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Obama Seeks New Taxes on Rich
Keywords:
The Obama administration's proposed budget for fiscal 2013- for the year beginning Oct. 1, 2012- shows the budget deficit for the year at over $1 trillion. It shows new revenue of $1.7 trillion over 10 years mostly from ending the Bush period tax cuts on families earning more than $250,000 a year, restoring the estate tax to the 2009 level and limiting subsidies for oil and gas companies. It proposes raising the tax rate on dividends from 15% to as much as 39.6%, for households earning more than $250,000 a year. This measure is expected to generate $206 billion over 10 years. The budget also offers "principles" for future tax reform by proposing the Buffett rule replace the Alternative Minimum Tax (AMT). The AMT was not indexed for inflation so it has the weakness of putting more middle class taxpayers into AMT, leading to temporary solutions by Congress. The Buffett rule would have people earning more than $1 million pay a tax rate of at least 30%. Many wealthy Americans like Mitt Romney paid lower taxes using deductions to lower tax rates- Romney's tax disclosures show he paid effective tax rate of 14%. The White House says the budget will reduce the deficit by $3 trillion over 10 years through the new taxes, and small changes to Medicare and Medicaid and other spending cuts. This is in addition to the $1 trillion in spending cuts agreed to in a deficit reduction agreement in 2011 between Democrats and Republicans in Congress. The budget proposal proposes investment in education and transportation projects of $137 billion, and continuing through Dec. 2012, a tax break for businesses to increase investment. It includes mandatory spending of $2.7 billion for new community college programs, $6 billion to modernize schools, and $1.8 billion to make homes more energy efficient. It also increases the resources of the Securities and Exchange Commission and the CFTC (two agencies overseeing the banks), $26 million for a new Interagency Trade Enforcement Center to counter unfair trade practices, and cuts U.S. postal delivery to 5 days a week. The result is a program designed to be balanced in terms of economic fairness, making modest investments in the future for education and energy, continuing policies to stimulate growth, and extending the date for bringing the deficit under control to 2018 instead of 2014 as planned earlier.
President Obama's U.S. Budget for fiscal 2013
07/14/2011
A budget document with an eye to the presidential election in 2012, but also one that reflects the Obama administration's priorities.
Grouped Articles
Budget Shell Games Are Contrary to Law
Wall Street Journal 07/14/2011
Wall Street Journal 02/14/2012
Wall Street Journal 02/14/2012
Obama Proposes 'Buffett Rule' for Wealthy
Wall Street Journal 02/14/2012
White House Proposes Cap on Wartime Spending
Wall Street Journal 02/13/2012
New York Times 02/13/2012
U.S. President Obama's Deficit Reduction Plan in April, 2011.
04/13/2011
The budget deficit reduction plan proposed by President Obama in an address at George Washington University on April 14, 2011.
Grouped Articles
Budget Shell Games Are Contrary to Law
Wall Street Journal 07/14/2011
Bob Woodward: The inside story of how Obama and Boehner negotiate - The Washington Post
Washington Post 09/07/2013
Budget Deficit Returns to Prerecession Levels
Wall Street Journal 10/16/2014
U.S. Racks Up Smallest Deficit Since 2007
Wall Street Journal 01/14/2015
Wall Street Journal 04/14/2011
President Obama, Reinvigorated
New York Times 04/13/2011
Democrats and political deals over U.S. budget cuts in entitlements and Social Security- 2011-2013
07/07/2011
The negotiations between the Obama White House and Republicans in July 2011 on raising the debt ceiling for the U.S. Skepticism among Democrats about the nature of the deal the Obama White House is about to reach with Republicans. The New York Times in an editorial suggests the use of a constitution provision to avoid deep cuts. Lawrence Tribe, a constitutional scholar points to the weakness in this approach in an op-ed piece in the New York Times on the same day, July 8, 2011.
Grouped Articles
Budget Shell Games Are Contrary to Law
Wall Street Journal 07/14/2011
Wall Street Journal 10/10/2013
Why Democrats Are Dug in on Shutdown Impasse
Wall Street Journal 10/14/2013
Budget Discord Simmers Among Democrats
Wall Street Journal 10/21/2013
Entitlement Cuts Divide Democrats
Wall Street Journal 07/08/2011
How Tweaking Benefits Would Work
Wall Street Journal 07/08/2011
Deficit discussions in the U.S. and revenue from taxes- 2011-2012
07/04/2011
Negotiations between the White House, Democrats and Republicans, to achieve major reductions and cuts in spending, and increase tax revenues by reducing tax expenditures. The discussions for an action plan on the U.S. budget deficit have reached an impasse with Republicans opposed to any tax increases.
Grouped Articles
Budget Shell Games Are Contrary to Law
Wall Street Journal 07/14/2011
GOP Hopefuls Betting Voters Want Deep Cuts
Wall Street Journal 07/18/2011
Why we need a third party - The Washington Post
Washington Post 09/26/2011
Wall Street Journal 07/05/2011
New York Times 07/04/2011
New York Times 07/07/2011
Efforts to fix the budget deficits in U.S. states: 2010-2012
01/05/2011
Some of the worst budget deficits are in Illinois, California and New Jersey, with other states not far behind.
Grouped Articles
California’s New Problem: Too Much Money
New York Times 05/25/2013
Brown Set for Victory in California Budget Fight
Wall Street Journal 06/12/2013
Illinois Deficit Leads to Talk of Big Tax Increase
New York Times 01/09/2011
How to Revive the California Dream
Wall Street Journal 01/10/2011
Chris Christie: The conservative crush
Economist 01/08/2011
Illinois Braces for Tax Increases
Wall Street Journal 01/13/2011
John Taylor and other experts on the U.S. budget, deficits, and private investment for jobs
01/27/2009
Taylor asks why the U.S. cannot get by on a budget that is 20% of GDP, when this is what the budget was in 2007 and GDP is much larger today. He says private investment can do a better job reducing unemployment and creating a growing U.S. economy. Taylor provides advice on the Romney Plan.
Grouped Articles
Bhidé and Phelps: Central Banking Needs Rethinking
Wall Street Journal 07/16/2013
Obama's Permanent Spending Binge
Wall Street Journal 04/22/2011
Five Lessons for Deficit Busters
Wall Street Journal 06/20/2011
Wall Street Journal 06/27/2011
Charlie Rose Talks to Robert Rubin
BusinessWeek 08/04/2011
Washington Post 08/07/2011
Preserving excellent schools in the face of budget deficits
03/29/2011
Grouped Articles
Wall Street Journal 03/29/2011
Wall Street Journal 02/14/2012
The Secret To Fixing Bad Schools
New York Times 02/09/2013
Google's U.S. federal tax liability of 18%. GE's low tax rate.
10/28/2010
The US tax rate for corporations at 35%, but the $1.5 billion federal tax liability of Google comes to an effective 18% tax rate. GE's consolidated tax rate of 11.6% from 2005 to 2009. This is also true of other large American companies, raising questions of fairness at a time of budget cuts in education, Medicaid and Medicare. Many U.S. companies, such as Apple, also use offshore tax havens to protect profits from taxes.
Grouped Articles
Apple Avoided Taxes on Overseas Billions, Senate Panel Finds
Wall Street Journal 05/21/2013
Appleâs Web of Tax Shelters Saved It Billions, Panel Finds
New York Times 05/20/2013
Apple CEO Tim Cook, Lawmakers Square Off Over Taxes
Wall Street Journal 05/22/2013
Wall Street Journal 05/22/2013
Ireland Defends Tax Laws to Critics at Home and Abroad
New York Times 05/21/2013
The Corrosive Effect of Apple’s Tax Avoidance
New York Times 05/23/2013
American public opinion on cutting Medicare and Social Security
02/15/2011
There is little support for cutting the two programs polls show. This suggests that politicians who fight for cuts in the popular programs risk being punished in the next elections. Voter awareness about the problems the large budget deficits pose for the U.S. and what action needs to be taken is growing, but only growing slowly.
Grouped Articles
Bayonne Medical Center Has Highest U.S. Billing Rates
New York Times 05/16/2013
Voters Balk at Cuts Close to Home
Wall Street Journal 02/15/2011
Wall Street Journal 03/03/2011
Republicans Shelve Medicare Overhaul Plan
New York Times 05/05/2011
New York Times 05/26/2011
New York Times 05/26/2011
Spending cuts in the U.S. state of Ohio to reduce the budget deficit- 2011-2012
03/16/2011
Grouped Articles
Ohio Governor Poses Steep Cuts to Trim Deficit
Wall Street Journal 03/16/2011
Higher Taxes Yield to Budget Cuts in States
Wall Street Journal 07/07/2011
Wall Street Journal 07/07/2011
Voters Shy Away From Dramatic Overhauls
Wall Street Journal 11/10/2011
States face bleak economic forecast, report says - The Washington Post
Washington Post 11/29/2011
Falling home values mean budget crunches for cities - The Washington Post
Washington Post 12/26/2011
The U.S. economy and difficult choices in 2012-2013 as seen in Congressional Budget Office (CBO) projections
01/16/2009
The U.S. faces difficult choices in 2012-2013- efforts to close the deficit by letting the Bush tax cuts and payroll tax cuts expire and making spending reductions will lead to low growth. Not doing this will lead to growth with much higher deficits and unsustainable debt levels.
Grouped Articles
Four Deficit Myths and a Frightening Fact
Wall Street Journal 01/19/2012
CBO | The Budget and Economic Outlook: 2014 to 2024
Unknown 02/05/2014
Budget Deficit Returns to Prerecession Levels
Wall Street Journal 10/16/2014
U.S. Racks Up Smallest Deficit Since 2007
Wall Street Journal 01/14/2015
U.S. Annual Budget Deficit Smallest in Nearly Seven Years
Wall Street Journal 06/11/2015
Deficit Is Again Set to Top $1 Trillion
Wall Street Journal 02/01/2012
U.S. States preference for budget cuts not tax increases in deficit reduction- 2011-2012
07/07/2011
A detailed look at how 46 states turned to budget cuts not tax increases as they looked for ways to reduce the budget deficits.
Grouped Articles
Higher Taxes Yield to Budget Cuts in States
Wall Street Journal 07/07/2011
Wall Street Journal 07/13/2011
Tom Keene Talks to Robert Skidelsky
BusinessWeek 07/28/2011
Families Feel Sharp Edge of State Budget Cuts
New York Times 09/06/2011
States face bleak economic forecast, report says - The Washington Post
Washington Post 11/29/2011
Washington Post 12/22/2011
Past U.S. Presidents, Debt, Budget Deficits and Deficit Reduction
07/21/2011
Presidents from FDR to Bush and how they handled U.S. deficit reduction. Views of historians. FDR was not the spender he is presented to be. He believed in responsible budgeting. Social Security was to be financed through contributions from employees and employers. For Social Security financing Roosevelt said: "no dole."
Grouped Articles
New York Times 07/21/2011
Presidents and their Debt , FDR to Bush: FDR, Deficit Hawk
New York Times 07/21/2011
New York Times 07/21/2011
New York Times 07/21/2011
Washington Post 08/07/2011
Wall Street Journal 02/14/2012
President Obama's U.S. Budget for fiscal 2012
02/10/2011
Grouped Articles
Budget Shell Games Are Contrary to Law
Wall Street Journal 07/14/2011
Obama's Budget: Something for Everyone to Hate
BusinessWeek 02/10/2011
Obama Budget Said to Trim Deficit by $1.1 Trillion
New York Times 02/12/2011
Budget Plan Marks Start of Long Fight on Spending
Wall Street Journal 02/14/2011
Voters Balk at Cuts Close to Home
Wall Street Journal 02/15/2011
The risk of an American government shutdown: Time to stop play-acting and spit out the tea
Economist 04/02/2011
David Stockman on the budget deficit reduction plans of Republicans and Democrats
01/20/2010
Stockman sees a failure to recognize budget reality in Obama's plan to avoid taxes on the middle class. He also sees a similiar failure in Paul Ryan's effort to shield defense and the rich, while at the same time focussing most of the cuts on the poorer sections of society. He says both plans put off cuts and taxes till way into the future- from 12 years to 20 years into the future.
Grouped Articles
Wall Street Journal 04/18/2013
Why we need a third party - The Washington Post
Washington Post 09/26/2011
New York Times 10/20/2013
Charlie Rose Talks to Paul Ryan
BusinessWeek 09/16/2010
The Bipartisan March to Fiscal Madness
New York Times 04/23/2011
New York Times 07/07/2011
Alan Blinder on "job killing" spending, QE, and deficits
10/25/2010
Grouped Articles
Wall Street Journal 10/25/2010
Tom Keene Talks to Alan Blinder
BusinessWeek 10/28/2010
The GOP Myth of 'Job-Killing' Spending
Wall Street Journal 06/21/2011
Wall Street Journal 09/28/2011
Wall Street Journal 02/14/2012
Wall Street Journal 03/01/2012
Deficit spending and the U.S. economy
01/04/2010
Grouped Articles
Wall Street Journal 06/24/2011
Why the Old Jobs Aren't Coming Back
Wall Street Journal 06/24/2011
Wall Street Journal 07/12/2011
President's Focus: $4 Trillion
Wall Street Journal 07/12/2011
Stimulus and the Depression: The Untold Story
Wall Street Journal 09/26/2011
Our advice to the debt supercommittee: Go big, be bold, be smart - The Washington Post
Washington Post 10/01/2011
James Galbraith on the U.S. economy in 2010-2012
01/15/2011
The University of Texas professor on the American middle class, the supercommittee on deficit reduction and the minimum wage.
Grouped Articles
California Set to Raise State Minimum Wage
Wall Street Journal 09/13/2013
Americaâs Sinking Middle Class
New York Times 09/18/2013
New York Times 12/01/2013
Recovery Has Created Far More Low-Wage Jobs Than Better-Paid Ones
New York Times 04/27/2014
Hiring Booms, but Soft Wages Linger
Wall Street Journal 01/10/2015
Tom Keene Talks to James K. Galbraith
BusinessWeek 11/23/2011
Krauthammer on the U.S. debt ceiling and deficit reduction talks of 2011
07/13/2011
Grouped Articles
Wall Street Journal 07/13/2011
Budget Shell Games Are Contrary to Law
Wall Street Journal 07/14/2011
Call his bluff - The Washington Post
Washington Post 07/15/2011
Wall Street Journal 07/15/2011
Post-ABC poll: GOP too dug in on debt talks; public fears default consequences - The Washington Post
Washington Post 07/20/2011
Working With New Script to Stop a Train Wreck
New York Times 07/24/2011
The view that the burden of U.S. deficit reduction is falling on the elderly, the poor and the middle class
01/20/2010
Bernie Sanders and other leaders who see this as a problem with the plans for U.S. deficit reduction that are under discussion.
Grouped Articles
Low Interest Rates Are Squeezing Seniors
Wall Street Journal 03/30/2010
Americaâs Sinking Middle Class
New York Times 09/18/2013
State of the Union: Obama Seeks to Narrow Income Gap
Wall Street Journal 01/29/2014
Bernie Sanders’s Revolutionary Roots Were Nurtured in ’60s Vermont
New York Times 07/03/2015
Similarities Aside, Bernie Sanders Isn’t Rerunning Howard Dean’s 2004 Race
New York Times 08/09/2015
Livin’ Bernie Sanders’s Danish Dream
New York Times 02/12/2016
Cuts in U.S. education and teacher funding- 2010-2012
10/30/2008
Fixing budget deficits of states and local government in the U.S. in 2011-2012 is resulting in sharp cuts for schools. A class size of 60 in Detroit schools is one of the results of these cuts. One teacher calls it not educating children but supervising these children.
Grouped Articles
U.S. Schools Chief Arne Duncan Labors to Straddle Political Divide
Wall Street Journal 07/22/2013
Wall Street Journal 07/30/2013
The Great Stagnation in American Education
New York Times 09/07/2013
To Add Jobs, Revive Revenue Sharing
New York Times 08/28/2010
New York Times 01/18/2014
Arne Duncan: Better education starts with honesty about achievement gaps - The Washington Post
Washington Post 01/24/2014
Cuts in state budgets in the U.S. after Republicans take over governorships and legislatures in many states.
01/05/2011
Grouped Articles
Recession-bruised states' revenue sank 30 percent in 2009, Census Bureau reports
Washington Post 01/05/2011
New York Times 01/06/2011
Florida Governor Hits Road to Sell His Budget Overhaul
Wall Street Journal 02/03/2011
Wall Street Journal 02/07/2011
New York Times 02/07/2011
In Muni-Bond Ills, Danger and Hope
Wall Street Journal 02/09/2011
The U.S. Congressional Budget Office (CBO) and estimates of the U.S. Budget Deficit
01/26/2011
Grouped Articles
CBO Sees Deficit Narrowing to $642 Billion
Wall Street Journal 05/14/2013
Four Deficit Myths and a Frightening Fact
Wall Street Journal 01/19/2012
CBO | The Budget and Economic Outlook: 2014 to 2024
Unknown 02/05/2014
Budget Deficit Returns to Prerecession Levels
Wall Street Journal 10/16/2014
U.S. Racks Up Smallest Deficit Since 2007
Wall Street Journal 01/14/2015
U.S. Annual Budget Deficit Smallest in Nearly Seven Years
Wall Street Journal 06/11/2015
U.S. 2011 Budget Compromise
04/12/2011
Grouped Articles
Budget Shell Games Are Contrary to Law
Wall Street Journal 07/14/2011
Budget Battles: Tax and Spending Myths and Realities
New York Times 04/12/2011
Budget Battles: The Price of Ill-Conceived Cuts
New York Times 04/12/2011
Congress Puts Haggling Aside to Pass 2011 Budget Bill
Wall Street Journal 04/15/2011
Wall Street Journal 02/14/2012
Wall Street Journal 02/14/2012
U.S. Budget Deficit: 2010-2012
06/01/2010
Increasing concern about the deficit and efforts to cut the deficit.
Grouped Articles
Budget Deficit Returns to Prerecession Levels
Wall Street Journal 10/16/2014
U.S. Annual Budget Deficit Smallest in Nearly Seven Years
Wall Street Journal 06/11/2015
Jobs Bill vs. Deficit, a Showdown in the Senate
New York Times 06/01/2010
The Wisdom and Folly of the Bush Tax Cuts
BusinessWeek 08/05/2010
Bush Tax Cuts: Now That's Rich
New York Times 08/22/2010
Alice Rivlin's Bid to Cut the Deficit
BusinessWeek 10/21/2010
S.E.C. Funding in 2010-2012
12/21/2010
Funding of the Securities and Exchange Commission. Under the Dodd-Frank legislation for financial reform the funding for the S.E.C. was doubled so that it could fully take up a whole range of regulatory tasks. President Obama's freeze on federal agency spending could deprive the agency of its annual increase in funding of $160 million in 2011, with the budget flat at $1.1 billion.
Grouped Articles
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Wall Street Journal 12/21/2010
Wall Street Joins SEC in Plea for Bigger Budget
New York Times 02/08/2011
Budget Cuts to S.E.C. Reduce Its Effectiveness
New York Times 07/15/2011
A Dodd-Frank Retreat Deserves a Veto
Wall Street Journal 07/20/2011
Atlas Shrugged. Will Regulators?
Wall Street Journal 07/20/2011
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