Budget thoughts...

[Cancel 2016.2]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aGJUjvI.Bdw8&pos=1

The new budget released today would reinstate 10-year-old income tax rates of 36 percent and 39.6 percent for single Americans earning more than $200,000 and joint filers who make more than $250,000 as part of a broad $1.9 trillion tax increase proposal.

Not unexpected as it is what he campaigned on. Given the state of our debt, this is likely needed. Though I would prefer to cut waste before initiating tax increases on anyone.

It proposes to eliminate preferences for oil and gas companies, life-insurance products, executives of investment partnerships, and U.S.-based companies that operate overseas.

Will have to see more details on this before commenting.

In all, Obama proposed $143.4 billion in new tax cuts for individuals who earn under $200,000. While the budget sets out $93.5 billion in gross tax reductions for businesses, overall they would face a net tax increase.

I would also like to see more details on the above. What new tax cuts are being proposed for individuals? I assume the business tax cuts target small business owners... hopefully this is the case.

A fee imposed on 50 of the biggest financial firms such as New York-based JPMorgan Chase & Co. and Charlotte, North Carolina-based Bank of America Corp. would raise another $90 billion. Eliminating tax breaks for fossil-fuel industries would produce another $40 billion.

Wow... that should really help lending. I am pissed at the big banks like everyone else and they likely deserve it given the idiotic bonuses they are handing out... but raising taxes in this manner is likely going to result in a greater credit pucker factor.

The budget assumes the federal estate tax, which expired Jan. 1 and was replaced with a capital-gains tax, will be reinstated retroactively with a 45 percent rate applied when married couples’ estates exceed $7 million.

A good compromise, though I would prefer they include an annual adjustment indexed to inflation.

In addition, the budget revives a proposal from last year that would limit the value of itemized deductions for gifts to charities, investment expenses, and mortgage interest, among other items.

DUMB... IDEA....

More at link....

 

[WinterBorn]

I thought maybe this thread was you offering some thoughts for cheap. I'm always on the lookout for a bargain.