Time to trash Bob Woodward

Well...to borrow a tactic used by some here......Obama wants to do just that.

Just what?

'I Will Ask For More Tax Increases on the Rich Later,' Obama Promises

frogger wrote:

'I Will Ask For More Tax Increases on the Rich Later,' Obama Promises

What is that quote from?

frogger wrote:

'I Will Ask For More Tax Increases on the Rich Later,' Obama Promises

There is a lot more to it than that.

“The deal we are about to strike will raise taxes on the rich. But, the fiscal imbalances we face remain unsatisfactorily large. So, I will ask for more tax increases on the rich later,” Obama promised.

http://www.forbes.com/sites/robertlenzn ... -promises/

archer wrote:

frogger wrote: It is easier for some to just broad brush all conservative beliefs based on what Representative Boehner says. (it gets old)
Rick is right. You cannot continue to just tax the rich to fix this problem. Some complain about offshore bank accounts, outsourcing.......what do you expect when you tax someone to death.

No one is saying that we should just continue to tax the rich to solve the problem, at least I have never seen anyone say that.....have you? If so, please give us a source for that claim. Closing loopholes that give the very wealthy and corporations advantages that an average American does not have is just but one part of a balanced approach to a balanced budget and reducing our deficit.

At the end of last year, the Republicans already agreed to reduce "loopholes" for the "wealthy" (I put that in quotes since it only applies to one year's income, and who knows if they are really wealthy).

Here are a few...

2. Top marginal tax rate: increase from 35 percent to 39.6 percent for taxable incomes over $450,000 ($400,000 for single filers).

3. Phase out of personal exemptions for adjusted gross income (AGI) over $300,000 ($250,000 for single filers).

4. Phase down of itemized deductions for AGI over $300,000 ($250,000 for single filers).

5. Tax rates on investment: increase in the rate on dividends and capital gains from 15 percent to 20 percent for taxable incomes over $450,000 ($400,000 for single filers).

6. Death tax: increase in the rate (on estates larger than $5 million) from 35 percent to 40 percent.

And here are are a couple of tax increases for the "wealthy" from Obamacare...

8. Another investment tax increase: 3.8 percent surtax on investment income for taxpayers with taxable income exceeding $250,000 ($200,000 for singles).

9. Another payroll tax hike: 0.9 percent increase in the Hospital Insurance portion of the payroll tax for incomes over $250,000 ($200,000 for single filers).

Plus a couple of tax increases that might apply to all incomes (#11 is if they pay taxes)...

10. Medical device tax: 2.3 percent excise tax paid by medical device manufacturers and importers on all their sales.

11. Reducing the income tax deduction for individuals’ medical expenses.

http://savannahnow.com/column/2013-03-01/commentary-13-tax-hikes-2013

Yeah, it's from the Heritage Foundation, but I follow this stuff and it is just facts. Let me know if I'm wrong.

And when you say there are loopholes that the wealthy get that the "average American does not have", yes that's true since most all of the wealthy (based on one year's income) will pay income taxes.

For the "average American", most don't pay income tax, though they pay payroll taxes if they work.

And if they work, they get "loopholes" that the wealthy don't get. Like the earned income tax credit and the child tax credit. And those are a much higher percentage of income compared to the wealthy, and still a credit if you don't even owe tax.

So far as the wealthy loopholes go, I agree to get rid of the carried interest 15% rate that some like Buffet, Romney, and Soros may of gotten. I think it's probababy up to 23.8% for them now after the changes in 2013, but I'd still count it as regular income.

Ok....so a lot of stuff there, none of which has anything to do with my response to this post

frogger wrote: You cannot continue to just tax the rich to fix this problem.

I still haven't seen anything that indicates that any democrat, including Obama, believes that taxing the rich will FIX the problem. Have any of you? It is simply one part of a broad, balanced, approach to reducing debt, reducing spending, and raising revenue. Imagine that....we use more than one approach to deal with a very complex issue that has taken decades to develop.

But Obama even thinks reducing spending increases, (Sequestration) is going too far, so do you really believe he would actually sign onto a plan to reduce goverment spending.

Yes, sequestration doesn't actually reduce spending, it just slows the increase.

archer wrote: Ok....so a lot of stuff there, none of which has anything to do with my response to this post

frogger wrote: You cannot continue to just tax the rich to fix this problem.

I still haven't seen anything that indicates that any democrat, including Obama, believes that taxing the rich will FIX the problem. Have any of you? It is simply one part of a broad, balanced, approach to reducing debt, reducing spending, and raising revenue. Imagine that....we use more than one approach to deal with a very complex issue that has taken decades to develop.

He talks about this "balanced approach" but stresses tax increases far more often than cutting the spending which is by far a bigger problem. There are not enough rich people to even put a dent in the problem but this is all we hear from him over and over and over. It sure makes for so excellent class division and envy, but that's what Obama is best at, dividing and vilifying instead of uniting like he promised (another lie in a long series of lies).

If he was a good leader, he would speak honestly to the country and tell it like it is. Can you imagine Obama telling us the truth that we are borrowing about $.40 of every dollar the gvernment spends? Of course not, we have to rely on the evil non-liberal media for that info. I'm quite certain most of the average Obama supporters believe that taxing the rich is helpful to the recovery and the answer for the exponential expansion of our debt.

Barack, instead of trying to fix the country, is trying to set up for the 2014 election. He wants the Republicans out of the House, and not to make America better, but to reward his cronies and patrons.

Eternal campaigning, we have reached it.

And in a couple more months, we will have to approve another debt extension, America run as from crisis to crisis.