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Future Tax Hikes In The Works In Proposed Jobs Plan

September 16, 2011 by  

After the White House submitted the bill to Congress on Monday many Republican leaders noted that although the plan cuts taxes in the next couple of years, the measures are funded by raising taxes by more than $460 billion over the rest of the decade.The jobs stimulus plan that President Barack Obama has put forth as a solution to the nation’s economic woes contains tax increases that begin in 2013, and may continue to last through the rest of the decade, according to The Washington Times.

After the White House submitted the bill to Congress on Monday, many Republican leaders noted that although the plan cuts taxes in the next couple of years. The measures are funded by raising taxes by more than $448 billion over the rest of the decade, reported the newspaper.

“This would literally be tax and spend. That’s what this is — literally raise $450 billion and spend it,” Douglas Holtz-Eakin, a former director of the Congressional Budget Office who now runs the American Action Forum, told the Times. “It’s one thing to say they’re paid for. It’s another thing to say I’m going to spend it now and pay for it after the election.”

The initial proposal was well received, as a broad measure, but after the fine print of the legislation was examined, the tax hikes for wealthy Americans after 2013 came into light, The Wall Street Journal reported.

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  • Donald

    Ah yes, we’ve got to do something to help the rich so they will have money to invest overseas!

    • newspooner

      Many of the “rich” people are pro-Obama types who have been part of the problem for years. The real issue isn’t the fake controversy of “helping the rich while hurting the poor”. The issue is how the Establishment has continued to favor the “connected” rich at the expense of people in the econmoic middle. Excessive government regulations impede true economic progress that allows upward financial growth among lower income citizens.
      As part of the fraud, the big government advocates claim that the “rich” need to pay “their fair share”, so they advocate higher taxes on dividends and interest. But this actually hurts people in the lower economic strata much more. Savings and investment is the best way for a poor person to climb upward economically. Discouraging that effort leads to keeping them in the lower strata. As a simple example, if the first $10,000 of dividend income and the first $10,000 of interest income and the first #10,000 of capital gains income were tax-exempt, it would be a tremendous help to millions of Americans in the lower and middle economic strata, but it would be insignificant to the super-rich whose largess is used as an excuse to impose higher taxes on the rest of us.
      So when Obama and company talk about increasing taxes on the “rich”, you can bet that they will increase taxes on the rest of us, and it will hurt people in the lower range more.

    • Ellen

      The problem here is who Obama calls ‘rich.’ Someone making $200,000 per year is not rich. In today’s economy, they have no capital gains and perhaps a house that is worth less than they paid for it. If Obama wants to tax the rich, he needs to set the threshold much higher. More importantly, the govt takes in an enormous amount in taxes and shouldn’t need more. But, they waste money and no amount will ever be enough. It’s like giving your teen a credit card. They can justify every expense even though the parent clearly sees what is waste. No tax increases on taxpayers should be made. The tax code needs changing so major companies like GE pay taxes. Also, they should have to pay a special fee for all jobs they sent overseas.

    • Janice M Cullen RE Broker

      Good for you! The “Rich”, would like to see us remain the uneducated majority with them as the educated minority so they can DUPE us into believing if we tax them honestly there will be no new jobs! Excuse me, they already outsourced the jobs, and once again vetoed a tarrif on those companies who have the gall to report thier HUGE Profits. Mr Speaker is so transparent it is scary. He can say only 1 thing” NO NEW TAXES ON THE RICH. If the Democrates had a dead person runing I would vote for that person rather then be at the mercy of that kind of ,,,leadership???? again.

  • mar

    Government just wants to tax more so they can spend more. What happened to cutting the spending?

    • Janice M Cullen RE Broker

      Mar, do you really believe everything you hear??? Do not lump yourself into the uneducated majority. Our infastructure is in poor shape. look at the problems caused by natural disasters. I live in the east and have watched it 1st hand. What better way to give people jobs then to repair, and prepare for more of the same.

  • Sam I am

    The simple undeniable truth is that we are continuing our slow and steady march towards financial ruin and hyperinflation. Our fearless leaders can’t make the hard choices required so it is a guarenteed certainty. It might not happen for a few years yet, but it is bound to happen soon.

    • Janice M Cullen RE Broker

      And you believe that hard choice is to devastae 12 1/2% of the peopkle in this coutry by taking more of what little they have and leaving the huge profit, and they brag about it, companies, to continue on as they have been. No wonder they want to pull Oboma down. It is the only way they can continue to do more of the same. Get your head oyt and look around. EDUCATE YOURSELF, which is just what OBOMA KEEPS SAYING, AND WHAT THE OTHER SIDE IS DEAD AGAINST!

  • Warrior

    Let’s see now, tax increases in 2013, obamacare kicks in during 2014. By 2015, I would say, the destruction should just about be complete.

    Personally, I prefer Mandarin and Thai food. How about you?

    • Janice M Cullen RE Broker

      tHEN THAT IS WHERE YOU SHOUL MOVE!!!!

  • http://aol.com sean murrey ILLInio

    thats all it is a tax increase.

    • Janice M Cullen RE Broker

      Everyone see tax increase and gets scared. It is not for the poor but for those who have been paying less then the poor for so long now they think it is tier right.

  • http://yahoo skyraider 6

    the trouble in dc is they are a bunch of lazy ex lawyers that could not make it on their own and still don’t know what to do

  • http://PersonalLibertyDigest Randy 131

    How can you balance tomorrow’s budget, for tomorrow never comes, therefore there is no tomorrow’s budget, just todays. If you really want to balance the budget, you balance todays budget and quit promising what never comes. These are facts proven by history, with no exceptions. If you want to correct this economy, them cut today’s spending, don’t raise taxes, recall most regulations, and control Unions by giving people the right to work without being forced to join a Union so their paycheck won’t be robbed by the Union. Simple and what people migrated to this country for, to be able to control their own lives and get away from governments forcing them to do what they don’t want to do.

    • Janice M Cullen RE Broker

      If you really know your history then you know that the poor did not pay taxes they could not afford, the rich paid them and that is how the goverment was put together. Now, however, the greedy rich think they have a right to not pay. And do not give Mr Speaker’s BS about jobs, as they have already outsourced them to put even more $$$$ in thier pockets

  • Disgusted

    What I have heard is that the Government can’t stimulate the economy. It needs to repair itself and throwing this money at “jobs creation” isn’t going to work. We need to concentrate on keeping jobs in America, too many companies are sending jobs overseas. Look at the recent solar panel company that received $500million in green funds from the government – they have file bankruptcy and they aren’t the only ones. Some of the “green” companies that have benefited from a government handout have stated that they can’t compete with China, that they themselves are now looking at ramping up a manufacturing plant in China so they can be competitive in the “green energy” market. This is where we need to start. Get the jobs back onto American Soil. Give people the right to work without being forced into a union, wages have been pushed to an unmanageable level for US Companies just like the housing prices – something has to give.

    • Janice M Cullen RE Broker

      Do you not see that outsourcing companies should have to pay a tarriff for that? But Republicans shot down Oboma’s plan for that as they do not want to give up 1 thing. I must agree whit. FDR, what better way to stimulate the economy they to give jobs to Americans and repair our roads bridges etc. You have a better idea??? BRING IT!

  • http://www.motorcarsfinancial.com Brad

    A zero tax for business will bring all the companies back to the US and the economy will grow from the people being back to work. We need incentives to bring back the jobs.

    • s c

      Brad, go to a local community college (or a college or a university, if they’re near where you live), and ask questions of people who teach economics or investments. The standard answer you will get from those people is short and simple.
      When jobs go overseas, they are gone forever. It’s no accident. This is a forerunner of what some call a ‘planned economy.’ It is a nation-destroying ploy, and every scummy, SOB politician who agrees to let a company go overseas should be forced to go where those jobs go.
      Then and only then will the retards in Washington have a reason to STOP American jobs going to other countries.

      • GregS

        Well said s c! High-tech jobs are especilly hard-hit. Practically the entire country of India is employed by the US.

    • Janice M Cullen RE Broker

      It is nice to dream! If that happens where do you thing tax $$ will come from and why would those companies return when they pay thier worker substandard amounts> GET REAL. Will you work for next to nothing to get them back. I highly doubt it.

  • http://www.motorcarsfinancial.com Brad

    next time you get a cell phone bill locate the tax amount, collected by the government on every phone. Lets just use simple mathmetics here. Lets say they are 100 million cell phones out there that is roughly 1/3rd of the nation has a cell phone (consevitively.

    100,000,000
    x40.00 in government tax

    that’s $4,000,000,000 per month on cell pho$ne tax alone. Not to mention gasoline tax at .45 cents a gallon. $2.50 a pack of cigareette for the smokers and on and on and on. We get taxed on everything. Where does all this money go. Someone is getting fat!!

    • Janice M Cullen RE Broker

      You are so right. But do you realize that those cell phone companies make enormous profits due to the firmly in place tax loopholes for them that Daddy Bush and Gw put in place. After 12 years of that they want you to continue to be taxed to death while they rake in the $$. OPEN YOUR EYES> EDUCATE YOUSELF, do not just believe all the garbage put out there by those who wish to continue to use America and it’s people to make more and more money. I live on Main St, not Wall St. Where do you live, as that seems to be what determines how you think!

  • http://Personalliberty Tony

    To Everyone:
    Look let’s not exaggerate here. Obama is talking payroll holidays
    for small business and middle income people. Therefore, have all the info. before coming to conclusion. Thanks!!

    • Tony

      Tony
      I think you need to have all the facts.
      The payroll tax holiday is just another re-election gimmick like the $400 tax credit Obama gave in his first tax giveback. This one is the third give back and still the economy keeps getting worse.
      These tax holidays come at an extremely high expense – the funding of each current workers social security accounts. These tax holidays will be paid for by what – more funny money accounting that leaves social security with more worthless paper backed by the full faith of the government. A government that is broke and doesn’t even have a great credit rating.
      Please see these tax holidays for what they really are – paying for votes. Sorry if it sounds awful but think about it. First time around it was each person who votes for me gets $400. Second time it will be “see what I did you YOU” not what the American people did for you. If the third time passes I can already hear the election speeches.

      • http://ahalbert@smart-technology.net Allan

        Regardless, these tax holidays are NOT effective incentives to businesses because they are temporary gimmicks. Obama and Dems just don’t get business.

        Obama could stimulate the economy by saying he will do NOTHING except work on government waste and unnecessary regulations for the next 14 months. This would save the country money and make businesses feel it is safer to plan. This would get him reelected.

        If he keeps proposing policies the public doesn’t like, he can expect to lose. He will go down in the record books as the President with high likeability and low policy support. Either he doesn’t care about being reelected or doesn’t have enough smarts to change policy.

      • Janice M Cullen RE Broker

        Pay attention. it is not about raising taxes overall, it is about evining out who pays what. I pay more tax then a millionaire CEO. Raising taxes is not the real issue that is rEP. bS. iT IS ABOUT CLOSING THE TAX LOOPHOLES FOR THOSE MAKING MILLION.

    • Janice M Cullen RE Broker

      Good foe you Tony. You seem to realize that you can not do it all in 3 seconds, or even 3 years, when it has take 12 years of poor leadership to put us where we are.

  • ONTIME

    The fraud, collusion,complicity of this administration is just starting to show, the passage of law that was never submitted to the congress for approval,never read in public or allowed to be seen before it was passed, all of which is nothing more than intended theft by fraud by elected and appointed officials of this government by both Deemer ans RINO elements of both parties. The did collude and they are complicit in the perpetration of major Tax Fraud.

    Dodd/ Frank is a delayed scheme to tax by fraud, this bill, like the Obama Care scam never saw the light of day until it was discovered to be fraud and the word repeal is faint and hard to hear because the rule of law has been upended, the courts too have been complicit by activism and avoidance at ruling Constitutionally on many of these bills passed on or by passed by our congress.

    Now we have little or no choice but to restore the violated trust and use term limits/salary and a nat’l sales or flat tax to leash the politicians and regain control of the money. To publicly audit yearly the earnings and holdings of all those holding a elected or appointed office. To eliminate the IRS, progressive taxes and abolish or defund a multitude of government agencies and abolish government unions. In order to put the civil back into public service, We the People must make thse steps the means back to a representative government.

    • Janice M Cullen RE Broker

      Unfortunatly you are pretty much correct. Our choice seems to be bad or worse. I still believe if we elect another REPEAR, we on main St will be taxed out of existance while they continue to gro fatter!

      • JustJoeKS

        Janice-I can’t believe that you are just blaming Bush for the current problems. It’s all politicians in Washington who have been in office for the past 100 yrs. We have been slowly walking down the path to semi-socialism for that long. All of the acts of Congress that have established bigger and bigger government agencies have been pushing us in that direction. If we didn’t have the big government then we wouldn’t need high taxes. We also should not be taxing someone more just because they have worked hard and made themselves successful. It is punishing success instead of rewarding them. I will agree with you that we need to change the tax code to get rid of the loopholes that some people can use to pay little or no taxes.

  • Jay

    Why in the world do we need to raise taxes in order to create jobs? This makes absolutely no sense, in fact, it’s non-sense! So what could be the reason for the present administration’s insistence on raising taxes, in order to produce jobs? There can only be two reasons for that. Either they are totally ignorant as to what is required to create jobs, and that is; less government interference, and regulations, or, the conspiracy kooks are correct–the present administration is purposely trying to bankrupt, and destroy the economy, and future of this country! If, at present, we have NO industrial base to speak of, and we are thus incapable of creating any real, or tangible wealth, what will raising taxes accomplish? And to further travel along this idiotic path, will necessitate the need to increase taxes down the road, yet again! To what end, pray-tell? And btw, these people that are presently driving the proverbial bus, correct me if i’m wrong, are harvard graduates, experts, supposedly, in law, and economics! Come on folks, it doesn’t take an economic genius to figure out that, without a robust, industrial base, there is no future, and continually raising taxes is not a solution, rather, its recipe for disaster!

  • s c

    In order for taxpayers to keep paying more and more taxes, they have to have JOBS. If they don’t have JOBS, then it is INSANE to keep raising taxes.
    What is it that morons in Washington can’t get into their little heads? The fact that Obummer doesn’t get it shouldn’t surprise anyone. What he learned about jobs or economics in Chicago or Haavid you can put in the palm of one hand and have room left over.
    Obummer is a theoretician who hates facts. He thinks theories are better than facts, and anything that interferes with his utopian dream world is evil. He’ll understand jobs and economics when astronauts find cheese on the moon. His non-education has finally caught up with him. Unfortunately, we’re are expected to pay the ‘price’ for that non-education.

  • CanCan

    The federal government is like the 800 pound person who is so fat they are bed bound, eating 20 pizzas a day, complaining all-the-while that they are forever hungry, and then have the balls to wonder why they cannot get up and wipe their own you-know-what. The Feds need to go on a diet, plain and simple. And just as with the 800 pound person who is so fat they cannot get up and get the food themselves, but have to have someone get the food for them, maybe it is time for us taxpayers-like the one enabling the overweight person-to simply say “no more” and take the “money dish” away. For you can surely bet that after the Feds have completely bankrupt and destroyed this country, they will turn right around and blame the rest of us for our destruction.

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