Key Democrats oppose Obama's tax deduction plan

WASHINGTON – President Barack Obama's proposal to limit itemized tax deductions for high earners is running into opposition from key Democrats in Congress who worry that charities and the housing market would be hurt. Senate Finance Committee Chairman Max Baucus questioned Wednesday whether the proposal was viable, a day after his House counterpart also expressed reservations.

news.yahoo.com...

Baucus voices his opinion, stating very good cause for concern. It can cut into charities and the housing market, which is one of the keys to fixing our economic mess. Geither issues a response:

Treasury Secretary Timothy Geithner said tax increases on families making more than $250,000 a year are necessary to make a down payment on health care reform and to limit future budget deficits.

So I'm confused - which is more important right now, Mr. Geithner? Fixing the economic mess or reforming health care and trying futilely to "limit future budget deficits" when Obama's budget proposal already included a $1.75 Trillion DEFICIT for FY10? How do you plan to limit future budget deficits when we're predicted to have a national deficit for the next few years and when Obama himself has said this is going to take years to fix?

What's the truth here?

[edit on 4-3-2009 by sos37]

reply to post by sos37



I will say it again the top 1% was taxed 90% under Eisenhower R - we helped pay off a good portion of WWII debt and home ownership skyrocketed... AND NO NATIONAL DEFICIT....

Right now the rate is at 35% - what is the crying for -

infact gross national debt started under RR

12/31/1977 CARTER $ 718,943,000,000 10% $2,030,900,000,000 35.4%
12/31/1978 CARTER $ 789,207,000,000 10% $2,294,700,000,000 34.4%
12/31/1979 CARTER $ 845,116,000,000 7% $2,563,300,000,000 33.0%
12/31/1980 CARTER $ 930,210,000,000 10% 42% 10.6% $2,789,500,000,000 33.3%
12/31/1981 REAGAN $ 1,028,729,000,000 11% $3,128,400,000,000 32.9%
12/31/1982 REAGAN $ 1,197,073,000,000 16% $3,255,000,000,000 36.8%
12/31/1983 REAGAN $ 1,410,702,000,000 18% $3,536,700,000,000 39.9%
12/31/1984 REAGAN $ 1,662,966,000,000 18% $3,933,200,000,000 42.3%
12/31/1985 REAGAN $ 1,945,912,000,000 17% $4,220,300,000,000 46.1%
12/31/1986 REAGAN $ 2,214,835,000,000 14% $4,462,800,000,000 49.6%
12/31/1987 REAGAN $ 2,431,715,000,000 10% $4,739,500,000,000 51.3%
12/31/1988 REAGAN $ 2,684,392,000,000 10% 189% 23.6% $5,103,800,000,000 52.6%
12/31/1989 BUSH $ 2,952,994,000,000 10% $5,484,400,000,000 53.8%
12/31/1990 BUSH $ 3,364,820,000,000 14% $5,803,100,000,000 58.0%
12/31/1991 BUSH $ 3,801,800,000,000 13% $5,995,900,000,000 63.4%
12/31/1992 BUSH $ 4,177,009,000,000 10% 55.6% 13.9% $6,337,700,000,000 65.9%

The Inception of NATIONAL DEBT started in conjunction with RR tax cuts

Ronald R

Spent 189% of money taken thru taxes...

end this myth