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.
Of course
The Illegals come first in education and jobs!
just pull your funds out now and refuse the tax simple.
Obscene — like him.
Screw him and his free college
The Shoe Bomber was a Muslim
The Beltway Snipers were Muslims
The Fort Hood Shooter was a Muslim
The underwear Bomber was a Muslim
The U-S.S. Cole Bombers were Muslims
The Madrid Train Bombers were Muslims
The Bafi Nightclub Bombers were Muslims
The London Subway Bombers were Muslims
The Moscow Theatre Attackers were Muslims
The Boston Marathon Bombers were Muslims
The Pan-Am flight #93 Bombers were Muslims
The Air France Entebbe Hijackers were Muslims
The Iranian Embassy Takeover, was by Muslims
The Beirut U.S. Embassy bombers were Muslims
The Libyan U.S. Embassy Attack was by Musiims
The Buenos Aires Suicide Bombers were Muslims
The Israeli Olympic Team Attackers were Muslims
The Kenyan U.S, Embassy Bombers were Muslims
The Saudi, Khobar Towers Bombers were Muslims
The Beirut Marine Barracks bombers were Muslims
The Besian Russian School Attackers were Muslims
The first World Trade Center Bombers were Muslims
The Bombay & Mumbai India Attackers were Muslims
The Achille Lauro Cruise Ship Hijackers were Muslims
The September 11th 2001 Airline Hijackers were Muslims
The Boston Bombers were Muslims The Paris attackers were Muslims
Think of it:
Buddhists living with Hindus = No Problem
Hindus living with Christians = No Problem
Hindus living with Jews = No Problem
Christians living with Shintos = No Problem
Shintos living with Confucians = No Problem
Confusians living with Baha’is = No Problem
Baha’is living with Jews = No Problem
Jews living with Atheists = No Problem
Atheists living with Buddhists = No Problem
Buddhists living with Sikhs = No Problem
Sikhs living with Hindus = No Problem
Hindus living with Baha’is = No Problem
Baha’is living with Christians = No Problem
Christians living with Jews = No Problem
Jews living with Buddhists = No Problem
Buddhists living with Shintos = No Problem
Shintos living with Atheists = No Problem
Atheists living with Confucians = No Problem
Confusians living with Hindus = No Problem
Muslims living with Hindus = Problem
Muslims living with Buddhists = Problem
Muslims living with Christians = Problem
Muslims living with Jews = Problem
Muslims living with Sikhs = Problem
Muslims living with Baha’is = Problem
Muslims living with Shintos = Problem
Muslims living with Atheists = Problem
MUSLIMS LIVING WITH MUSLIMS = BIG PROBLEM
**********SO THIS LEAD TO *****************
They’re not happy in Gaza
They’re not happy in Egypt
They’re not happy in Libya
They’re not happy in Morocco
They’re not happy in Iran
They’re not happy in Iraq
They’re not happy in Yemen
They’re not happy in Afghanistan
They’re not happy in Pakistan
They’re not happy in Syria
They’re not happy in Lebanon
They’re not happy in Nigeria
They’re not happy in Kenya
They’re not happy in Sudan
******** So, where are they happy? **********
They’re happy in Australia
They’re happy in England
They’re happy in Belgium
They’re happy in France
They’re happy in Italy
They’re happy in Germany
They’re happy in Sweden
They’re happy in the USA & Canada
They’re happy in Norway & India
They’re happy in almost every country that is not Islamic! And who do they blame? Not Islam… Not their leadership… Not themselves… THEY BLAME THE COUNTRIES THEY ARE HAPPY IN!! And they want to change the countries they’re happy in, to be like the countries they came from where they were unhappy and finally they will be get hammered
!!!!
Islamic Jihad: AN ISLAMIC TERROR ORGANIZATION
ISIS: AN ISLAMIC TERROR ORGANIZATION
Al-Qaeda: AN ISLAMIC TERROR ORGANIZATION
Taliban: AN ISLAMIC TERROR ORGANIZATION
Hamas: AN ISLAMIC TERROR ORGANIZATION
Hezbollah: AN ISLAMIC TERROR ORGANIZATION
Boko Haram: AN ISLAMIC TERROR ORGANIZATION
Al-Nusra: AN ISLAMIC TERROR ORGANIZATION
Abu Sayyaf: AN ISLAMIC TERROR ORGANIZATION
Al-Badr: AN ISLAMIC TERROR ORGANIZATION
Muslim Brotherhood: AN ISLAMIC TERROR ORGANIZATION
Lashkar-e-Taiba: AN ISLAMIC TERROR ORGANIZATION
Palestine Liberation Front: AN ISLAMIC TERROR ORGANIZATION
Ansaru: AN ISLAMIC TERROR ORGANIZATION
Jemaah Islamiyah: AN ISLAMIC TERROR ORGANIZATION
Abdullah Azzam Brigades: AN ISLAMIC TERROR ORGANIZATION
AND A LOT MORE” !
What have Muslims ever done for anyone? Everywhere they go they only bring death and destruction. They live like barbarians and when they don’t get their way they resort to violence. They are a barbaric and stupid excuse for a civilization. AND A LOT MORE!!!!!!!
For the Democrats out there that are JUST TOO STUPID to accept the facts, even when their IDOL has admitted being Muslim, and has studied and administered Socialism since day one. Here are members of his, “Christian” administration;
Arif Alikhan
Assistant Secretary for Policy
Development for the U.S. Department of Homeland Security
Mohammed Elibiary
Homeland Security Adviser
Rashad Hussain
Special Envoy to the Organization of the Islamic
Conference(OIC)
Salam al-Marayati
Obama Adviser and founder of the Muslim Public Affairs
Council and is its current executive director
Imam Mohamed Magid – Obama’s Sharia Czar from the Islamic Society of North America
Eboo Patel – Advisory Council on Faith-Based Neighborhood Partnerships
Just pure evilness
FOOL
your right we must do something
Unbelievable