|Yes, I know I spent a bazillion dollars... now you all need to pay for it.|
President Barack Obama's budget proposal resurrects a series of tax increases that were largely ignored by Congress when Democrats controlled both chambers.
The plan unveiled Monday includes tax increases for oil, gas and coal producers, investment managers and U.S.-based multinational corporations. The plan would allow Bush-era tax cuts to expire at the end of 2012 for individuals making more than $200,000 and married couples making more than $250,000. Wealthy taxpayers would have their itemized deductions limited, including deductions for mortgage interest, charitable contributions and state and local taxes.
"These policies were unfair and unaffordable when enacted and remain so today"Policies of mortgage interest deductions and charitable contributions were unfair and unaffordable? Policies of massive governmental spending were unfair and unaffordable, with you picking the winners and losers. The policies you want to eliminate will stifle this nation and choke out her people.
Lawmakers from both political parties, however, have been wary of limiting the ability of high earners to deduct charitable contributions out of concern it will hurt non-profit organizations.
Republican Eric Cantor, House Majority Leader, Virginia, stated Obama's proposal missed the mark:
"We need a government that finally does what every other American has to do in their households and their businesses, and that's to live within our means. Instead, President Obama's budget doubles down on the bad habits of the past four years by calling for more taxes, spending and borrowing of money that we simply do not have."Damn straight.
Obama has called for reforming individual income taxes and corporate taxes, saying he wants to eliminate special interest tax breaks and use the additional revenue to lower overall tax rates. Obama's budget proposal, however, breaks little new ground on the issue.
"Successful comprehensive tax reform is a long process, often taking several years. But even though it is a daunting task, we cannot afford to shirk from the work."The problem is addressing run away spending, a problem which you have gone a long way to placing us in a position from which there is no recovery. The difficult work that needs to be done is in addressing spending, and you have not only shirked this responsibility, you are a burden to others who would do so.