Off-Topic: $1 trillion in NEW TAXES
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Name:
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water_watcher
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Subject:
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$1 trillion in NEW TAXES
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Date:
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2/2/2010 6:14:29 AM
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Obamas budget proposes $1 trillion in new taxes. Oh yes that will be good for the economy.
From MSNBC
WASHINGTON - While President Barack Obama is proposing to cut some taxes for companies that hire workers, his budget would raise a host of other taxes on businesses and wealthy individuals.
The budget proposal released Monday would extend Obama's Making Work Pay tax credit — $400 for individuals, $800 for a couple filing jointly — through 2011. But it would also impose nearly $1 trillion in higher taxes on couples making more than $250,000 and individuals making more than $200,000.
Obama revived numerous proposals for business tax increases that didn't fare well in Congress last year, including a scaled-down plan to increase taxes on U.S. companies with major overseas operations, and plans to increase taxes on oil and gas companies.
Comment for liberals
Now who do you think will pay for the business tax increases and more taxes on oil and gas? Of course all americans will pay so everyone gets hit with the tax increases. Who do you think that impacts the most? Yes, the lowest income people.
So when Obama says he is only raising taxes on people making over 200,000 (which is not a lot) and on businesses, he is lieing since higher taxes on businesses mean higher prices and inflation. Higher taxes on people making over $200,000 just means less consumption, savings and investment that provide liquidity in the financial system for others to borrow.
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