Senators Got 154-Page ‘Fiscal Cliff’ Bill 3 Minutes Before Voting on It

Comments Off on Senators Got 154-Page ‘Fiscal Cliff’ Bill 3 Minutes Before Voting on It

I blame Boehner for this. It reminds me of what Nancy Pelosi said about voting for Obamacare, “you can’t see what’s in it until it’s voted in”……how stupid can people be.

House Vote on Fiscal Cliff Bill Breaks GOP 3-Day Pledge to Read the Bill

(CNSNews.com) – The U.S. Senate voted 89-8 to approve legislation to avoid the fiscal cliff despite having only 3 minutes to read the 154-page bill and budget score.

Multiple Senate sources have confirmed to CNSNews.com that senators received the bill at approximately 1:36 AM on Jan. 1, 2013 – a mere three minutes before they voted to approve it at 1:39 AM.

The bill is 154-pages and includes several provisions that are unrelated to the fiscal cliff, including repealing a section of ObamaCare, extending the wind-energy tax credit, and a rum tax subsidy deal for Puerto Rican rum makers.

The bill avoids the fiscal cliff by making permanent the Bush tax cuts for individuals making less than $400,000 per year and couples making less than $450,000 and by putting off the automatic spending cuts (sequestration) from last year’s debt ceiling deal until March.

Technically, those Bush tax rates had expired at midnight on Dec. 31, 2012 and the spending cuts were scheduled to take place when the government reopened following the New Year’s Day holiday

Advertisements

No, Romney Won’t Raise Your Taxes $2,000

Comments Off on No, Romney Won’t Raise Your Taxes $2,000

Mitt Romney’s tax plan is a winner, and, lacking a serious rebuttal, President Obama settles for fabricating charges.

In a campaign stop at Rollins College in Florida last week, Barack Obama suggested that the middle class should resent Mitt Romney’s tax proposals:

“I want everybody to understand here — he’s not asking you to pay an extra $2,000 [in taxes] to reduce our deficit; he’s not asking you to pay an additional $2,000 to help care for our seniors; he’s not asking you to pay an additional $2,000 in order to rebuild America or to fight a war,” the president said. “He’s asking you to pay more so that people like him can pay less.”

But here is the actual truth: Mitt Romney is not asking the middle class or anyone else to pay more taxes. Mitt Romney is proposing to cut tax rates for everyone, across the board. That would finally liberate the economy for a long overdue recovery. Increased revenues from that booming economic growth, combined with savings from cutting Obama’s runaway spending and closing loopholes that mostly benefit the highest income taxpayers, would enable a U-turn, from the four straight highest deficits in world history to a balanced budget in 5 years. The roadmap for doing that is Paul Ryan’s 2013 budget, which has already been adopted by the Republican controlled House. (The Democrat majority Senate, by contrast, has never shown up for work.) This is classic tax reform, cutting rates and closing loopholes.

Obama’s Tax Plan: Higher Taxes, No Jobs
The only candidate in this race proposing to increase taxes is Barack Obama. He has already enacted increases in the top rates of virtually every major federal tax, which will go into effect January 1. That is when the tax increases of Obamacare will hit, and when the Bush tax cuts will expire. (Remedial education for Obama supporters: “Bush tax cuts expire” means tax increases).

As a result, the top two income tax rates are already scheduled in current law to increase by nearly 20 percent; the capital gains tax rate is slated to soar by nearly 60 percent; the tax rate on dividends will explode to nearly three times its current level; the Medicare payroll tax rate will rocket up by 62 percent for disfavored taxpayers (the nation’s job creators, investors, and successful small business entrepreneurs); and the death tax will rise further from the grave with a 57 percent increase in the top rate.

This is all on top of the corporate income tax rate, which under President Obama is already the highest in the industrialized world at 35 percent — or nearly 40 percent counting state corporate rates on average. Even Communist China has a lower corporate income tax of 25 percent. The average in the social welfare states of the EU is less than that. Germany has an 18 percent federal corporate rate. Canada, which has been booming under a conservative government, is now at 15 percent.

American businesses are uncompetitive in the global economy under these tax policies. But with President Obama there is no relief in sight. Instead he is continually barnstorming the country calling for still more tax increases. Under his so-called Buffett rule, the capital gains tax rate would increase by 100 percent, to the fourth highest in the industrialized world.

Then in 2014, the Obamacare mandate tax will go into effect, requiring every employer and every worker in the country to buy the expensive health insurance plan that the federal government decides you must have. That is another tax increase on the middle class, which — in addition to all the other tax increases in Obamacare they will have to pay — trashes Obama’s central campaign promise in 2008 not to raise taxes on working people.

Obama promised in 2008 that he would only increase tax rates on the wealthy — the nation’s job creators, investors, and small business owners — to the levels that existed under President Clinton. But this talking point, which he and his brain dead supporters are still repeating, is now long outdated. In total, these tax increases will raise top rates well beyond the Clinton rates, and in an even worse context. Other countries have learned the lessons of Reaganomics and slashed rates on capital in particular since then, and so they are already outcompeting America today. Thus, the combined effect of all those tax rate increases on “the rich” would be a renewed recession, double-digit unemployment, and a federal deficit that tops $2 trillion.

The Romney Tax Plan
Mitt Romney, in sharp contrast, actually has a very good tax plan that will get the economy booming again and restore the American Dream. The key is reducing tax rates, in particular marginal tax rates, which are the rates that applies to the next dollar of income. Marginal rates determine the incentive for productive activity, such as working, saving, investing, expanding businesses, starting businesses, or creating jobs.

Romney’s tax plan proposes to:

• Extend all of the Bush tax cuts that are scheduled to expire in January.

• Repeal the unfair death tax, which taxes yet again a lifetime of savings that have already been taxed multiple times.

• Repeal all of the Obamacare taxes.

• Repeal the Alternative Minimum Tax (AMT), which was originally meant to stop the richest from avoiding taxes altogether, but which increasingly applies to millions in the middle class.

• Cut income tax rates by one-fifth across the board. So the top rate would be reduced from 35 percent to the 28 percent originally established in the Reagan tax reform. The bottom tax rates, paid by working people and the middle class, would be reduced to 8 percent and 12 percent — even lower than under Reagan.

• Completely eliminate federal income taxes on long-term capital gains, dividends, and interest income for workers earning less than $100,000 and married couples earning less than $200,000.

• Reduce the federal corporate tax rate from 35 percent to a more internationally competitive 25 percent, close to the global average, which would restore international competitiveness for American business. That rate would be reduced further in conjunction with broader corporate tax reform to close the numerous and extensive loopholes.

• Allow a tax holiday for the repatriation of the trillions in profits that corporations have parked overseas to avoid the double taxation they face in bringing the money back to America. Over the long run he would eliminate that double taxation by adopting a system of territoriality, so taxes apply to corporate profits only in the country where those profits are earned. Romney also proposes to make the federal research and development tax credit permanent.

The central theme is actually to cut taxes on the middle class, multiple times, over and over. Romney nowhere proposes any tax increase on the middle class, or on anyone else for that matter. Obama’s allegation that Romney would raise taxes on the middle class by $2,000 per family is a complete fabrication. Obama did the same thing to Ryan’s budget plan, alleging a litany of supposed cuts that were nowhere to be found in the plan. Obama just made them up well.

Even the Tax Policy Center study that Obama cites for his charge says that Romney “promises that low- and middle-income households will pay no larger shares of federal taxes than they do now.” The study argues that in order to raise the same amount of money, the federal government would have to raise taxes on middle- and lower-class families — but it does not suggest that any such thing has been proposed by Romney. In addition, the study fails to give nearly adequate credit to the fact that Romney’s tax plan will increase economic growth and jobs — and thus, tax revenue. Reagan cut overall tax rates by far more than Romney is proposing, and during the 1980s, federal revenue doubled.

The bottom line is that Obama is disgracefully campaigning as a damn liar, to the great shame of the entire Democrat Party that he represents. It is old-fashioned Soviet propaganda to publicly campaign on the opposite of the truth, as Obama is doing. That reflects Obama’s Marxist upbringing and the nature of today’s Che Guevara Democrat Party.

Continue reading

Senate rejects GOP plan to extend Bush-era tax rates in 45-54 vote

Comments Off on Senate rejects GOP plan to extend Bush-era tax rates in 45-54 vote

So now the Democrats have raised taxes on almost one million small business owners…..congratulations guys !

The Senate rejected the Republican proposal for extending the Bush-era tax rates in a straight up-or-down vote Wednesday.

GOP Sens. Susan Collins (R-Maine) and Scott Brown (Mass.) joined Democrats in voting against the GOP plan, which would have extended the Bush-era tax rates and other current tax policies. Brown faces a difficult reelection battle this fall.

Vice President Biden made a rare appearance as the Senate’s presiding officer in case his tie-breaking vote was needed to help Democrats pass their own tax plan in a subsequent vote. The Democratic plan would extend only the Bush-era rates on famlies with income up to $250,000.

“The Senate Democrat plan, which raises taxes on a million small business owners at a moment when we’re counting on them to create jobs, raises taxes on thousands of family farmers and small business owners grieving the loss of a loved one, leaves a middle-class tax hike in place, and reforms nothing,” Senate Minority Leader Mitch McConnell (R-Ky.) said Wednesday.

Despite Republican objections, the Democrats’ S. 3412 is expected to pass by a narrow margin, but will carry little weight since tax bills have to originate in the House and House Republicans are unlikely to accept the Democrats’ bill.

“Republicans are interested in protecting millionaires and billionaires from paying one penny more,” Sen. Patty Murray (D-Wash.) said Tuesday. “Disagreement on tax cuts for the rich should not stop tax cuts for the middle class … but Republicans care about extending those tax cuts for the rich above all else.”

The Democrats’ bill also includes extensions of the earned-income tax credit, child tax credit and opportunity tax credit for college tuition.

The Republican-controlled House will vote on tax measures next week and is likely to pass a similar version to the Senate GOP’s bill. The Senate rejecting that measure sends a clear message to the House that it can’t pass in both chambers, leaving the ball in the House’s court as to whether they are willing to extend tax breaks for just the middle class.

 

Obama shows he’s clueless about small business

Comments Off on Obama shows he’s clueless about small business

Remember this brillant statement? “If you’ve got a business — you didn’t build that. Somebody else made that happen.” …that’s like saying what came first the chicken or the egg?

President Obama has a message for all the small-business owners in America who also happen to employ more than half of all Americans: “If you’ve got a business — you didn’t build that. Somebody else made that happen.”

Obama uttered that sentence while campaigning in Roanoke last Friday, to explain how government deserves a large share of the credit for businesses’ success because it provides basic services and infrastructure that businesses use.

“The Internet didn’t get invented on its own,” Obama continued. “Government research created the Internet so that all the companies could make money off the Internet.” Moreover, Obama did not make this statement to argue that government should invest more in basic research and infrastructure. He was calling for a tax hike to fund more failing solar firms, bullet trains to nowhere and most of all the budget-devouring entitlement programs he lacks the courage to fix. He seems to think successful entrepreneurs should be grateful and eager to pay more.

Only someone who has never signed the front of a paycheck could make such an ignorant comment. Government research may have helped create the Internet, but entrepreneurs made it useful and profitable. And as with most, if not all of the basic infrastructure that modern governments provide, business entrepreneurs have paid for the Internet thousands of times over through the tax revenues they created through increased sales and employment over the years.

It isn’t easy to understand what it takes to create jobs while making money, but Obama has proven himself extraordinarily obtuse on the subject. In just his first three years in office, Obama has approved 106 new major federal regulations that cost the U.S. economy $46 billion annually, according to his own administration’s estimate. Under Obama, the per-employee cost of simply complying with federal regulations — before any other expenses or capital investments are accounted for SEmD has risen from $8,086 in 2008 to $10,585 in 2010, according to the federal Small Business Administration. That number will rise again substantially in 2014, when many firms with more than 50 employees are slapped with stiff fines under Obamacare’s “employer responsibility” requirement.

continue reading

The Rich Need to Pay More Taxes? While 36 Obama aides owe $833,000 in back taxes

Comments Off on The Rich Need to Pay More Taxes? While 36 Obama aides owe $833,000 in back taxes

How embarrassing this must be for President Obama, whose major speech theme so far this campaign season has been that every single American, no matter how rich, should pay their “fair share” of taxes.

Because how unfair — indeed, un-American — it is for an office worker like, say, Warren Buffet’s secretary to dutifully pay her taxes, while some well-to-do people with better educations and higher incomes end up paying a much smaller tax rate.

Or, worse, skipping their taxes altogether.

A new report just out from the Internal Revenue Service reveals that 36 of President Obama’s executive office staff owe the country $833,970 in back taxes. These people working for Mr. Fair Share apparently haven’t paid any share, let alone their fair share.

Previous reports have shown how well-paid Obama’s White House staff is, with 457 aides pulling down more than $37 million last year. That’s up seven workers and nearly $4 million from the Bush administration’s last year.

Nearly one-third of Obama’s aides make more than $100,000 with 21 being paid the top White House salary of $172,200, each.

The IRS’ 2010 delinquent tax revelations come as part of a required annual agency report on federal employees’ tax compliance. Turns out, an awful lot of folks being paid by taxpayers are not paying their own income taxes.

The report finds that thousands of federal employees owe the country more than $3.4 billion in back taxes. That’s up 3% in the past year.

That scale of delinquency could annoy voters, hard-pressed by their own costs, fears and stubbornly high unemployment despite Joe Biden’s many promises.

The tax offenders include employees of the U.S. Senate who help write the laws imposed on everyone else. They owe $2.1 million. Workers in the House of Representatives owe $8.5 million, Department of Education employees owe $4.3 million and over at Homeland Security, 4,697 workers owe about $37 million. Active duty military members owe more than $100 million.

The Treasury Department, where Obama nominee Tim Geithner had to pay up $42,000 in his own back taxes before being confirmed as secretary, has 1,181 other employees with delinquent taxes totaling $9.3 million.

Continue reading

IRS Turns TARP Into the Theft that Keeps on Thieving

Comments Off on IRS Turns TARP Into the Theft that Keeps on Thieving

Here’s an interesting and frustrating read at the same time…….One must ask: Why do these government leaders believe it would be bad for the government to extend tax cuts for individuals yet good for the government to extend tax cuts to businesses it owns?…….Ordinarily companies that undergo major restructuring have restrictions placed on their tax benefits. But the IRS has ruled companies that received bailout money under the Troubled Asset Relief Program will not face those restrictions.”

IRS Turns TARP Into the Theft that Keeps on Thieving

From Steve Stanek, a research fellow for budget and tax issues at The Heartland Institute:

How ironic that President Obama and other leading Democrats oppose extending tax cuts for “the wealthy” even as the United States government announces tens of billions of dollars of tax breaks for the wealthiest of all: itself.

News comes today of a decision by the Internal Revenue Service to grant $45 billion of tax breaks to General Motors, which happens to be majority owned by the United States government by virtue of the government’s taxpayer bailouts. Other companies that received billions of taxpayer bailout dollars also will receive favorable tax treatment, raising the final tax break total.

One must ask: Why do these government leaders believe it would be bad for the government to extend tax cuts for individuals yet good for the government to extend tax cuts to businesses it owns?

The answer comes from the Wall Street Journal’s article on this obscenity against taxpayers and assault on free enterprise and fair competition: “The government’s rationale, said people familiar with the situation, is that the profit-shielding tax credit makes the bailed-out companies more attractive to investors.”

Of course. Later this month General Motors will be selling shares of stock, and the company wants a high price. So does the government, which owns more than 60 percent of General Motors and hopes to recoup some of its “investment” by selling its shares at a high price. Same goes for the other bailed-out companies that also will be allowed to shed future tax liabilities.

Neither GM nor Ford officials would respond to requests for comment. Ford, of course, is an American automaker that took no taxpayer bailout money. Ford also did not follow GM into bankruptcy, which means Ford is meeting its financial obligations. GM has walked away from billions of dollars of financial obligations. And for this GM is rewarded by the IRS.

Ordinarily companies that undergo major restructuring have restrictions placed on their tax benefits. But the IRS has ruled companies that received bailout money under the Troubled Asset Relief Program will not face those restrictions.

GM received $60 billion in taxpayer largesse. Now it gets to walk away from $45 billion in tax liabilities. So we are piling a bailout on top of the earlier bailout.

TARP: the theft that keeps on thieving.

Some What Reasonable

James Carville pollster shows Democrats stumbling even further with electorate

Comments Off on James Carville pollster shows Democrats stumbling even further with electorate

Well even some of the Democratic pollsters are seeing the light!

James Carville’s Democracy Corps commissioned a poll at the end of July to test the mood of the electorate, and Brian Faughnan of Liberty Central gleefully discovers that voters are furious at Democrats. Despite the “Recovery Summer” sales pitch by the White House, voters are growing increasingly pessimistic about the economy, and increasingly inclined to deliver a protest vote in November. Brian points to a few of the charts included in the analysis from Citizen Opinion, Carville’s pollster, and this one seems most relevant:

Until Joe Biden started pitching “Recovery Summer,” voters seemed reasonably split on whether to cast votes in protest of the administration’s policies, and may have even closed the gap a bit since the beginning of the year. In June, however, the drop in economic indicators began to be too big to ignore or jolly over with a sales pitch. The extension of bad news on employment also became so obvious that the media mainly stopped pretending to be surprised by it. The poll shows a wide margin of people planning protest votes.

This also goes along with a collapse in support for Democratic leadership on economics:

The most interesting part of this chart is that it shows little bounce for Democrats in March and April, when at least a few of the indicators looked more positive. Also note that Democrats have traditionally outpolled Republicans on the economy over the last couple of decades, and often on deficits as well. This is a big shift in American politics if this trend holds up; a -13 on economics is huge in these midterms especially. It could mean that the GOP has the opportunity to discredit Democrats for a long time to come, assuming that a win in the midterms means muscling the White House into a course correction.

It’s not just Democrats that voters have begun to reject, either. A majority have lost faith in President Hopeandchange, too:

The argument that Obama somehow rescued us from something worse than what we see now has worn very thin indeed. Only 41% buy that argument after eighteen months of Obama’s term of office. A majority in Carville’s poll sees the exploding deficit and the moribund economy as Obama’s fault, and a key cause of our current economic malaise.

These numbers are a disaster for Democrats, and an opportunity for Republicans to show real leadership on deficits, government spending, and economic development. This time around, it’s the GOP taking Carville’s mantra of “It’s the economy, stupid,” and hopefully putting it to good use.

Hot Air