Obama to rule out any compromise for extension of Bush tax cuts on top 2% Wednesday…

Another one for the files..the NYT lede: “President Obama on Wednesday will rule out any compromise that would extend the Bush-era tax cuts for the wealthy beyond this year…”

This is as we predicted, but just today the delusional or willfully blind floor traders at NYSE told Bob Pisani they expected the Bush Tax cuts for the top 2% to be extended.

They (market watchers) have claimed this crippling maneuver is ‘priced in’ to the markets while simultaneously every talking head on CNBC has been saying ‘no way will they let those expire! that would be crazy!” for months.

Yet here we are, as predicted. Obama and Pelosi would never, ever let those tax cuts get extended come hell or high water (or low water mark for the GDP whatever the case may be).

So tomorrow we will see if the expiration was indeed priced in or if the markets realize just who Obama is, finally, and tank in response.

And the really great news is Obama is going to GET partisan in his speech, like he hasn’t already? NYT in same piece linked above says he will talk tough on the differences b/w GOP and Dems. Oh brother. More Spike Lee Malcolm X dialogue mayhap? Ditches? Bamboozlement?

Well, I don’t hate the rich. I recognize they hire people and create jobs. I think the geniuses at the WH who designed this plan STILL do NOT GET the American people. We don’t want to fight the rich, we want them to hire us! So we can save and invest and help our kids get farther than we did. American Way, American Dream , get it?? Sheesh.

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September 7, 2010. Tags: , , , , , , . Economy, Finance, Obama Administration, Politics, Popular Culture, Taxes, Unemployment Statistics. 1 comment.

Geithner: Yes, taxes are going up, yes that includes cap gains and dividends

Update: Several well respected prognosticators are positively giddy at the notion of a 20/20 cap on cap gains/dividend rates. They take this from the Geithner interview below.
Again the DENIAL is astounding! The 20/20 is the FLOOR not the ceiling! Let’s say Tim is forthright with his statement that 20/20 is what Obama will propose on cap gains/dividends (which is s 5% hike from where we are now). Recall the Deficit Commission report is due December. I fully expect it to propose SS Medicare taxes on investment income. So start with 20/20, then add what 10? 15% for SS Medicare, then add the Obamacare taxes on investment income.
Get a Grip! No moderation in economic policy is forthcoming. This is Obama and Pelosi. Taxes are going up across the board, Obama will not stop. VOTE.
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Larry Kudlow has THE interview with Geithner. After this there is absolutely no excuse for delusions that Obama will suddenly find his inner capitalist and embrace pro growth economic policies. All of our taxes are going up across the board.

It is my opinion that Obama believes the US is too big and uses too many global resources. He is actively and deliberately seeking out and implementing policies that reduce the American standard of living, that is a feature not a bug. I believe he sees it as his duty to ‘correct’ what he thinks America has ‘done’ to the world and to restore balance as he sees it.

He does not believe in GROWING the pie a la Big Dawg. He is going to take pieces from us and give them to the rest of the world and those select groups who he either envisions as oppressed by our success, or who assist him. Period.

Take the blinders off folks. Smart money is IMO moving its income to 2010 and taking the tax hit now then focusing on CAPITAL PRESERVATION as Obama continues to roll out wealth destroying business killing middle class crushing policies. He will not stop.

VOTE.

Geithner Yes taxes are going up, yes that inclu…, posted with vodpod

July 8, 2010. Tags: , , , , , , , , . Economy, Finance, Obama Administration, Politics, Popular Culture, TARP, Taxes, Unemployment Statistics, Wall St. 1 comment.

Damn the torpedoes, full speed ahead: Plouffe called back to WH, says Obama must ‘fight like hell’, pass the hated health care bill and ‘pass politically difficult measures’ aka cutting Social Security, raising taxes….

And they’re off! It’s like the charge of the stupid brigade. As we have been predicting time immemorial, here come the SS cuts and tax increases. Obama is ready to focus like a laser, lol, on the deficit, BWAAAAHAA *cough cough*, and David ‘every fundraising email I send is an attack on Hillary or Sarah’ Plouffe has been called back to the fold to bravely lead Obama to the correct path for electoral victory…

So where does David suggest we begin? By ramming through the DESPISED health care bill of course! Followed by passing ‘politically difficult measures’, can you say ‘cutting Gen Xs Social Security’ and raising taxes?, cuz I can!’

David Plouffe in the WaPo:

…We still have much to do before November, and time is running short. Every race has unique characteristics, but there are a few general things that Democrats can do to strengthen our hand.

Pass a meaningful health insurance reform package without delay. Americans’ health and our nation’s long-term fiscal health depend on it. I know that the short-term politics are bad….

…That’s why Democrats must create a strong foundation for long-term growth by addressing health care, energy and education reform.

(MiM-Yeah b/c it’s not like every single speech of Obama’s has focused on health care, education or energy before now right? oh yeah)

…We must also show real leadership by passing some politically difficult measures to help stabilize the economy in the short term. Voters are always smarter than they are given credit for. We need to make our case on the economy and jobs — and yes, we can remind voters where Republican policies led us — and if we do, without apology and with force, it will have impact….

Great without apology and with force, this is just who Obama needs now! Someone to tell him DAMN THE TORPEDOES AND FULL SPEED AHEAD!! Passing ‘politically difficult measures’ gee wonder what that could mean…

Make sure voters understand what the American Recovery and Reinvestment Act did for the economy

See there is that patronizing BS again, we just don’t UNDERSTAND how WONDERFUL the 700 billion dollar boondoggle was! So the UE rate is still climbing and at 10% really is a sign of the success of the stimulus! It is apparently just a matter of enlightenment waiting to happen if they find just the right words, or tone in delivery of another greatest speech evah…Satori awaits us America! they just need a good Zen Koan….

Don’t accept any lectures on spending…(MiM- OMG cannot even begin to fisk this one)..We have potent talking points on health care, honest budgeting and cuts in previously sacrosanct programs.

Yeah David! Talk up how your guy tried to GUT 500 BILLION from Medicare, a previously SACROSANCT program, that’ll really turn the voters back to you! See he thinks it is GOOD, they are gonna double down and gut SS Im a tellin ya!

Plouffe also makes it really clear it is time to gin up the machine and get a few million more from ‘donors’ like DooDadPro and organize those ‘first time’voters, y’uh -huh..ACORN/SEIU/Soros they are calling you-uuuuuuu

…Our campaigns can leave no stone unturned, from believing in the power of grass-roots volunteers and voter registration, to using technology and data innovatively, to raising money –– especially with big corporate interests now freed up to dump hundreds of millions of dollars to elect those who will do their bidding. Democratic candidates must do everything well. Each one must make sure that the first-time voters from 2008 living in your state or district — more than 15 million nationwide — are in their sights. Build a relationship with those voters, organize them and educate them. On Nov. 3, many races are sure to be decided by just a few thousand if not a few hundred votes. These voters can make the difference. …

Yeah those ‘voters’ certainly made a difference in those Dem caucuses fer shure.

His next message is don’t let those millions of pixxed off Americans screaming STOP! get in the way:

(more…)

January 24, 2010. Tags: , , , , , , , , , , , , , , , , , , , , . Economy, Healthcare, Obama Administration, Politics, Popular Culture, Taxes, Unemployment Statistics, Wall St. 1 comment.

Market Mover Thursday: Team Obama Budget Presser…Healthcare funding via new additional tax increases in 2011….

Uh oh. For a bunch of people who like to read about FDR, they seem to be repeating some well known policy decisions that increased the severity and duration of the Great Depression here, ie Smoot-Hawley talk tariffs and tax increases on sources of production….our previous posts here and here

The Obama administration will announce a 10-year, $634 billion reserve fund Thursday aimed at expanding health care coverage – and will pay for half the plan with a new tax hike on wealthy Americans that surprised health care advocates and angered Republicans.

This is NOT the rollback of the Bush tax cuts alone, this is a NEW tax increase to be effective concurrently with the expiration of the Bush tax cuts in 2011…a double whammy, the one-two punch….IMO a bad idea…this is exactly what happened before, they raised taxes before the recession was over and made a Depression…can they be this obtuse? Is it deliberate? Seriously!

Politico:

Under current law, high earners who are in the 35 percent tax bracket can take deductions at that rate. Under Obama’s plan, they would be capped at 28 percent – meaning instead of getting $3,500 back from $10,000 in mortgage interest or other deductions, these taxpayers would get $2,800. The plan would phase in during fiscal year 2011, just as Obama plans to let the Bush tax cuts expire.

OMB chief Peter Orszag is to announce the plan while outlining Obama’s budget in a press conference Thursday.

8 ‘Goals’ for Healthcare Reform:

Ahead of the release of his budget Thursday, Obama has endorsed eight guiding principles for health reform, the White House officials said on the conference call. They stressed that they intend to work with lawmakers and other stakeholders on how to accomplish the goals, but the principles will lay down a marker for any congressional plan.

Other goals include maintaining choice of insurance and doctors, ensuring affordable coverage, protecting Americans financial health, investing in prevention and wellness, improving patient safety and quality of care and is fiscally responsible, sustainable and portable.

So how is the initiative funded on an ongoing basis? Dunno. He seems to expect to recoup itemizations people get now, but if they keep taxing the producers to death their income will dry up no? Yes, Big Dawg said so and we all did well with Big Dawg policy of growing the economy for everyone, not taking one person’s share to give to someone else…IMO…

And he’ll pay for half his plan — $318 billion over 10 years – with new tax hike on Americans making more than $250,000.

Obama had pledged throughout his campaign to roll back Bush tax cuts for Americans making more than $250,000 a year in fiscal year 2011 – a plan that also will be included in Thursday’s budget — but this is different, aimed at reducing the itemized deduction rate for those taxpayers.

Some advocates for universal health coverage said they were surprised to learn that Obama would turn to a tax increase to create a dedicated fund for his program

Huh, Seems odd to eliminate a subsidy that incentivizes RURAL CARE doesn’t it?

The other half of the $634 billion would come from changes in savings in Medicare, including ending subsides to private insurance companies that participate in the Medicare Advantage programs in rural areas.

From experience in the health insurance field, I can say rural care is an area that can least afford cuts like this. Urban areas are served by many charities and government programs, and their very ‘urbanity’ draws physicians there.

Getting an excellent doctor to a tiny town, and getting the attention of charities and glamorous Hollywood fundraiser types for rural areas is not doable. Seems Obama is not as concerned with the RURAL POOR..Country Mouse City Mouse Class Warfare and it sucks…

February 25, 2009. Tags: , , , , , , , , , , , , , , , . Economy, Finance, Music, Obama Administration, Politics, Popular Culture, Uncategorized, Wall St. 1 comment.

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