September 13, 2011

Zombie Tax Hikes Rise Again

Obama Has Repeatedly Offered The Same Tax Hikes To Pay For His Binge Spending Despite Democrat-Controlled Congresses Rejecting Them In The Past
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OBAMA IS PROPOSING TAX HIKES THAT WERE REJECTED WHEN DEMOCRATS CONTROLLED BOTH HOUSES
The White House Has Proposed Nearly $470 Billion In Tax Hikes To Pay For A Second Stimulus. White House budget director Jack Lew today unveiled how the White House would pay for the presidents job creation proposal. Lew appeared at the White House daily press briefing and suggested a variety of tax measures totaling $467 billion, somewhat more than the announced cost of the jobs bill at $447 billion. (Ann Compton And Mary Bruce, White House Suggests Tax Provisions To Pay For Jobs Bill, ABC News, 9/12/11) OMB Director Jacob Lew Says That The Presidents Tax Proposals Are Ideas That We Have Been Talking About For Some Time. The specific offsets in the package are a series of tax provisions. I think they will be familiar to most of you because they are ideas that we have been talking about for some time. (Press Briefing By Press Secretary Jay Carney And OMB Director Jacob Lew, Washington, D.C.,
9/12/11)

President Obama Has Repeatedly Resurrected The Same Rejected Tax Increases Offered When Obama Could Expect A More Friendly Reception From Congress. President Barack Obamas budget proposal resurrects a series of tax increases on certain corporations and the wealthy that were largely ignored by Congress when Democrats controlled both chambers. Many of the tax increases were in the presidents previous budget proposals, offered when Obama could expect a more friendly reception from Congress. Lawmakers from both political parties, however, have been wary of limiting the ability of high earners to deduct charitable contributions out of concern it will hurt non-profit organizations. (Meta Pettus,
Obamas Budget Resurrects Reject Tax Increases, The Associated Press, 2/14/11)

The White House Was Rebuffed By The Democrat-Controlled Congress In 2009 When They Proposed Many Of The Same Tax Hikes. The unwillingness to embrace some of the major White House tax and revenue proposals has frustrated administration officials. They note that lawmakers, many of them supporters of the presidents ambitious agenda, clamor to hold down the deficit while balking at the proposals to finance his program. (Carl Huse, Obamas Revenue Plans Hit Resistance In Congress, The New York Times, 4/19/09)

NEARLY ALL OF OBAMAS BILL WOULD BE PAID FOR BY IDEAS THAT FACED BIPARTISAN OPPOSITION
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Obamas 2009 Proposal To Limit Deductions For Charitable Giving Was Pretty Close To Dead-OnArrival. To pay for half of his $634 billion health reform fund, President Barack Obama has proposed limiting itemized tax deductions from mortgage interest to charitable deductions for wealthier Americans starting in 2011. The plan may not be dead-on-arrival but it is pretty close. In my reporting across Capitol Hill today, I couldnt find any strong support for the plan. And its strongly opposed by several key Democrats on the key Senate Finance Committee, including chairman Sen. Max Baucus, DMont. (George Stephanopoulos, Obama Tax Deduction Plan DOA? ABC News Georges Bottom Line, 3/5/09) 2009: Senator Conrad (D-ND): Senators Dont Want To Do Anything That Would Discourage Charitable Contributions At A Time Charity Is So Critically Important To People. MSNBCS PAT BUCHANAN: One way Obamas going to raise taxes slightly and thats reduce the deductibility of charitable contributions and also your interest on mortgages. Is that going to happen, Senator, or is that dead? SEN. CONRAD: Its hard to say. Ive heard from a lot of colleagues that theyre concerned about that. They certainly want dont want to do anything that would discourage charitable contributions at a time charity is so critically important to people.
(MSNBCs Morning Joe, 3/16/09)

2009: Senate Finance Chairman Max Baucus (D-MT): Im Wondering About The Viability Of That Provision. Sen. Max Baucus (D., Mont.), the Senates top tax writer as chairman of the Finance Committee, told Mr. Geithner he was especially concerned about paying for expanded health coverage with a deductions curb that has nothing to do with health care. He added: Im wondering about the viability of that provision. (John D. McKinnon and Martin Vaughan, White House Rethinks Tax
Hikes, The Wall Street Journal, 3/5/09)

Despite Opposition To Obamas Tax Hikes, His Stimulus Bill Will Trigger Them If The Deficit Committee Doesnt Reach Obamas New Targets
The American Jobs Act Would Trigger Obamas Tax Hikes If The Deficit Committee Fails To Pay For Obamas Bill. (b) TRIGGER FOR JOINT SELECT COMMITTEE . Section 302 of the Budget Control Act of 2011 is amended by redesignating subsection (b) as subsection (c) and by inserting after subsection (a) the following new subsection: (b) TRIGGER. If a joint committee bill achieving an amount greater than $1,650,000,000,000 in deficit reduction as provided in section 401(b)(3)(B)(i)(II) of this Act is enacted by January 15, 2012, then the amendments to the Internal Revenue Code of 1986 made by subtitles A through E of title IV of the American Jobs Act of 2011, shall not be in effect for any taxable year. (The American Jobs Act: Title IV, Section F, 9/12/11)

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