Obama Releases Tax Plan

and you can read it Here (pdf warning) in all it's glory.

To give some "credit" The $250,000 a year cut off was a *close* estimate, it seems it actually became $230,000 for families and $190,000 for individuals (hmm, seems a tax break to stay unmarried if you are a good income couple)

According to Americans for Tax Reform, 40% of the value of new “tax cuts for families” is actually new spending, not new tax cuts, and worse...

Small businesses will shed jobs to pay for the higher small business tax rates. The Obama budget blueprint calls for the top tax rate to climb from 35% to 39.6%, and for the second-highest rate to climb from 33% to 36%. In addition, restoring the phaseout of itemized deductions and personal exemptions will bring the top rate mathematically closer to 41.6%. Social Security and Medicare taxes come on top of this.

These tax rate hikes would be devastating for small businesses, which pay taxes on their owners’ tax forms. $2 out of $3 in small business profits pay taxes at these tax rates. 47 million Americans—one out of three American workers—is employed by these profitable small businesses. In order to pay the higher taxes in the Obama tax blueprint, workers will be among the first to suffer.

Of course, since Obama, through the carbon cap & trade program, has finally managed to even tax the air we breathe, we can also expect every other item we purchase to experience a tax increase (not just "sin tax" items) before the end of 2010.

Welcome to the new regime

Sensible, In a recession, and failing economy, and 100 Trillion dollar debt.

In the month of the highest foreclosures.

We should just tax everyone shtlss.

This doesn't seem to make me want to 'hail the intellectual Obama'.

This infuriates me to no end because his tax plan goes against the grain of basic economics.

The domino effect from this plan is going to be horrible. This is just part if his plan to cripple the nation in order to increase the dependence on Obama and his new regime for a daily existence. Perhaps he will just let the Chinese in to rebuild the nation and take over these failed businesses.. This must be how he intends to pay all of the money back that we owe the Chinese.

Obama's administration is sticking their hands into places never seen before in the White House. Banking, auto manufacturing, credit cards etc. When will they stop?