Didn't Realize we were still doing these

[Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!)]

must be time to tidy up before that big election

Obama to submit his budget to Congress on Monday

WASHINGTON (AP) — President Barack Obama is pressing for investments in infrastructure while relying on familiar tax increases on the wealthy and corporations to claim progress on the federal deficit in his upcoming budget.

Obama's 2013 budget, to be released Monday, is the official start to an election-year budget battle over taxes and spending as the nation's debt tops $15 trillion. Obama's budget predicts a $1.3 trillion deficit in the ongoing budget year and a $901 billion deficit in 2013.

The president's plan is laden with stimulus-style initiatives, like sharp increases for highway construction, school modernization, and a new tax credit for businesses that add jobs. But it avoids sacrifice, with only minimal curbs on the unsustainable growth of Medicare even as it slaps a 10-year, $61 billion "financial crisis responsibility fee" on big banks to recoup the 2008 Wall Street bailout.

The budget, administration officials say, borrows heavily from Obama's September submission to a congressional deficit "supercommittee" assigned to come up with at least $1.2 trillion in deficit savings as part of last summer's budget-and-debt pact that avoided a first-ever U.S. default on its obligations. The panel deadlocked and left Washington to grapple with bruising across-the-board spending cuts that kick in next January.

Obama's plan predicts deficit savings of more than $4 trillion over a decade, mixing $1 trillion already banked through last summer's clampdown on agency operating budgets with $1.5 trillion in higher tax revenues reaped from an overhaul of the tax code. It also claims savings from reduced war costs and takes just a nip at federal health care programs even as it promises $476 billion for road and other surface transportation programs over six years, a significant increase.

It's already received a chilly reception from Republicans who say Obama isn't doing enough to tame the deficit or curb the rapid growth of benefit programs like Medicare.

The budget will also call for a "Buffett Rule" named after billionaire Warren Buffett that would guarantee that households making more than $1 million a year pay at least 30 percent of their income in taxes.

the "Buffett Rule", my god what a buffoon

[ednksu]

we should totally just do this monthly they way we've been doing it for the past year or so. 

Also how dare we expect millionaires to pay more.  If the middle class wants to pay <35% in taxes they should just get rich!@!!!!

[kstatefreak42]

Change we need.

[star seed 7]

Such a travesty that in this country rich people MIGHT have to one day pay taxes.

[john "teach me how to" dougie]

Such a travesty that in this country rich people MIGHT have to one day pay taxes.

[ednksu]

Such a travesty that in this country rich people MIGHT have to one day pay taxes.

[/img]http://www2.ucsc.edu/whorulesamerica/power/images/wealth/Figure_1.gif[/img]

how about we just make taxes proportional to the amount of wealth you control?


also please post at what year we can expect the trickle down to occur, because to date it never has

[Cartierfor3]

http://online.wsj.com/article/SB10001424052970204883304577221342883636060.html

[K-S-U-Wildcats!]

I read somewhere that after accounting for all the deductions and credits in our ridiculous tax code, America actually has a more progressive tax structure than most of Europe. The top 1 % pay 37% of all income tax, the top 10% pay over 70% of all income tax, and bottom 50%, who rely much more on taxpayer funding, pay just 13%. Good grief. How about we just simplify our tax code, make it less progressive, ensure that everyone pays an effective rate of at least 10% and no more than 20%, and thereby really stimulate the economy and generate more revenue?

I think we can all agree that everyone should pay their fair share. The problem is that capitalists and socialists have a different idea of what's "fair."

[Rage Against the McKee]

I read somewhere that after accounting for all the deductions and credits in our ridiculous tax code, America actually has a more progressive tax structure than most of Europe. The top 1 % pay 37% of all income tax, the top 10% pay over 70% of all income tax, and bottom 50%, who rely much more on taxpayer funding, pay just 13%. Good grief. How about we just simplify our tax code, make it less progressive, ensure that everyone pays an effective rate of at least 10% and no more than 20%, and thereby really stimulate the economy and generate more revenue?

I think we can all agree that everyone should pay their fair share. The problem is that capitalists and socialists have a different idea of what's "fair."

Good grief.

[LickNeckey]

I read somewhere that after accounting for all the deductions and credits in our ridiculous tax code, America actually has a more progressive tax structure than most of Europe. The top 1 % pay 37% of all income tax, the top 10% pay over 70% of all income tax, and bottom 50%, who rely much more on taxpayer funding, pay just 13%. Good grief. How about we just simplify our tax code, make it less progressive, ensure that everyone pays an effective rate of at least 10% and no more than 20%, and thereby really stimulate the economy and generate more revenue?

I think we can all agree that everyone should pay their fair share. The problem is that capitalists and socialists have a different idea of what's "fair."

Link???