Threat to the status quo – 10 things you should know about Obama’s plan
Michael Steele Chair of RNC
The members of the Grand Old Party (GOP) are “Eating each others carcasses” in a power struggle to mount a platform to combat the “evil socialist movement” in the Whitehouse that threatens the status quo of exploitation for the sake of extravagant lifestyles.
Rush Limbaugh
During the 2009 CPAC convention, subtitled “Conservatism 2.0 Conference”, Rush Limbaugh address an audience of Standing Ovation happy republicans. He advised them that they deserved the wealth that they worked so hard to create for themselves, and no one, including President Obama who desires so much to be in that very class of people, should attempt to throw a guilt trip on them.
Under President Obama’s tax plan, a family earning $500,000 will see an increase of $11,300 in taxes this year. They either disregard this slight change or they feel that they are going to starve now. But the bottom line is, they worked hard for their wealth and the government is incapable and undeserving of their hard earned money, despite the purpose. Realistically, the class of people whose wealth is little affected by this crisis stands to benefit greatly if the current structure is allowed to go bankrupt. They can go on a wealth building run by buying assets and companies at a discount.
Want to see what real change looks like?
Well, here it is. Last week, President Obama unveiled his budget—his blueprint for America—and it’s ambitious, amazing, and unapologetically progressive.
10 things you should know about Obama’s plan:
1. Makes a $634 billion down payment on fixing health care that will go a long way toward paying for a more efficient, more affordable health care system that covers every single American.
2. Reduces taxes for 95% of working Americans. And if your family makes less than $250,000, your taxes won’t go up one dime.
3. Invests more than $100 billion in clean energy technology, creating millions of green jobs that can never be outsourced.
4. Brings our troops home from Iraq on a firm timetable, finally bringing the war to a close—and freeing up almost ten billion dollars a month for domestic priorities.
5. Reverses growing income inequality. The plan lets the Bush tax cuts for the wealthiest Americans expire and focuses on strengthening the middle class.
6. Closes multi-billion-dollar tax loopholes for big oil companies.
7. Increases grants to help families pay for college—the largest increase ever.
8. Halves the deficit by 2013. President Obama inherited a legacy of huge deficits and an economy in shambles, but his plan brings the deficit under control as soon as the economy begins to recover.
9. Dramatically increases funding for the SEC and the CFTC—the agencies that police Wall Street.
10. Tells it straight. For years, budgets have used accounting tricks to hide the real costs of the wars in Iraq and Afghanistan, the Bush tax cuts, and too many other programs. Obama’s budget gets rid of the smokescreens and lays out what America’s priorities are, what they cost, and how we’re going to pay for them.
We voted for change. Part of that change also has to come from us.
I lean a bit conservative but here is my speculation.
1. The money was set aside for this health care reform but there is no concrete plan. I believe this opens the door to waste and that the reason it was included without any details in a plan is because the seized the combined opportunity of the first 100 days effect and the stimulus promotion of the end of the U.S. economy if things didn’t get approved.
2. 95% of Americans cannot have their taxes reduced because that many people don’t contribute to our tax system. This is said when referring to credits to people who don’t pay taxes. I have no problem with a productive person getting a refund, even close to 100%, but I have a huge problem with someone who doesn’t contribute to the tax system getting money. I’d also like to see the progressive tax brackets extended so that there are more brackets extending up to around $5Million/year income. $350k/yr, with the current tax bill, is taxed at the same rate as someone who earns $10Million. While $350 isn’t exactly a middle class income $5Mil is a shit load of money.
3. I’m all for clean energy and have been disappointed for years that countries like Germany have a much more friendly environment than the U.S. He wants to give a lot of money to R&D to companies which I like, I’d also like to see him remove the tariff from imported ethanol from Brazil.
4. Very happy about the Iraq pull-out. I’ve never thought it was a good idea. I could talk all day on this one.
5. fundamental disagreement here. Some people believe that wealthy people should have their goods taken from them and given to those with fewer resources. I believe that there should be a reward for taking great risks and that people who seek these rewards create, innovate and make the world better…within reason of course. I think the Obama approach doesn’t make the poor better off in the long term, The long term effect may be that there are much fewer wealthy people.
6. I can’t speak to what tax loopholes you speak but I strongly believe that oil companies should not be subsidized with tax dollars. Perhaps we are speaking of the same thing.
7. I have no knowledge of this but it sounds like a good idea to me.
8. I have an interesting opinion on this I’ve bounced off a few people and have found agreement. To oversimplify, I believe it is not possible to spend an unprecidented amount and reduce the deficit at the same time. I believe he would like to acquire tarp/tarf assets at the current 5-20% of par value via marked to market accounting and then phase in marked to book/par over the next 2-3 years. This accounting trick alone would make it appear as though he has knocked the deficit out. Then he can stand at a podium and announce that he has made up for all the financial irresponsibility of the prior 8 years…and ask to be re-elected.
9. This one baffles me. I’ve been a licensed financial advisor for 15 years and was unaware of their inability to do their job due to funding. The Madoff issue made me furious when they said they didn’t have the manpower. I believe he got, and people like him get, a pass because of his popularity/wealth/etc. Two years ago I had a client complain that I had sold a stock without authorization and estimated damages were >$5,000. The SEC and FINRA both investigated me extensively and it took about 3 months to resolve. These investigations were launched practically immediately and while she was found to be wrong and I was right, they looked at a lot of clients and a lot of my activities before they decided. This is not what you’d expect from an organization who can’t afford to investigate a $50Million fraud accusation.
10. Agreed. Budgets have always used accounting tricks, like the above mentioned accounting rules changes. But telling it straight doesn’t include bringing a bill to the floor with 9,000 pork/pet projects and promising to give at least 48 hours for review prior to a vote. To be fair, I believe President Obama has the best intentions regarding this but he is being run down by his partners in the House and Senate. He clearly was trying to reach across the aisle in creating the stimulus bill but Pelosi and Reid were the ones who had the job of deciding how the bill was written. This may have been intended for plausible deniability but for now I give him credit and stand behind our President.
That being said it is obvious I have more conservative leanings which probably explains the two different views. I was in the military when Mr. Clinton became president and there was a lot of huff around the country about his legitimacy, etc…a lot like with Mr. Bush and now Mr. Obama, This seems like a common tactic. The one thing I took from the military is that the President is elected by the people and is the Commander in Chief…this means that regardless of the views of any person he is to be respected, if you disagree with him you can support a loyal opposition. Loyal opposition should be effected in a professional and respectful manner to promote your own views.
I would like to reduce your article down to one thing that everyone should know about Obama’s plan.
That one thing is the principal reason why so many hard working American people have lost their ability to generate and sustain their own personal wealth. It is perhaps the most secretive, diabolical, system in existence when it comes to personal finance, and President Obama has done nothing about it, which leads me to believe that he works for them. What exactly am I talking about? It’s called the Federal Reserve, even with the Term Federal in its name there nothing government about this institution. It’s actually a private banking cartel that aims for complete control of our Nations wealth. I will elaborate in a future post, but for those of you who do not know of the Federal Reserve I seriously suggest that you do your research.
video.google.com/videoplay?docid=-8484911570371055528
Wealth building is a very interesting job. everyone want to have some financial freedom.*:”