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Tax Hike Will Be for FY2011

February 25, 2009 6:49 PM

The $318 billion President Obama wants to raise over the next ten years for his $634 billion Health Care Reserve Fund -- from reducing the itemized deduction rate for families with incomes over $250,000, limiting it to 28 percent -- that he wants to raise in FY2010.

- jpt

Update

The White House changed its information late Wednesday and now says that the tax hike will take place in fy2011.

February 25, 2009 | Permalink | Share | User Comments (455)

User Comments

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What a good idea tommy - maybe our employers will consider that as well...

Do we sound more like France every day???

Posted by: amy | Feb 26, 2009 7:17:52 PM

It's all good - when 2011 rolls around, I'll quit working so that we lower our tax burden. That's easy enough. Spend more time with the kids, volunteer at the school, etc. I enjoy my job immensly, but just this past year - we paid my entire salary (around $70K) in taxes. With this new plan, what's the point?

Posted by: amy | Feb 26, 2009 7:16:12 PM

Annie,

I know exactly what you mean. There is no one so far. Maybe the Republicans will unify, but I am not holding my breath. No truly when we need someone to rise up.

Posted by: tanarg | Feb 26, 2009 4:23:34 PM

"I don't recall saying that the percentage of people employed went up."

But I thought tax cuts created jobs?

Guess that was just more bs.

Posted by: Ryan C | Feb 26, 2009 2:56:30 PM

"Newsflash - Robert Byrd Democrat W.VA and Ted Kennedy Democrat MA are "right wingers" who were Republicans before being Dixiecrats, before being Democrats, who voted against the Civil Rights Act"

Ted Kennedy was never a Republican or a Dixiecrat and he did not vote against the Civil Rights act.

Byrd was never a Republican though he was against the Civil Rights Act.

Posted by: Ryan C | Feb 26, 2009 2:54:11 PM

This I like:

"While we're on the subject of taxes, I would like to start tabulating the purchases of every who collects welfare. - Every welfare recipient should receive some type of debit card where all purchases would be accounted for on a public website so we can see where our tax dollars are being spent. It is only right that we should be able to check on the spending of our fellow citizens who are spending our money.

Watch and see how fast unemployment drops, jobs are created and Social Welfare programs die out."
Posted by: Ryan C | Feb 25, 2009 11:53:54 PM

Posted by: AEB | Feb 26, 2009 12:52:13 PM

"I wonder if an employer can be sued for firing(or laying off) an employee who directly contributed to the decline of the company by voting for Obama (for that reason)."

Posted by: Nick | Feb 26, 2009 10:14:26 AM
----------------------------------------

Nick:
Unless an employee has an employment contract with the employer, he or she works "at the pleasure of the company". In other words, he or she can be fired at will. I believe this strategy should be used against all employees of small-to-mid-size companies who can be identified as Obama voters. Of course, the employer would not say that is the reason, he or she would point to the "catastrophe" in the economy, quoting Obama, for the rationale.

Obama voters sowed the wind, now they should reap the whirlwind.

Posted by: astounded | Feb 26, 2009 11:46:44 AM

We are doomed. Posted by: Truth sayer Feb 26, 2009 9:25:45 AM

NO, we're not! We have a voice and we have a vote. We need to get rid of the Dems and Reps in the House who are selling us out. We need to put honest people, with common sense, into office. We need to MARCH ON WASHINGTON so they know they work for us!! We need to MARCH ON CONGRESS and THE WHITE HOUSE.

Posted by: dianeremarx | Feb 26, 2009 10:37:18 AM

So the Dems want to wait until after 2010 elections... This is pure evil!

Posted by: dianeremarx | Feb 26, 2009 10:29:23 AM

I wonder if an employer can be sued for firing(or laying off) an employee who directly contributed to the decline of the company by voting for Obama (for that reason).

Posted by: Nick | Feb 26, 2009 10:14:26 AM

Blogs are fun because every one can rant and rave and have a say. The problem with this is that these are 'words, just words.' Nothing is being done to rid the country of this criminal enterprise that is housed in Washington. I am not rich, but I know that raising the taxes on those who make more money than I do is not right. I consider it to be theft. I also know that it is not right to take money which is unearned; this is participation in both theft and corruption. Citizens who oppose this administration and that for which it stands must unite and fight back but this requires leadership. Where are the leaders? When a society degenerates to the point that 'leaders' are chosen on the basis of whether or not they speak well, like sex, look good, are beloved by Hollywood, or fit into a minority category, there is a problem. We have that problem now and face losing our nation. I will gladly join a viable opposition movement should one form, but for now we need to stop talking and start searching for responsible leadership. Who is out there?

Posted by: Annie | Feb 26, 2009 10:06:59 AM

I have worked hard all my life to acheive what I have...I am not rich by any means but I can pay my bills, make my mortgage payments (because I knew going into the loan what I could afford). My neighbor works for Chrysler. Bigger home than mine. "Laid off" (while still collecting most of his salary), watches out the window with a cup of coffee as I drive off to work everyday. The neighbor next to him is on disability, because of a "bad bad" and no company will hire her becuase of that. She has a beautiful garden I must say, that she tends to all day long. Am I bitter? of course I am. You should be too. We pay for these folks to sit around all day. Oh, and my daughter wanted to attend a university in another town, but alas, I don't qualify for any grants, or FAFSA because apparantly I am an able bodied, hard working, American. So she will start another generation of hard working, Americans started off in a junior college and worked her way through school...

Posted by: Stephanie V | Feb 26, 2009 9:59:40 AM

Not sure why everybody thinks O will be a one term wonder. I think he's pretty much a shoo-in for a second term. Reason is that all those in the lower socio-economic tier who are getting all the govt. handout dinero will make sure he will again get their vote.

In years past, that particular segment of the voting populace couldn't be counted on to show up at the polls but, when so much $$$$$$ is being given to them carte blanche, you know they will be sure make it to the polls next time around...probably several times...

These people could care less about our nation's future economic security. All they care about is today.

Posted by: Robert | Feb 26, 2009 9:47:58 AM

Who is John Galt?

Posted by: Ayn Rand | Feb 26, 2009 9:39:21 AM

Brace for it, because we are about to enter "The Obama Depression".

Posted by: John H | Feb 26, 2009 9:37:55 AM

The most important thing that is overlooked by most citizens is The Constitution. The sole purpose of The Constitution is a document where the several States and the people enumerate what powers the federal government has. It is to limit the power of the central government, not grant them power over everyone and everything. "We the people" say what the federal government can and can't do. The 10th amendment also states that any power not granted by the several states and the people are expressely reserved for the states and the people. That is, the federal government cannot expand its power beyond what's explicitly stated in The Constitution. Most of the federal government is unconstitutional. Where did "we the people" ever grant to the federal government the powers for the EPA, Dept of Agriculture, Social Security systems (by the way this is the biggest ponzi scheme that has ever existed), etc. We didn't do it. These things need to be fought on Constitutional grounds. Just because we've had these things since the 1930s doesn't mean they are constitutional. Furthermore, since they are unconstitutional, and our tax money is being used towards them, we shouldn't pay a portion of our taxes. Not only are we not properly represented, we then have money confiscated from us and used for unconstitutional federal activities. We need a concerted effort in this country to stop paying our taxes and to fight these things on constitutional basis. Perhaps you've noticed that there are now 21 states that have passed or are in process of passing resolutions restating their 10th amendment rights. It will be interesting to see where this takes us. Also, the intent of our founding fathers was to create a Republic, to create a federal government with limited powers, and with most powers lying with the states and the people. It is based on liberty, property rights, and personal responsibility. We don't have a Republic any longer, we have an oligarchy. A form of government run by a small group of elitists. This form of government is one based on entitlement, people standing in lines with their hands out to receive what the federal government wants to give you. Is this what you want? Are you willing to trade your liberty for security?

Posted by: SASLiberty | Feb 26, 2009 9:37:35 AM

Although Obama will likely be a one-term President, Obama can be put on hold for his last two years in office by getting a "simple majority control" in the House via the 2010 mid-term elections. The 2010 mid-term elections are key! A new President in 2012 will have the authority to "reverse" most of Obama's out-year spending madness before it is too late! Obama's CHANGE is exactly what I expected and why I didn't vote for him. America can thank the three Rep Senators who allowed this to happen!

Posted by: TRS | Feb 26, 2009 9:37:30 AM

Wwd thinks that lowered benefits is a cost. Nope. Something given to you is not a cost, it is a, ahh, hold on here, a benefit. Wow.

Wwd also thinks that people who earn their money should give it to the government instead of a trust. I suppose so Wwd can have his/her share of it.

Dems are great at saying that tax cuts will cost the government xxx number of dollars. How can anyone wrap their head around such a stupid statement?

Posted by: amazesmestill | Feb 26, 2009 9:32:10 AM

The tax cuts are called WELFARE checks. Where do I send my bills to?

Posted by: duh | Feb 26, 2009 9:32:06 AM

Congress and the president have everything upside down!

If they want to fix things, give the billions or trillions to people who don't need it.

That's right -- give the money to businesses who are already making a profit, to homeowners who are currently paying their mortgages, to investors who are using their money wisely.

These are the folks who know to to manage money, create jobs and lead an economy.

Their plan is to sink funds we don't have into businesses run by incompetents!

Posted by: GlobalObserver | Feb 26, 2009 9:31:33 AM

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