by the Left Coast Rebel
On the heels of the previous post on Obama's middle class tax hikes, something even more sinister and strange than the tax hikes themselves appeared. Reuters pulled the entire article. The only live link of the Reuters article is provided via. their Canadian branch, (the link I used for my article) just how long that remains up remains to be seen. Can you say North Korean governance in America? Here is what you will find if you pull up the link:
UPDATED: It is confirmed via TPM that the White House contacted Reuters and 'suggested' (forced) them to pull the middle class tax hike story. It was actually pulled at 8 p.m. last night just 4 hours after it ran. A spokeswoman for Reuters acknowledges that the White House contacted Reuters about the 'inaccuracies' of the report.
UPDATEDx2: All links to the Reuters story are gone, (except the Canadian link), here is another screenshot from Yahoo Finance, users are met with the ambiguous, 'The Story Backdoor taxes to hit middle class has been withdrawn. A replacement will run later this week':
UPDATEx3: As exciting as this story seemed to be, the Reuters story actually did contain inaccuracies. Investor's Business Daily points to the theme being intact however, even though the Bush tax cuts will remain intact for those earning under $200,000:
The White House budget would extend Obama's signature $400 Making Work Pay tax credit for one more year at a cost of $61 billion, and it would permanently extend the middle-class tax cuts passed under President Bush.UPDATEx4: BigJournalism points out that several of the points items in the Reuters article could be accurate tax hikes in that Obama may still allow them to expire:
Left unsaid was that Obama's Making Work Pay tax credit would lapse at the end of 2011 as proposed tax hikes ramp up to $156 billion.
The tax hikes on the agenda exceed a cumulative $1 trillion over five years, reaching 1.5% of GDP in 2015. By comparison, the White House is calling for a three-year freeze of nondefense discretionary spending to save $250 billion through 2020.
Under its proposals and forecasts, the White House envisions a record deficit this year of $1.6 trillion, or 10.6% of GDP, easing to $1.3 trillion, or 8.3% of GDP, in fiscal 2011. By 2015, the deficit would equal $752 billion, or 3.9% of GDP.
But even though some of the budget plan's tax hikes and spending cuts may be difficult to get through Congress, the White House is making clear that it sees a need for even tougher fiscal medicine than it is willing to propose.
* Taxpayers who itemize will lose the option to deduct state sales-tax payments instead of state and local income taxes.
* The $250 teacher tax credit for classroom supplies.
* The tax deduction for up to $4,000 of college tuition and expenses.
* Individuals who don’t itemize will no longer be able to increase their standard deduction by up to $1,000 for property taxes paid.
* The first $2,400 of unemployment benefits are taxable, in 2009 that amount was tax-free.
Discussion at Memeorandum