Let’s go back to the election. Remember when Obama said that no one below $250,000 would see a tax increase. Then, it was said no one below $200,000. Then, $150,000. Well…now it is $104,425. At this rate, by the end of the year, every one will have a tax increase.
If you don’t say it, then I will. WE TOLD YOU SO!
Here is more of that wonderful “change” that these Obama voters wanted.
Here is the story from CNSNews.com:
(CNSNews.com) - Sen. Max Baucus (D-Mont.), chairman of the Senate Finance Committee, which has jurisdiction over federal tax law, is seeking a vote this year on legislation that would increase the income tax rates on some Americans who earn as little as $104,425 per year.
The bill, which Baucus introduced Thursday, would fulfill many of President Barack Obama’s promised tax changes, including making most of the tax cuts enacted under former President George W. Bush permanent while raising taxes on Americans making more than $250,000 per year.
But those making more than $250,000 per year would not be the only ones to see their taxes go up if Baucus’s bill becomes law.
The proposed legislation would raise the rates on the top two income brackets, from the current levels of 33 percent and 35 percent respectively, to 36 percent and 39.6 percent. The new rates would become effective after 2010.
The increase in the rates for these two brackets will affect all taxpayers who fall into these two brackets regardless of their filing status, according to Heritage Foundation Senior Policy Analyst Curtis Dubay, who reviewed the legislation.
That means some taxpayers earning as little as $104,425—far less than half the $250,000 threshold President Obama set for raising income taxes—would see their income tax rate increased.
According to the Internal Revenue Service, the second highest income bracket—currently set at 33 percent—kicks in at an income level of $104,425 for a married person filing separately; $171,550 for someone filing as a single person; $190,200 for someone filing as a head of household; and $208,850 for a married couple filing jointly. Under Baucus’s proposal, the tax rates for all these people would jump to 36 percent.
The highest income bracket—currently 35 percent—kicks in at an income level of $186,475 for a married person filing separately; and $372,950 for all other filing statuses.
After studying the bill, Dubay of the Heritage Foundation told CNSNews.com that unless Congress changes the income levels that the top two tax rates kick in for each filing status, taxes will be increased on many more Americans than previously indicated by the Obama administration. (A spokesman for Baucus confirmed to CNSNews.com that the tax proposal does not change the taxable income levels of each filing status--it raises the two top tax rates across the board.) For a chart showing the current tax rates and income brackets for all filing statuses in 2009 click here. The income levels in question are indexed to inflation--meaning they will almost certainly be slightly higher by the time the new tax rates take effect in 2011 if Baucus’s bill passes. Since 2007, the income level for a married person filing singling in the 33-percent tax bracket has gone up only $6,500, from $97,925 to $104,425
Showing posts with label Taxes. Show all posts
Showing posts with label Taxes. Show all posts
Thursday, April 2, 2009
Friday, March 20, 2009
Cap and Trade will Increase Prices of Everything
I found this great story on the Heritage Foundation blog, The Foundry. In Obama Will Shock Consumers with Higher Electric Bills, they have some information that will make even more upset at Cap and Trade and the farce of Global Climate Change.
Cap and Trade will tax energy producers and any company that emits “greenhouse gases” (which do not exist). These companies will then pass these additional costs of these taxes on to their customers.
However, what this post does not mention how these taxes will affect businesses. Businesses use energy. Their energy costs will going up as well. Businesses will do what they do and pass their additional costs on to their customers, us.
So, not only will our energy costs go up but products and services costs will increase, as well. We will see prices for everything increase due to Cap and Trade.
The Foundary story is below:
The White House admits low-balling the cost in Obama’s official budget, which claimed that his plan would add $646 billion to energy costs over 8 years.
The new price tag is three times as high, close to $2 trillion in 8 years, according to Jason Furman, deputy director of Obama’s National Economic Council. That’s $250-billion each year to be passed along to consumers, equivalent to adding an extra 50% to what the U.S. Department of Energy estimates we spend on energy each year.
A 50% increase on home utilities would average about $150 per month–$1,800 per year–since the average bill is $297 a month according to the White Fence Index. The White House claims it would offset this with an $800 per year household tax credit (and 42% of it would go to those who don’t even pay income taxes. Even with an $800 rebate, the net loss is $1,000 per family per year.
Obama claims it’s necessary to halt global warming even though the Earth is actually cooling. Americans are about to pay dearly for global warming hysteria. The planet may not be getting hotter, but people will be as they learn about this.
Details are found here at Human Events online.”
Cap and Trade will tax energy producers and any company that emits “greenhouse gases” (which do not exist). These companies will then pass these additional costs of these taxes on to their customers.
However, what this post does not mention how these taxes will affect businesses. Businesses use energy. Their energy costs will going up as well. Businesses will do what they do and pass their additional costs on to their customers, us.
So, not only will our energy costs go up but products and services costs will increase, as well. We will see prices for everything increase due to Cap and Trade.
The Foundary story is below:
“Hold onto your thermostat as well as your wallet! Annual utility bills may rise $1,800 under President Obama’s “cap and trade” energy tax plan. That wipes out his pledge of a $800 a year tax cut for 95% of Americans.
The White House admits low-balling the cost in Obama’s official budget, which claimed that his plan would add $646 billion to energy costs over 8 years.
The new price tag is three times as high, close to $2 trillion in 8 years, according to Jason Furman, deputy director of Obama’s National Economic Council. That’s $250-billion each year to be passed along to consumers, equivalent to adding an extra 50% to what the U.S. Department of Energy estimates we spend on energy each year.
A 50% increase on home utilities would average about $150 per month–$1,800 per year–since the average bill is $297 a month according to the White Fence Index. The White House claims it would offset this with an $800 per year household tax credit (and 42% of it would go to those who don’t even pay income taxes. Even with an $800 rebate, the net loss is $1,000 per family per year.
Obama claims it’s necessary to halt global warming even though the Earth is actually cooling. Americans are about to pay dearly for global warming hysteria. The planet may not be getting hotter, but people will be as they learn about this.
Details are found here at Human Events online.”
Wednesday, March 18, 2009
Chuck "U" Schumer Wants to Take It Back
"A government big enough to give you everything you want, is strong enough to take everything you have."--Thomas Jefferson
If Congress can do this to AIG, then they can do this to you. Remember, Schumer is talking about employees. He is talking about people, like you, not a huge corporation. Their status or class should be irrelevant. Does it really matter if they are wealthy or poor? They are Americans, citizens, who need protected just like you.
Keep in mind, Congress did this, not AIG. Congress knew and allowed the bonuses. This is their fault and they are trying to blame someone else. They think, so let's attack the American worker, the little guy.
Now, the debate is rising that this is a bill of attainder. What is that? It is an act of legislature declaring a person or group of persons guilty of some crime and punishing them without benefit of a trial. Bills of attainder are forbidden by Article I, section 9, clause 3 of the United States Constitution.
Now, the government will try and, probably, be successful in getting around this by saying that AIG or any other company who took government funds voluntarily; therefore, the government can do whatever they want. They could be right and is a debate for another day.
This is a case in point, why you do not do business with the government. If you agree with the AIG bailouts or not is irrelevant, it is what the taking back of the money represents. It is government intimidation and force. Tyranny. This is what despotic governments do, not the United States of America. This is proof that the government is abusing the power that the People have lent them.
If they get away with this abuse, they will continue to grab power and use this as a precedent for their next usurp of the Constitution. If you substitute this attack of these bonuses with property, gun rights, freedom of speech or worship, or anything you find important, the whole debate looks different doesn’t it?
It doesn’t matter if the government is violating the rights of AIG employees, a farmer in Iowa, a business owner in New York, or you. It doesn't matter if they are White, Black, Hispanic, etc. It is a violation of freedoms, liberties, and rights of all of us.
If they are powerful enough to do this to AIG, then they are powerful enough to do this to anyone, including you.
If Congress can do this to AIG, then they can do this to you. Remember, Schumer is talking about employees. He is talking about people, like you, not a huge corporation. Their status or class should be irrelevant. Does it really matter if they are wealthy or poor? They are Americans, citizens, who need protected just like you.
Keep in mind, Congress did this, not AIG. Congress knew and allowed the bonuses. This is their fault and they are trying to blame someone else. They think, so let's attack the American worker, the little guy.
Now, the debate is rising that this is a bill of attainder. What is that? It is an act of legislature declaring a person or group of persons guilty of some crime and punishing them without benefit of a trial. Bills of attainder are forbidden by Article I, section 9, clause 3 of the United States Constitution.
Now, the government will try and, probably, be successful in getting around this by saying that AIG or any other company who took government funds voluntarily; therefore, the government can do whatever they want. They could be right and is a debate for another day.
This is a case in point, why you do not do business with the government. If you agree with the AIG bailouts or not is irrelevant, it is what the taking back of the money represents. It is government intimidation and force. Tyranny. This is what despotic governments do, not the United States of America. This is proof that the government is abusing the power that the People have lent them.
If they get away with this abuse, they will continue to grab power and use this as a precedent for their next usurp of the Constitution. If you substitute this attack of these bonuses with property, gun rights, freedom of speech or worship, or anything you find important, the whole debate looks different doesn’t it?
It doesn’t matter if the government is violating the rights of AIG employees, a farmer in Iowa, a business owner in New York, or you. It doesn't matter if they are White, Black, Hispanic, etc. It is a violation of freedoms, liberties, and rights of all of us.
If they are powerful enough to do this to AIG, then they are powerful enough to do this to anyone, including you.
Friday, February 20, 2009
Pelosi is Worried about Deficits NOW?
On CNS News, there is story showing a letter that Rep. Pelosi (D-CA) has sent to committee chairs about “fiscal discipline.” This curtails with my other blog “Obama is worried about Deficits NOW?”
They had the “Spendulous Bill” and it’s over $16 billion dollars in pork to cut last week. They could have managed the deficit then. You don’t pass the bill and then say you want to control deficits and spending. Common sense dictates this is backwards. You pass a fiscal responsible bill in the first place. Pelosi has to be joking, but sadly she isn’t.
She says in the letter:
"As our nation continues to confront severe budget deficits as a result of unsound economic policy and lax regulation over the last eight years, it is essential that, as we advance our priorities, House Committees also conduct rigorous oversight of all aspects of federal spending and government operations to help achieve deficit reduction and long-term fiscal responsibility.” –CNS News
Last eight years! What about last week! What about the last two years you were in control of Congress! First, hearing tax and spend Liberals lecturing about fiscal responsibility is such intelligential dishonesty and hypocrisy, especially after last week. Next, the blaming Bush option was over when he left office. You cannot blame him anymore.
Your President is running the show now and he is responsible for this whole thing. Since Obama became President, the economy has gotten considerably worse. Look at how far the Dow Jones has plummeted since Obama took office. The stock market is off nearly 10% from the day before the inauguration, or more than 800 points on the Dow Jones Industrial Average. He has talked down the economy and passed legislation. The results are worse than when he started. He would have been better to do nothing and say nothing. We would have been much better off.
Notice that budget cuts, cutting of wasteful, governmental programs, and shrinking of government is not mentioned. Well…as least she was honest about that.
They had the “Spendulous Bill” and it’s over $16 billion dollars in pork to cut last week. They could have managed the deficit then. You don’t pass the bill and then say you want to control deficits and spending. Common sense dictates this is backwards. You pass a fiscal responsible bill in the first place. Pelosi has to be joking, but sadly she isn’t.
She says in the letter:
"As our nation continues to confront severe budget deficits as a result of unsound economic policy and lax regulation over the last eight years, it is essential that, as we advance our priorities, House Committees also conduct rigorous oversight of all aspects of federal spending and government operations to help achieve deficit reduction and long-term fiscal responsibility.” –CNS News
Last eight years! What about last week! What about the last two years you were in control of Congress! First, hearing tax and spend Liberals lecturing about fiscal responsibility is such intelligential dishonesty and hypocrisy, especially after last week. Next, the blaming Bush option was over when he left office. You cannot blame him anymore.
Your President is running the show now and he is responsible for this whole thing. Since Obama became President, the economy has gotten considerably worse. Look at how far the Dow Jones has plummeted since Obama took office. The stock market is off nearly 10% from the day before the inauguration, or more than 800 points on the Dow Jones Industrial Average. He has talked down the economy and passed legislation. The results are worse than when he started. He would have been better to do nothing and say nothing. We would have been much better off.
Notice that budget cuts, cutting of wasteful, governmental programs, and shrinking of government is not mentioned. Well…as least she was honest about that.
Saturday, February 14, 2009
Obama is Worried about Deficits NOW?
After reading the following Fox News headline, I had to collect the pieces of my skull that were scattered all over the room, because my head just exploded.
Obama to Shift Focus to Budget Deficit
YOU HAVE GOT TO BE KIDDING! I am now wrapping my head with duct tape. Get yours out, you are going to need it…
Hey, Obama, what about the bill you just passed! The government cannot think America is this uninformed, inattentive, or stupid. The government must be enormously arrogant or just plain blind with power at this point. As I have said, I thought the Democrats would overreach and destroy themselves with their overwhelming Liberal (Socialist) polices, but I thought it would years—not weeks!
Now, let’s put this in context. Obama and the Democratic Congress just passed a $787 billion “Spendulous” Bill. The Republicans, leading economists, and the majority of the American people were screaming don’t do it, because it would drive up the National debt. Everyone knows debt is BAD. The debt would destroy the economy and laden future generations with incalculable debt.
Uh…the debt is a budget deficit, right? But, Obama just said he wants to "start" to focus on debty. So, why work on it later when you can do something now and fix the bill that is creating the debt in the first place. Mr. President, it is still sitting on your desk without your signature.
I guess I need to get out the Obama’s Oxford Dictionary, because apparently he defines deficit and debt differently than rest of the world. I guess Obama defines stimulus differently too, but I digress. So, after passing the largest bill in world history, Obama realizes that he needs to control the deficit now. Isn’t this backwards? Fix the current BILL!
For example on Right Voices, the following list is only SOME of what is in the Stimulus Bill:
-$2 billion earmark for FutureGen near zero emissions power plant in Mattoon, IL
-$39 billion slush fund for “state fiscal stabilization” bailout
-$5.5 billion for making federal buildings “green” (including $448 million for DHS HQ)
-$200 million for workplace safety in USDA facilities
-$275 million for flood prevention
-$65 million for watershed rehabilitation
-$200 million for public computer centers at community colleges and libraries
-$650 million for the DTV transition coupon program
-$307 million for constructing NIST office buildings
-$1 billion for administrative costs and construction of NOAA office buildings
-$100 million for constructing U.S. Marshals office buildings
-$300 million for constructing FBI office buildings
-$800 million for constructing Federal Prison System buildings and facilities
-$10 million to fight Mexican gunrunners
-$1.3 billion for NASA (including $450 million for “science” at NASA)
-$100 million to clean up sites used in early U.S. atomic energy program
-$10 million for urban canals
-$2 billion for manufacturing advanced batteries for hybrid cars
-$1.5 billion for carbon capture projects under sec. 703 of P.L. 110-140 (though section only authorizes $1 billion for five years)
-$300 million for hybrid and electric cars for federal employees
-$198 million to design and furnish the DHS headquarters
-$255 million for “priority procurements” at Coast Guard (polar ice breaker)
-$500 million for State and local fire stations
-$180 million for construction of Bureau of Land Management facilities
-$500 million for wild land fire management
-$110 million for construction for the U.S. Fish and Wildlife Service
-$522 million for construction for the Bureau of Indian Affairs
-$650 million for abandoned mine sites
-$75 million for the Smithsonian Institution
-$1.2 billion for summer jobs for youth
-$412 million for CDC headquarters
-$500 million earmark for NIH facilities in Bethesda, MD (THIS IS FOR THE TRAITOR SENATOR SPECTER)
-$160 million for “volunteers” at the Corp. for National and Community Service
-$750 earmark for the National Computer Center in MD
-$224 million for International Boundary and Water Commission – U.S. and Mexico
-$850 million for Amtrak
-$100 million for lead paint hazard reduction
I just added this list up on my trusty calculator. (Yes, it had enough space—barely!) Just what is on THIS list is over $12.4 billion of PORK! Not Stimulus. Not job creation. It is just a waste of OUR money.
Furthermore, in the Fox News article:
“…White House budget director Peter R. Orszag has committed to instituting tougher budget-discipline rules -- once the economy turns around. Those include a mandate that any "nonemergency" spending increases be offset by equal spending cuts or tax increases.”
First, this is just another promise Obama will break. If anything, he is good at that. Sorry, I digressed again. Hey, here is some common sense, Mr. President, don’t spend all of THIS money in the first place! Why cut the PORK later. Do it now!
This is why we are in the economic mess in the first place—spending money we don’t have and running up debt! Ask any of the banks and companies that are bankrupt today. They will tell you.
Get your duct tape ready. Here is some more perspective that will make YOUR head explode:
“Federal obligations exceed world GDP”
The sub headline “Does $65.5 trillion terrify anyone yet?” SHOULD terrify everyone!
These tax and spend Liberals are going to spend the country into oblivion and then raise EVERYONE'S taxes to pay for it. White House budget director Peter R. Orszag just said they would raise taxes. Gee...there goes another one of Obama's promises. It is the only way the U.S. will stay solvent in the following years. Printing money and borrowing it from other countries (China) can only create some of this. Raising taxes on the rich and corporations won’t pay for this either. They will have to come after the middle-class and eventually the lower class to pay for this spending spree. By the time they are done, the Democrats will be giving entitlements with one hand to the poor and taking it from EVERYONE in taxes with other. If this is not a ponzi scheme, I don’t know what it is.
I guess, I need to find my Obama’s Oxford Dictionary again and find his definition of “screwed,” because that is what we are in my book.
Obama to Shift Focus to Budget Deficit
YOU HAVE GOT TO BE KIDDING! I am now wrapping my head with duct tape. Get yours out, you are going to need it…
Hey, Obama, what about the bill you just passed! The government cannot think America is this uninformed, inattentive, or stupid. The government must be enormously arrogant or just plain blind with power at this point. As I have said, I thought the Democrats would overreach and destroy themselves with their overwhelming Liberal (Socialist) polices, but I thought it would years—not weeks!
Now, let’s put this in context. Obama and the Democratic Congress just passed a $787 billion “Spendulous” Bill. The Republicans, leading economists, and the majority of the American people were screaming don’t do it, because it would drive up the National debt. Everyone knows debt is BAD. The debt would destroy the economy and laden future generations with incalculable debt.
Uh…the debt is a budget deficit, right? But, Obama just said he wants to "start" to focus on debty. So, why work on it later when you can do something now and fix the bill that is creating the debt in the first place. Mr. President, it is still sitting on your desk without your signature.
I guess I need to get out the Obama’s Oxford Dictionary, because apparently he defines deficit and debt differently than rest of the world. I guess Obama defines stimulus differently too, but I digress. So, after passing the largest bill in world history, Obama realizes that he needs to control the deficit now. Isn’t this backwards? Fix the current BILL!
For example on Right Voices, the following list is only SOME of what is in the Stimulus Bill:
-$2 billion earmark for FutureGen near zero emissions power plant in Mattoon, IL
-$39 billion slush fund for “state fiscal stabilization” bailout
-$5.5 billion for making federal buildings “green” (including $448 million for DHS HQ)
-$200 million for workplace safety in USDA facilities
-$275 million for flood prevention
-$65 million for watershed rehabilitation
-$200 million for public computer centers at community colleges and libraries
-$650 million for the DTV transition coupon program
-$307 million for constructing NIST office buildings
-$1 billion for administrative costs and construction of NOAA office buildings
-$100 million for constructing U.S. Marshals office buildings
-$300 million for constructing FBI office buildings
-$800 million for constructing Federal Prison System buildings and facilities
-$10 million to fight Mexican gunrunners
-$1.3 billion for NASA (including $450 million for “science” at NASA)
-$100 million to clean up sites used in early U.S. atomic energy program
-$10 million for urban canals
-$2 billion for manufacturing advanced batteries for hybrid cars
-$1.5 billion for carbon capture projects under sec. 703 of P.L. 110-140 (though section only authorizes $1 billion for five years)
-$300 million for hybrid and electric cars for federal employees
-$198 million to design and furnish the DHS headquarters
-$255 million for “priority procurements” at Coast Guard (polar ice breaker)
-$500 million for State and local fire stations
-$180 million for construction of Bureau of Land Management facilities
-$500 million for wild land fire management
-$110 million for construction for the U.S. Fish and Wildlife Service
-$522 million for construction for the Bureau of Indian Affairs
-$650 million for abandoned mine sites
-$75 million for the Smithsonian Institution
-$1.2 billion for summer jobs for youth
-$412 million for CDC headquarters
-$500 million earmark for NIH facilities in Bethesda, MD (THIS IS FOR THE TRAITOR SENATOR SPECTER)
-$160 million for “volunteers” at the Corp. for National and Community Service
-$750 earmark for the National Computer Center in MD
-$224 million for International Boundary and Water Commission – U.S. and Mexico
-$850 million for Amtrak
-$100 million for lead paint hazard reduction
I just added this list up on my trusty calculator. (Yes, it had enough space—barely!) Just what is on THIS list is over $12.4 billion of PORK! Not Stimulus. Not job creation. It is just a waste of OUR money.
Furthermore, in the Fox News article:
“…White House budget director Peter R. Orszag has committed to instituting tougher budget-discipline rules -- once the economy turns around. Those include a mandate that any "nonemergency" spending increases be offset by equal spending cuts or tax increases.”
First, this is just another promise Obama will break. If anything, he is good at that. Sorry, I digressed again. Hey, here is some common sense, Mr. President, don’t spend all of THIS money in the first place! Why cut the PORK later. Do it now!
This is why we are in the economic mess in the first place—spending money we don’t have and running up debt! Ask any of the banks and companies that are bankrupt today. They will tell you.
Get your duct tape ready. Here is some more perspective that will make YOUR head explode:
“Federal obligations exceed world GDP”
The sub headline “Does $65.5 trillion terrify anyone yet?” SHOULD terrify everyone!
These tax and spend Liberals are going to spend the country into oblivion and then raise EVERYONE'S taxes to pay for it. White House budget director Peter R. Orszag just said they would raise taxes. Gee...there goes another one of Obama's promises. It is the only way the U.S. will stay solvent in the following years. Printing money and borrowing it from other countries (China) can only create some of this. Raising taxes on the rich and corporations won’t pay for this either. They will have to come after the middle-class and eventually the lower class to pay for this spending spree. By the time they are done, the Democrats will be giving entitlements with one hand to the poor and taking it from EVERYONE in taxes with other. If this is not a ponzi scheme, I don’t know what it is.
I guess, I need to find my Obama’s Oxford Dictionary again and find his definition of “screwed,” because that is what we are in my book.
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