"More lower-income people than higher-income people will quit" because they cannot afford the tax hike, said Eric Lindblom of the Campaign for Tobacco-Free Kids.
The only negative comment in that whole article is from a Tobacco company rep. LOL
Ack, show an income tax. Republicans want a flat 23% sales tax nationally so one cigarette tax isn't going to prove much.
You can keep changing the requirements of what you're looking for - but the bottom line is, taxes ARE going up for everyone - like it or not, there is no running from it.
What the Obama Democrats want next: your pension and your 401(k) The always fascinating Pensions & Investments (this month's centerfold is a doozy) reported earlier today that the feds want to start regulating all private pension plans. And because Congressional Democrats, circa 2008, openly discussed the possibility of confiscating 401(k)s, one could legitimately connect the notion to "eliminat[ing] investment risk" by giving the feds control of your retirement account.
...In a joint agency RFI published in today's Federal Register, the Treasury and Labor departments expressed concern that defined contribution plans generally make only lump-sum payments available to plan retirees.
The agencies specifically want to know whether some form of “lifetime income distribution” should be required in all defined contribution plans...
To put this news in context, consider that in late 2008 Democrats openly discussed the possibility of confiscating private retirement accounts in order to "strengthen and protect Americans’ 401(k)s, pensions, and other... plans".
The [Congressional] testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
...The current retirement system, Ghilarducci said, “exacerbates income and wealth inequalities” because tax breaks for voluntary retirement accounts are “skewed to the wealthy because it is easier for them to save, and because they receive bigger tax breaks when they do.”
...GRAs would guarantee a fixed 3 percent annual rate of return, although later in her article Ghilarducci explained that participants would not “earn a 3% real return in perpetuity.” In place of tax breaks workers now receive for contributions and thus a lower tax rate, workers would receive $600 annually from the government, inflation-adjusted. For low-income workers whose annual contributions are less than $600, the government would deposit whatever amount it would take to equal the minimum $600 for all participants.
In a radio interview with Kirby Wilbur in Seattle on Oct. 27, 2008, Ghilarducci explained that her proposal doesn’t eliminate the tax breaks, rather, “I’m just rearranging the tax breaks that are available now for 401(k)s and spreading — spreading the wealth.”
Now that the Democrats have nearly decimated the economy (Stimulus II, anyone?), the trillions of dollars in private retirement accounts represent the juiciest of all possible targets. This is one reason why people don't trust this administration
Wow things people talked about in 2008. Here is what I see in your articles...
Quoted Text
Tax Increases on High-Income Taxpayers
and
Quoted Text
No Income Tax Rate Increase Until 2011 But Expect Increased IRS Audits of Tax Returns in Near Future
Nothing there says taxes are going up for everyone. Just the IRS is cracking down (that's their job) and the highest income people are going to pay more. Thank you for keeping a promise Obama.
Nice, you don't like what your own sources say so you call me stupid. Maybe being a bit more prepared or understanding of your own stance would help. Shadow, as for a fixed income, federal income taxes did go down for those people as well. Now if you have a smoking habit taxes are going up, but I for one am all for that tax.
I have a 401k which I paid for with my hard earned money and I'm not rich and just have enough to pay my bills and live a frugal but comfortable life. I depend on the interest from my 401k to pay the taxes for the school, town, county, state and federal as well as my heat and lights, gas and insurance for my car and you think that it's alright for the government to give me a few crumbs of my money a year while they get to use my money. What country were you born in Cuba? The government wants to control all the money in the 401k system no matter how much you make because it's a huge amount of money and they need it to pay for the huge debt that they have accrued. Notice it doesn't say in the article that only those making over $200,000 have to worry, that omission was no error.
For the second time I live on $35,000 a year and pay $1000 Federal income tax and my taxes didn't go down and the $250 that Obama was going to give me as a tax break was voted down in Congress, my Social Security is frozen at the current rate, and my Medicare health Insurance went up so where's this big tax break?
For the second time I live on $35,000 a year and pay $1000 Federal income tax and my taxes didn't go down and the $250 that Obama was going to give me as a tax break was voted down in Congress, my Social Security is frozen at the current rate, and my Medicare health Insurance went up so where's this big tax break?
Then you have a really bad accountant or you filled out your W-4 wrong.
The tea-party wants lower taxes...well for 98% of America taxes have gone down under Obama. Let's be honest, the Tea Party wants to "re-take America". In reality this means they just don't want a black man as president.
It appears that when anyone defends obama, they play the race card. Let me remind people again that Obama didn't just win......... he became the first Democrat since Jimmy Carter to win a popular-vote majority. He won a larger proportion of white votes than any previous nonincumbent Democratic presidential candidate since Carter.
So I would be lead to believe that the people who voted for him (and there are many with voter's remorse) and those who didn't take issues with him and his administration's policies.
Obama and his administration will herald a massive redistribution of wealth and power to the government. If jobs are created, they will be government jobs, which do not create wealth but only spend taxpayers' money. "Redistributive change" is jargon for government seizure of wealth, followed by handouts to selected social causes. And Obama is all for redistribution of your money.
Obama is touting tax cuts for 95 percent of Americans. But that is mathematically impossible. As the Tax Foundation has pointed out, 40 percent of the population pays no income taxes. That means Obama would be sending handouts averaging $2,000 to millions of people. How do you think he will he get it? By taxing the upper 5 percent. History shows that this is financial suicide. The richest 5 percent pay 60 percent of all income taxes.
Tax increases inflict their biggest harm not on Wall Street sharks but on productive small businesses. Some estimates indicate that the Obama plan would raise taxes on 1.3 million small businesses that do so much to drive economic growth. Discourage entrepreneurs from pursuing their dreams, and you'll kill jobs.
Adding insult to injury....... Obama and the Democrats plan to let the Bush tax cuts expire in 2010, which means a tax increase for you.
Are there people out there who don't like obama because he's black? Perhaps! But they are clearly too stupid to read and comprehend the FACTS! IMHO
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
My tax man allows me to keep every dime that I'm entitled to but I don't cheat on my taxes and unlike many of our elected officials in Congress I pay my taxes. You're confusing tax credits with the lowering of taxes. Unless you have 2 kids and make $50,000 or less there is no tax relief. Obama suggests value-added tax may be an option AP April 21, 2010
WASHINGTON – President Barack Obama suggested Wednesday that a new value-added tax on Americans is still on the table, seeming to show more openness to the idea than his aides have expressed in recent days.
Before deciding what revenue options are best for dealing with the deficit and the economy, Obama said in an interview with CNBC, "I want to get a better picture of what our options are."
After Obama adviser Paul Volcker recently raised the prospect of a value-added tax, or VAT, the Senate voted 85-13 last week for a nonbinding "sense of the Senate" resolution that calls the such a tax "a massive tax increase that will cripple families on fixed income and only further push back America's economic recovery."
For days, White House spokesmen have said the president has not proposed and is not considering a VAT.
"I think I directly answered this the other day by saying that it wasn't something that the president had under consideration," White House press secretary Robert Gibbs told reporters shortly before Obama spoke with CNBC.
After the interview, White House deputy communications director Jen Psaki said nothing has changed and the White House is "not considering" a VAT.
Many European countries impose a VAT, which taxes the value that is added at each stage of production of certain commodities. It could apply, for instance, to raw products delivered to a mill, the mill's production work and so on up the line to the retailer.
In the CNBC interview, Obama said he was waiting for recommendations from a bipartisan fiscal advisory commission on ways to tackle the deficit and other problems.
When asked if he could see a potential VAT in this nation, the president said: "I know that there's been a lot of talk around town lately about the value-added tax. That is something that has worked for some countries. It's something that would be novel for the United States."
"And before, you know, I start saying 'this makes sense or that makes sense,' I want to get a better picture of what our options are," Obama said.
He said his first priority "is to figure out how can we reduce wasteful spending so that, you know, we have a baseline of the core services that we need and the government should provide. And then we decide how do we pay for that."
Volcker has said taxes might have to be raised to slow the deficit's growth. He said a value-added tax "was not as toxic an idea" as it had been in the past.
Since then, some GOP lawmakers and conservative commentators have said the Obama administration is edging toward a VAT..
Yes because clearly the GOP lawmakers know what the Obama strategy is...
So do many 'informed' people. And I assure you that they are not all from the GOP!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
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