K11 Owners Group

abreeze · Posted: Fri Feb 27, 2009 7:33 pm Post subject: You own it NOW!!

Obama Declares War on Investors, Entrepreneurs, Businesses, And More…
February 27, 2009
By Larry Kudlow

Let me be very clear on the economics of President Obama’s State of the Union speech and his budget.

He is declaring war on investors, entrepreneurs, small businesses, large corporations, and private-equity and venture-capital funds.

That is the meaning of his anti-growth tax-hike proposals, which make absolutely no sense at all — either for this recession or from the standpoint of expanding our economy’s long-run potential to grow.

Raising the marginal tax rate on successful earners, capital, dividends, and all the private funds is a function of Obama’s left-wing social vision, and a repudiation of his economic-recovery statements. Ditto for his sweeping government-planning-and-spending program, which will wind up raising federal outlays as a share of GDP to at least 30 percent, if not more, over the next 10 years.

This is nearly double the government-spending low-point reached during the late 1990s by the Gingrich Congress and the Clinton administration. While not quite as high as spending levels in Western Europe, we regrettably will be gaining on this statist-planning approach.

Study after study over the past several decades has shown how countries that spend more produce less, while nations that tax less produce more. Obama is doing it wrong on both counts.

And as far as middle-class tax cuts are concerned, Obama’s cap-and-trade program will be a huge across-the-board tax increase on blue-collar workers, including unionized workers. Industrial production is plunging, but new carbon taxes will prevent production from ever recovering. While the country wants more fuel and power, cap-and-trade will deliver less.

The tax hikes will generate lower growth and fewer revenues. Yes, the economy will recover. But Obama’s rosy scenario of 4 percent recovery growth in the out years of his budget is not likely to occur. The combination of easy money from the Fed and below-potential economic growth is a prescription for stagflation. That’s one of the messages of the falling stock market.

Essentially, the Obama economic policies represent a major Democratic party relapse into Great Society social spending and taxing. It is a return to the LBJ/Nixon era, and a move away from the Reagan/Clinton period. House Republicans, fortunately, are 90 days sober, as they are putting up a valiant fight to stop the big-government onslaught and move the GOP back to first principles.

Noteworthy up here on Wall Street, a great many Obama supporters — especially hedge-fund types who voted for “change” — are becoming disillusioned with the performances of Obama and Treasury man Geithner.

There is a growing sense of buyer’s remorse.

Well then, do conservatives dare say: We told you so?

Source: CNBC

HoosierStu · Posted: Sat Feb 28, 2009 9:44 am Post subject:

Let's put things in perspective.

Obama is returning us to the tax rates of the Reagan years (which had historically low taxes on the rich).

Bush's tax cuts for the wealthy went way beyond reason, costing this country huge amounts of revenue (hundreds of billions of dollars) and plunged us into debt (along with the wars that he didn't include in his budgets).
If you made one million under Bush, you were able to keep an additional 100K that you would have normally had to pay in taxes.

That said, I'm certainly looking forward to my tax cut. I need it!
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SugarHillCTD · Posted: Sat Feb 28, 2009 10:54 am Post subject:

HoosierStu

+1

We wouldn't have any remorse over the 8 dubya years, would we??

Just over a month under a new president and many don't want to give him any slack at all- sure these are drastic measures, but that was the situation this new administration was handed by Bush and Cheney (who Lewis Black describes as the epitomy of pure evil- he still gives me the creeps)

Under Bush LOTS of things weren't even discussed- outta' sight, outta' mind. Sweep it under the carpet......like a war financed on credit.

abreeze · Posted: Sat Feb 28, 2009 10:20 pm Post subject:

rydor · Posted: Sat Feb 28, 2009 10:37 pm Post subject:

Who won thet election anyway the old white dude or that black guy? Is someone gonna send me another check soon? Gotta go the wife swap is coming on...

Off the grid · Posted: Sat Feb 28, 2009 10:51 pm Post subject:

Flying Duck · Posted: Sat Feb 28, 2009 11:29 pm Post subject:

Anybody who thinks Bush was a fiscal conservative is fucking smoking pot. He never vetoed a spending bill.

Terry Shaivo, stem cells, blah, blah, blah, that's all religo stuff. It's bible thumping and has nothing to do with fiscal conservatism.

I'm glad I don't have kids. They'd be paying this for this stimupork bill for generations to come.

Have fun paying your neighbor's mortgage - which he'll default on eventually anyhow.

The government can run your life better than you can.
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SugarHillCTD · Posted: Sun Mar 01, 2009 7:11 am Post subject:

abreeze · Posted: Sun Mar 01, 2009 3:13 pm Post subject:

Obama’s $1 Trillion Tax Increase

1) On people making more than $250,000.
$338 billion - Bush tax cuts expire
$179 billlion - eliminate itemized deduction
$118 billion - capital gains tax hike

Total: $636 billion/10 years
2) Businesses:
$17 billion - Reinstate Superfund taxes
$24 billion - tax carried-interest as income
$5 billion - codify "economic substance doctrine"
$61 billion - repeal LIFO
$210 billion - international enforcement, reform deferral, other tax reform
$4 billion - information reporting for rental payments
$5.3 billion - excise tax on Gulf of Mexico oil and gas
$3.4 billion - repeal expensing of tangible drilling costs
$62 million - repeal deduction for tertiary injectants
$49 million - repeal passive loss exception for working interests in oil and natural gas properties
$13 billion - repeal manufacturing tax deduction for oil and natural gas companies
$1 billion - increase to 7 years geological and geophysical amortization period for independent producers
$882 million - eliminate advanced earned income tax credit
Total: $353 billion/10 years

Source: ABC News

owrstrich · Posted: Sun Mar 01, 2009 3:39 pm Post subject:

me... my parents... my grandparents... never applied for or took a single local state or federal handout...

so after seeing all the illegal alien criminal invaders milking the system for all these years on the west coast... this morning i filled out the form... im eligible for food stamps... $167 a month... micki is eligible for food stamps... $167 a month... $334 a month combined... thats $4008 in free food per year... yeeeeeeehaaaaaaa... if she tells them she is expecting she will even get wic...

now off to apply for all the additional messiah entitlements i can find...

http://www.snap-step1.usda.gov/fns/index.jsp

im feeling better already... and its only gonna get better with all the new messiah hand outs...

going on the dole... going on the dole... there will be much rejoicing... going on the dole...

going on the dole... going on the dole... there will be much rejoicing... going on the dole...

hey o t g... keep working man... i need your taxes... i mean redistribution contributions...

going on the dole... going on the dole... there will be much rejoicing... going on the dole...

going on the dole... going on the dole... there will be much rejoicing... going on the dole...

j o
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yeeeeeehaaaaaaa...

Klinker · Posted: Sun Mar 01, 2009 3:53 pm Post subject:

abreeze · Posted: Mon Mar 02, 2009 1:55 pm Post subject:

Off the grid · Posted: Mon Mar 02, 2009 2:21 pm Post subject:

Just because Bush and his bunch of taint-licking cronies basically made the rich tax-exempt over the last 8 years does not mean that O jacking up taxes to "normal" levels is draconian.
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Klinker · Posted: Mon Mar 02, 2009 2:55 pm Post subject:

abreeze · Posted: Mon Mar 02, 2009 10:39 pm Post subject:

Off the grid · Posted: Mon Mar 02, 2009 10:49 pm Post subject:

I never supported any "stimulus". (handout rather)

My only point is that for the last 8 years the rich got a free ride. Now that they have to pay like the rest of the country that has been paying since, well, forever.

I guess the biscuit wheels flew right off the rich folks gravy train, and now all of the sudden it's a problem.

The health of a nation is gauged by the middle class. Always has, always will. After 8 years of pandering to greedy corporations and multi-millionaires, I say it's about fucking time they paid taxes like the rest of us.
_________________
Bane of your existence since July 2006
2007 Triumph Tiger ABS. "Sabertooth"
2009 Husqvarna TE610. "The dirty Italian mistress"

Jim · Posted: Mon Mar 02, 2009 11:34 pm Post subject:

abreeze · Posted: Tue Mar 03, 2009 11:42 am Post subject: