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Thread: Rich people whine: Opposition to Obama's tax increase on wealthy

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    Elite Member Mr. Authority's Avatar
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    Default Rich people whine: Opposition to Obama's tax increase on wealthy

    WASHINGTON Ė President Barack Obama's call to raise taxes on high earners and greenhouse gas polluters met fierce opposition Tuesday from congressional Republicans and also a few Democrats. "I would never want to adversely affect anything that is charitable or good," Rep. Charles Rangel, D-N.Y., chairman of the tax-writing House Ways and Means Committee, said of Obama's call to limit high-income taxpayers' itemized deductions for charitable donations and mortgage interest.

    Republicans said the president's plan to charge fees to industries that spew greenhouse gases amounts to a stealthy tax increase for all Americans that will far exceed the new $400 annual tax cut for workers that he wants to extend beyond 2010.

    "The president's budget increases taxes on every American, and does so during a recession," said Rep. Dave Camp of Michigan, the top Republican on the Ways and Means Committee.

    Treasury Secretary Timothy Geithner argued that the Obama proposal would reduce taxes for most Americans. Any increases, he said, wouldn't occur until 2011, when the economy is "safely into recovery."

    Geithner said Obama's plan would cut income taxes for 95 percent of families and 97 percent of small businesses. Raising taxes on couples that make more than $250,000 would make the tax system more equitable, restoring the balance that existed before a series of tax cuts were enacted under former President George W. Bush, he said.

    "This budget targets tax relief to families that have lost ground the past eight years," Geithner said.

    Geithner and White House Budget Director Peter Orszag testified at separate congressional hearings Tuesday, giving lawmakers their first opportunity to publicly question administration officials about Obama's spending plan.

    Questioning was pretty much along party lines. Democrats for the most part praised Obama's proposal.

    "It is making the tax code more fair," Rep. John Lewis, D-Ga., told Geithner.

    But the Treasury secretary acknowledged that consumers could face higher electric bills because Obama would impose fees on greenhouse gas producers, including power plants that burn fossil fuels, by auctioning off carbon pollution permits. The goal is to reduce the emissions blamed for global warming while raising a projected $646 billion over 10 years.

    "Now, if people don't change how they use energy, then they will face higher costs for energy," Geithner said.

    Most of the $646 billion from the pollution fees would be used to pay for Obama's tax credit, which provides up to $400 a year to individuals and $800 a year to couples. The plan also would raise money for clean-fuel technologies, such as solar and wind power.

    Geithner also said the administration plans to unveil a series of proposals in the coming months to limit the ability of international companies to avoid U.S. taxes.

    Obama plans to propose legislation to limit U.S. companies' ability to shelter foreign earnings from taxation, Geithner said. The president also will move to limit wealthy Americans' ability to use tax havens to avoid taxation, Geithner added.

    Obama's budget proposal last week included raising an additional $210 billion from "international enforcement" and "other tax reform policies" but provided few details. Geithner said those details will come in the next few months.
    Obama's plan to hike taxes meets fierce opposition

    To all Republicans and wealthy right wingers: REAGAN IS DEAD! REGANOMICS ARE DEAD! GET OVER IT!!!

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    Elite Member Grimmlok's Avatar
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    I love how they completely misrepresent wtf is actually happening
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Elite Member kingcap72's Avatar
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    Aww, the poor rich people will have to pay their fair share. I don't know why they're shocked, since Obama said he was going to get rid of Dubya's tax cuts before the election.

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    I had some strange woman approach me as I was leaving the gym this morning and start complaining about the stimulus package. I guess she saw me reading a Time magazine article on the elliptical? Anyway, she told me that she knew a dentist that made over $250K who was complaining about the tax increase, saying that she was planning on cutting back her patients so she didn't meet the threshold. Please. My heart breaks for her, really

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    Elite Member Little Wombat's Avatar
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    ^ That's just stupid. I mean, she'll probably lose more money in cutting back on patients than in taxes.
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    Elite Member dolem's Avatar
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    You make over $250k, you should pay more in taxes than I do! Geesh, just because you are rich doesn't mean you should get all sorts of special treatment!!

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    Elite Member MontanaMama's Avatar
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    See this is what is totally effed up about this and why Obama's people aren't hammering this point is beyond me...the Bush tax cuts are EXPIRING. Neither Obama nor Congress need do a thing to have the highest income tax rate return to 39.6%. Nobody is raising income taxes on the wealthy - there is no inalianble right to continue a tax cut beyond its expiration date. Of all of the criminal, unethical and morally repugnant things that occurred during Bush's administration, the single stupidest was waging not 1, but 2 wars and cutting taxes at the same time. Simply indefensible and irresponsible.

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    Elite Member lurkur's Avatar
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    Quote Originally Posted by hotncmom View Post
    I had some strange woman approach me as I was leaving the gym this morning and start complaining about the stimulus package. I guess she saw me reading a Time magazine article on the elliptical? Anyway, she told me that she knew a dentist that made over $250K who was complaining about the tax increase, saying that she was planning on cutting back her patients so she didn't meet the threshold. Please. My heart breaks for her, really
    Obviously they're in dentistry for the right reasons.

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    Silver Member albatross's Avatar
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    Quote Originally Posted by hotncmom View Post
    I had some strange woman approach me as I was leaving the gym this morning and start complaining about the stimulus package. I guess she saw me reading a Time magazine article on the elliptical? Anyway, she told me that she knew a dentist that made over $250K who was complaining about the tax increase, saying that she was planning on cutting back her patients so she didn't meet the threshold. Please. My heart breaks for her, really
    People go crazy when it comes to taxes.

    I've been putting extra towards my mortgage since the very beginning. I'm now just months away from owning the house outright, but I still get people telling me that it's a big mistake because I lose a tax deduction. For me, I like the idea that the house is mine - that's a lot more important to me than a line on a tax form. Also, the tax deduction has never been free - every extra dollar I got back in taxes cost at least three dollars in interest to a bank. So, I'm giving up that extra dollar to the government, but keeping the three that were going to the bank, which leaves me two ahead.
    Dear Buddha, please bring me a pony and a plastic rocket...

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    I told her that marginal tax rates for the rich were much higher under the Republican messiah Ronald Reagan, so I didn't know what they were bitching about.

    It's true, I looked it up:

    The share of the income tax burden borne by the top 10 percent of taxpayers increased from 48.0 percent in 1981 to 57.2 percent in 1988. Meanwhile, the share of income taxes paid by the bottom 50 percent of taxpayers dropped from 7.5 percent in 1981 to 5.7 percent in 1988
    The Reagan Tax Cuts: Lessons for Tax Reform

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    Elite Member MontanaMama's Avatar
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    Quote Originally Posted by hotncmom View Post
    I told her that marginal tax rates for the rich were much higher under the Republican messiah Ronald Reagan, so I didn't know what they were bitching about.

    It's true, I looked it up:



    The Reagan Tax Cuts: Lessons for Tax Reform
    Actually I think that refers to their overall percentage of taxes being paid of all taxes (which means the rich got richer and the poor got poorer as we began to phase out the middle class) - not the percentage of their personal income that they paid (which is the marginal tax rate). But no one thinks that Reganomics works - particualrly after the last 8 years where tax and regulatory policy was horribly skewed in favor of the top 1% income earners. Either that or the rich had the biggest collective case of constipation ever on record - absolutely NOTHING trickled down.

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    Quote Originally Posted by MontanaMama View Post
    Actually I think that refers to their overall percentage of taxes being paid of all taxes (which means the rich got richer and the poor got poorer as we began to phase out the middle class) - not the percentage of their personal income that they paid (which is the marginal tax rate). But no one thinks that Reganomics works - particualrly after the last 8 years where tax and regulatory policy was horribly skewed in favor of the top 1% income earners. Either that or the rich had the biggest collective case of constipation ever on record - absolutely NOTHING trickled down.
    Yes, you're right...right idea, wrong statistic. I just read elsewhere that the 1981 Economic Recovery Act dropped the top tax rate from 70% to 50%. Still, a top marginal rate of 50% is a lot higher than what we have right now, or will have in the future under Obama.

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    Elite Member ManxMouse's Avatar
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    There should be a flat rate. The poorest should have a very low rate, but for the rest -- 20% of your income when you're middle class is a lot less money than 20% when you're rich. Fair. And fuck all these loopholes.
    Santa is an elitist mother fucker -- giving expensive shit to rich kids and nothing to poor kids.

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    Elite Member McJag's Avatar
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    Quote Originally Posted by ManxMouse View Post
    There should be a flat rate. The poorest should have a very low rate, but for the rest -- 20% of your income when you're middle class is a lot less money than 20% when you're rich. Fair. And fuck all these loopholes.
    This does sound good,but if they got all the money at once-with no extensions,etc-and just did a flat 15% on everyone first paycheck-they would have a lot more money. Now: it has to be spent correctly with no stupid thousand dollar lightbulb stuff.
    I didn't start out to collect diamonds, but somehow they just kept piling up.-Mae West

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