Obama's Budget Projects $1.75 Trillion Deficit (Catch-all for Budget Threads)

[Chris_]

military contractors will be in free fall tomorrow, as soon as the world digests the fact that you can't increase the effort in afghanistan, retain troop levels in iraq, and remain flat to budget without hacking the guts out of major acquisition and development projects.

....and he's taking all the troops out of Iraq in 18 months...he PROMISED.

[Chris_]

Obama wants to raise money via pollution caps: reports

President Barack Obama will propose raising new revenue through a greenhouse gas cap and emissions trading scheme when he unveils his first budget on Thursday, US media reported.
The budget he will present assumes an emissions trading system will generate revenue by 2012, the Washington Post reported.

Fifteen billion dollars of the money generated would be directed to clean-energy projects, the Post said, citing sources familiar with the document.

Another 60 billion would go to tax credits for lower- and middle-income working families, and the rest to help families, small businesses and communities deal with higher energy costs, the paper reported

*snip*

Carbon dioxide, methane and other greenhouse gasses are the main culprits in causing global warming.

According to the Times, which cites unnamed administration officials, Obama's budget will also propose reducing the tax benefit of itemizing deductions, a move that would mostly affect wealthy Americans.

MORE

Hey Uncle Zer0...

[rich_t]

According to the Times, which cites unnamed administration officials, Obama's budget will also propose reducing the tax benefit of itemizing deductions, a move that would mostly affect wealthy Americans.

Oh BS, it will effect most homeowners, not just the wealthy.

[Chris_]

Oh BS, it will effect most homeowners, not just the wealthy.

...same thing to liberals.  If you own a home, you are "rich".

[Crazy Horse]

Great.................cut all the things the military needs.............and the V-22 is performing beyond expectations dumbasses.  We should continue taking old 53's out of the bone yard and rebuilding em or buy a British/italian helicopter...

[rich_t]

Great.................cut all the things the military needs.............and the V-22 is performing beyond expectations dumbasses.  We should continue taking old 53's out of the bone yard and rebuilding em or buy a British/italian helicopter...

The V-22 is doing that well?

[Chris_]

The V-22 is doing that well?

Now that it's out in the field instead of the test program, yeah.  They can't get enough of 'em.  Whenever they can, the folks over in Iraq like to use 'em instead of ground convoys, because a wing of them can haul all that cargo, and be immune to IEDs at the same time.

[Wretched Excess]

...same thing to liberals.  If you own a home, you are "rich".

you are definitely subject to the increase in capital gains taxes if you sell it.  I wonder if the Obamas ever sold a house, and if that's the reason that The BarackStar! doesn't understand the middle class nature of capital gains.  every time the capital gains taxes come up, all he can bring to bear on the subject is hedge fund managers, which he points out (endlessly) in his autobiography as people that he hung out with, and had bottomless disdain for.

the man really does have insufficient life experiences to be the leader of the free world.

[Crazy Horse]

The V-22 is doing that well?

Yes I see it flying daily here. Not just at the military bases but at local airports doing touch and go;s.

It performed so well in Iraq.............they left the birds there and just swapped crews.

[Chris_]

you are definitely subject to the increase in capital gains taxes if you sell it.  I wonder if the Obamas ever sold a house, and if that's the reason that The BarackStar! doesn't understand the middle class nature of capital gains.  every time the capital gains taxes come up, all he can bring to bear on the subject is hedge fund managers, which he points out (endlessly) in his autobiography as people that he hung out with, and had bottomless disdain for.

the man really does have insufficient life experiences to be the leader of the free world.

If he has his way, we won't be part of the free world much longer.    socialist.

[Chris]

Charity tax limits upset many

By reaching so broadly with his $4 trillion 2010 budget plan, and the giant deficits it will incur, Mr. Obama put his hard-won election mandate on the line, saying if lawmakers want to do big things - from boosting education and clean energy technology to overhauling health care - they will have to find ways to pay for it.

He and members of both parties also fretted over the farm payment reductions, which Mr. Obama is counting on to save $9.8 billion over 10 years - part of the $2 trillion in savings Mr. Obama says he's identified.

Still, the charitable giving deduction reduction, which would limit deductions for couples making $250,000 or individuals making $200,000, provoked the most heat Thursday. Mr. Obama is counting on that provision to raise $179.8 billion over 10 years.

Democrats cheered his plan to return the upper two tax brackets to the levels they were before Mr. Bush's tax cuts and Mr. Obama's plans to boost Pell Grants for low-income students to attend college. Republicans said the tax increases will hurt small businesses the most, killing job-creation, and protested making Pell Grants a new entitlement program, meaning Congress could no longer control yearly spending for it.

http://www.washingtontimes.com/news/2009/feb/27/charity-tax-challenged-by-political-friends/

[thundley4]

There is another hidden agenda in this, IMO.
Still, the charitable giving deduction reduction, which would limit deductions for couples making $250,000 or individuals making $200,000, provoked the most heat Thursday. Mr. Obama is counting on that provision to raise $179.8 billion over 10 years.

Not only will the Fed take in more in taxes, some people may think differently about charitable donations, and thus adding to the number of people relying on the government.  Why let the private charities handle things when the fed can do it so much better. 

[Atomic Lib Smasher]

They print money in DC, don't they?

They sure do. And after a couple years, we'll be able to use that printed money to put in our fireplaces to keep warm.

[NHSparky]

Democrats cheered his plan to return the upper two tax brackets to the levels they were before Mr. Bush's tax cuts

IOW, boys and girls, Hopey McChangesnorter has bullshitted you yet again with his 250K claim. 

In 2001, a married couple filing jointly hit 35.5 percent (second only to the 39.6 percent rate) once they had a COMBINED income of $166,500.  Even today, that income level has risen to just $200,300. 

And the taxes which Zerobama and his southside goons are proposing on energy, healthcare, etc., will be paid by EVERYONE, not just the "rich".

God the contempt I feel for this idiot is beyond measure, and ditto for the mouth-breathers who won't even bother to look at what he's going to do to them...all they can see is their blinding hatred of Bush, even now.

[Chris]

Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

President Obama's budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.

1) On people making more than $250,000.

$338 billion - Bush tax cuts expire
$179 billlion - eliminate itemized deduction
$118 billion - capital gains tax hike

Total: $636 billion/10 years

2) Businesses:

$17 billion - Reinstate Superfund taxes
$24 billion - tax carried-interest as income
$5 billion - codify "economic substance doctrine"
$61 billion - repeal LIFO
$210 billion - international enforcement, reform deferral, other tax reform
$4 billion - information reporting for rental payments
$5.3 billion - excise tax on Gulf of Mexico oil and gas
$3.4 billion - repeal expensing of tangible drilling costs
$62 million - repeal deduction for tertiary injectants
$49 million - repeal passive loss exception for working interests in oil and natural gas properties
$13 billion - repeal manufacturing tax deduction for oil and natural gas companies
$1 billion - increase to 7 years geological and geophysical amortization period for independent producers
$882 million - eliminate advanced earned income tax credit

Total: $353 billion/10 years

http://blogs.abcnews.com/politicalpunch/2009/02/obamas-budget-a.html

I have no idea what half these taxes are... maybe someone can explain them.

[Carl]

Mostly to keep us dependent on foreign oil or at least that will be the consequence along with higher prices at the pump.

[docstew]

there did seem to be a lot of repealing of tax breaks for oil and gas producers.  good thing I'm deploying, maybe I can miss the next round of $4 gas