With multi-trillions in deficits and debt stemming from Barack Obama's runaway government spending spree since January, beware the IRS. The tax man cometh.
The news on how the IRS plans to snoop and get more of your money can be found today at Columbia Conservative Examiner.
Just another day in the era of Obama.
Showing posts with label Obama tax plan. Show all posts
Showing posts with label Obama tax plan. Show all posts
Sunday, September 27, 2009
Saturday, July 18, 2009
A 'Tax Break' That Will RAISE Taxes?! Sheesh!
It seems that Barry-O and his minions in Congress are up to their old tricks yet again--bait and switch.
Read it all from American Thinker.
Read it all from American Thinker.
Thursday, May 21, 2009
CITIZEN REVOLT KICKS INTO HIGH GEAR
What began as a small trickle with the election of Barack Obama and became a stream with the taxpayer Tea Party revolts has now become 100-year flood as California, arguably the most liberal state in the Union, has overwhelmingly rejected the Obama philosophy of increasing government spending and raising taxes.
Although Californians voted for Obama by 62%, an even higher number rejected a series of ballot initiatives that called for increased spending and massive tax hikes in order to address the state's dire economic emergency.
This is the stuff of which revolutions are made! Read all about it at Columbia Conservative Examiner.
This has broad implications for the entire country!
Although Californians voted for Obama by 62%, an even higher number rejected a series of ballot initiatives that called for increased spending and massive tax hikes in order to address the state's dire economic emergency.
This is the stuff of which revolutions are made! Read all about it at Columbia Conservative Examiner.
This has broad implications for the entire country!
Saturday, November 08, 2008
First News Conference: Obama Provides Clues
During his first news conference since the election on November 4, Barack Obama provided little substance on his plans, but he did provide a few clues as to the direction of his administration.
The one thing that stood out is that Obama will propose dozens of new government programs that will cost the taxpayers billions of dollars.
Most of these programs involve bailouts for the auto industry, for those who are on the brink of defaulting on their mortgages, and for new federally-created jobs programs that are intended to mirror those of FDR during the Great Depression.
When asked about his tax proposals to pay for this gargantuan increase in government spending, Obama ducked the issue but hinted that the top 5% wage earners would need to fund these proposals through huge tax increases.
And this is how the Obama plan mirrors that of Herbert Hoover.
The nation received more stunning, negative economic news today indicating that unemployment rose to its highest level since 1993, the auto industry is on the brink of bankruptcy, and the federal government will have to borrow record amounts of money, driving up the national debt.
Unless Obama raises taxes heavily on the top 5% of wage earners, he will be forced to pay for his proposals by borrowing even more money, plunging the nation to a record national debt. This is tantamount to deepening the nation's economic crisis in attempting to address its economic crisis.
Yet raising taxes to the levels necessary to pay for his proposals, particularly during a recession, will be even worse.
As we have stated repeatedly, raising taxes during hard economic times is a prescription for disaster, such as Herbert Hoover's massive tax increase in 1932, which catapulted the nation into an economic tailspin almost overnight.
Obama seemed to contradict himself by hinting that he would consider backing off of his plans for tax increases, which means he would need to drive up deficit spending, increasing the national debt by borrowing over a trillion dollars in order to pay for his new spending proposals.
Thus, Obama provided very little concrete information today other than a few clues concerning runaway government spending--the very thing the Democrats ran AGAINST during the campaign.
Several important matters to consider:
Americans overwhelmingly opposed bailouts during this economic crisis. If Obama wishes to bail out the auto industry, will Americans turn on him as thoroughly as they did George W. Bush and John McCain (forgetting that Obama supported the bailout of Wall Street as well)?
Does Obama truly grasp the fact that allowing the Bush tax cuts to expire in 2010 is an automatic tax increase on ALL Americans? The average American will owe over $1200 in new taxes once the Bush tax cuts are allowed to expire.
Will Americans support such a tax increase when they are already experiencing the pain of economic realities in the current environment, struggling to pay for their basic necessities?
Obama is certainly walking on thin ice in this environment. When you raise voter expectations to ridiculously high levels during a campaign and fail to deliver, the electorate's approval can turn to outright contempt in a hurry.
The one thing that stood out is that Obama will propose dozens of new government programs that will cost the taxpayers billions of dollars.
Most of these programs involve bailouts for the auto industry, for those who are on the brink of defaulting on their mortgages, and for new federally-created jobs programs that are intended to mirror those of FDR during the Great Depression.
When asked about his tax proposals to pay for this gargantuan increase in government spending, Obama ducked the issue but hinted that the top 5% wage earners would need to fund these proposals through huge tax increases.
And this is how the Obama plan mirrors that of Herbert Hoover.
The nation received more stunning, negative economic news today indicating that unemployment rose to its highest level since 1993, the auto industry is on the brink of bankruptcy, and the federal government will have to borrow record amounts of money, driving up the national debt.
Unless Obama raises taxes heavily on the top 5% of wage earners, he will be forced to pay for his proposals by borrowing even more money, plunging the nation to a record national debt. This is tantamount to deepening the nation's economic crisis in attempting to address its economic crisis.
Yet raising taxes to the levels necessary to pay for his proposals, particularly during a recession, will be even worse.
As we have stated repeatedly, raising taxes during hard economic times is a prescription for disaster, such as Herbert Hoover's massive tax increase in 1932, which catapulted the nation into an economic tailspin almost overnight.
Obama seemed to contradict himself by hinting that he would consider backing off of his plans for tax increases, which means he would need to drive up deficit spending, increasing the national debt by borrowing over a trillion dollars in order to pay for his new spending proposals.
Thus, Obama provided very little concrete information today other than a few clues concerning runaway government spending--the very thing the Democrats ran AGAINST during the campaign.
Several important matters to consider:
Americans overwhelmingly opposed bailouts during this economic crisis. If Obama wishes to bail out the auto industry, will Americans turn on him as thoroughly as they did George W. Bush and John McCain (forgetting that Obama supported the bailout of Wall Street as well)?
Does Obama truly grasp the fact that allowing the Bush tax cuts to expire in 2010 is an automatic tax increase on ALL Americans? The average American will owe over $1200 in new taxes once the Bush tax cuts are allowed to expire.
Will Americans support such a tax increase when they are already experiencing the pain of economic realities in the current environment, struggling to pay for their basic necessities?
Obama is certainly walking on thin ice in this environment. When you raise voter expectations to ridiculously high levels during a campaign and fail to deliver, the electorate's approval can turn to outright contempt in a hurry.
Tuesday, October 28, 2008
Redistribution: Americans Disagree with Obama
Ever since the news was reported concerning Barack Obama's philosophy of 'spreading the wealth around,' along with the video from 2001 showing he fully supports the concept of 'redistribution of income,' several surveys have been conducted that show Americans overwhelmingly disagree the apparent new 'President.'
One survey shows that by a 90% margin, Americans are totally against redistribution of wealth and support instead programs that grow the economy through the creation of wealth.
This is accomplished through tax cuts, breaks for small businesses and corporations, and clearing the hurdles these businesses must jump in order to create jobs.
Americans overwhelmingly support these ideas rather than Obama's Marxist-driven concept of 'redistribution of wealth.'
Yet another survey was conducted that shows over 60% of Americans believe that those citizens who receive a tax rebate check but did not pay any taxes to begin with are actually receiving welfare.
This is of vital importance due to the fact that Obama's infamous 'tax cut for 95% of Americans' includes 40% who pay no taxes at all.
Over 60% of Americans view this as welfare, not a tax cut.
Obama claims he has 'tweaked' his tax proposal to exclude those who do not pay taxes. If this is the case, then he cannot truthfully continue to tout his plan as a 'tax cut for 95% of Americans.'
When one excludes those who pay no taxes to begin with, Obama's tax cut will apply to only 55% of Americans, not 95%.
This means that marginal tax rates for those making over $200,000 per year will go through the roof to make up the difference. And it must be remembered that the top 1% of wage earners in the country pay over 60% of the taxes already.
One survey shows that by a 90% margin, Americans are totally against redistribution of wealth and support instead programs that grow the economy through the creation of wealth.
This is accomplished through tax cuts, breaks for small businesses and corporations, and clearing the hurdles these businesses must jump in order to create jobs.
Americans overwhelmingly support these ideas rather than Obama's Marxist-driven concept of 'redistribution of wealth.'
Yet another survey was conducted that shows over 60% of Americans believe that those citizens who receive a tax rebate check but did not pay any taxes to begin with are actually receiving welfare.
This is of vital importance due to the fact that Obama's infamous 'tax cut for 95% of Americans' includes 40% who pay no taxes at all.
Over 60% of Americans view this as welfare, not a tax cut.
Obama claims he has 'tweaked' his tax proposal to exclude those who do not pay taxes. If this is the case, then he cannot truthfully continue to tout his plan as a 'tax cut for 95% of Americans.'
When one excludes those who pay no taxes to begin with, Obama's tax cut will apply to only 55% of Americans, not 95%.
This means that marginal tax rates for those making over $200,000 per year will go through the roof to make up the difference. And it must be remembered that the top 1% of wage earners in the country pay over 60% of the taxes already.
Monday, October 20, 2008
IRS TO BE NATION'S LARGEST WELFARE AGENCY
In the apparent upcoming extreme Leftist supermajority headed by the 'evil triumvirate' of Nancy Pelosi, Harry Reid, and Barack Obama, the IRS is slated to become the nation's largest welfare agency.
Obama's proposal to give '95% of Americans a tax cut,' which will be rubber-stamped by a Congress that will do whatever Chairman Ba-O wants, will mean that multi-millions of Americans who do not pay taxes at all will get a check from the IRS.
It is estimated that of the 95% of Americans that the Chairman wants to receive a 'tax cut,' at least 40% do not pay taxes at all.
You have to first pay tax taxes in order to truly receive a 'tax cut.' Giving a citizen who does not pay taxes a check from the IRS is not a 'tax cut' at all but a welfare payment.
I know this sounds elementary and beneath the intelligence of most of my readers, but it still must be said: it is impossible for someone who does not pay taxes to receive a tax cut. How can something be cut that does not even exist?
Thus, such payments from the IRS is nothing short of a massive welfare program conducted by the Internal Revenue Service.
After Democrat Bill Clinton moved the state of Arkansas from welfare to workfare, and then as President worked with Republicans in Congress to do the same thing nationwide, millions of Americans have been removed from welfare rolls and engaged in productive work.
But now Obama apparently wishes to return to the days prior to Bill Clinton's election in 1992 using the backdoor, stealth method.
Under the guise of giving 95% of Americans a 'tax cut,' what he will actually do is get the IRS to serve as a welfare agency of the U.S. government, giving multi-millions of citizens who pay no taxes a check, compliments of Washington.
I'm sure that the vast majority of Americans who actually work for a living and actually pay their taxes will be simply thrilled when they find out how the Obama tax plan really works.
Obama's proposal to give '95% of Americans a tax cut,' which will be rubber-stamped by a Congress that will do whatever Chairman Ba-O wants, will mean that multi-millions of Americans who do not pay taxes at all will get a check from the IRS.
It is estimated that of the 95% of Americans that the Chairman wants to receive a 'tax cut,' at least 40% do not pay taxes at all.
You have to first pay tax taxes in order to truly receive a 'tax cut.' Giving a citizen who does not pay taxes a check from the IRS is not a 'tax cut' at all but a welfare payment.
I know this sounds elementary and beneath the intelligence of most of my readers, but it still must be said: it is impossible for someone who does not pay taxes to receive a tax cut. How can something be cut that does not even exist?
Thus, such payments from the IRS is nothing short of a massive welfare program conducted by the Internal Revenue Service.
After Democrat Bill Clinton moved the state of Arkansas from welfare to workfare, and then as President worked with Republicans in Congress to do the same thing nationwide, millions of Americans have been removed from welfare rolls and engaged in productive work.
But now Obama apparently wishes to return to the days prior to Bill Clinton's election in 1992 using the backdoor, stealth method.
Under the guise of giving 95% of Americans a 'tax cut,' what he will actually do is get the IRS to serve as a welfare agency of the U.S. government, giving multi-millions of citizens who pay no taxes a check, compliments of Washington.
I'm sure that the vast majority of Americans who actually work for a living and actually pay their taxes will be simply thrilled when they find out how the Obama tax plan really works.
Thursday, October 16, 2008
A Few Quick Notes on 'Joe the Plumber'
'Joe the Plumber,' as he is called, is Joe Wurzelbacher of Ohio, who has worked for a plumbing company for a number of years. Joe wishes to buy the small plumbing company.
But Joe discovered that Barack Obama's tax plan for small business will put him a much higher tax bracket, thus punishing him for any success he may have with his business.
Here are a few quick facts on 'Joe the Plumber':
*Joe is not rich as Barack Obama claims. He is an ordinary guy--a hard worker--who wants to succeed.
*Becoming a small business owner will not make Joe rich. His expenses for operating the business and providing jobs will cut into whatever profit he makes.
*Barack Obama wishes to tax that profit if it reaches the $250,000 level. For a small business with employees, $250,000 is not a vast sum of money.
*Barack Obama had an encounter with Joe in Ohio during which Joe told the Senator that his tax plan would hurt him if he becomes a business owner. And how did Barack respond? 'We have to spread the wealth around.' What wealth?
*It is clear that what Obama intends to do is rob from those who succeed to give to other citizens of his choosing. This takes away any motivation to succeed.
*It is also clear that Obama's tax plan is not simply targeted to the 'big oil companies and corporations.' He has also targeted small businesses that barely make it.
*The present economy cannot withstand such an onslaught on those who create jobs. The result will be layoffs and less hiring in the small businesses that employ 80% of Americans. Some of these businesses will be forced to close.
*Barack Obama and the Democrats are now blasting Joe the Plumber for being 'selfish.' Selfish? It is HIS CAPITAL that will provide JOBS! What lamebrains.
Say what you will about John McCain's less-than-stellar moments during his long Senate career. But on taxes, he is no Socialist who will rob business owners to give to somebody else.
But Joe discovered that Barack Obama's tax plan for small business will put him a much higher tax bracket, thus punishing him for any success he may have with his business.
Here are a few quick facts on 'Joe the Plumber':
*Joe is not rich as Barack Obama claims. He is an ordinary guy--a hard worker--who wants to succeed.
*Becoming a small business owner will not make Joe rich. His expenses for operating the business and providing jobs will cut into whatever profit he makes.
*Barack Obama wishes to tax that profit if it reaches the $250,000 level. For a small business with employees, $250,000 is not a vast sum of money.
*Barack Obama had an encounter with Joe in Ohio during which Joe told the Senator that his tax plan would hurt him if he becomes a business owner. And how did Barack respond? 'We have to spread the wealth around.' What wealth?
*It is clear that what Obama intends to do is rob from those who succeed to give to other citizens of his choosing. This takes away any motivation to succeed.
*It is also clear that Obama's tax plan is not simply targeted to the 'big oil companies and corporations.' He has also targeted small businesses that barely make it.
*The present economy cannot withstand such an onslaught on those who create jobs. The result will be layoffs and less hiring in the small businesses that employ 80% of Americans. Some of these businesses will be forced to close.
*Barack Obama and the Democrats are now blasting Joe the Plumber for being 'selfish.' Selfish? It is HIS CAPITAL that will provide JOBS! What lamebrains.
Say what you will about John McCain's less-than-stellar moments during his long Senate career. But on taxes, he is no Socialist who will rob business owners to give to somebody else.
Friday, September 19, 2008
Obama Tax Plan Groin-Kicks Small Business
The tax plan for America as put forth by Barack Obama and Joe Biden would in essence land a groin-kick to the owners of small businesses throughout the country.
Biden stated the plan succinctly yesterday--if one makes $250,000 per year or more, it is 'patriotic' to pay significantly higher taxes.
On paper it would seem Obama and Biden are referring to a small percentage of the population with an income of $250,000.
But not so fast.
Small business owners would get hammered by the plan, and some would go out of business, putting their employees out of work.
Small business owners for the most part are in an IRS designation that requires them to list as personal income the profits for their business during any given tax year.
Thus, a small business owner that, say, makes $252,500 during 2008 is counting not only his/her personal income, which may be minimal, but the income of the business as well.
I have known small business owners whose enterprises may have taken in $250,000 but their personal income from that sum was only $25,000. These persons can ill afford yet another Democrat-inspired tax hike.
Countless such small business owners across America make a mere pittance of a salary. Some are forced to live on the premises of the business because they cannot afford a separate residence by the time they pay all of their business expenses.
There is no provision in the Obama-Biden tax plan that allows small business owners to be exempt from their plan to raise taxes significantly on the over $250,000 bracket.
And thus, small business owners will be hit by a tsunami of extra taxes they must pay--taxes that will come not simply from the businesses they own from their own pockets since it is all counted together.
And this is in addition to the personal taxes they must pay.
My friends, the Obama-Biden tax plan will bankrupt America, force countless businesses to shut their doors, and force millions of American workers out of their jobs.
Biden stated the plan succinctly yesterday--if one makes $250,000 per year or more, it is 'patriotic' to pay significantly higher taxes.
On paper it would seem Obama and Biden are referring to a small percentage of the population with an income of $250,000.
But not so fast.
Small business owners would get hammered by the plan, and some would go out of business, putting their employees out of work.
Small business owners for the most part are in an IRS designation that requires them to list as personal income the profits for their business during any given tax year.
Thus, a small business owner that, say, makes $252,500 during 2008 is counting not only his/her personal income, which may be minimal, but the income of the business as well.
I have known small business owners whose enterprises may have taken in $250,000 but their personal income from that sum was only $25,000. These persons can ill afford yet another Democrat-inspired tax hike.
Countless such small business owners across America make a mere pittance of a salary. Some are forced to live on the premises of the business because they cannot afford a separate residence by the time they pay all of their business expenses.
There is no provision in the Obama-Biden tax plan that allows small business owners to be exempt from their plan to raise taxes significantly on the over $250,000 bracket.
And thus, small business owners will be hit by a tsunami of extra taxes they must pay--taxes that will come not simply from the businesses they own from their own pockets since it is all counted together.
And this is in addition to the personal taxes they must pay.
My friends, the Obama-Biden tax plan will bankrupt America, force countless businesses to shut their doors, and force millions of American workers out of their jobs.
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