– Obama Proposes $3.8 Trillion Budget Focused on Jobs (Bloomberg):
Feb. 1 (Bloomberg) — President Barack Obama’s $3.8 trillion fiscal 2011 budget puts an emphasis on job creation with $100 billion in additional stimulus spending, along with higher taxes for the wealthy in an attempt to narrow the deficit.
This is just the beginning of the coming ‘Obamatax’ increases.
The US is totally broke:
Obama Seeks $1.9 Trillion Tax Rise on Rich, Business
U.S. President Barack Obama speaks about the government’s 2011 fiscal year budget in Washington on Feb. 1, 2010. Photographer: Joshua Roberts/Bloomberg
Feb. 1 (Bloomberg) — The Obama administration proposed to increase taxes on Americans earning more than $200,000 by close to $970 billion over the next decade and take in an additional $400 billion from businesses even as it retooled a proposed crackdown on international tax-avoidance techniques.
The new budget released today would reinstate 10-year-old income tax rates of 36 percent and 39.6 percent for single Americans earning more than $200,000 and joint filers who make more than $250,000 as part of a broad $1.9 trillion tax increase proposal. It proposes to eliminate preferences for oil and gas companies, life-insurance products, executives of investment partnerships, and U.S.-based companies that operate overseas.
“The administration proposes to restore balance to the tax code by providing tax cuts to working families, returning to the pre-2001 ordinary income tax rates for families making more than a quarter of a million dollars a year, closing loopholes, and eliminating subsidies to special interests,” the budget says.
In all, Obama proposed $143.4 billion in new tax cuts for individuals who earn under $200,000. While the budget sets out $93.5 billion in gross tax reductions for businesses, overall they would face a net tax increase.