Raise taxes on the only people who pay them, give the money to those who do not pay taxes, cut the military budget, socialize healthcare, restrict freedom of speech (fairness doctrine), close Guantonimo, give illegal immigrants social security, repeal 20 years of welfare reform, restrict gun ownership, nationalize the banks, and pay deadbeat homeowners mortgages. Ahh change we can believe in! Spread the wealth around! Why do I have the feeling that in the years to come I would not be able to write something like this without getting a knock on my door in the middle of the night by men in black coats. -Lou
$318 Billion Tax Hit Proposed (Would See Deductions Cut on Charity and Mortgage Interest)
WASHINGTON -- President Barack Obama on Thursday will propose $634 billion in new taxes on upper-income Americans and cuts in government spending over the next decade to pay for his promised health-care expansion.
The tax increases and spending cuts will be included Thursday in Mr. Obama's comprehensive budget blueprint, and signal his ambition to overhaul the health-care system, one of the main planks of his presidential campaign.
The tax increases would raise an estimated $318 billion over 10 years by reducing the value of such longstanding deductions as mortgage interest and charitable contributions for people in the highest tax brackets. Households paying income taxes at the 33% and 35% rates can currently claim deductions at those rates. Under the Obama proposal, they could deduct only 28% of the value of those payments.
The plan targets high-earning families in other ways. Wealthier Medicare beneficiaries would have to pay higher premiums to participate in the prescription-drug plan, much like they pay higher premiums to participate in Medicare's doctor plan
Read Article Here:
http://online.wsj.com/article/SB123559630127675581.html
$318 Billion Tax Hit Proposed (Would See Deductions Cut on Charity and Mortgage Interest)
WASHINGTON -- President Barack Obama on Thursday will propose $634 billion in new taxes on upper-income Americans and cuts in government spending over the next decade to pay for his promised health-care expansion.
The tax increases and spending cuts will be included Thursday in Mr. Obama's comprehensive budget blueprint, and signal his ambition to overhaul the health-care system, one of the main planks of his presidential campaign.
The tax increases would raise an estimated $318 billion over 10 years by reducing the value of such longstanding deductions as mortgage interest and charitable contributions for people in the highest tax brackets. Households paying income taxes at the 33% and 35% rates can currently claim deductions at those rates. Under the Obama proposal, they could deduct only 28% of the value of those payments.
The plan targets high-earning families in other ways. Wealthier Medicare beneficiaries would have to pay higher premiums to participate in the prescription-drug plan, much like they pay higher premiums to participate in Medicare's doctor plan
Read Article Here:
http://online.wsj.com/article/SB123559630127675581.html
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