Tag Archives: taxes

Harry Reid: Paying taxes in America is voluntary

harry_reid_taxes_voluntary

Harry Reid believes paying taxes in America is “voluntary”. This is a man that has been a Senator for 26 years! He is currently the Majority Leader in the United States Senate! The fact that he has been elected to office so many times is astounding! He is the poster boy for term limits!

So, ultimately, you can’t “cheat” on your taxes, but, it’s still “voluntary”! This is a special kind of stupid!

 

If There Was Ever a Golden Opportunity

gadsden flag

The recent “scandals” plaguing the Obama Administration serve to illustrate that nothing lasts forever. The honeymoon with the mainstream media has ended after a record run and their steamroller approach to Washington politics has hit a “bump in the road,” and one they cannot circumvent. This moment in time presents some golden opportunities for those of us who identify it as one of vulnerability for those who quest to “fundamentally transform the United States of America.” But in every golden opportunity exists some danger. And while we of the constitutional and conservative bent never cease to protest this truth, it is a truth nevertheless. We could be winning a baseball game by 15 runs in the bottom of the ninth inning and find a way to lose by 3.

While all the so-called “Republican strategists” and conservative pundits debate the depth of the Obama Administration’s “evil deeds,” and while everyone in the conservative blogosphere is screeching “impeachment” at the top of their cyber-lungs, we who possess level heads; who deal in facts and realism instead of emotion and appearance, understand that the probability of impeachment is next to zero. This is because for all the misdeeds and ethical lapses of this administration; with the very serious issues they have exploited for political gain –  including those that took place at the expense of American lives and the sanctity of constitutional rights, “high crimes and misdemeanors” have not been executed by Mr. Obama, personally, that anyone can prove.

Additionally, there are two reasons why impeachment would never result in the removal of President Obama from office.

First, we have a Democrat majority in the US Senate. And while impeachment happens in the US House of Representatives, the trial conducted due to impeachment is held in the Senate, presided over by the Chief Justice of the US Supreme Court. In the end, anyone who believes that a Democrat controlled Senate would vote to convict, thus executing Mr. Obama’s removal from office, is smoking something that is now legal in Colorado.

Second, the Republican establishment and elected leadership would never agree to move on impeachment for fear of losing a messaging battle with the Progressive machine that would leave them with the scarlet letter of “racist” around their organizational neck. Moving on the impeachment of Mr. Obama on charges of “high crimes and misdemeanors” would energize the Progressive base, motivate the race-baiter activists and give the Progressive-sympathetic mainstream media a reason to re-champion Mr. Obama, thus destroying any advantage the GOP may have thought they gleaned from the Obama-induced “scandals.”

And while there are some in this administration that very well should don orange jumpsuits for a period of time, the responsibility of prosecuting these people to conviction is predicated one of two events.

There can be an appointment of a special prosecutor – which requires an appointment of one by…wait for it…US Attorney General Eric Holder. With Mr. Holder’s contempt for Congress and anything not Progressive or “social justice,” and with his track record of biased prosecutions and non-prosecutions, pigs will fly before we see a special prosecutor appointed by Mr. Holder.

Then there is the option of the Department of Justice taking up the prosecution. Again, this would require action on behalf of Attorney General Holder. And again, because he would be – in at least one if not two of the “scandals” – implicated as a “wrong-doer,” well, pigs…wings…you get the picture.

I know, it sounds as if conservatives can’t win for losing. But that’s not the case. There are two opportunities that could not only seal Mr. Obama’s fate, but that could save the United States from one-hundred-plus years of Progressive incremental victories.

First, in light of the fact that the IRS is at the center of a scandal of mammoth proportions, a scandal that reeks of Progressive and/or Chicago-Progressive thug politics, the forces that champion comprehensive and radical tax reform could combine forces to affect true and real reforms in the tax code in either a flat tax, with absolutely no deductions, loopholes or exceptions; or a consumption tax. Either could completely replace the existing Progressive tax code (have you figured out why they call it that yet?) and literally neuter the IRS completely. Truly, it would be just desserts for an agency that has moved from the honest collection of taxes under a dysfunctional and politically charged tax code to a tyrant agency that routinely attacks the innocent, striking fear into the hearts of the law abiding.

But second, and frankly I believe more important, is the opportunity to spotlight the Progressive Movement for the tyrannical, oligarchical elitist, Fabian socialists that they really are; to educate the no- and low-information voters – in real time and with “in-the-news” issues that directly affect them – on how the Progressives actually despise the masses, even as they say they champion the worker (if they really champion the worker how come their signature achievement in Mr. Obama’s tenure – Obamacare – is set to raise the taxes on union health insurance plans in 2018 by 40%?).

If, by the grace of God Almighty, conservatives can dispose of the egos and join in an effort to communicate, if establishment Republicans can lose their penchant for “know-it-all,” “my-way” inside-the-beltway arrogance to provide the national apparatus by which to communicate, and if the TEA Parties can enjoin cohesively with both of the aforementioned to move the message; to educate; to inform the no- and low-information voters, in a non-aggressive and non-inflammatory way – if conservatives of all stripes can craft and move a message that defines the Progressive Movement for exactly who they are and exactly what their goal is for our country, then we have an opportunity to send their movement into a thousand years of darkness.

Imagine.

Of course, to do this would require conservatives to – at least for the moment – work together, something the “too-many-chiefs-and-not-enough-Indians” Conservative Movement does very poorly.

So, Conservatives of all stripes, establishment Republicans and TEA Partiers, it’s the bottom of the ninth and the score is tied. We’re at bat, their pitcher is tired and they have exhausted their bullpen.

How about it?…

MSNBC on IRS Scandal: This is Tyranny!

morning joe irs

Prepare yourself.Tea Party

The Tax Man Cometh.

Since biblical times the tax man has been looked at with scorn and distrust. Today even the liberals at MSNBC are reacting with shock and appall at the severe biased actions of the IRS in targeting conservative groups for extreme scrutiny. More information over the weekend revealed that not only was IRS targeting groups with connections to the Tea Party, Patriot, Glen Beck’s 9-12 Project along with groups who took a pro Israel stand, but SENIOR officials were aware of this by 2011.

Additionally, it is being reported by the Wall Street Journal that any fiscal conservative group with concerns about the constitution, government spending, taxes, etc., were being singled out.

Watch for additional more facts to come out. Such revelations already make one wonder if this could be the tip of the iceberg?

As investigative reporter Lisa Myers asks, “Do these people not remember the Nixon administration?”

And remember. . . These are the same people who will make sure your new Obamacare plan is administered fairly. . .at least, as long as you tow the line.

Visit NBCNews.com for breaking news, world news, and news about the economy

Internet Taxation

aresauburn™ (CC)
Relaxed Wisdom

Relaxed Wisdom

Today 21 Republican Senators vote to tax Americans even more, while five Democrats voted against higher taxes.

Shame on those republicans, and applause for those five Democrats.

Those Republicans that are worthy of scorn are listed below. When they begin bragging about how wonderful they are and attempt to distract you with lies, don’t buy into their deceit. They will sell you a lot of snake oil, but in the end they will strike with venom again and again.

Sessions (R-AL)

Shelby (R-AL)
Boozman (R-AR)
McCain (R-AZ)
Chambliss (R-GA)
Isakson (R-GA)
Coats (R-IN)
Collins (R-ME)
Blunt (R-MO)
Cochran (R-MS)
Wicker (R-MS)
Burr (R-NC)
Hoeven (R-ND)
Fischer (R-NE)
Johanns (R-NE)
Portman (R-OH)
Graham (R-SC)
Thune (R-SD)
Alexander (R-TN)
Corker (R-TN)
Enzi (R-WY)

The five Democrats with a proper vote are

 

Baucus (D-MT)
Tester (D-MT)
Shaheen (D-NH)
Merkley (D-OR)
Wyden (D-OR)

America is taxed enough.  Anyone with any common sense knows the federal government is one of the most wasteful organizations in the world.  Taxes should be cut until the government learns how to manage its business in a responsible manner.

I hope everyone that believes in the dignity of this nation will call their senators as many time as possible demanding better of them.

WaPo on Obama budget: nearly all will pay higher taxes

Obama budge to tax nearly everyone

arrogant_obamaThe Washington Post reported the a nonpartisan analysis found that ” earners at nearly every income level would face a somewhat higher tax burden.”

The Tax Policy Center study found that Anericans earning less than $200,000 will pay higher taxes despite the President’s 2008 pledge to the middle class unequivocally stating that they would see absolutely no increase in taxation. The result will be less disposable income and a hit to charitable giving.

The tax increases come in three forms: an increase to tobacco taxes, changes in personal exemptions and a recalculation of inflation.

As more low-income earners smoke than higher-earners, the increase in taxes on cigarettes will be necessarily regressive – hitting the poor much more than anyone else. Obama’s budget nearly double the federal tax from $1.01 to $1.95 per pack.

Exemptions will diminish in value each year as a new inflation calculation formula forces middle-income earners into higher tax brackets each year.

Being forced into a higher tax bracket will leave less disposable income for those of moderate incomes. With more money being funneled to an inefficient federal government, middle class families will have fewer dollars to spend how they see fit.

As more earners get pushed into higher tax brackets, the amount they can claim for charitable giving diminishes. Combined with fewer dollars left after taxes, charities are likely to see more funds going to government programs that used to be directed to them by willing citizens.

The President’s budget reflects a core ideal: the government can take care of people better than private charities. As more government programs, like the Obamaphone give-away, are shown to be wasteful, taxpayers should question the redirection of money that would otherwise have likely gone to charities.

This is the second increase in taxes the middle class has seen from the President in recent months. Earlier this year, most Americans saw their paychecks shrink as the President discontinued the Bush tax cuts.

The hardest hit in Obama’s budget are those making more than $200,000. The same group the President targeted in his January tax increase.

‘Morning Joe’ Scarborough Goes Off: ‘I pay over 50% in taxes, Obama only pays 18..’

morning_joe_obama_taxes

Joe Scarborough is not happy that Obama pays only 18% in taxes, while  Joe pays over 50%. He wants the hypocrisy to sink in. They see the hypocrisy!

But one Chuck23250 on YouTube thinks this could be a “sophisticated scam” to bring attention to the Buffet Rule:

Joe.either you are falling into a Progressive trap or this is a sophisticated scam to bring attention to Obamas Buffet Rule. You are helping him make the case for taxing the rich more. See, listen to Ed Rendell jump in there with the Buffet rule. Obama wanted to change it but for the Republicans. It is the Republicans fault that Obama only pays 18.4 percent. Why not go to a flat tax or a sales tax. Tax everyone the same. Now that would be fair. Eliminate the gestapo IRS police state all together

How Joe Biden Spent $585,000 for One Night in Paris

BidensParis

Have you really thought about that? Here’s how he did it.

There are more stories about this than I have toothpicks and we owned a restaurant. (Trust me, you end up with a lot of toothpicks after closing a restaurant.) I have a much different take on things but first “the facts:”

"No worries America"

“No worries America”

When you think about it – I mean really think about it – can you even imagine having the desires (plural), let alone the time and energy of what’s left in a 24-hour day, to think of all the places you could go or of all of the friends you could take or could you find enough hours in what’s left of that day to spend $585,000 for a one night stay – even in Paris with an entire security entourage? And just who’s running our country without this brain child of gluttony at the helm?

Rush Limbaugh hit this nail on the head: People like this self-serving hooligan could not and would not (because they could not) do such things with their own money. They couldn’t afford to, even on their Congressional pay and perks. OUR money is paying for this amoral gluttony and whether you are a Liberal or Conservative, if you aren’t mad as hell about this waste and excess then there’s something seriously wrong with you – get out of here. Now.

 

“The Facts”

Joe Biden’s $585,000 hotel bill makes no sense, MSN Money

Biden did spend an evening in Paris in early February, but there are no details in the document about whether this contract is accurate or what the final hotel bill came to. A standard room in the hotel costs about $475 a night, and the royal two-bedroom suite runs about $3,900 a night.The Weekly Standard also points to another government contract for Biden’s London hotel stay in early February. The contract, to the Hyatt Regency London, totaled $459,339. An associated document with that contract said it was for 136 rooms for 893 room nights.

Few expenses are spared when Vice President Biden hits the road, racking up five-star hotel bills of $500G, Daily News

It can cost in the neighborhood of $500,000 a night — and that’s just for the hotel.Biden’s one-day visit to Paris on Feb. 4 required more than 100 rooms at the five-star Hotel InterContinental Paris Le Grand.

The lodging cost taxpayers $585,000.50, according to federal contracting records that emerged Friday.

Joe Biden runs up bill of $585,000 for just ONE NIGHT in five-star Paris hotel (and taxpayers will pick up the tab), Mail Online

When Mr Biden and his hefty entourage stayed in Paris for an evening in early February and it cost $585,000.50 for that single night. The Vice President likely rented out more than 100 rooms in the Hotel Intercontinental Paris Le Grand, though they must not have gotten a group discount rate.

Biden One-Night Hotel Tab: $585,000, The Weekly Standard

The documentation for this contract is not as detailed as the London one, so the cost per room is not available.  However, just like his London hotel, the Hotel Intercontinental Paris Le Grand is a five star hotel. Again, security concerns prevent these type of contracts from being open to bidding, but if the government was able to do some comparison shopping, the Hotel Intercontinental has a special offer, “Find a lower price elsewhere and your first night is free.” The Vice President stayed in Paris for one night.

Biden One-Night Hotel Tab: $585,000, The Washington Free Beacon

Biden and his wife, Jill Biden, spent three days traveling Germany, London and Paris in February.They stayed at the five-star Hotel Intercontinental Paris Le Grand then spent $459,388.65 at the Hyatt Regency London the next day, also according to the Weekly Standard:

Joe Biden Spends 1 Night In Paris, Racks Up $585K Bill [PHOTOS], Hip Hop Wired

(See photo essay.)

If you want to know how Biden did this against all reasonable human odds, you’re in the right place … Go here.

This is no joke. That’s the only reason I don’t parody this lamebrain administration’s unconscionable thuggary-theft of taxpayer money more. You need to read this linked article and make time for its video. Until then this will only get worse. GOP Old Guard Republicans are no better. They’re lovin’ it just as much. All on the backs of our labors (or entitlement program cut, whatever your case may be – it DOES effect you). Stop it or stop whining.

Contact your legislator today. Tell them to stop this gross spending as they deprive taxpayers who’re paying their overly extravagant bills. If not you, who? We could function better without a government than with this one. Pick your poison. I’ll take my chances with YOU any day.

CPAC 2013 Stands With Rand

Sen. Rand Paul gives hope to the curly–haired.

Sen. Rand Paul gives hope to the curly–haired.

The 40th annual Conservative Political Action Conference (CPAC) held this week in National Harbor, just across the river from Washington, DC, did not appear to be a depressed gathering of Republicans and conservatives still reeling from last November’s presidential loss. There was friendly rivalry between supporters of Sen. Rand Paul (R–KY) and Sen. Marco Rubio (R–FL), but I saw no evidence of divisive infighting and vicious internal attempts to gain mainstream media publicity at the expense of fellow party members.

But then again an impressive contingent of off–duty police officers was probably more than enough to keep John McCain and Lindsey Graham from attending the conference.

The opening day of CPAC 2013 evolved into a faceoff between two potential Republican presidential candidates: the aforementioned Rand Paul and Marco Rubio.

Judging by the crowd’s reception, Paul was the winner.

Rubio — America’s foremost spokesman for regular hydration — did not address immigration, the issue he’s been most associated with this year. Instead the bulk of Rubio’s speech, once we got past the H2O jokes, was fairly standard — although he did touch on the call for a remodeled Republican party.

Rubio said the goal of the Republican Party should be to “create an agenda to apply our time–tested principles to the challenges of today” because average Americans are asking, “who is fighting for them?”

Specifically, Rubio believes the US should be the best place in the world to create middle–class jobs and to facilitate that the country must solve the federal government’s debt and spending problem. Republicans should stress pro–growth energy policies that include both oil and gas. On the home front, he wants every parent to have an opportunity to send their children to “the school of their choice.” And we need real heath care reform that empowers Americans so they can buy insurance from any company, regardless of where the company is headquartered.

The young senator also addressed leftist critics and predicted they will downplay his speech and claim that he didn’t offer any new ideas. “We don’t need a new idea. The idea is called America and it still works,” Rubio responded as the audience applauded.

It would have been the best conservative speech of the day, if Rand Paul had not made an appearance.

It was a standing–room only crowd that anticipated Paul’s appearance and it erupted in applause as he brandished the binders he used during his drone filibuster in the Senate and declared, “I was told I only had ten measly minutes, but just in case I brought 13 hours worth of information.”

Paul — who gives hope to the curly–haired since no one will ever call him ‘blow dried’ — began by explaining that the motivation for his filibuster was to question whether presidential power has limits: “We want to know will you or won’t you defend the Constitution?”

As an audience member called out, “Don’t drone me, bro!” Paul explained that the president’s good intentions are not enough. “No one person gets to decide the law,” he said. And that’s his philosophy in a nutshell: leaders must defend and abide by the Constitution even when it’s not convenient.

Paul then moved to compare his conservative philosophy with that of Obama’s, which has proven to be you can have your cake and eat your neighbor’s, too. He quoted Ronald Reagan who said, “As government expands, liberty contracts.”

With that in mind he proposed a five–year plan to balance the budget. Paul’s blueprint cuts the corporate income tax in half, creates a flat personal income tax of 17.5 percent, erases the regulations “strangling American business” and eliminates the Department of Education entirely giving the power and the money back to the states.

Paul observed without mentioning names that the GOP “of old has grown stale and moss–covered.” His new GOP will need a big tent because it will “embrace economic and personal liberty. Liberty needs to be the backbone of the Republican Party and I ask everyone who values liberty to stand with me.”

And the crowd did, giving him a standing ovation that easily eclipsed the response to Rubio’s earlier speech.

A Citizen Challenge

tsunami

Chances are you haven’t heard (and won’t hear) about this Federal report from the Liberal media.

Two days ago the non-partisan Government Accountability Office (GAO) released its Annual Audit of the United States Government for fiscal years 2011 – 2012. The government’s own conclusion is this:

“… Absent policy changes – the Federal Government continues to face an unsustainable fiscal path.” (Minute 00:35)

That means – if the Federal Government does not stop the wild spending – the U.S. dollar will collapse.

tsunamiThis is like telling people on a beach, “Hey, a tsunami is coming and if you don’t move you will be killed.”

But the beach folks say, “I like it here, I’m not moving,” and eventually the wave comes in and kills them.

That’s exactly what’s happening now.

We The People are allowing this.

Only We can change this.

The best Talking Points I’ve heard in a long time:

Video Courtesy of MrFeshamon & YouTube

House Republicans Have More Than Two Options

fiscal-cliff-boehner

fiscal-cliff-boehnerThere were a few anxious moments in the White House last night and early Thursday morning. For a brief moment it looked liked John Boehner’s re–election as Speaker might be in trouble. This would have been a disaster for the Obama administration — equivalent to the French hiring Gen. George S. Patton as their commander–in–chief in the fall of 1938.

It’s quite possible that Boehner is the favorite Republican of Oval Office denizens. He’s never won a showdown with Obama. He huffs and he puffs and he blows his own House down. Cong. Boehner is the Ambrose Burnside of GOP strategists. He’s always a pontoon or two short of victory.

Which is why his three–vote margin was uncomfortably close for the Obama administration.

Speaker Boehner — and admittedly much of the Republican brain trust both in and out of elective office — is trapped in a binary, tactical battle with the White House. A battle he manages to re–fight and re–lose on a regular basis. The fiscal cliff confrontation was simply not a choice between passing Obama’s tax and spending increases or plunging headlong off the cliff.

A truly strategic thinker would have seen there was a third option. An option that was difficult in the short run, but promised a lasting victory in the long run.

I outlined that strategy here in mid–December. I contend that Obama has a legitimate mandate to raise taxes, so let him raise taxes to his heart’s content. Instead of fighting and losing, House Republicans step aside and let the Democrats pass a bill that gives the public a mandate right upside their head.

Only the Democrats do it without a single Republican vote.

Instead, Boehner states very plainly the GOP believes this bill is wrong and raising taxes will damage the economy. Unfortunately, the people have spoken, so the GOP will abstain on this vote. Making the 2014 off–year election a referendum on the Obama plan.

A referendum Republicans will win in a landslide, if we are correct. If we are wrong, and the voters actually want big, bigger and biggest government, then it doesn’t matter anyway.

Using a political rope–a–dope strategy means Republicans can’t be blamed for pushing the country over the fiscal cliff, nor can they be blamed for the recession redux that follows passage of Obama’s Christmas list.

Instead, binary, short–term, tactical thinking has saddled the nation with a terrible deal: $41 in new spending for every $1 in elusive spending cuts. And what’s worse, because the House GOP leadership helped pass the bill, Republicans now have part ownership of the blame for Obama’s failure!

Ss long as Boehner is speaker, this willing participation in mutually assured economic destruction undercuts responsible conservatives in the future.

On the other hand, Republican governors, when presented with an almost identical situation, made just the type of choice I’m advocating.

GOP governors loathe Obamacare. They believe it to be bad policy, bad medicine and bad government. Now Obamacare is the law of the land and the next step is implementation on a state–by–state basis. In any potentially chancy political situation Democrats can be certain to monopolize all the credit and outsource the blame if things go wrong.

Acting on this principle, Democrats established a system where each state is supposed to create a health insurance exchange, which insulates national Democrats from blame. When Obamacare goes horribly wrong, state governors will be in the line of fire, since they created the exchange.

If Boehner had been governor of say Virginia, he would have fallen right into the trap and worked to create an exchange that implemented Obamacare and dispensed blame to Republicans.

Fortunately Bob McDonnell is governor and he — along with other wise Republicans at the state level — refused to create an exchange. Leaving Obamacare a Democrat sole proprietorship, since the exchange will be run by the feds. Obama owns the law and he owns the outcome, because Republicans refused to participate.

Looking ahead, our next defeat will be the vote on increasing the debt limit. Sure Boehner has pledged that he won’t negotiate with Obama in the future, but I fail to see where being buffaloed by Harry Reid is an improvement.

Unfortunately for conservatives, Boehner is an excellent strategist when it comes to protecting his career. As Virginia Del. Rich Anderson (R–VA) points out, back in 2009 Boehner was a strong supporter of a secret ballot for union elections.

Boehner declared that a public vote with union organizers watching would “actually would strip workers of free choice in union organizing elections…. Instead, it would leave them open to coercion and intimidation — from either union officials or company management — to sign or not sign a card expressing their desire to join a union.”

Which makes the 12 Republican members of the House who voted against Boehner on Thursday all the more noble. Since he was watching teamster–like as each one of them voted against him.

Voting as a conservative in the Boehner House is not conducive to career advancement. As the four freshmen Congressmen who lost their committee assignments last month, in retaliation for failing to toe the company line, will be happy to tell you.

Taxes: Yours are Going UP

money capitol

Forget what you’ve been hearing about the fiscal cliff being averted. Your taxes are going up.money capitol

Beginning January 1 your FICA taxes (Social Security and Medicare) will return to their 2009 levels. In 2010, in an attempt to jump start the economy, President Obama reduced payroll taxes from 6.2 to 4.2 percent. Congress, in its efforts to keep us from falling off the financial cliff, neglected to continue this reduction and so now all taxpayers will see an increase.

Some will say that we should be glad to see this money returning to the Social Security and Medicare funds; that these programs are in severe need of significant changes if they are to remain funded beyond the next ten years.

This unexpected tax hike isn’t just a blow to working families. It will also be a shock to the economy. Economists have considered the payroll break one of the more effective ways of stimulating the economy because, as working families enjoy larger take home pay, they have more money to spend. That, in turn, helped boost businesses’ bottom lines and spur the fragile economic recovery. Many economists think it’s too early to tell exactly how much the higher payroll tax will hurt the economy, but generally agree that there will be a negative effect.

The initial amounts of the increase don’t sound so bad…after all, it’s spread out over a year. But imagine this: A family making $50,000 per year (not rich by any means) will now see an increase in payroll taxes of $20 per week or $80 per month, $1,000 in total. If you are that family you know that extra money is needed each month to buy groceries, buy winter coats, or maybe pay for the kids to be in a soccer program. It is real money and will be felt by real people.

It’s remarkable that despite the bluster of Team Obama not to raise taxes on the middle class they are doing just such. Did they think we wouldn’t notice?

This month as your Democratic voting friends notice their paychecks are a little smaller ask them first, who they voted for and if they truly believed Obama would keep their best interest at heart?

Do not be a low information voter.

It’s the Spending, Stupid

deficit

Barack Obama, who seemingly has remained in campaign mode since first entering public life, continues to insist House Republicans obey his command to hike tax rates on upper income earners.  If Republicans do note cede to his demands, Obama is willing to let everyone’s taxes go up and to cut one trillion dollars from the budget, a disproportionate amount of which will come from defense.

Were Obama sincerely interested in solving America’s fiscal dilemma, this would not be his stance.

He continues to make campaign appearances claiming that these higher tax rates are needed to lower the U.S. deficit and cut the national debt.

Nothing could be further from the truth.

The amount of revenue collected by the IRS as a result of such a tax rate increase would fund U.S. federal spending for less than nine days.

According to the latest data from the Congressional Budget Office, at current spending levels the federal government is borrowing forty six cents of every dollar it spends.  Through the first two months of fiscal year 2013 the government is already almost $300 billion in debt.

http://www.washingtontimes.com/news/2012/dec/7/government-borrows-46-cents-every-dollar-it-spends/print/

Medicare, Social Security and interest on the debt are the biggest drivers of the debt.  The true costs of Obamacare have yet to be revealed, but given the U.S. federal government’s track record it is safe to predict that it will be far more expensive than projected and finish in the red every year.

Collecting eight days’ worth of spending from upper level incomes will do nothing to affect the level of spending on any of these programs.

Additionally, Obama willfully ignores that at current tax rates, revenues are up by thirty billion dollars over last year.

Obama, his “progressive” political allies and the obedient lapdogs within the “progressive” Party Pravda continue to foster the notion that raising tax rates on the highest income earners, those who already pay forty percent of all income tax revenue, will be a panacea, the magical elixir needed to solve America’s fiscal woes.

They also continue to lay the blame for today’s deficits on former President George W. Bush.  Bush’s highest deficit was $438 billion during his last year in office.  Obama’s government is poised to post another $1 trillion deficit, which will mark the fifth straight year of $1 trillion or more deficits.

America’s current financial predicament is the result of wasteful “progressive” spending on big government socialist programs.

That is the reason.

America’s debt and deficit dilemmas can only be solved through reduced spending.  If and when the United States falls off a fiscal cliff or receives another credit downgrade, it will be because of “progressives”, not Conservatives.

The conversation should be about how to cut spending, not about how to increase taxes.

Political Party or media employer notwithstanding, anyone who says differently is being intellectually dishonest.

http://mjfellright.wordpress.com/2012/12/07/its-the-spending-stupid/

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Why Tax Rates Instead of Loopholes?

tax form

The Obama Administration has been adamant about raising tax revenue by raising marginal rates rather than by closing loopholes and capping deductions, even though the latter solution would raise as much revenue as the former. Why all the insistence on rates?

Loopholes in the tax code have historically been used to manage behavior, as well as to reward and punish those who are in or out of favor with the powers that be. If President Obama gets his way, he will still be able to use loopholes to reward his wealthy contributors, while also using the tax code to punish those who oppose his policies.

A flatter, fairer tax code with few deductions and loopholes would mean that those donors who favored the President with their millions, would have to pay like everyone else.

It is not about the revenue, it IS about the power.

Bartimoro on MTP: All Taxes Not Equal

maria bartiromo

It’s no coincidence that hundreds of major companies across the U.S. announced plans to lay off thousands of workers the day after the elections. While the president continues to promote a ‘tax the rich’ approach many don’t realize the difference between taxing income and taxing investment dividends.

This week Maria Bartiromo joined the “Meet the Press” round table for discussion on the fiscal cliff debate currently ongoing and zeroed in on just this issue.

After speaking on the necessity of Social Security and Medicare reform Bartiromo stated: On taxes, you really can’t put all of the taxes into one category. Dividend taxes for one is probably the biggest threat to the markets and the economy right now when you’re just looking at taxes. And dividend taxes are not a rich tax, nor are capital gains. You’re talking about pension funds, 401(k) plans, invest in companies that pay dividends. If you’re expecting a dividend tax to go from 15 percent to 44 percent, that completely removes the opportunity or the incentive to buy dividend paying companies. And that’s going to hurt not just the rich. That’s going to hurt everybody if, in fact we were to see that. That’s very dangerous, and it is going to create a massive selloff.

Investing in businesses comes with inherent risk. The riskier the investment the greater the potential rewards. But with that is the caveat, if the potential rewards are offset by increased taxes more people will look at other places to put their money. If fewer people (including investment/retirement plans, pension funds, etc.) invest in businesses because of the increased taxes on dividends the companies will not be able to grow and expand.

A ‘tax the rich’ mantra is not nearly as simplistic as the president makes it sound.

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