Obama budget resurrects rejected tax increases

Didn't Obama just say that he had not increased taxes which turned out to be false, but now we may know what he was talking about. Even the Democrats wouldn't go along with his tax increases when they controlled the House and Senate in huge numbers for two years. Now he thinks this Congress will approve tax increases? Not if they want to keep their jobs.

Arrogance personified by Obama in resubmitting tax increases. Republicans needs to hang this budget including tax increases around his neck for 2012. Obama is back with his letting tax cuts expire at the end of 2012 for individuals making over $200,000 and couples making over $250,000. The same people that provide the jobs. Obama didn't learn one thing from the last election.

Obama is either very hard headed and thinks he is king or he is dumb about economics or both. This is nothing short of amazing and if he thinks he can use the Republicans not being for tax increases in his campaign then time to say 'bring it on' because the American people pay enough taxes and don't need to pay any more. Because of Democrats the IRS already had to delay until today when you could file taxes if you itemized.

His budget is a bad joke like everything else this Administration touches!

Obama budget resurrects rejected tax increasesBy: STEPHEN OHLEMACHER 02/14/11 10:50 AM
Associated Press

President Barack Obama's budget proposal resurrects a series of tax increases that were largely ignored by Congress when Democrats controlled both chambers. Republicans, who now control the House, are signaling they will be even less receptive.

The plan unveiled Monday includes tax increases for oil, gas and coal producers, investment managers and U.S.-based multinational corporations. The plan would allow Bush-era tax cuts to expire at the end of 2012 for individuals making more than $200,000 and married couples making more than $250,000. Wealthy taxpayers would have their itemized deductions limited, including deductions for mortgage interest, charitable contributions and state and local taxes.

"These policies were unfair and unaffordable when enacted and remain so today," Obama said in his budget message.

Obama's proposal would extend tax credits for college expenses and child care, as well as a more generous Earned Income Tax Credit for the working poor. The plan would enhance and make permanent a popular business tax credit for research and development, and would provide tax breaks for investing in advanced manufacturing and for making commercial buildings more energy efficient.

Many of the tax increases were in the president's previous budget proposals, offered when Obama could expect a more friendly reception from Congress. Lawmakers from both political parties, however, have been wary of limiting the ability of high earners to deduct charitable contributions out of concern it will hurt non-profit organizations.

A group of Senate Democrats has come out in favor of raising taxes on oil and gas companies, but Republicans, who generally oppose such tax increases, have the votes to block them in the Senate.

House Majority Leader Eric Cantor, R-Va., called Obama's proposal a missed opportunity to address the nation's fiscal problems.

"We need a government that finally does what every other American has to do in their households and their businesses, and that's to live within our means," Cantor said in a statement. "Instead, President Obama's budget doubles down on the bad habits of the past four years by calling for more taxes, spending and borrowing of money that we simply do not have."

Obama has called for reforming individual income taxes and corporate taxes, saying he wants to eliminate special interest tax breaks and use the additional revenue to lower overall tax rates. Obama's budget proposal, however, breaks little new ground on the issue.

"Successful comprehensive tax reform is a long process, often taking several years," Obama says in his budget message. "But even though it is a daunting task, we cannot afford to shirk from the work."

In December, Congress extended through 2012 a series of tax cuts enacted under former President George W. Bush. Obama's proposed new budget calls for letting the tax cuts expire for the wealthy at the end of 2012, while making them permanent for individuals making less than $200,000 and couples making less than $250,000.

Republicans want to make all the tax cuts permanent, setting the stage for a showdown that could play out in the middle of the 2012 presidential election.

Read more at the Washington Examiner

This Obama class warfare is not going to work any better now than it did the first he proposed to allow the Bush Tax Cuts to expire on the so-called 'rich!' What Obama and his supporters can do is pay the IRS what they would owe without the Bush Tax Cuts being in force. Let's see how many of them will willingly pay more in taxes.

It is like here in Oklahoma a Republican state representative wants us to pay sales tax on purchases made out of state willingly. Not going to happen as the state provides no infrastructure for companies located outside Oklahoma so why should they collect tax. Not going to pay one cent more than I have to pay.

Instead of tax, tax, tax, how about cut, cut, cut? Obama missed a golden opportunity with the budget to show he was serious. Putting in an 11% increase for education is bad joke as most of the Country understands that throwing money at education is not going to make better schools. Start with parents demanding better schools and give them an alternative to bad schools like vouchers. Then you will see schools start to change when it hits them in the pocketbook.

Have no problem with Obama sending his children to private school as he can afford it, but I do have a problem with the Democrats doing away with the voucher program in DC so other parents now cannot afford to get their children out of a failed school system. Still cannot believed Obama appointed Duncan the Superintendent of Chicago public schools some of the worst in America to be Secretary of Education. Obama sent his two girls to private school there as well. Duncan has no ideas except send more money to schools -- might as well dig a hole and bury the money -- will do as much good as sending it to failing public school systems like DC and Chicago.

We predict the Obama budget is DOA in the House with tax increases along with some program increases.