WASHINGTON -- President Barack Obama's proposed tax increases are being met with misgivings by both Republicans and Democrats in Congress as he sends his Treasury secretary to Capitol Hill to defend them.
Lawmakers in both parties question Obama's call to reduce high-income earners' tax deductions for the interest on their house payments and for charitable contributions. Also drawing fire is his proposal to start taxing industries on their greenhouse gas pollution -- a move sure to raise consumers' electric rates.
Obama and his top aides have been promoting the budget package since unveiling an outline last week, but Tuesday will provide the lawmakers their first opportunity to publicly question top officials about the details.
Administration officials say the nation's economic crisis requires bold action to right the economy and expand access to health care while providing tax breaks to middle- and low-income families.
The economy took another hit Monday when the Dow Jones Industrial Average plunged below 7,000 for the first time since 1997.
Treasury Secretary Tim Geithner was scheduled to appear Tuesday before the tax-writing House Ways and Means Committee, which also is likely to question him about Obama's declaration last week that he may be asking Congress this year for another $750 billion bailout for troubled banks.
Meanwhile, White House Budget Director Peter Orszag was to testify Tuesday before the House Budget Committee on Obama's spending priorities in the administration's $3.5 trillion budget blueprint for the 2010 fiscal year beginning Oct. 1.
Obama has been careful throughout the presidential campaign and since being elected to say he would impose higher taxes only on the wealthiest. Republicans, however, say Obama's energy proposal amounts to a tax that would increase energy costs for all Americans.
"This massive hidden energy tax is going to work its way through every aspect of American life," said Rep. Dave Camp of Michigan, the top Republican on the Ways and Means Committee. "How we light our homes, heat our homes and pay for the gas in our cars, in every phase of our daily lives, we will be paying higher costs."
Under the energy plan, Obama wants to reduce the emissions blamed for global warming by auctioning off carbon pollution permits. The proposal, known as cap and trade, is projected to raise $646 billion over 10 years.
Below is my favorite part...
Most of the money would be used to pay for Obama's "Making Work Pay" tax credit, which provides up to $400 a year to individuals and $800 a year to couples. The plan also would raise money for clean-fuel technologies, such as solar and wind power.
FUCK THAT. Don't give us the fucking credit, just don't raise our fucking taxes you twit.
Orszag has acknowledged that the energy proposal would increase costs for consumers, but he argues that the vast majority of consumers will get tax breaks elsewhere in Obama's budget package
It's the old "switcheroo". "I'm going to take 'X', but give you back 'Y' "
And the best part is when they don't take as much of 'x' they will call it a tax cut.
This brings up something I heard of yesterday. The "tax cuts" in the obama spending plan you know the ones where you get 13.00 more in you check each week, well guess what all it comes down to is under withholding, and the next April it will go against you refund if you have one coming. Thank you obama.
I heard an obama official (I think it was rahm) saying that "energy is too cheap anyway" insinuating that it will cost more if they have their way. I guess damn the people on fixed incomes that are already having to choose between paying their power bill, paying for meds, and eating.
The arrogance and smugness of these people is simply astounding.
What really worries me is the notion to take away tax credits for charitable donations. By decreasing the willingness of higher income earners to charitably help society, the responsibility falls more on the state/nation - direct route to socialism.
Again, they will keep pushing and at somepoint people will say 'fuck you!' And push back, violently.
1/19/09, the last day of Free America.
Pericles "Freedom is the sure possession of those alone who have the courage to defend it. "
"[T]he people alone have an incontestable, unalienable, and indefeasible right to institute government and to reform, alter, or totally change the same when their protection, safety, prosperity, and happiness require it." --Samuel Adams