Hidden Taxes in Obama Budget
The CIO of JP Morgan dug into Obama's budget proposal and came up with some important new taxes that have escaped media attention (hard to imagine, isn't it?). As you might expect, these new taxes apply to "the rich." Here in American, 2012, "rich" means anyone making over $200,000. ($200,000 isn't something to be sneezed at, of course; it's just that whether or not it's a lot of money really depends on the part of the country in which you live.
What's hidden in the budget proposal is the following tax increases for "the rich":
Higher income taxes
Higher capital gains taxes
Higher dividend taxes
...which pretty much covers just about every source of your income I think.
So, leaving aside the justice or logic of singling out one group - "the rich" (and remember, we're not talking about really rich people here, right?) - for higher taxes, why is it important to know this? We suspect there's no chance - especially given the current "stalemate" climate in D.C. - that this budget will be passed by the Congress (although you never know if something does sneak in here and there). The important part is to know how the administration thinks. And, with this being an election year, you do want to know how they really think, don't you?
Oh, and along the lines of how they think, it also struck me as interesting that they did not trumpet this increase for the rich - something they have been preaching for a long while. Why didn't they bring attention to this? Why is it hidden somewhere in the proposal?
Anyway, if you want more detail, click here.
What's hidden in the budget proposal is the following tax increases for "the rich":
Higher income taxes
Higher capital gains taxes
Higher dividend taxes
...which pretty much covers just about every source of your income I think.
So, leaving aside the justice or logic of singling out one group - "the rich" (and remember, we're not talking about really rich people here, right?) - for higher taxes, why is it important to know this? We suspect there's no chance - especially given the current "stalemate" climate in D.C. - that this budget will be passed by the Congress (although you never know if something does sneak in here and there). The important part is to know how the administration thinks. And, with this being an election year, you do want to know how they really think, don't you?
Oh, and along the lines of how they think, it also struck me as interesting that they did not trumpet this increase for the rich - something they have been preaching for a long while. Why didn't they bring attention to this? Why is it hidden somewhere in the proposal?
Anyway, if you want more detail, click here.
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