Budget..entitled, ironically, “A NEW ERA OF FISCAL RESPONSIBILITY

AOL News ^ | March 13, 2009, 8:02am |

Sen. Dave Gregg points out blow by blow the HYPOCRISY riddled through Obama’s Budget entitled ironically, “A New Era of Fiscal Responsibility.”

Gregg writes, “The argument that this budget doesn’t have tax increases is, I think, an Alice and Wonderland view of the budget.”

-Raising the tax rate from 35% to 42%, eliminating deductions on mortgages and on charitable deductions. Small businesses will be feel the burden the most.

-“Cutting the debt in half in four years is truly spurious, because you take the deficit and quadruple it, and then you cut it in half, that’s like taking four steps back and two steps forward. You’re not making any progress. You’re still going backwards.”

-Raising “a massive sales tax, a national sales tax on everybody’s electric bill, especially people in the Midwest and the Northeast. And what do you do with that revenue? You don’t use it to contain the size of government. You use it to expand government.

"There’s a representation that 80 percent of the first billion is going to go for your make-work-pay tax credit, but the next 20 percent goes to raise the size of the government.
And then on top of that you’re going to get another 0 billion potentially, and there’s no representation of that coming back to taxpayers."

"In fact, there’s specific language which makes it pretty clear that that’s going to be used as walking around money for various constituencies that are interested in spending it."

"They may be worthwhile constituencies, but it’s a heck of a tax burden to put on the American people.
And it represents a massive expansion in the size of government.
I guess that’s my big problem here."
ooops, I got Gregg’s first name wrong…. but I think you know about this man…. smile..
yet, its AOL… because the major news networks have been discredited as purveyers of lies..
HAM O BAM A
for the record: obama’s goons approached Gregg…… then lied to cover their behinds since obama can’t stand to loose….ego-centric

Obama:
Will cut taxes but when it expires, average US family will pay ,500 more in taxes. (CNN and MSNBC never makes it known)

The Child Tax Credit will decrease from ,000 to 0 a child

Income tax rates would rise around 3%-4.5%

AMT-Exemptions will decrease ,500 per filer

Business tax expenses- Maximum deduction amount will decrease ,000,from 0,000 to ,000

Capital Gains- Rates will rise 10%-20%

Income tax burden-will raise about 5% for many workers

Marriage penalty created

Dividends-rates to increase from 15% to 40%

50% average increased tax rates on lower income houses

He may not raise taxes on average American, but by allowing tax cuts to expire, will raise household expenses on an average family.

MCCAIN:

Wi make the Bush tax-cut permanent. And will add additional tax cuts for middle-class Americans.

Entrepreneurs are at the heart of American innovation, growth and prosperity. Entrepreneurs create the ultimate job security – a new, better opportunity if your current job goes away. Entrepreneurs should not be taxed into submission. John McCain will keep the top tax rate at 35 percent, maintain the 15 percent rates on dividends and capital gains, and phase-out the Alternative Minimum Tax. Small businesses are the heart of job growth; raising taxes on them hurts every workers.

To all those who believe that Obamwill "never" raise taxes but rather will cut taxes- Yes he will cut our taxes but when his tax cut plan has expires, we will pay for higher taxes than we pay now..

HENCE, his plan of cutting taxes is just a POLITICAL STRATEGY and not a real rescur for every American families.

MCCAIN’s tax cut policy is permanent, and perhaps the biggest tax cut in history as Alan Greenspan says.

-from an ECONOMICS student.

I heard that
When this tax shelters expire average US family will pay ,500 more in taxes:

The Child Tax Credit will decrease from ,000 to 0 a child

Income tax rates would rise around 3%-4.5%

AMT-Exemptions will decrease ,500 per filer

Business tax expenses- Maximum deduction amount will decrease ,000,from 0,000 to ,000

Capital Gains- Rates will rise 10%-20%

Income tax burden-will raise about 5% for many workers

Marriage penalty created

Dividends-rates to increase from 15% to 40%

50% average increased tax rates on lower income houses

He may not raise taxes on average American, but by allowing tax cuts to expire, will raise household expenses on an average family.

Be honest. We are in the 28% bracket. After all was said and done, with very few deductions other than the standard ones, our final tax burden was right at 12% of our gross, not counting FICA. So, with everyone complaining about the tax rate on business and the rich, what do you think their final burden really is, with all the deductions they can take, real and imaginary?
What was yours? No one pays what the bracket says.

My husband worked as a 1099 employee for a few months and the little bit of income he received from it are killing us on our taxes. Apparently the government considers him a business owner even though he does not have a business and worked at one company doing one job and was hired permanently after the first few months. Anyway I’m wondering if there are any deductions we can possibly take to lower the tax burden? He didn’t work out of our house, so we can’t deduct that but I’m wondering about mileage. Not sure what that would amount to.

How many of you realize just how much more in taxes you will have to pay if bush’s tax cuts expire,and no not the wealthy,the working middle class.Barack Obama will make a bad economy even worse if hes elected and lets these tax cuts expire

Just take a look here:

The Child Tax Credit will decrease from ,000 to 0 a child

Income tax rates would rise around 3%-4.5%

AMT-Exemptions will decrease ,500 per filer

Business tax expenses- Maximum deduction amount will decrease ,000,from 0,000 to ,000

Capital Gains- Rates will rise 10%-20%

Income tax burden-will raise about 5% for many workers

Marriage penalty created

Dividends-rates to increase from 15% to 40%

50% average increased tax rates on lower income houses

8.1 million jobs have been created

Average of ,500 more in taxes to average middle class American

Yeah and this will help the economy how??????Stupid liberals
eltoro answer me this you stupid moron,how is a paying more taxes going to influence Americans to spend more money,its only going to make them conserve even more and even increase the rate of foreclosures.A 3rd grader can tell you that this doesn’t make sense!Stop reading Michael Moore’s blogs.

What taxes would a small business in Idaho be responsible for paying? What deductions and exemptions might apply that could reduce the tax burden?

I am looking to buy two houses for use by me and family members. I would issue shares to me and two other members of my family. If I were to die, they would get the shares equally. I am hoping to do this to avoid paying taxes on the transfer of the houses from my name into theirs. Additionally, would the shareholders be able to use the companies deductions for mortgage interest in order to lessen their tax burden? Basically I am about to buy two houses, and I am looking to minimize the tax burden of passing the houses on upon my death.