Obama's plan to avoid the fiscal cliff:<quoted text>
Yesterday the demonic Harry Reid says NO CUTS to the massive extention grade Entitlements so dear to the hard left. Game Over. Obama takes us another step closer to assuring a complete fiscal collapse and all out civil war.
What an exciting time for the Orwellian Left in their march to decimate our children's future hopes and dreams!!
Let the Bush tax cuts that apply to income over $200,000 expire. The top two tax rates - currently 33% and 35%- would increase next year to 36% and 39.6%.
Investment tax rates on the rich would increase to 20% for capital gains and to one's top income tax rate for dividends. Both are currently taxed at 15%.
This would amount to $1 trillion over a decade...(government spending amounts to that much in a year.)
Limiting the value of deductions and exclusions that high-income households enjoy...(proposed by Republicans and makes the most sense).
Calling for taxing carried interest as ordinary income. Managers of private equity, venture capital and hedge funds those managers would pay more than double the rate they currently pay.
Impose millionaire minimum tax: "Buffett Rule". Those making more than $1 million pay at least 30% of their income in taxes...
(Buffett has done an about face recently - wants only "minimal" tax increases on the wealthy)...A bill from Senate Democrats modeled on the Buffett Rule was estimated to raise $47 billion over 10 years...(government spends $47 billion in two days).
Enact business tax proposals: A host of smaller tax changes.
...So where are the spending cuts? Increasing taxes across the board seems to be the only Obama plan.