26
Feb
09

Oh, ‘Bama, I Wuv You and Your Budget Too


Obviously, I’m a horrifying, bedwetting, Bay-Area-bred hippie. So nothing warms my heart like seeing Obama’s proposed budget, which would tax the wealthiest of Americans (a whopping $700 or more!) extra to pay for health care and other hippie favorites. Reading this this morning in the New York Times had the same effect on me that a nice martini, a warm bath, and a Johnny Hartman tune have…I’m currently lulled into a warm state of contentment.

So, as my good deed for the day, I will share it:

The officials said the resulting increase in revenues, estimated at $318 billion over 10 years, would account for about half of a $634 billion “reserve fund” that Mr. Obama will set aside in his budget to address changes in the health care system. The other half would come from proposed cost savings in Medicare, Medicaid and other health programs.

In a document summarizing its proposals, the White House said it would finance coverage for the uninsured in part by “rebalancing the tax code so that the wealthiest pay more.”

Mr. Obama’s blueprint, which will project spending and revenues for the next decade, will flesh out the president’s thinking on his energy plans both to cap the emissions of gases, particularly carbon dioxide, that are blamed for climate change and to spur development of nonpolluting energy alternatives.

The budget will show the government beginning by 2012 to collect billions of dollars in revenues from selling permits to businesses that emit the polluting gases, assuming the president’s energy initiative becomes law as soon as this year, officials said.

Because utilities and other businesses would presumably pass on their costs to customers, Mr. Obama will propose to use most of the government’s revenues from the permits to finance an extension of the new “Making Work Pay” tax credit beyond the two years covered in the $787 billion economic recovery plan that was just enacted.

That tax relief, the administration will argue, will offset households’ higher costs for utilities and other products and services from businesses’ passing on their permit expenses.

That tax credit annually will provide $400 to low-wage and middle-income workers or $800 to couples; Mr. Obama would like to increase those figures to $500 and $1,000. The credit phases out for those with incomes above $75,000 a year and for couples with incomes of more than $150,000; no benefit would go to individuals with more than $100,000 income and couples with $200,000.

The tax credit will begin showing up in the form of lower withholding for eligible workers beginning April 1.

The remainder of the projected revenues from the permits will finance Mr. Obama’s campaign promise for $15 billion a year over 10 years to subsidize research and development of alternative energy sources, officials said. The stimulus package included a multibillion-dollar down payment to develop a national electricity grid to harness and distribute energy from such sources, including wind farms.

*sigh*

There’s no way it will pass.

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1 Response to “Oh, ‘Bama, I Wuv You and Your Budget Too”


  1. 1 smokeybones
    February 27, 2009 at 02:48

    lol I wuv Obama to! can u imagine the cohones to stand up there and say “look people this is the way it is!” its tough, its gonna be tough and we are going to need big programs in the mean time to get through it! The man is a straight shooter, a hell of a leader!

    If MCcain would have won, we would have gotten another war probably Iran to take our minds of the problems BUSHY put us in!

    Great post Wookie, and great Blog… Keep up the good work buddy. Smokeybones


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