Obama to Offer Plan to Cut Deficit by Over $3 Trillion

[tangent4ronpaul]

WASHINGTON — President Obama will unveil a plan on Monday that uses entitlement cuts, tax increases and war savings to reduce the federal deficit by more than $3 trillion over the next 10 years, administration officials said.

...

Mr. Obama will call for $1.5 trillion in tax increases, primarily on the wealthy, through a combination of letting the Bush-era tax cuts expire, closing loopholes and limiting the amount that high earners can deduct. The proposal also includes $580 billion in adjustments to health and entitlement programs, including $248 billion to Medicare and $72 billion to Medicaid. Administration officials said that the Medicare cuts would not come from an increase in the Medicare eligibility age.

Senior administration officials who briefed reporters on some of the details of Mr. Obama’s proposal said that the plan also counts a savings of $1.1 trillion from the ending of the American combat mission in Iraq and the withdrawal of American troops from Afghanistan.

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Just as a reminder - the entire GDP is 14 Trillion a year and total government revenue is 3 trillion a year. 1.5 Trillion in new taxes is an economy killer!

http://www.nytimes.com/2011/09/19/us/politics/obama-plan-to-cut-deficit-will-trim-spending.html

[Sola_Fide]

Deck chairs on the Titanic.

[wannaberocker]

Everything this govt presents is based on tax increases. At what time will they say "Ok taxes are high enough"?

1. Super congress is given the task to deal with debt. The leftist in the supercongress say "tax hikes have to be part of the plan".
2. Obama presents stimulus part 2 (which is based on tax increases).
3. Obama presents debt plan (which is based on tax increases).

Am i getting something wrong? Will they try to propose tax increases 3 diff times? Cause tax increases once cant possibally cover all these plans.

[reillym]

Everything this govt presents is based on tax increases. At what time will they say "Ok taxes are high enough"?

1. Super congress is given the task to deal with debt. The leftist in the supercongress say "tax hikes have to be part of the plan".
2. Obama presents stimulus part 2 (which is based on tax increases).
3. Obama presents debt plan (which is based on tax increases).

Am i getting something wrong? Will they try to propose tax increases 3 diff times? Cause tax increases once cant possibally cover all these plans.

The obama stimulus was 1/3 tax cuts. Please get your facts straight. What huge tax increases were there on the middle class? Please list.

Bush tried to lower taxes on rich to spur job growth. It failed. Reagan tried to spur job growth by cutting taxes. It failed. Why should it work this time? Oh, it won't. Because job growth depends on demand, not on how many yachts rich people can buy. Tax rates are lowest for rich people in history, yet they aren't creating jobs.

[Sola_Fide]

The obama stimulus was 1/3 tax cuts. Please get your facts straight. What huge tax increases were there on the middle class? Please list.

Bush tried to lower taxes on rich to spur job growth. It failed. The rich pay lower rates than I do. They should pay more as they are ripping this country of wealth and jobs.

LoL^^^

[specsaregood]

The rich pay lower rates than I do. They should pay more as they are ripping this country of wealth and jobs.
Better yet, lets just take everything they have and deport them out of the country! That'll teach em!

[reillym]

LoL^^^

Good response. The obama stimulus, was, in fact, 1/3 cuts in taxes. Please cite your sources if you disagree. Otherwise, I win another argument and you fail.

[reillym]

Better yet, lets just take everything they have and deport them out of the country! That'll teach em!

Everyone should pay their share. Corporate welfare, aka republican economic policies, gets us nowhere.

[specsaregood]

Everyone should pay their share. Corporate welfare, aka republican economic policies, gets us nowhere.

"Their share" implies to me a flat rate, where everybody is treated equally.

[bwlibertyman]

Instead of complaining that "that guy makes more than me, the government should take more of his money so that we're more equal" people should start complaining how they have to give up money in the first place. How better off would we be if we could keep 30% more of our wealth?

The rich don't have to create jobs. It's for mutual sustainability.

Do you really think that by increasing taxes the proprietors of this country will hire more employees?

Employers hire people who they think they will get more productivity out of then they pay in wages. Employers always pay higher wages then employees put it out. It's always an investment. Once an employee becomes more productive the employer usually raises the wage above his productivity again in hope that he will become even more productive.

This childish rant about how rich people have money and it isn't fair because they didn't create jobs is kind of annoying. Why MUST rich people hire? Why should anybody be forced to do anything.

Just please stop.

[bwlibertyman]

Everyone should pay their share. Corporate welfare, aka republican economic policies, gets us nowhere.

The bank bailouts were under Obama iirc. Bush might have been president but I think that was the time when Bush took care of the war stuff and obama did the economic stuff. To pretend that the democrats did not want to bail out the banks and the auto sector is a farse and I dare you to defend it!

[Cleaner44]

The obama stimulus was 1/3 tax cuts. Please get your facts straight. What huge tax increases were there on the middle class? Please list.

Bush tried to lower taxes on rich to spur job growth. It failed. Reagan tried to spur job growth by cutting taxes. It failed. Why should it work this time? Oh, it won't. Because job growth depends on demand, not on how many yachts rich people can buy. Tax rates are lowest for rich people in history, yet they aren't creating jobs.

Don't yacht purchases create demand for manufacturers to produce more yachts that are built by workers?

If so, doesn't more yacht orders produce more jobs growth?

P.S.
I accidentially gave you +rep instead of -rep for the first time ever. I never thought I would use that and of course I failed on my first attempt. You are clearly caught up in the democrat class envy and you are not seeing the reality of the situation.

[bwlibertyman]

I mean seriously what is the argument? What can dems/socialists/statists say besides "rich people make so much money, they should give it to poor people so they can work"? That argument is so lame.

If you can convince me I will issue a retraction.

[WilliamShrugged]

Bush tried to lower taxes on rich to spur job growth. It failed. Reagan tried to spur job growth by cutting taxes. It failed. Why should it work this time? Oh, it won't. Because job growth depends on demand, not on how many yachts rich people can buy. Tax rates are lowest for rich people in history, yet they aren't creating jobs.

I guess monetary policy has nothing to do with it... I'm guessing Clinton's high taxes gave us the boom of the 90's in you opinion?

[Acala]

Government should be unrestrained in its spending and people should be forced at gunpoint to pay for it based on a popularity contest. Sounds like a perfectly sensible and sustainable system to me.

[wannaberocker]

The obama stimulus was 1/3 tax cuts. Please get your facts straight. What huge tax increases were there on the middle class? Please list.

Bush tried to lower taxes on rich to spur job growth. It failed. Reagan tried to spur job growth by cutting taxes. It failed. Why should it work this time? Oh, it won't. Because job growth depends on demand, not on how many yachts rich people can buy. Tax rates are lowest for rich people in history, yet they aren't creating jobs.
I was asking the question didnt you see all the question marks? I never said there was a huge tax increase on the middle class (you just made that up). And btw 1/3 tax cuts (they were tax credits not tax cuts, there is a big diff).

My question was that all 3 big ideas out by the left require tax hikes. So my question was will they raise taxes 3 diff times ? Or will they just do 1 big tax hike with which they will try to cover the stimulus part 2, super congress debt issues and now the new obama debt program.