Backdoor taxes to hit middle class
NEW YORK (Reuters.com) --The Obama administration's plan to cut more than $1 trillion from the deficit over the next decade relies heavily on so-called backdoor tax increases that will result in a bigger tax bill for middle-class families.
In the 2010 budget tabled by President Barack Obama on Monday, the White House wants to let billions of dollars in tax breaks expire by the end of the year -- effectively a tax hike by stealth.
Reuters: Backdoor taxes to hit middle class (since Yahoo usually changes their links, here's is the original: http://ca.news.yahoo.com/s/reuters/100201/us/usreport_us_budget_backdoortaxes)
Largest-ever federal payroll to hit 2.15 million
The era of big government has returned with a vengeance, in the form of the largest federal work force in modern history.
The Obama administration says the government will grow to 2.15 million employees this year, topping 2 million for the first time since President Clinton declared that "the era of big government is over" and joined forces with a Republican-led Congress in the 1990s to pare back the federal work force.
Washington Times: Largest-ever federal payroll to hit 2.15 million »»
While the Obama administration grows the amount of tax-eaters on the taxpayer dole, one wonders where the money to pay them will come from? After all, tax revenues are shrinking.
An Endless Downward Spiral
[D]ata show that the private sector’s ability and willingness to generate wealth for government to seize through taxation is rapidly diminishing. These data show that Obama’s own actions are are literally killing the goose that lays the golden eggs he needs to fund his agenda.
The drop in individual income tax revenue in fiscal 2009 was the steepest since 1939.
Liberty Works: ObamaNomics: An Endless Downward Spiral »»
Is President Obama and the Democrats really this stupid? Or do they intend on destroying the economy? You know, Cloward/Piven style.
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I am of the firm opinion that not all taxes are created equal. I gladly voted for a local sales tax to fund our city’s water project and I feel it has been a good investment. It was asked for and used for a specific purpose.
When it comes to Washington, it’s a different story. Admittedly, we have a major problem on our hands with the budget deficit and what seems to be out of control spending. I am just a country boy from Oklahoma, but it just makes sense to me to start cutting back on the spending, at least in some areas. Time after time, I have said on my own blog that the earmarks and special projects need to be shut off. When I say that, someone usually comments that wasteful spending is but a small portion of the actual budget and the total amount adds up to practically nothing. The first thing they want to start with is to raise everyone’s taxes and they are always finding new and creative ways to charge a tax.
Maybe our budget deficit and our economy can not be remedied by spending cuts alone and it may be necessary to find new revenue sources. Why is it so hard for our government to go through the budget and find ways to save money? Why is it that the only thing they seem to think of doing is raise someone’s taxes.
Money = Power in Washington.
Government spending is the true measure of taxation. And you’re right, it is out of control! No question about it!
Truth is, cutting spending is the only realistic way out of this mess. But politicians don’t want that, and most people are naive to economic reality. Name a cut and you’ll find a constituency supporting it!
War? No way! Agriculture? Not a chance! College? Gasp! NASA? Too important! Medicare, Medicaid, Social Security? How can you be so mean and evil?
I believe we should repudiate the debt, shut down the Federal Reserve, and bind down Washington by the chains of the Constitution! But even conservatives claim I’m crazy for wanting such a genuine solution.
We’re in trouble. I believe the dollar will collapse and we’re heading into another great depression. These things keep me up at night.
We already have about 50% of the population receiving some kind of government handout! Cloward-Piven in action.
At the pace we’re going, soon the tax-eaters will outnumber the taxpayers.
The only way that this isn’t Cloward-Piven is if they really believe their own revisionist history. Come to think of it, it’s Cloward-Piven either way.