What are the tax increases that Obama is asking for? Who would be affected and to what extent?
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Clarissa's Blog 
No one outside the White House knows because he will not make any concrete proposals. Quite frankly I suspect that making a specific policy proposal in this area is beyond his iltellectual capacity. He mouths generalities and leaves all the thinking and heavy lifting to others. Jeffrey Sachs ratted Obama out as a progressive hypocrite on the budget in the Financial Times, February 28.
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My understanding is that he wants to cap deductions for mortgage interest, charitable contributions, etc. This is much like what Romney proposed during the election campaign. It would affect higher income earners mostly.
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Ah, I understand. Thank you!
How much income was this going to generate that it makes the sequester a worthy alternative? In the press conference right now Obama sounded very urgent.
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This is my understanding as well.
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Where are the numbers? There are none because Obama has not spelled out which tax exemptions and how deep into income levels they would bite. He has not discussed whether the removal of tax ememptions would be tax neutral or not. The recent Senate Bill targeted businesses largely and failed. Even three Red State Democrats voted against it. I seem to remember that Obama secured his tax increases on January 1. I also seem to remember that Obama derided Romney’s tax reform proposals in the Fall of 2012. Maybe he has forgotten? Early case of Alzheimer’s perhaps?
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He kept mentioning loopholes which, as I’m coming to realize, is doeuble-speak for “something shady is going on that I don’t want to be known.”
I also find it confusing why there is talk of new tax increases on top of the recent ones. I dislike Boehner passionately but I saw him speak on television about this right now, and I have to confess that what he said makes sense.
This is very confusing.
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What Obama said in this press conference can only, in my opinion, appeal to those who just unquestioningly trust every word he says. I thought I understood his position but after the press conference, I’m very puzzled.
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I don’t think that it is too much to increase the over $400,000.00/ year income tax rate 4.6%, from 35% to 39.6%. People seem to forget that the top bracket’s marginal rate is lower now than in most of the US income tax’s history. The only times marginal rates were lower than the current 35% were in 1913 to 1914 (~5%), 1926 to 1930 (~25%), and 1985 to 1988 (~30%). The Nixon era marginal tax rates were ~ 70% (Vietnam war), the first term Reagan era marginal tax rates were ~50%. From 1944 to 1960, one of the most dynamic periods for the US economy as well as the era of WWII and the start of the Cold War, marginal tax rates ranged from 80% to 93%. So, crying about paying for a 10 year long war “bought on credit” without ANY WAR TAX INCREASE WHATSOEVER – get a grip, Americans! You well off politicians and chicken-hawks wanted this war, but weren’t willing to fight it, send your children to fight for it, or to pay for it – stop whining and fork over, it’s your patriotic duty to pay for your entertainment, not to mention your duty to ensure that the returning soldiers get medical care and assistance re-entering civilian life (hint: education, job assistance, etc) in a slow economy. You should have considered the financial cost of war before settling down to enjoy kill counts on CNN.
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