Obama lays out budget: this will shock you, but he calls for increased spending to be "paid for" by increasing taxes (black president, millionaires)

[InformedConsent]

Originally Posted by Kibby

The Senate Budget Committee (which is led by the Democrats) announced last week that they would NOT do a Budget for Fiscal Year 2015. The [Democrat] Senate has ignored Obama's Budgets for years, because they are a joke.

Yep. Even his own party knows his budgets are a joke.

[T-310]

Originally Posted by HappyTexan

Obama has been talking about raising taxes on the wealthy with every spending proposal he makes.

Yet the masses of peons have seen their total taxes go from $.54 on the dollar to $.59 on the dollar for every dollar you earn.

Government takes $.60 and you get to keep $.40.
How do you like that reality ?

I expect liberals will say .40 is too much and take more.

[Isee-you]

Originally Posted by T-310

I expect liberals will say .40 is too much and take more.

Yep liberals have already said it.

[HappyTexan]

All his spending proposals are just subsidizing dependency...expanded EIC, expanded UE benefits and lowering the age to get these "benefits" to 21.

And as usual it's paid for by "closing loopholes"..that gray, never defined area that provides infinite funding for all programs.

Giving people handouts is not equalizing income. It's redistribution of money by the government.

[Isee-you]

Originally Posted by HappyTexan

All his spending proposals are just subsidizing dependency...expanded EIC, expanded UE benefits and lowering the age to get these "benefits" to 21.

And as usual it's paid for by "closing loopholes"..that gray, never defined area that provides infinite funding for all programs.

Giving people handouts is not equalizing income. It's redistribution of money by the government.

Welfare babes don't get too excited. It's not as if welfare dependents will get more, it's to make more welfare dependent. Obama is good at making more poor.

[InformedConsent]

Originally Posted by greywar

hahhaa. oh thats so precious. You really think the rich pay that?

More like 22%. You focus on the income tax rate ignoring the separate investment rate-which is the mainstay of the rich, and all the deductions.

Investment income is still income and is included in the following aggregate Average Effective Federal Income Tax Rates, reported by the IRS:

Income - Average Effective Federal Income Tax Rate

Top 1% - 23.50%
5-10% - 12.83%
10-25% - 9.70%
25-50%* - 6.98%


Income - Share of Income - Share of Federal Income Tax Paid

Top 1% - 18.70% - 35.06%
5-10% - 11.50% - 11.77%
10-25% - 22.43% - 17.36%
25-50%* - 20.63% - 11.50%

* The Middle Class

Based on income share...
The top 1% is paying about twice their fair share of Federal Income Tax (FIT).
The top 5-10% are paying their fair share of FIT.
The top 10-25% are slightly underpaying their fair share of FIT.
The top 25-50%, the middle class, are paying only about half their fair share of FIT.

All IRS Data, here:
Summary of Latest IRS Federal Income Tax Data

Table 1 at the link summarizes all the info, including income dollar amounts.

[Isee-you]

Originally Posted by InformedConsent

Investment income is still income and is included in the following aggregate Average Effective Federal Income Tax Rates, reported by the IRS:

Income - Average Effective Federal Income Tax Rate

Top 1% - 23.50%
5-10% - 12.83%
10-25% - 9.70%
25-50%* - 6.98%


Income - Share of Income - Share of Federal Income Tax Paid

Top 1% - 18.70% - 35.06%
5-10% - 11.50% - 11.77%
10-25% - 22.43% - 17.36%
25-50%* - 20.63% - 11.50%

* The Middle Class

Based on income share...
The top 1% is paying about twice their fair share of Federal Income Tax (FIT).
The top 5-10% are paying their fair share of FIT.
The top 10-25% are slightly underpaying their fair share of FIT.
The top 25-50%, the middle class, are paying only about half their fair share of FIT.

All IRS Data, here:
Summary of Latest IRS Federal Income Tax Data

Table 1 at the link summarizes all the info, including income dollar amounts.

Obama knows this but government tapped the middle class out. Government will always want more of the money we work to make.

Middle class don't ever feel you are safe from obamas government grab.

[InformedConsent]

Originally Posted by chad3

Obama is talking about raising taxes on the wealthy, and then using that money to pay down our debt and also stimulate the economy.

Apparnetly, Obama missed fellow Dem JFK's lesson that REDUCING taxes on high income earners stimulates the economy.

On Sept. 18, 1963, he [JFK] said, “A tax cut means higher family income and higher business profits and a balanced federal budget. Every taxpayer and his family will have more money left over after taxes for a new car, a new home, new conveniences, education and investment. Every businessman can keep a higher percentage of his profits in his cash register or put it to work expanding or improving his business, and as the national income grows, the federal government will ultimately end up with more revenues.”

*John F Kennedy - DNC

Perversely, the website includes an appeal to support Obama in 2012. Odd, considering the fact that Obama seeks to do the exact opposite of what Kennedy successfully implemented to stimulate the economy.

[T-310]

Originally Posted by HappyTexan

All his spending proposals are just subsidizing dependency...expanded EIC, expanded UE benefits and lowering the age to get these "benefits" to 21.

And as usual it's paid for by "closing loopholes"..that gray, never defined area that provides infinite funding for all programs.

Giving people handouts is not equalizing income. It's redistribution of money by the government.

A tenet of socialism.

Therefore the idiot in the WH is a socialist.

[Isee-you]

Obama will be remembered by many as the welfare president. One would think he would want the opposite legacy.