession? It seems to me that all the indicator show that the recesssion ended a while back, and that we are finally getting out of the hole.

I know that it doesn't please you to see that the economy is moving forward (and upward), but pretending to ignore it and spreading more fearmongering is ridiculous and not helpful. . .at least not to the majority of Americans.

QE1 QE2 QE3 and I hear 4 is on the way
think its over ? ask the unemployed and the rest who gave up, you know all those middle class folks BO is doing so very much for. the 1% have been getting taken care of though. and now that gas is back to 3.50 and rising fast (along with the cost of everything that moves on a truck which is about everythin g), ask everyone.

 

[Openmind]

QE1 QE2 QE3 and I hear 4 is on the way
think its over ? ask the unemployed and the rest who gave up, you know all those middle class folks BO is doing so very much for. the 1% have been getting taken care of though. and now that gas is back to 3.50 and rising fast (along with the cost of everything that moves on a truck which is about everythin g), ask everyone.

I don't have to ask anyone. I follow the news just as you do, and I look at job offers (as a matter of curiosity, as I am retired and happy to be retired), and I can see the difference between the numbers of adds NOW and 6 months ago.

I also went out for dinner tonight for Valentine. . .we chose to get an early dinner thinking we would avoid the rush. At 4:30 pm, the restaurant
already mobbed and had a 65 minutes waiting!
The huge parking (that serves 3 restaurants and a dozen shops) had cars turning in circles looking for a place to park.

If you don't see it where you live. . .you live in the wrong place! If even Georgia and South Carolina are spending. . .the market IS better than a year ago. . .and a LOT better than 3 years ago.

Obviously there is still too much unemployment. . .and it will continue for awhile, unfortunately! But the fact is that Obama has created a LOT more jobs than what Bush has lost!. . . .And God knows that Bush lost a LOT of jobs!