Submitted by Tyler Durden on 02/15/2012 - 13:48 Bond Congressional Budget Office headlines Medicare Michael Cembalest
While headlines yesterday crowed and complained of the small rise in the budget and the focus on taxing the wealthy - which admittedly given the peak polarization in political parties is unlikely to actually move into legislation anytime soon - JPMorgan's Michael Cembalest finds perhaps the most controversial part of the proposal hidden deep in the report. While the JPM CIO notes the CBO baseline and alternative scenarios, it is the difference between the $293bn benefit (CBO estimate from last year) and the Administration's new estimate of $584bn that caught his eye as buried on Page 73 of the Green Book were three new taxes on existing tax-efficient 'benefits'. Tax the mass-affluent (>$250k) seems indeed the new motto of this presidency.
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http://www.zerohedge.com/news/hidden-taxes-obamas-budget
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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