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tazzygirl -> RE: 12/8/12/ President FIRM on not raising taxes for middle class!! (12/8/2012 11:26:59 AM)
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quote:
Talk is cheap Mr. Obama. There was no hint how exactly Obama will reduce the deficit. Without that it is just propaganda baloney.
Yes there is....
TAXES
Obama: Increase taxes by $1.6 trillion over 10 years, raised by permitting tax rates on individual income exceeding $200,000 and family income over $250,000 to return to Clinton-era levels of 36 and 39.6 percent, up from 33 and 35 percent now. Increase taxes on dividend income and reduce the value of deductions and exemptions for those earning above $200,000 and 250,000. Renew the 2 percentage point payroll tax holiday or a similar tax cut for workers. Return taxes on large estates to 2009 levels. Permits tax reform to replace the existing code so long as it maintains the $1.6 trillion tax hike.
House GOP: Increase taxes by $800 billion over 10 years, raised through a comprehensive overhaul of the tax code that would curb various unspecified tax breaks while lowering tax rates overall. Extend all expiring Bush-era tax cuts on income, investments, married couples and families with children. Maintains the estate tax at current, more generous levels exempting estates up to $5.1 million from tax and sets a top rate of 35 percent. Permits payroll tax cut to expire.
HEALTH CARE
Obama: Cut $350 billion over 10 years from federal health care programs Medicare and Medicaid, including lower Medicare drug costs and other cost curbs on health care providers.
House GOP: Cut $600 billion over 10 years. Includes unspecified cuts to health care providers and assumes an increase in the eligibility age for Medicare and increased Medicare costs for higher-income beneficiaries.
OTHER SPENDING CUTS
Obama: Cut the deficit by $250 billion through other spending cuts and new fees. Options include requiring federal workers to contribute more to their retirement, cut farm subsidies, increase airline security fees, overhaul Postal Service operations, and increasing fees on some enrollees in the military's Tricare health care plan. Leaves in place existing "caps" on agency budgets passed by Congress each year.
House GOP: Deficit cuts of $300 billion through such cuts and fees from miscellaneous programs. Cut another $300 billion over the decade from agency operating budgets.
GOVERNMENT INFLATION MEASURE:
Obama: No proposal.
House GOP: Reduce deficits by $200 billion over 10 years by replacing the current inflation adjustment for Social Security and income tax brackets with a less generous "chained CPI" that, on average, is 0.3 percentage points less than the current measure. Doing so would reduce Social Security cost-of-living increases and cause a greater portion of taxpayer income to be taxed at higher rates.
NEW SPENDING
Obama: $200 billion in new economic "stimulus" initiatives, including payroll tax cuts, continued write-offs of business equipment purchases, extended unemployment benefits, help for borrowers "under water" on their mortgages, and new spending on infrastructure.
House GOP: No proposal.
DEBT LIMIT
Obama: Permit the president to obtain increases in the government's borrowing cap, currently set at $16.4 trillion, without approval by Congress.
House GOP: Retain longstanding requirement that debt limit increases be enacted by Congress.
Read more: http://www.sfgate.com/news/politics/article/Highlights-of-White-House-GOP-budget-plans-4090375.php#ixzz2E8VgyzbG
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