Posts Tagged ‘Fiscal Cliff’

Full List Of Obama Administration’s New Taxes

Obama’s New Taxes (Implemented Or Soon To Be)
Largest Tobacco Tax Hike In History
10% Tanning Tax
Health Care Insurance Mandate Tax
(as ruled by SCOTUS)
Five Major New Taxes In Obamacare

Full List Of 20 Hidden Taxes In Obamacare
Standard deductions Rose in 2013

Obama Administration’s Proposed New Taxes
$1.6 Trillion New Taxes in “Fiscal Cliff” Deal
Proposed 15c per Gallon Increase In Federal Gas Tax
National Internet Sales Tax (link1 , link2)
Junk Food (Sugar/Fat) Tax
Proposed Stock Transaction Tax
Value Added Tax. (case for, case against)

Please let us know if there are any new Obama taxes we’ve missed.

Unprincipled GOP Senators Betray Constituents With Vote For Massive Tax Increases With No Cuts

As predicted in my December 2nd thread entitled: Likely Outcome Of So Called Fiscal Cliff Negotiations, progressive GOP establishment hacks voted to raise taxes today, while at the same time, putting aside the needed cuts agreed to during the debt ceiling debate.

My (cough) representative, Senator Lindsay Graham, can be counted as one of the establishment cabal who abandoned his constituents’ wishes, with empty promises to stand on principle at some later time (yeah, right). The Senate bill is a complete disaster, loaded with tons of pork, stimulus spending and other ancillary legislative tripe. As usual, with these last minute legislative debacles, no one has had time to really dig into the bill and expose the nastiness contained within. The Full Text of HR-8 can be found here.

The new Bill raises taxes on successful businesses and families earning 400k/450k per year, respectively. This unnecessary tax hike does nothing to solve our fiscal crisis. It will barely pay for the Fed’s Hurricane Sandy bailout, much less add one cent toward solving the debt and deficit issues we have. In keeping the class warfare agenda of the Obama administration and his far left allies, these new taxes are simply an effort to punish success.

Another distasteful element of the legislation is in regards to the Estate Tax. The Estate Tax is specifically designed to punish those who have been successful over their lives and to ensure that it’s much more difficult for families to accumulate generational wealth. This is particularly difficult on small family farms and businesses.

(c) Modifications of Estate Tax-
(1) MAXIMUM ESTATE TAX RATE EQUAL TO 40 PERCENT – The table contained in subsection (c) of section
2001, as amended by section 302(a)(2) of the Tax Relief, Unemployment Insurance Reauthorization, and Job
Creation Act of 2010, is amended by striking `Over $500,000′ and all that follow s and inserting the
following:

Over $500,000 but not over $750,000 $155,800, plus 37 percent of the excess of such amount over $500,000.
Over $750,000 but not over $1,000,000 $248,300, plus 39 percent of the excess of such amount over $750,000.
Over $1,000,000 $345,800, plus 40 percent of the excess of such amount over $1,000,000.

If you die with 500k in assets, which by the way, you’ve already paid taxes on, the Feds swoop in and steals $160k of the families assets. It is truly outrageous that any Senator or House Representative, claiming to have conservative principles, would vote for this kind of blatant Government theft.

If John Boehner does a run around of the conservative wing of the house, making a deal with the liberal Democrats, he should be labeled a traitor to the cause and ran out of the his leadership position. Making a terrible deal with the opposition, in order to raise taxes, is certainly not leadership. Far from it!

Conservatives have just been betrayed by the Senate. Let us hope we won’t be betrayed by our supposed representatives in the house.

Likely Outcome Of So Called Fiscal Cliff Negotiations

Politicians and their media allies have been screaming for months that the so called “fiscal cliff” will spell the end of America. While most people agree that raising taxes in our slow economy would be a bad idea, the real purpose for all the chicken little, “Sky is falling”, rhetoric is purely political. The real purpose is to convince the American people that we should increase taxes, while eliminating cuts that came out of the Super Committee during the battle over the increasing the debt ceiling in the summer of 2011.

Context
To predict the outcome of the “fiscal cliff” negotiations, one needs to understand that nether the Democrats or Republicans are really interested in real cuts in spending, specifically for the government programs they seek to protect.

Republicans’ Sacred Cow
Just listen to the GOP when faced with a reasonable $60 billion dollar per year cut in military spending.

What war hawk Lindsey Graham doesn’t tell you is that even with the $60 billion per year in cuts, the U.S. will spend 5 times more on its military than China and 10 times more any other nation.

Clearly, America’s military industrial complex will continue to dominate the world, in spite of the GOP’s fear tactics and absurd claims that the cuts will “destroy the military”.

Democrats’ Sacred Cows
While the Republicans are unwilling to cut military spending, the Democrats are unwilling to cut any other government program, especially the major entitlements that are driving the massive debt we are accumulating. Just listen to the left when they are pinned down on what they are actually willing to cut.

So this clown suggests that raising taxes is a cut? If it weren’t so pathetic, it would be laughable. The Democrats have no intention of cutting anything.

The Likely Outcome
There will be a deal, a very bad deal for the American people. As usual, the politicians on both sides will delay until the last minute, claiming that doom is upon us and they must act now to save America from certain disaster.

The Republicans will agree to raise taxes on successful families and small business, in exchange for eliminating the military and domestic cuts agreed to in 2011. Any real cuts, along with any discussion of limiting the size and scope of government, will be dismissed, with promises of taking up the issue at a later date. That date will never come.

Both sides will declare victory, as America races toward a $20 trillion debt and a total collapse of the monetary system. This is what happens when corrupt leaders put short term politics ahead of long term public interests. We have no one to blame but ourselves. The Tea Party sounded the alarm but was demonized by the left, right and the media. We voted for these people, without taking to time to really understand the long term crisis we face. In light of that, we will end up getting exactly what we deserve.

Obama Holds America Hostage In Attempt To Punish Success

Barack Obama is threatening to allow Federal taxes to increase on the 54% of Americans who actually pay Federal taxes, unless the GOP agrees to increase taxes on families and small businesses who earn more than 250k per year. There is no justification for increasing these taxes, being the tax increase does nothing to offset deficit spending or pay down the national debt.

Economists warn that the increased taxes would actually hurt the economy by limiting growth, resulting in fewer tax dollars flowing into the treasury, which would actually balloon the debt and deficit.

So why would Obama push for this? Well, Obama has stated that it’s just a matter of “fairness”. Clearly, the president cares more about punishing successful families and businesses, than solving the dire fiscal issues that we face as a nation.

The NYT and other media outlets have calculated that the increased taxes would generate $850 billion over 10 years, which works out to only $85 billion per year. Considering the U.S. government spent $3.5 trillion in 2011, $1.3 trillion in borrowed money, it’s clear the $85 billion per year in increased taxes does nothing to solve the fiscal issues that face all Americans. When you factor in the decrease in economic growth that comes with higher taxes, Obama’s misguided tax policy, based on some leftist notion of “fairness”, is much more detrimental to solving America’s fiscal problems, than it is beneficial.

Isn’t it time for America to reject the device class warfare policies that do nothing to solve problems? Aren’t we tired of politicians, on both sides of the aisle, who refuse to limit the size and scope of government? Perhaps it is time to point the finger at the Democrat and Republican parities for their utter failure and place the blame on squarely on them. It’s time for voters to recognize that the two parties are simply blaming one another for the problems that both of the them are equally responsible for causing.

If the two parties are unwilling to take responsibility for the problems they have caused, perhaps it’s time to consider rejecting both parties and supporting a 3rd party of responsible citizens who are actually interested in solving the critical issues we face.