Coming off record tax haul, Obama looking to raise them again

[CharlesDavenport]

Obama to Seek Billions in New Taxes on Investments and Inheritance

As Obama continues to signal what he will propose during Tuesday's State of the Union address, senior administration officials said Saturday that he will call for raising the capital gains rate on top income earners and eliminating a tax break on inheritances. The revenue generated by those changes would fund new tax credits and other cost-saving measures for middle-class taxpayers, officials said.

Naturally, there needs to be more spend as well -

Obama also is expected to call for lawmakers to make community college free for many students, increase paid leave for workers and enact broad cybersecurity rules. Administration officials disclosed details on the tax proposals on the condition of anonymity because they were not authorized to discuss the proposals by name ahead of the president.

It's pathological with these libs.

 

[Steeltime]

"Mr. President, we are $18 trillion in debt, and running a budget deficit that will increase monumentally in the near future as just the damn interest payments will consume 30% of the budget. What do we do??"

"Raise a couple billion in new taxes by taxing something that has already been taxed once - like inheritance or capital gains - thereby slowing the economy by that amount, and increase spending by five times the overestimated amount realized with the increased double-taxes. Duhhh ..."

 

[MT~Forged]

Just more reason to support the Fair Tax plan

 

[Hineswardkickedurpanzyass]

Virginia raised the state gas tax by 5 cents per gallon on Jan 1st. No one really noticed.

 

[ark steel]

Virginia raised the state gas tax by 5 cents per gallon on Jan 1st. No one really noticed.

Further proof that the politicians don't give a **** about gas prices. Politicians insist people buy cars with better milage and encourage use of public transportation. When people do, they bit cheaper about lost revenue from gas tax.

 

[Steelr4evr]

You need a shitpile of taxes for what commie Obamie wants to do and they will still be operating in a deficit because they can't ******* stop spending money on bs.

 

[Yinzerlyn]

And yet people still buy his bullshit and think he's the savior. I can't adequately express my seething hatred for this communist rat *******.

 

[Lmob0621]

The harder you make it on those those that are successful by shrinking their rewards for the risks they take, less people are going to try to be successful. It is the Obama way.

 

[Rod Farva]

.....plus, they know what to do with the money. We plebian rabble are better off when they make the tough calls. They don't really want our money, they're just exasperated at watching us foolishly indulge ourselves in clothing, heat, transportation, food and other "extras." Be grateful.

 

[Steelr4evr]

What was i thinking??....dear leader and his chosen followers know the way best for us.

 

[SteelChip]

Tax and spend is not a new phrase to describe the Progressive philosophy.

Many who are vehemently opposed to socialism, collectivism, and all the other trappings of the centralized corporate state believe that any injustice that might result from a free society would and should be mitigated by a policy of progressive taxation. The government through its education arm and the politicians through their media arm have used both hands and done a superb job.

It hasn’t only been dumbing down it has also been indoctrination convincing the patient that it makes sense to cut off both legs to keep them from running amuck. However; as James Madison said, “Knowledge will forever govern ignorance, and a people who mean to be their own governors, must arm themselves with the power knowledge gives. A popular government without popular information or the means of acquiring it, is but a prologue to a farce or a tragedy or perhaps both.”

When Congress was debating the 16th Amendment to allow for individual income taxes Massachusetts Rep. Samuel McCall stated, “The character of the argument which had been made leads me to believe that the chief purpose of the tax is not financial, but social. It is not primarily to raise money for the state, but to regulate the citizen and to regenerate the moral nature of man. The individual citizen will be called on to lay bare the inner-most recesses of his soul in affidavits, and with the aid of the Federal inspector, who will supervise his books and papers and business secrets, he may be made to be good, according the notions of virtue at the moment prevailing in Washington.”

To paraphrase Parkinson ’s Law, “Government spending always rises to exceed revenues.”

So what happens when Progressives tax? They tax us into poverty.

AND

Spend us into insolvency.

http://drrobertowens.com/2015/01/08/what-happens-when-progressives-tax-and-spend/

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[DBS1970]

Justice John Marshall said, "The power to tax is the power to destroy." The whole point is that taxation is the biggest power the Pols have and they will not give it up. Taxation lets the Pols buy votes. Taxation gives the Pols influence to peddle. Taxation allows the Pols to pick economic winners and losers. This is all about FBP trying to wield some of that taxation power.

 

[MT~Forged]

Everyone's INCOME, if taxed at all, should be at the same rate PERIOD. I don't care if you are a Trust Fund baby living off the interest or a person who digs ditches for a living, you should pay the same rate.

This argument that "I am risking MY money to create a business, so I should be able to pay less", that is complete bullshit. But then again I truly believe that if there is going to be a tax, it should be a tax on what you spend.

 

[IndySteel]

That ************!

 

[SteelChip]

I truly believe that if there is going to be a tax, it should be a tax on what you spend.

I'll second that...

View attachment 1073

 

[Hineswardkickedurpanzyass]

Everyone's INCOME, if taxed at all, should be at the same rate PERIOD. I don't care if you are a Trust Fund baby living off the interest or a person who digs ditches for a living, you should pay the same rate.

This argument that "I am risking MY money to create a business, so I should be able to pay less", that is complete bullshit. But then again I truly believe that if there is going to be a tax, it should be a tax on what you spend.

Ever started a small biz before? The gubmint fees/unemployment taxes/local taxes are unreal. I have owned 2 businesses in the past decade and finally just decided to quit. Way too many rules to follow and taxes to pay. Now I let the man do all of the work as I toil away in a cube. #capitalizzzzm

 

[EdReed4Prez]

The Fair Tax scares me a bit. If the government were to implement it, it isn't like the other taxes would go away. They'd come right back. Flat tax is the solution as I see it. That and a balanced budget amendment.

 

[ark steel]

The Fair Tax scares me a bit. If the government were to implement it, it isn't like the other taxes would go away. They'd come right back. Flat tax is the solution as I see it. That and a balanced budget amendment.

Honestly, do you see any tax scheme that exists (or can be imagined) that they couldn't **** up? On the face of it, an income tax is simple. How many pages of the tax code are there just to define what the **** income means? Just in the pension world, there are a minimum of 3 definitions with an extra one thrown in for self-employed people. How many ******* company types are there? C-corp, S-corp, sole proprieters, partnerships, LLC's which can be taxed as corporations or partnerships, etc. etc.

 

[EdReed4Prez]

Honestly, do you see any tax scheme that exists (or can be imagined) that they couldn't **** up? On the face of it, an income tax is simple. How many pages of the tax code are there just to define what the **** income means? Just in the pension world, there are a minimum of 3 definitions with an extra one thrown in for self-employed people. How many ******* company types are there? C-corp, S-corp, sole proprieters, partnerships, LLC's which can be taxed as corporations or partnerships, etc. etc.

I would think a flat 15-20% from all income would be easy to figure. Could probably do away with the IRS too. I know, I'm a dreamer.

 

[MT~Forged]

**** that paying a tax on what you EARN. A consumption tax allows the people to control their own taxes. Want to pay a smaller tax, buy cheaper ****. You want that $500k Bentley, pony the **** up.

 

[Steeltime]

Ever started a small biz before? The gubmint fees/unemployment taxes/local taxes are unreal. I have owned 2 businesses in the past decade and finally just decided to quit. Way too many rules to follow and taxes to pay. Now I let the man do all of the work as I toil away in a cube. #capitalizzzzm

I hear 'ya. My business is pretty small, with 2 lawyers as the partners/owners and 3 employees.

We hire a payroll service to handle pay, withholding, taxes, social scamming, SDI, etc. It is a percentage of the wages paid, but worth it.

At the end of the year, they give us the W-9 forms, all withholding data, proof of our payment, etc.

We take care of the SS matching and workers comp insurance.

Lots and lots of paperwork, government reporting, etc. We don't offer retirement or 401K, nor medical insurance. (Companies with less than 5 employees are immune from providing medical coverage.) We pay bonuses based on our results, however.

If we had to provide medical insurance and/or retirement, the difficulties would be greatly increased.

P.S. My dealings with the IRS have been pretty decent. Their agents don't give us a hard time because our books are in order. State personnel at the Franchise Tax Board, meanwhile, are complete dickbags.

 

[Rod Farva]

Our problem really isn't taxes which I think everyone would agree are necessary (to an extent). Our problem is the filth that have come to infest government. I would venture to guess there is less than 1% of our federal politicians whom I would deem as "honorable" people generally.

 

[ark steel]

Our problem really isn't taxes which I think everyone would agree are necessary (to an extent).

it is that our tax structure isn't, really, intended to generate revenue. Clearly, neither side cares if the revenue generated is actually enough to fund the spending it wants.

The tax code is intended to control the populace either through overtaxing undesired behaviors and undertaxing desired behaviors. In addition, it is used to punish the undesirables and subsidize those who do as the government wishes (i.e. keep them in power).

 

[DBS1970]

Ark can expect a CIA hitman to show up at his door now.

 

[Steelr4evr]

I am a one man show,but i sometimes work for companies. I would love to hire people and get a building of my own one day before I'm dead. The way uncle sam is now NO ******* WAY! They've got to become small business friendly.