Backdoor taxes to hit middle class

[tsptalk]

Backdoor taxes to hit middle class

"NEW YORK (Reuters.com) --The Obama administration's plan to cut more than $1 trillion from the deficit over the next decade relies heavily on so-called backdoor tax increases that will result in a bigger tax bill for middle-class families.

"In the 2010 budget tabled by President Barack Obama on Monday, the White House wants to let billions of dollars in tax breaks expire by the end of the year -- effectively a tax hike by stealth.

"While the administration is focusing its proposal on eliminating tax breaks for individuals who earn $250,000 a year or more, middle-class families will face a slew of these backdoor increases."

More ... http://ca.news.yahoo.com/s/reuters/100201/us/usreport_us_budget_backdoortaxes

 

[tsptalk]

oops!

Advisory: Backdoor taxes to hit middle class

Mon Feb 1, 8:07 pm ET
"The story Backdoor taxes to hit middle class has been withdrawn. A replacement story will run later in the week."

???

http://news.yahoo.com/s/nm/20100202/bs_nm/us_budget_backdoortaxes

 

[Silverbird]

:embarrest: Ruh roh...someone in the press jumped the shark perhaps? Mmm, shark think press taste good roasted.

 

[Birchtree]

I'm sure glad I like the earned income tax credit - makes the pain more tolerable knowing the kids will eat.

 

[James48843]

oops!

Advisory: Backdoor taxes to hit middle class

Mon Feb 1, 8:07 pm ET
"The story Backdoor taxes to hit middle class has been withdrawn. A replacement story will run later in the week."

???

http://news.yahoo.com/s/nm/20100202/bs_nm/us_budget_backdoortaxes

And the replacement story will have the truth, rather than lies, I hope. I bet someone just got taken to the woodshed on that one.

No one making less than $250,000 a year will be adversely affected tax wise. Yes, the Bush Tax Cuts expire for the wealthy. The Obama Tax Cuts cushion the middle class.

I'm all for the Obama Tax Cuts.

So is the editorial board of the Kansas City Star:

http://voices.kansascity.com/node/7470
GOP should support Obama's good plan to cut deficit


By The Kansas City Star Editorial Board
To President Barack Obama and Congress falls the task of reining in the nation’s unsustainable budget deficit without putting the brakes on a fragile economic recovery.


Our near- and-long-term economic health hinges on finding the right balance. So does our national security. Mounting debt makes us vulnerable to foreign investors and international pressures.

Obama is right that Washington must take on the massive structural problems in the federal budget. But there is little hope that a deeply polarized Congress can get the job done; both parties have punted the responsibility for decades.

That’s why it’s good to see Obama get behind the idea of a bipartisan fiscal commission that would grapple with entitlement reform and tax policy.

The commission should be empowered to make recommendations, which Congress would accept or reject with an up-or-down vote.

Sadly, a bipartisan bill to establish such a commission failed to gain enough votes in the Senate last week. Now Republican leaders say they won’t participate if Obama creates one by executive order.

Likewise, the GOP response when Obama released his 2011 budget Monday was to mutter “more of the same,” in mantra-like fashion.

The knee-jerk response — devoid of solutions, as usual — ignores crucial realities.

Of the $3.8 trillion in spending Obama called for, nearly $2.4 trillion is for obligations such as Medicare, Medicaid, Social Security and interest on the national debt. That inflexible barrier is precisely why a commission needs to deal with entitlements.

What the GOP calls a tax increase is actually the expiration of the tax cuts granted to the wealthy during George W. Bush’s presidency. Reclaiming that revenue is key to Obama’s goal of dramatically reducing the deficit.

Much of the discretionary increased spending in Obama’s budget is for job creation, education and clean energy technology. Those investments are necessary to prime the pump for economic recovery.

The future of our children and our nation depends on this president and those who succeed him making hard decisions to correct the massive flaws in our spending and taxation policies. Congress owes it to the American people to be a partner in that effort.

 

[Birchtree]

Will someone kindly fetch me the K-Y please and bring the barf pail while you are at it.

 

[OMA]

new military retiree here: maybe its time to convert the TSP to a ROTH and get the taxes out of the way now -

 

[Viva_La_Migra]

And the replacement story will have the truth, rather than lies, I hope. I bet someone just got taken to the woodshed on that one.

No one making less than $250,000 a year will be adversely affected tax wise. Yes, the Bush Tax Cuts expire for the wealthy. The Obama Tax Cuts cushion the middle class.

I'm all for the Obama Tax Cuts.

So is the editorial board of the Kansas City Star:

http://voices.kansascity.com/node/7470
GOP should support Obama's good plan to cut deficit


By The Kansas City Star Editorial Board
To President Barack Obama and Congress falls the task of reining in the nation’s unsustainable budget deficit without putting the brakes on a fragile economic recovery.


Our near- and-long-term economic health hinges on finding the right balance. So does our national security. Mounting debt makes us vulnerable to foreign investors and international pressures.

Obama is right that Washington must take on the massive structural problems in the federal budget. But there is little hope that a deeply polarized Congress can get the job done; both parties have punted the responsibility for decades.

That’s why it’s good to see Obama get behind the idea of a bipartisan fiscal commission that would grapple with entitlement reform and tax policy.

The commission should be empowered to make recommendations, which Congress would accept or reject with an up-or-down vote.

Sadly, a bipartisan bill to establish such a commission failed to gain enough votes in the Senate last week. Now Republican leaders say they won’t participate if Obama creates one by executive order.

Likewise, the GOP response when Obama released his 2011 budget Monday was to mutter “more of the same,” in mantra-like fashion.

The knee-jerk response — devoid of solutions, as usual — ignores crucial realities.

Of the $3.8 trillion in spending Obama called for, nearly $2.4 trillion is for obligations such as Medicare, Medicaid, Social Security and interest on the national debt. That inflexible barrier is precisely why a commission needs to deal with entitlements.

What the GOP calls a tax increase is actually the expiration of the tax cuts granted to the wealthy during George W. Bush’s presidency. Reclaiming that revenue is key to Obama’s goal of dramatically reducing the deficit.

Much of the discretionary increased spending in Obama’s budget is for job creation, education and clean energy technology. Those investments are necessary to prime the pump for economic recovery.

The future of our children and our nation depends on this president and those who succeed him making hard decisions to correct the massive flaws in our spending and taxation policies. Congress owes it to the American people to be a partner in that effort.

What exactly are the "Obama" tax cuts and in what legislation are they now under consideration?

 

[Viva_La_Migra]

new military retiree here: maybe its time to convert the TSP to a ROTH and get the taxes out of the way now -

You definitely want to talk to a financial advisor before you take that action. It may or may not be a good idea, depending upon your financial situation.

 

[Silverbird]

Backdoor? What backdoor? The tax breaks all go away in 2011, this was IN the legislation.