Obama Budget Increases Taxes by More Than $1.1 Trillion. The cap would limit the amount taxpayers could reduce their taxes by limiting their itemized deductions and certain exemptions to the tax reduction they would receive if they paid the 28 percent marginal tax rate (this raises taxes $529 billion).
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Obama’s base budget for 2017 marks only a slight upward tick, to $523.9 billion. But here’s the thing: One chart in the Pentagon’s document shows the base and OCO budgets going back to 2001.
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· How much room will Boehner have in negotiating? Declaring himself “a regular guy with a big job,” Boehner declares tax hikes “off the table.” Lauer tries offering a misleading statistic to force Boehner to defend the Bush tax cuts, using unemployment numbers from June 2001 and comparing them to today’s rates.
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Now granted Obama says he will not raise middle class taxes, however, he also said he will let the Bush tax cuts expire, right? If you look at the 1999 tax table and compare it to the 2007 tax table you will see everyone in the 40-150K will get a tax increase, and you will get the marriage penalty back, right?
President Obama will propose a number of new tax increases in his budget to be released next Wednesday, according to the Washington Post. These include: Raising the cigarette tax to fund a new federal universal pre-school program, Capping tax-free retirement accounts at $3 million, Limiting the.
The Obama Budget: Spending, Taxes, and Doubling the National Debt. It proposes destructive income tax increases and a new cap-and-trade energy tax that could devastate the manufacturing sector. Yet, somehow, the budget assumes much faster economic growth than forecast by the congressional budget office (CBO) and the Blue Chip Consensus.
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In late 2013, through the Bipartisan Budget Act of 2013 (BBA), Congress took an important first step toward replacing the damaging cuts caused by sequestration with longer-term reforms. Recognizing the importance of the 2-year budget agreement Congress reached in Decem ber,
[Updated for 2014 GS Pay Raise] Following the budget deal, President Obama issued an executive order approving a 1% pay increase in 2014 for federal employees who are paid under the General Schedule (GS) system. This is the first increase in three years. After years of congressional wrangling the increase was been endorsed for 2014.