BY: NCViking

Pelosi and gang have passed the largest, porkiest budget in U.S. history – time to celebrate!

“Today, for the first time in many, many years, we have a president’s budget … that is a statement of our national values,” House Speaker Nancy Pelosi, D-California, said during the final debate on the House floor.

“What is important to us as a nation is reflected in this budget. It’s a very happy day for our country.”

Now crazy over-spending and plundering of the national coffers is a “statement of our national values.” This is what is important to us as a nation, out of control spending, bigger government and higher taxes?

Here is the nice tax bill that is heading our way …

To finance his proposals, the president has clearly chosen winners and losers — with the affluent heading the list of losers. In populist tones that reflect an anger he notably avoided on the campaign trail, Mr. Obama wrote, “Prudent investments in education, clean energy, health care, and infrastructure were sacrificed for huge tax cuts for the wealthy and well-connected. In the face of these trade-offs, Washington has ignored the squeeze on middle-class families that is making it harder for them to get ahead… There’s nothing wrong with making money, but there is something wrong when we allow the playing field to be tilted so far in the favor of so few.”

In that sense, the budget is payback. As expected, taxes will rise for singles earning $200,000 and couples earning $250,000, beginning in 2011 — for a total windfall of $656 billion over 10 years. Income tax hikes would raise $339 billion alone. Limits on personal exemptions and itemized deductions would bring in another $180 billion. Higher capital gains rates would bring in $118 billion. The estate tax, scheduled to be repealed next year, would instead be preserved, with the value of estates over $3.5 million — $7 million for couples — taxed at 45%.
[Budget Salve]

Businesses would be hit, too. The budget envisions reaping $210 billion over the next decade by limiting the ability of U.S.-based multinational companies to shield overseas profits from taxation. Another $24 billion would come from hedge fund and private equity managers, whose income would be taxed at income tax rates, not capital gains rates. Oil and gas companies would be hit particularly hard, with the repeal of multiple tax credits and deductions.

The federal government would take over most student lending. Managed care companies would lose their subsidies for offering Medicare plans. Farmers with operating incomes over $500,000 would see their farm subsidies phased out. And cotton storage would no longer be financed by the federal government.

…  And with all of this, the budget is still projected to run scary deficits that has all grandbabies in America wetting their pants in unison.

As for concerned Tea Partiers? Obama finds us irrelevant, dismissing our ‘tea bagging‘ worries as just a distraction by certain news channels where he is not very popular (aka: the evil Fox News Channel). He goes on to say that we’ve tried the formula of tax cuts for the wealthy over the last 8 years and it didn’t work. Correction Mr. President, cutting taxes on the highest earners has been the formula used for the last 28 years, not 8, and only worked to give us the most booming, prosperous period in our nation’s history.

Happy day indeed!

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