Hide the Wallets, Obama's Here

 

What exactly does one have to do to get it through to these people that they could tax each and every one of us 100% of our income and confiscate all of our wealth and they still could not pay for all of their spending?

...tougher enforcement against tax avoidance ... Does this mean that tax cheats like Tom Daschle and Tim Geitner will actually go to jail just like any of the rest of us if we pulled such tax shenanigans?

The White House said it would launch a search for new tax revenues ... I wonder what will be taxed at a higher rate, inhale or exhale?

White House to Hunt for New Ways to STEAL Money From the Wealth and Jobs producers and Middle Class Americans. Thus ensuring less wealth to tax, and less jobs to be had.

 

White House to Hunt for New Tax Revenues


wall street journal  |http://online.wsj.com/article/SB123792991709930321.html

3/25/2009 | JOHN D. MCKINNON, GREG HITT and NAFTALI BENDAVID

 

WASHINGTON -- The White House said it would launch a search for new tax revenues, as Congressional leaders moved to scale back proposed spending increases and tax cuts in President Barack Obama's ambitious budget.

 

 

View Interactive - http://online.wsj.com/article/SB123792991709930321.html#project%3DOBAMABUDGET09%26articleTabs%3Dinteractive
Budget Breakdown

The budget blueprint estimates a federal deficit of $1.75 trillion for 2009.

The Obama administration plans to create a task force to consider elimination of corporate loopholes and subsidies, tougher enforcement against tax avoidance, and tax simplification, White House Budget Director Peter Orszag said late Tuesday.

Mr. Obama's budget proposal began the process of addressing problems such as the tax gap, the difference between taxes owed and taxes collected. "The question is whether we can be even more aggressive" in those areas, Mr. Orszag said in an interview late Tuesday. The task force will be run through a White House advisory board being headed by former Federal Reserve Chairman Paul Volcker, Mr. Orszag said.

No target for a dollar figure has been set. But the effort theoretically could lead to tens of billions of dollars in additional collections. The tax gap alone is estimated at $300 billion a year, of which more than $100 billion is believed to be collectible, according to IRS statistics.

By congressional estimates, annual spending on basic government services -- programs other than defense and entitlements -- would rise by more than 10% in fiscal 2010 under the $3.6 trillion Obama plan. Sen. Kent Conrad (D., N.D.), chairman of the Senate Budget Committee, presented his version of Mr. Obama's budget to his colleagues on Tuesday, including an increase in annual nondefense spending of 7% for 2010 -- a $15 billion reduction from the president's.

 

View Interactive-  http://online.wsj.com/article/SB123792991709930321.html#project%3DBudgetprocess0902%26articleTabs%3Dinteractive
Budget Stepping Stones

See the steps by which the federal budget will be finalized.

Rep. John Spratt (D., S.C.), the House Budget Committee chairman, was expected to make somewhat smaller reductions when he rolled out his plan on Wednesday.

Lawmakers also are trimming back several of the president's longer-term spending and tax plans. Mr. Conrad, for example, squeezes spending growth in part by dropping tens of billions of dollars set aside in the president's budget for more rescue funds for the financial-services industry. Lawmakers said they could add the money back if it is needed.

Lawmakers also were effectively excluding several middle-class tax-cut pledges that Mr. Obama made in his budget, including long-term relief from the Alternative Minimum Tax, and even long-term extension of his Making Work Pay credit. Extending AMT relief and the Making Work Pay tax credit could run around $200 billion each over the next five years. Both are in effect now but expire soon.

The pressure on the Obama budget reflects the difficult fiscal hand that officials have been dealt, Mr. Conrad said. Despite the changes, Senate Democrats sought to depict the Conrad plan as workable.

 

"I think the president still can achieve health-care reform, can get a significant bill on energy and the environment, and has all his spending for education," said Sen. Ben Cardin (D., Md.).

But Sen. Tom Harkin (D., Iowa) predicted, "We're all going to feel a little pain in this."

The annual budget debate is important because it influences many major decisions that Congress will make in coming months, including spending bills. The budget resolution also can lay out powerful fast-track procedures for major policy changes, making them far easier to pass. This year, for example, many progressive Democrats are looking to the budget resolution to put health-care and climate-change legislation on a fast track.

But many moderate and conservative Democrats fear the consequences of the White House's additional spending, on top of the big stimulus bill and fiscal 2009 appropriations, plus massive federal bailouts for financial institutions. Those Democrats -- organized in the House as the "Blue Dog Coalition" -- have been pushing congressional leaders to reduce or offset the costs of any new initiatives.

Some moderate Democrats, along with Republicans, also are pushing for slowing down some of Mr. Obama's big policy changes, climate change in particular, but also health care. As of late Tuesday it appeared that climate-change legislation wouldn't be on a fast track in either the House or Senate resolution, and health care would only be in the House version, setting up a tough negotiation with the Senate.

Progressive activists who favor Mr. Obama's budget plans are pushing back against the moderates. On Tuesday, two groups, the Campaign for America's Future and USAction, announced a publicity campaign to get Blue Dog members to support Mr. Obama's budget initiatives.

Progressives say now isn't the time for fiscal restraint, given the economy's fragile state and the need for long-term overhauls in health care and energy.

Mr. Obama will be on Capitol Hill on Wednesday to rally support for his budget, following Tuesday's prime-time White House news conference.

 

Write to John D. McKinnon at john.mckinnon@wsj.com, Greg Hitt at greg.hitt@wsj.com and Naftali Bendavid at naftali.bendavid@wsj.com

 

 

As they sit around and look for new places to find revenue ...

Josie06 Josie06
56-60, F
4 Responses Mar 25, 2009

17 trillion and climbing

i didn't say that ELFINSONG. It is amazing how you like to put words in peoples mouths. The article isn't about AIG and the bailout or the bonuses. The article is about the budget.<br />
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As for AIG ... they had contracts in place. Legal documents which authorized the bonuses. Congress passed the bailout authorizing the payment of those bonuses. Now an outrage by the citizens and Congress that they were paid.<br />
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Common sense says Congress knew about the bonuses and the legal contract between two parties (AIG and their employees). They had no choice in a nation of LAWS but to approve them. <br />
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AIG was, IMHO, stupid to pay them out but legal obligated to do so. They probably could have found a better way to compensate employees for doing their work. Also, i believe that CEO pay and benefits should be handled differently ... however that is up to the shareholders and the Board of Directors --- not the citizens of the US (unless they are shareholders) of the President or Congress.<br />
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Congress, passed the bill, without even reading it. Or chose to look the other way. They should have no outrage at business (AIG). The citizens have every right to be outraged at Congress for their lack of candor, truthfulness and greed.<br />
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No do you want to talk about the budget! The reason i posted this article.

Wait!!!! maybe I didn't see that right.......... You conservatives are now holding up AIG employees up as the kind of people you want your kids to grow up to be?<br />
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Here.... Let me supply you both with a lifetime supply of Koolaid

with all the continued job losses those still working can get ready for very high taxes to begin. since it can come out directly from your pay check it will not be hard to get asap. They need to stop all spending and start cutting expenses. they all need to be working for a $1 like Liddy at AIG.