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Obozo And Congressional 'RATs Are Going After Middle Class Tax Deductions "Thanks Mr. Obama!"
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Bradley K. Sherman
Jan 12, 2013, 9:29:24 AM1/12/13
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More Bad News…..For America
Obozo And Congressional 'RATs Are Going After Middle Class Tax
Deductions
CNN: Middle-class tax cuts may be on the line in Washington's debt
ceiling battle.
While Republicans want to match increases in the debt ceiling with
spending cuts, President Barack Obama and Congressional Democrats want
more revenue and have pointed to deductions and corporate subsidies,
according to CNNMoney.
The problem is that extra revenue is not enough. For significant
income they'll have to turn to politically sensitive areas — like
middle-class taxes.
"They'll have to go down to where the real money is, which is the
middle class," Brian Gardner, an analyst with investment bank Keefe,
Bruyette & Woods, told CNNMoney.
"Politically, that would be very tough."
Less than 10 percent of the $1.1 trillion in tax exclusions and
deductions a year benefit corporations, according to Tax Policy Center
data cited by CNNMoney, meaning that any cut would mostly impact
individuals.
Limiting deductions for the wealthy would increase revenue by several
hundred billion dollars over the next 10 years, but that's still falls
short of enough revenue.
For instance, the employer health insurance exclusion protects workers
with employer-sponsored health insurance from paying taxes on the
amount of their premiums their company pays for. Ending the exclusion
would add $164 billion in revenue in fiscal year 2014, but companies
might then offer less-generous plans, according to CNNMoney.
Ending the mortgage-interest deduction would add another $100 billion
a year in revenue, and ending the tax break for employer-provided
pensions, which allows companies to offer tax-deferred pensions and
401(k) plans, would add another $163 billion.
The fiscal cliff deal fell short of Obama's revenue goal. He had
called for higher tax rates for individuals with incomes of $250,000
or higher and couples with incomes of $300,000 or higher, but the
legislation only increased rates for individuals earning over $400,000
and couples with over $450,000.
“He’s always said it would require more than that, and that there
would be this effort to curtail loopholes and deductions,” said Robert
Bixby of the Concord Coalition, a budget watchdog group, according to
McClatchy Newspapers.
http://www.moneynews.com/Economy/middle-class-tax-cuts/2013/01/11/id/470967
-----
Welcome To Obamaville!
Obozo And Congressional 'RATs Are Going After Middle Class Tax
Deductions
CNN: Middle-class tax cuts may be on the line in Washington's debt
ceiling battle.
While Republicans want to match increases in the debt ceiling with
spending cuts, President Barack Obama and Congressional Democrats want
more revenue and have pointed to deductions and corporate subsidies,
according to CNNMoney.
The problem is that extra revenue is not enough. For significant
income they'll have to turn to politically sensitive areas — like
middle-class taxes.
"They'll have to go down to where the real money is, which is the
middle class," Brian Gardner, an analyst with investment bank Keefe,
Bruyette & Woods, told CNNMoney.
"Politically, that would be very tough."
Less than 10 percent of the $1.1 trillion in tax exclusions and
deductions a year benefit corporations, according to Tax Policy Center
data cited by CNNMoney, meaning that any cut would mostly impact
individuals.
Limiting deductions for the wealthy would increase revenue by several
hundred billion dollars over the next 10 years, but that's still falls
short of enough revenue.
For instance, the employer health insurance exclusion protects workers
with employer-sponsored health insurance from paying taxes on the
amount of their premiums their company pays for. Ending the exclusion
would add $164 billion in revenue in fiscal year 2014, but companies
might then offer less-generous plans, according to CNNMoney.
Ending the mortgage-interest deduction would add another $100 billion
a year in revenue, and ending the tax break for employer-provided
pensions, which allows companies to offer tax-deferred pensions and
401(k) plans, would add another $163 billion.
The fiscal cliff deal fell short of Obama's revenue goal. He had
called for higher tax rates for individuals with incomes of $250,000
or higher and couples with incomes of $300,000 or higher, but the
legislation only increased rates for individuals earning over $400,000
and couples with over $450,000.
“He’s always said it would require more than that, and that there
would be this effort to curtail loopholes and deductions,” said Robert
Bixby of the Concord Coalition, a budget watchdog group, according to
McClatchy Newspapers.
http://www.moneynews.com/Economy/middle-class-tax-cuts/2013/01/11/id/470967
-----
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