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| Government | |
| Obama sending $4 trillion spending plan to Congress | |
| 2015-02-03 | |
[NEWAGEBD.NET] President Barack ObamaPot had helped, and booze; maybe a little blow when you could afford it. Not smack, though.... unveils a $4 trillion spending plan Monday, a budget that calls for huge spending on infrastructure funded by a one-time tax on profits US companies have amassed overseas. The business-friendly Republican-controlled Congress is all but certain to say no. The foreign earnings tax would be part of a broader administration plan to overhaul corporate taxes by ending certain tax breaks and lowering rates, a challenging task that Obama and Republican congressional leaders insist they are poised to tackle this year. The spending document for the 2016 fiscal year beginning Oct. 1 also reflects goals Obama set out in his State of the Union speech, particularly higher taxes on wealthy Americans to shrink the growing gap between high-income and middle-class citizens. The question is what kind of negotiated middle ground, if any, will emerge in a climate of the overwhelming partisan divide separating Obama and his Democrats from Republicans, many of whom have made their goal to stop or reverse virtually all of the president's domestic initiatives. Obama, in an NBC interview before the Super Bowl, disputed a suggestion that he and Congress are so far apart that his budget proposals have no chance of winning approval. "I think Republicans believe that we should be building our infrastructure," Obama said. "The question is how do we pay for it? That's a negotiation we should have." Obama's new budget offers an array of spending programs and tax increases on the wealthy that Republican politicians have already rejected.
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| Posted by:Fred |
| #10 This just in - women and children hit hardest by the Plan President Obama released his $4 trillion fiscal year 2016 budget proposal Monday, and in it he outlined some ambitious health care initiatives to improve efficiency and eliminate waste. But buried a little bit deeper is a $50 million cut to one of the U.S.’s longstanding vaccine programs for the under- and un-insured. - cite H/T Instaprof |
| Posted by: Procopius2k 2015-02-03 12:57 |
| #9 How will we pay for "it", whatever "it" is? The old-fashioned way, by borrowing money, money which will never be re-paid. |
| Posted by: Anguper Hupomosing9418 2015-02-03 10:04 |
| #8 ...cause it's working so well in Valenzuela? |
| Posted by: Procopius2k 2015-02-03 08:36 |
| #7 It appears he wants to drive all American businesses overseas. |
| Posted by: Glenmore 2015-02-03 07:49 |
| #6 Spending other peoples money is fun. BTW, inflation is just another form of taxing by way of reducing the value of your income. |
| Posted by: Procopius2k 2015-02-03 07:48 |
| #5 "It worked for Russia." |
| Posted by: Besoeker 2015-02-03 06:21 |
| #4 |
| Posted by: Besoeker 2015-02-03 03:51 |
| #3 $17.5 trillion - but hey, who's counting? |
| Posted by: Raj 2015-02-03 00:42 |
| #2 Oh and I forgot even with the $2.0 Trillion in new taxes, the budget projects an $875 Billion deficit.... So what's the national debt now? |
| Posted by: mystic 2015-02-03 00:26 |
| #1 Well, he may not be at war with radical Islam but he's definitely at war with the middle class. Seems by the time the definition of rich is finalized it is a lot of folks a lot further down the chain than Warren Buffet or the Prexy of Chase Manhattan. I can remember when the Clintonistas floated a tax the rich scheme. When it was announced, it turned out my $150,000 taxable household income, and home ownership made me "rich" and subject to the pillage and plunder provisions of that scheme. Much like it appears it is with this. Almost $2Trillion in new taxes, supposedly "tax the rich" but when you read them, you realize that just about anyone with a retirement account, stock, or plans to sell their home and downsize in retirement is going to pay a whopper of a tax bill when they decide to tap into those assets. |
| Posted by: mystic 2015-02-03 00:24 |