Obama’s latest scheme to ‘spread the wealth around’ comes in the form of promising free community college on one hand while double-taxing students who were responsible enough to plan ahead on the other.
The formidable organization released a detailed description of the $320 billion tax hike being proposed and noted that one of the ways in which Obama would like to pay for this “free” community college is to penalize those who planned accordingly.The report reads: (emphasis added)On Saturday night the White House leaked the major tax hike details of the president’s upcoming budget. The common theme is higher taxes on savings and investment, totaling $320 billion over the next ten years.“Democrats are demanding, yet again, tax increases on America. This never ends. When it comes to tax hikes Democrats are like a teenage boy on a prom date: they keep asking the same question different ways but always to the same point,” said Grover Norquist, president of Americans for Tax Reform.Here are the major tax increases in the President’s upcoming budget:1. Capital Gains Rate Hike: raises capital gains and dividends tax rate from 23.8% today (20% plus 3.8% Obamacare surtax) to 28% (including the Obamacare surtax).The capital gains tax has not been that high since President Clinton signed a rate cut in 1997.It would represent a massive hike in the rate since Obama took office. When he was sworn in, the rate was 15%. He proposes to nearly double it to 28% in the twilight of his administration.2. Stealth increase in the death tax rate from 40% to nearly 60%.Under current law, when you inherit an asset your basis in the asset is the higher of the fair market value at the time of death or the decedent’s original basis. Almost always, the fair market value is higher.Under the Obama proposal, when you inherit an asset your basis will simply be the decedent’s original basis.Example: Dad buys a house for $10,000. He dies and leaves it to you. The fair market value on the date of death is $100,000. You sell it for $120,000. Under current law, you have a capital gain of $20,000 (sales price of $120,000 less step up in basis of $100,000). Under the Obama plan, you have a capital gain of $110,000 (sales price of $120,000 less original basis of $10,000).There are exemptions for most households, but this misses the larger point: the whole reason we have step up in basis is because we have a death tax. If you are going to hold an estate liable for tax, you can’t then hold the estate liable for tax again when the inheritor sells it. This adds yet another redundant layer of tax on savings and investment. It’s a huge tax hike on family farms and small businesses.It’s like a second death tax (the first one has a top tax rate of 40% and a standard deduction of $5.3 million/$10.6 million for surviving spouses). Conceivably, an accumulated capital gain could face a 40% death tax levy and then a 28% capital gains tax on what is left. Do the math, and that’s an integrated federal tax of just under 60% on inherited capital gains.3. “Bank Tax”A new 7 basis point (0.07%) tax on the liabilities (not assets) of the 100 or so U.S. firms with assets over $50 billion. This will obviously be passed along to these firms’ customers and employees, since businesses don’t pay taxes–people do.4. Tax Increase on Families Saving for CollegeUnder current law, 529 plans work like Roth IRAs: you put money in, and the money grows tax-free for college. Distributions are tax-free provided they are to pay for college.Under the Obama plan, earnings growth in a 529 plan would no longer be tax-free. Instead, earnings would face taxation upon withdrawal, even if the withdrawal is to pay for college. This was the law prior to 2001.5. Tax Increases in Retirement Plans and a New Employer MandateThere would be a new cap in the amount one could accumulate in the aggregate in all IRA and 401(k) type accounts of $3.4 million. After that, you can’t save any more new dollars. The idea is that this is enough to secure a $210,000 annual distribution in retirement, which the government apparently deems “enough” for a retiree.In addition, all employers with more than 10 workers and who do not have a 401(k) type plan would be mandated to set up payroll deduction Traditional IRAs for their employees. Also, part-time workers would have to be covered under retirement plans if they have been working someplace long enough. These two things are a new kind of employer mandate from Obama.
obummer is such a tard all he wants to give out is a high intrest loan
Shoot to kill
You and I will pay for his free
Maybe if corporations paid their fair share of taxes and we didn’t waste trillions on policing the world. Maybe if we didn’t give Israel and others so much money in aid we could send all students to college for free! What civilized country doesn’t want their people educated?
What civilized nation steals from those who earn to hand out to those who don’t?
it is DEAD on arrival
Where the hell is this $$$ comming from. TAXPAYERS
islamist muslim TRASH!!!
Valerie Jarrett The Muslim Agent Who Pulls Obama’s Strings — Moles in the W. House
Posted on October 21, 2012 by Reality in the News 16 Votes
Who is the Muslim Woman Co-President of America?
Who Chooses the Mohammedans Working for Obama?
Valerie Jarret and Obama
AN ENLIGHTENING INTRODUCTION
A lot has been said — in the press, by the president, by others — about president Obama’s affinity for the Muslim world.
From his promise that “I will stand with them (the Muslims) should the political winds shift in an ugly direction” to his description of the Muslim call to prayer as “one of the prettiest sounds on Earth” to his bowing before the Saudi king, Obama’s actions have convinced many people that the American president is a hidden Muslim, despite his politically-motivated protestations and claims to the contrary.
What hasn’t often been asked but should be, given recent evidence of infiltration by the Muslim Brotherhood in most if not all levels of government, is whether there is a Muslim agent working in the White House to manipulate the president.
One of Obama’s few actions that has shown any willingness to combat Muslim terrorism in defense of the U.S. has been his much-ballyhooed decision to order Navy SEALs to kill Osama bin Laden. But now, U.S. Army Maj. Gen. Paul E. Vallely has issued a report based on an insider intelligence source that says Obama actually was clueless about the effort to get Osama. Due to his constant opposition to kill Osama, Obama had been kept deliberately out of the loop by some of his senior Cabinet officers concerning the elimination of Bin Laden.
According to the report, Director of Central Intelligence Leon Panetta was the key player who made the call to get bin Laden, with the assistance of Secretary of State Hillary Clinton, Secretary of Defense Robert Gates, Adm. Bill Mullen and Gen. David Petraeus. Obama was not told about the effort until the SEAL team was already in Pakistani air space. Like always, the president was on the golf course when he was informed.
The reason for the sneaking about was that Panetta and the other staffers were tired of Obama nixing their efforts to take out the leader of al-Qaida. According to the report, Obama had rejected three kill missions earlier in the year.
THE MUSLIM HANDLER OF BARACK HUSSEIN OBAMA
In his book “Leading From Behind,” author Richard Miniter wrote that presidential adviser Valerie Jarrett was the voice who kept urging Obama not to kill bin Laden.
Jarrett is a powerful figure at the White House, an Obama family friend who has anunexplained hold over the president and first lady.
Valerie Jarrett was born in Iran to American parents and lived there until about the age of 5. As a child, she spoke Persian and French. She and her parents spent one year in London, then came back to Chicago. Jarrett’s father-in-law is journalist Vernon Jarrett, who worked closely with Communist Party member and Obama mentor Frank Marshall Davis.
Valerie Jarrett headed Obama’s transition team and personally vetted communist Van Jones and all the other extremists Obama has appointed.
In his book “The Amateur,” Edward Klein points out that Jarrett is the power behind the throne who sits in on every meeting, decides who gets to see the president and monitors who is loyal to Obama and who needs to be gotten rid of. The president reportedly doesn’t make a move without her, and she was the single roadblock to getting bin Laden.
Her religious leanings are not clear. The media either have not asked or have not gotten an answer. Many have speculated and others have denied that she, like Obama, is a closet Muslim.
What is clear is that she not only has communist contacts but she is a point man for the Administration in meetings with Muslim activists.
Interestingly enough, Jarrett was named Iranian of the Day in August 2008 byIranian.com.
She has been associated with the Obamas since their early days in Chicago, and those familiar with her background say that she provided crucial financial backing that helped Obama raise his national profile.
Secretary of State, Hillary Clinton, has a chief aide who is connected to the Muslim Brotherhood in Huma Abedeen. Could Obama’s chief adviser, the woman who has been described as co-president, be a Muslim ringer as well?
The brief article on Iranian.com says Jarrett is Shirazi, but it is unclear whether the writer means that she was born in Shiraz, Iran, or that she is a member of the Swahili subgroup called Shirazi. The article calls her “African-American and Chicago royalty.” Links in the article to further information go to a mere blank page.
It is in this way that to a large extent, the woman pulling the strings at the White House is as much a mystery as the president himself.
Source: Political Outcast
Jerk off punk