$1,500,000,000,000 In New Taxes

September 19, 2011 10:37 am 0 comments

Remember those campaign promises about NO NEW TAXES for anyone making under $250,000? I wonder how that is going to play out when these massive new taxes hit us.

WASHINGTON (AP) — In a blunt rejoinder to congressional Republicans, President Barack Obama called for $1.5 trillion in new taxes Monday, part of a total 10-year deficit reduction package totaling more than $3 trillion. “We can’t just cut our way out of this hole,” the president said.

The president’s proposal would predominantly hit upper income taxpayers but would also reduce spending in mandatory benefit programs, including Medicare and Medicaid, by $580 billion. It also counts savings of $1 trillion over 10 years from the withdrawal of troops from Iraq and Afghanistan.

Obama’s recommendation to a joint congressional committee served as a sharp counterpoint to Republican lawmakers, who have insisted that tax increases should play no part in taming the nation’s escalating national debt. Obama’s plan would end Bush-era tax cuts for top earners and would limit their deductions.

“It’s only right we ask everyone to pay their fair share,” Obama said from the Rose Garden at the White House.

Responding to a complaint from Republicans about his proposed tax on the wealthy, Obama added: “This is not class warfare. It’s math.”

Obama vowed to veto any deficit reduction package that cuts benefits to Medicare recipients but does not contain revenue increases.

The Republican reaction was swift and derisive.

“Veto threats, a massive tax hike, phantom savings, and punting on entitlement reform is not a recipe for economic or job growth-or even meaningful deficit reduction,” Senate Republican leader Mitch McConnell said in a statement issued minutes after the president’s announcement. “The good news is that the Joint Committee is taking this issue far more seriously than the White House.”

Obama’s proposal comes amid Democratic demands that Obama take a tougher stance against Republicans. And while the plan stands little chance of passing Congress, its populist pitch is one that the White House believes the public can support.

The core of the president’s plan totals just over $2 trillion in deficit reduction over 10 years. It would let Bush-era tax cuts for upper income earners expire, limit deductions for wealthier filers and close loopholes and end some corporate tax breaks. It also would cut $580 billion from mandatory programs, including $248 billion from Medicare. It also targets subsidies to farmers and benefits programs for federal employees.

Under Obama’s plan, government spending would no longer add to the national debt starting in 2017

Coupled with about $1 trillion in cuts already approved by Congress and signed by the president, overall deficit reduction would total more than $4 trillion, a number many economists cite as a minimum threshold to bring the nation’s debt under control.

Key features of Obama’s plan:

-$1.5 trillion in new revenue, which would include about $800 billion realized over 10 years from repealing the Bush-era tax rates for couples making more than $250,000. It also would place limits on deductions for wealthy filers and end certain corporate loopholes and subsidies for oil and gas companies.

-$580 billion in cuts in mandatory benefit programs, including $248 billion in Medicare and $72 billion in Medicaid and other health programs. Other mandatory benefit programs include farm subsidies and federal employee benefits.

-$430 billion in savings from lower interest payment on the national debt.

- $1 trillion in savings from drawing down military forces from Iraq and Afghanistan.

Leave a Reply


Other News

  • Christian Persecution World Russia Declares ‘Holy War’ On Islamic State

    Russia Declares ‘Holy War’ On Islamic State

    The Orthodox Christian Church, which is reclaiming its traditional role in post-Soviet Russia, has just described its government’s fight against the Islamic State and other jihadi groups in Syria as a “holy war.”

    According to Vsevolod Chaplin, head of the Church’s Public Affairs Department,

    The fight with terrorism is a holy battle and today our country is perhaps the most active force in the world fighting it. The Russian Federation has made a responsible decision on the use of armed forces to defend the People of Syria from the sorrows caused by the arbitrariness of terrorists. Christians are suffering in the region with the kidnapping of clerics and the destruction of churches. Muslims are suffering no less.

    This is not a pretext to justify intervention in Syria.

    Read more →
  • 2nd Amendment Faith Oregon Shooting – When Tragedy Happens Let’s Focus On The Cause And Not The Tools Used

    Oregon Shooting – When Tragedy Happens Let’s Focus On The Cause And Not The Tools Used

    While the blood was still dripping from those martyrs who, in front of an evil man armed with a gun, asked them if they were Christians and those strong in the faith said they were. He shot them in the head. While those who were lost or weak said nothing he spared their lives and shot them in their legs.

    Barrack Hussein Obama angrily ran to the cameras to use this opportunity to say that guns being in the hands of the law-abiding Americans is the problem, and we need to restrict the 2nd amendment to spare the lives of “we the people.”

    This is nuts; guns do not kill people, people kill people! You can test this fact in your own home right now. (Do not worry no one will get hurt).

    Read more →
  • 2nd Amendment Faith Gun Free Zones Are Killing Zones

    Gun Free Zones Are Killing Zones

    How did you feel when you heard of the shootings in Oregon this week? Was the first thing that came to your mind the thought that if we only had stricter gun control legislation, this kind of tragedy could have been prevented?

    If you listened to idiotic liberals, like President Barack “Insane” Obama, you might believe that. It is my contention that liberalism is a mental disorder based on the rejection of God and His principles, and extreme irresponsibility.

    Read more →
  • National Where’s the Beef, in Republican candidates, in 2015?

    Where’s the Beef, in Republican candidates, in 2015?

    What type of Republican Leader do you want in 2015?

    As we look at elections coming up quickly in 2015, as well as the very important 2016 election cycle, what type of “Republican” leaders do you want to shape the future of your county and country?

    Do you ever wonder why it is that the current crop of Republicans are not declaring, at every media interview, “These ills have been brought to you by the Democrat Party!” when speaking of Obamacare, the hordes of immigrants being allowed to destroy our country, the Iranian nuclear treaty, the “Black Lives Matter” racial division rhetoric, the attack on the defense of marriage, the 94 million Americans not currently in the work force,

    Read more →
  • National Child protection services Sentences Baby To Death ON 9/11/2015

    Child protection services Sentences Baby To Death ON 9/11/2015

    Child protection services should be self-explanatory based on the simplicity of its name. But they are doing exactly opposite of their name in many places. Wynne, Arkansas is one such place.

    A baby has been sentenced to death and will be executed on Friday, September 11, 2015 and Arkansas Department of HUMAN SERVICES (DHS) – Division of Children and Family Services- Central Office will facilitate the delivery of the baby’s 10-year-old to the abortion clinic.

    On August 29, 2015 20-year-old Justin Smith was arrested and charged with three counts of rape and one count of endangering the welfare of a minor. His “alleged” victim is a 10-year-old.

    Read more →