No New Taxes? Don't Read Bush's Lips

Chadman

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Wondering aloud if Bush's new request for $100 billion for Iraq is a part of his balanced budget in 2012 plan...

No New Taxes? Don't Read His Lips

Adam Hughes and Craig Jennings
February 23, 2007

Craig Jennings is a federal fiscal policy fellow and Adam Hughes is the director of federal fiscal policy at OMB Watch.

President Bush is planning on raising taxes, but he won't come out and say it. In fact, he has continued to loudly proclaim he can balance the federal budget by 2012 and not raise taxes one cent. His rhetoric on the budget is misleading, if not outright deceitful, precisely when having an honest discussion is paramount to implementing policies to confront the long-term fiscal challenges our nation faces.

Although he claims that he can balance the budget by 2012 without raising taxes, Bush's 2008 budget calls for increasing taxes on the middle class by $800 billion over the next*10 years. Even more audacious is that those higher tax revenues are financing more tax cuts for the wealthy, especially those making over $1 million annually. If Bush wants to cut taxes for the super wealthy and balance the budget on the backs of the middle class, he should say so, but he doesn't. He buries the plan in the fine print of his budget.

Here's Bush's sleight of hand: Through a "stealth tax" known as the Alternative Minimum Tax (AMT), more and more middle-class taxpayers are being drawn into an alternate taxation universe each year. The extent to which AMT tax liability falls on the middle class is startling. In 2006, 8.6 percent of the AMT was paid by households earning less than $200,000, but in 2010, those households will be responsible for paying 45 percent of it. Under current tax law, 50 percent of households earning $75,000 to $100,000 will be subject to the AMT in 2010, up from 0.7 percent last year.

Congress has acted in the past to prevent the middle class from getting sucked into the AMT black hole, at a cost of about $60 billion per year, and they will do so again in the future. The president?s budget even acknowledges as much. However, the president assumes that, contrary to history and the pronouncements of lawmakers, Congress will allow the AMT?s reach to extend to millions more middle-income taxpayers year after year. Bush?s budget fails to reflect reality by including increased AMT revenue in its calculations to help balance the budget. The reason for this fanciful accounting?a permanent AMT fix could blow a half-trillion dollar hole in Bush's balanced budget plans.

As the Bush budget continues its fantasy road show, massive entitlement obligations are gathering on the horizon. In a few short years, the baby boomers will begin retiring. As they leave the workforce, the financial liabilities of the nation will begin massing at an unprecedented rate.

Government Accountability Office Director David Walker has been touring the country for the past*18 months on his ?Fiscal Wakeup Tour,? alerting Americans to the coming fiscal imbalances. The Congressional Budget Office has been issuing reports that unambiguously illustrate the impending budget crunch of the retiring boomers. The House and Senate budget committees have held numerous hearings on the subject in the first few weeks of 2007. Think tanks on the right and the left have written countless papers and proposals on how to model a long-term budget so a fiscal crisis can be avoided. Has President Bush really not noticed?

To put together a comprehensive plan?in whatever form it may take?Congress and the president will have to work together. Congress must also believe it is negotiating with an honest partner. Bush's misleading statements about his budget damage his credibility, while the actual substance of his budget is simply a non-starter for Congress. And since the budget's release, no one in the administration has been willing to put reduction or repeal of the 2001 and 2003 tax cuts on the table, at least not publicly.

Instead, the administration continues to tout the*line about balancing the budget and not raising taxes?all the while including a significant tax increase on middle class families in his budget. This is not an honest debate about differing priorities; it is a signal that Bush is still not ready to make the tough decisions necessary to address the nation's fiscal situation. That's not real leadership?it's passing the buck. And it's business as usual in Washington.
 

The Sponge

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This is beautiful and vintage this rotten prick. He gets us in this huge hole with his war and his one-sided tax breaks for the wealthy and now he goes and tries to get money from the very same people he screwed to begin with (middle class). If this doesn't show you how rotten and anti american worker this collection of thieves are nothing will. What can you do you have clueless middle class people who think like they are billionaires. Pay up Weasal, Dtb,Bochica and the rest of you right wingers. Sit down and shut up. Sorry i meant to say sit down and pay up. Bad enough my petty tax cut went to heating my home and driving my car but now i have to pay for money he just pissed away or gave away to his buddies.:shrug:
 

Pujo21

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BUSH AINT PICKY WHERE HE GETS HIS CASH

BUSH AINT PICKY WHERE HE GETS HIS CASH

WELL SAID SPONGE:

How about all that Money That Bush got from ENRON and it's excutives for his campaigns.

Some other pieces of chit are Tony Snow and that other lying koksucker that left Ari Fleicher.

Bush is always looking for scam money, and looking to take it from working people. Yet you have loyal stay in the bunker goebelesque republicans here that will die for the fuhrer ,no matter how much he lies and scams.


Just a side note on David Geffen--- Geffen is siding with Obama because Clinton Refused his Pleas to Pardon Peltier .. .. I hope this comes back to haunt this faggot sexual geffen.
 

buddy

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It's merely a matter of time.

This economy is taking hits in an ever increasing frequency it will not be able to withstand.

Not to mention:

Another Katrina.

Earthquake.

Downed air liner.

jmo.
 

The Sponge

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WELL SAID SPONGE:

How about all that Money That Bush got from ENRON and it's excutives for his campaigns.

Some other pieces of chit are Tony Snow and that other lying koksucker that left Ari Fleicher.

Bush is always looking for scam money, and looking to take it from working people. Yet you have loyal stay in the bunker goebelesque republicans here that will die for the fuhrer ,no matter how much he lies and scams.


Just a side note on David Geffen--- Geffen is siding with Obama because Clinton Refused his Pleas to Pardon Peltier .. .. I hope this comes back to haunt this faggot sexual geffen.

Pujo could you kindly get the name right or don't respond to any of my post. The name is Tony SnowJob not Tony Snow.
 

The Sponge

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i heard this fellow fighting with the Clinton's was mad because Clinton didn't Pardon a buddy of his. The guy alledgedly killed two FBI agents. I heard this from a right winger so who knows if this is true. If it is true then this guys has some balls to even suggest such a thing.
 

kosar

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i heard this fellow fighting with the Clinton's was mad because Clinton didn't Pardon a buddy of his. The guy alledgedly killed two FBI agents. I heard this from a right winger so who knows if this is true. If it is true then this guys has some balls to even suggest such a thing.

Yes, Geffen was and is pissed that Bubba didn't pardon Peltier, an American Indian activist who killed two agents, but then pardoned Marc Rich, a money launderer who was semi-deeply involved in the Iran-Contra crap.

You can't make this shit up.
 

Pujo21

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Hey Ar...Kosar ..........

I surprised at AR.....i know KOSAR can't help himself , so I forgive him...i usually ignore Kosars shallow remarks...he must think it will garner special attention .....he fancies himself as important but he's a brown nose.

But i think I know what the real root of this is............as a matter of fact IM sure AR. But i do agree with you AR about not giving Welfare to people who don't do anything for it. RIGHT ?
 
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smurphy

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Bush's 2008 budget calls for increasing taxes on the middle class by $800 billion over the next*10 years. Even more audacious is that those higher tax revenues are financing more tax cuts for the wealthy, especially those making over $1 million annually. If Bush wants to cut taxes for the super wealthy and balance the budget on the backs of the middle class, he should say so, but he doesn't. He buries the plan in the fine print of his budget.

Here's Bush's sleight of hand: Through a "stealth tax" known as the Alternative Minimum Tax (AMT), more and more middle-class taxpayers are being drawn into an alternate taxation universe each year. The extent to which AMT tax liability falls on the middle class is startling. In 2006, 8.6 percent of the AMT was paid by households earning less than $200,000, but in 2010, those households will be responsible for paying 45 percent of it. Under current tax law, 50 percent of households earning $75,000 to $100,000 will be subject to the AMT in 2010, up from 0.7 percent last year.
.
It's disgusting.
 

Pujo21

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AR,

although the words are caustic , it is meant to be for that man who is known to be viciously vindictive. This is how he operates, such as now with the Clinton's.

He is also known to be sexually exploitive of young men using coercion to further their careers. Him and his associates, the Gay mafia.

It's rather disgusting seedy , sexually extorting young men for work, if not they get a blacklist.

They are a bunch of lowlife pigs.

link: www.lukeford.net/essays/contents/homo_mafia.htm


.
 
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djv

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Taxes going up? If you watched Fox you would not believe that. Truth is your taxes have gone up 7 years in a row. One way or another you are paying more.
 
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