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Thread: Obama Budget

  1. #1
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    Obama Budget

    Shot down in the Senate again 99 to 0. Fours years and counting with no budget! I wish I could run the family budget like that!

    Just Say No to O.

  2. #2
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    Why doesn't the media focus on this? In NJ it's a constitutional requirement that a balanced budget is passed every year. The fact that the President can't get a budget passed in more than one year is embarrassing, IMO.

  3. #3
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    [QUOTE=Bonhomme Richard;4471025]Why doesn't the media focus on this? In NJ it's a constitutional requirement that a balanced budget is passed every year. The fact that the President can't get a budget passed in more than one year is embarrassing, IMO.[/QUOTE]

    Shameless people don't get embarrassed

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    Amazing that there wasn't even 1 yes vote!

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    If Romney has a brain. He should pound Obama for this. Two years he had the Senate and the House and still no budget. But he sure could spend.
    What school of economics did he attend?

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    lolz @ Barack the tax-increaser!

  7. #7
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    [QUOTE=detjetsfan;4471281]lolz @ Barack the tax-increaser![/QUOTE]

    What taxes have actually gone up?

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    [QUOTE=adb280z;4471654]What taxes have actually gone up?[/QUOTE]

    none

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    [QUOTE=adb280z;4471654]What taxes have actually gone up?[/QUOTE]

    Dude is trolling. Pay attention...

  10. #10
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    [QUOTE=JetPotato;4471051]Shameless people don't get embarrassed[/QUOTE]

    We have a blame list. Obuttocks is not on it. :banana:

  11. #11
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    [QUOTE=Buster;4471658]none[/QUOTE]

    A total falsehood. In addition to running up the deficit, thereby accelerating inevitable inflation, which itself is a hidden tax increase, here are a few (sorry for the formatting issues, you can see the tables in the link)

    [url]http://www.atr.org/comprehensive-list-obama-tax-increases-a6694[/url]

    Comprehensive List of Obama Tax Increases
    Three years in office, twenty-one tax hikes
    Since taking office three years ago, President Barack Obama has signed into law twenty-one new or higher taxes on the American people:

    1. A 156 percent increase in the federal excise tax on tobacco: On February 4, 2009, just sixteen days into his Administration, Obama signed into law a 156 percent increase in the federal excise tax on tobacco, a hike of 61 cents per pack. The median income of smokers is just over $36,000 per year.

    2. Obamacare Individual Mandate Excise Tax (takes effect in Jan 2014): Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax according to the higher of the following:


    1 Adult
    2 Adults
    3+ Adults

    2014
    1% AGI/$95
    1% AGI/$190
    1% AGI/$285

    2015
    2% AGI/$325
    2% AGI/$650
    2% AGI/$975

    2016 +
    2.5% AGI/$695
    2.5% AGI/$1390
    2.5% AGI/$2085



    (Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS). Bill: PPACA; Page: 317-337)

    3. Obamacare Employer Mandate Tax (takes effect Jan. 2014): If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2000 for all full-time employees. Applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer). Bill: PPACA; Page: 345-346

    Combined score of individual and employer mandate tax penalty: $65 billion/10 years

    4. Obamacare Surtax on Investment Income (Tax hike of $123 billion/takes effect Jan. 2013): Creation of a new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income: Bill: Reconciliation Act; Page: 87-93


    Capital Gains
    Dividends
    Other*

    2011-2012
    15%
    15%
    35%

    2013+ (current law)
    23.8%
    43.4%
    43.4%

    2013+ (Obama budget)
    23.8%
    23.8%
    43.4%



    *Other unearned income includes (for surtax purposes) gross income from interest, annuities, royalties, net rents, and passive income in partnerships and Subchapter-S corporations. It does not include municipal bond interest or life insurance proceeds, since those do not add to gross income. It does not include active trade or business income, fair market value sales of ownership in pass-through entities, or distributions from retirement plans. The 3.8% surtax does not apply to non-resident aliens.

    5. Obamacare Excise Tax on Comprehensive Health Insurance Plans (Tax hike of $32 bil/takes effect Jan. 2018): Starting in 2018, new 40 percent excise tax on “Cadillac” health insurance plans ($10,200 single/$27,500 family). Higher threshold ($11,500 single/$29,450 family) for early retirees and high-risk professions. CPI +1 percentage point indexed. Bill: PPACA; Page: 1,941-1,956

    6. Obamacare Hike in Medicare Payroll Tax (Tax hike of $86.8 bil/takes effect Jan. 2013): Current law and changes:


    First $200,000
    ($250,000 Married)
    Employer/Employee
    All Remaining Wages
    Employer/Employee

    Current Law
    1.45%/1.45%
    2.9% self-employed
    1.45%/1.45%
    2.9% self-employed

    Obamacare Tax Hike
    1.45%/1.45%
    2.9% self-employed
    1.45%/2.35%
    3.8% self-employed



    Bill: PPACA, Reconciliation Act; Page: 2000-2003; 87-93

    7. Obamacare Medicine Cabinet Tax (Tax hike of $5 bil/took effect Jan. 2011): Americans are no longer able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin). Bill: PPACA; Page: 1,957-1,959

    8. Obamacare HSA Withdrawal Tax Hike (Tax hike of $1.4 bil/took effect Jan. 2011): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent. Bill: PPACA; Page: 1,959

    9. Obamacare Flexible Spending Account Cap – aka “Special Needs Kids Tax” (Tax hike of $13 bil/takes effect Jan. 2013): Imposes cap on FSAs of $2500 (currently unlimited). Indexed to inflation after 2013. There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are thousands of families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. Bill: PPACA; Page: 2,388-2,389

    10. Obamacare Tax on Medical Device Manufacturers (Tax hike of $20 bil/takes effect Jan. 2013): Medical device manufacturers employ 360,000 people in 6000 plants across the country. This law imposes a new 2.3% excise tax. Exempts items retailing for <$100. Bill: PPACA; Page: 1,980-1,986

    11. Obamacare "Haircut" for Medical Itemized Deduction from 7.5% to 10% of AGI (Tax hike of $15.2 bil/takes effect Jan. 2013): Currently, those facing high medical expenses are allowed a deduction for medical expenses to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI). The new provision imposes a threshold of 10 percent of AGI. Waived for 65+ taxpayers in 2013-2016 only. Bill: PPACA; Page: 1,994-1,995

    12. Obamacare Tax on Indoor Tanning Services (Tax hike of $2.7 billion/took effect July 2010): New 10 percent excise tax on Americans using indoor tanning salons. Bill: PPACA; Page: 2,397-2,399

    13. Obamacare elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D (Tax hike of $4.5 bil/takes effect Jan. 2013) Bill: PPACA; Page: 1,994

    14. Obamacare Blue Cross/Blue Shield Tax Hike (Tax hike of $0.4 bil/took effect Jan. 1 2010): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services. Bill: PPACA; Page: 2,004

    15. Obamacare Excise Tax on Charitable Hospitals (Min$/took effect immediately): $50,000 per hospital if they fail to meet new "community health assessment needs," "financial assistance," and "billing and collection" rules set by HHS. Bill: PPACA; Page: 1,961-1,971

    16. Obamacare Tax on Innovator Drug Companies (Tax hike of $22.2 bil/took effect Jan. 2010): $2.3 billion annual tax on the industry imposed relative to share of sales made that year. Bill: PPACA; Page: 1,971-1,980

    17. Obamacare Tax on Health Insurers (Tax hike of $60.1 bil/takes effect Jan. 2014): Annual tax on the industry imposed relative to health insurance premiums collected that year. Phases in gradually until 2018. Fully-imposed on firms with $50 million in profits. Bill: PPACA; Page: 1,986-1,993

    18. Obamacare $500,000 Annual Executive Compensation Limit for Health Insurance Executives (Tax hike of $0.6 bil/takes effect Jan 2013). Bill: PPACA; Page: 1,995-2,000

    19. Obamacare Employer Reporting of Insurance on W-2 ($min/takes effect Jan. 2012): Preamble to taxing health benefits on individual tax returns. Bill: PPACA; Page: 1,957

    20. Obamacare “Black liquor” tax hike (Tax hike of $23.6 billion/took effect immediately). This is a tax increase on a type of bio-fuel. Bill: Reconciliation Act; Page: 105

    21. Obamacare Codification of the “economic substance doctrine” (Tax hike of $4.5 billion/took effect immediately). This provision allows the IRS to disallow completely-legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed. Bill: Reconciliation Act; Page: 108-113

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