There are many trends in the economy of the United States and the rest of the developed economies that are very disturbing. Yesterday we talked about the increasing number of people on food stamps and that governments are encouraging more people to participate in the food stamp program. Since the financial collapse in 2008, there have been countless articles written on the increasing income gap; i.e., the rich getting richer and the poor getting poorer. During the last presidential campaign season we were reminded countless times that the highest 10% wage earners pay 60% or more of the federal income [...]
Taxes
Taxing the Rich out of California
Likes has a slideshow about why rich folks are moving out of California. I wonder how long it will be before someone suggest building a wall to keep them in? Related posts: California on the Brink: 144,000 Pay 50% of Income Taxes California Raises Taxes, Lose Revenues…Again! The Evil Rich are Still Moving: Tax Induced Exodus from Maryland Continues Twelve Counties to Secede from California? California Raises Taxes and Revenues Decrease: Who Saw That Coming? Related posts brought to you by Yet Another Related Posts Plugin.
Savers vs Spenders
…”full blown escalation in the status quo’s war against savers everywhere…” This line from a recent story by Zero Hedge stuck out at me as perhaps a shifting the paradigm of how we should be looking at what is happening in our world. Perhaps rather than our nation being in a battle between those who desire liberty and rights and those who desire control and tyranny, instead the battle is being fought between those who save and increase the wealth of society and those who spend and decrease the wealth of society. It’s a battle between those who make a [...]
Obamacare and National Debt Screw Over Obama’s Biggest Supporters
Even though I am a teacher and daily spend my time around youth, I simply don’t understand their voting choices. Last election, according to exit poll samples of people 29 and under voted for Barack Obama by a margin of 60% to 36%. And youth voters made up 19 percent of all those who voted, according to the early National Exit Poll conducted by Edison Research, which is higher than normal. This sort of large and decisive turnout of the youth for President Obama is surprising to me because his policies are destroying their future. As evidence, let’s look at [...]
Welcome to the World of ObamaCare: The 29er’s and the 49er’s
As ObamaCare continues to hit the country, we are seeing some new terminology emerge. To get there, here is more from the WSJ… Welcome to the strange new world of small-business hiring under ObamaCare. The law requires firms with 50 or more “full-time equivalent workers” to offer health plans to employees who work more than 30 hours a week. (The law says “equivalent” because two 15 hour a week workers equal one full-time worker.) Employers that pass the 50-employee threshold and don’t offer insurance face a $2,000 penalty for each uncovered worker beyond 30 employees. So by hiring the 50th [...]
Government and the Permanent Income Classes
The other day I was having a conversation with an individual who like many on the left believes the rich needs to pay more in taxes. When I asked why he believed this, he responded, “Because they can afford it and it’s the only fair thing to do.” So my follow-up question was why can’t we afford it? I could see the question caught him off guard. He asked me to explain what I meant. I said, “Why has it become more difficult for us to achieve success so that one day we too may reach the tax bracket you [...]
The State of the Union? It Sucks!
Nancy Pelosi recently said “It is almost a false argument to say that we have a spending problem.” She went on to say that what we have is a deficit problem. Conservatives have given Ms. Pelosi a lot of flack over her statement and maybe we have been too hard on the less than brilliant Congressman from San Francisco. After all she did use a qualifier; “almost”, which can mean “not quite”. And, she was spot on when she said the US has a deficit problem. Who could argue with that? By saying that we have a deficit problem instead [...]
Paul Krugman Advocates for “non-existent” Death Panels Again
If you recall, Paul Krugman, the uber-liberal economist that never met a stimulus he didn’t like, was caught supporting “death panels” on the This Week Program. That was in 2011. Well, he was caught again. Doug Ross (no relation) and Weasel Zippers have the details… I’m guessing that Sparky McEnron didn’t realize he was being videotaped: Eventually we do have a problem. That the population is getting older, health care costs are rising… there is this question of how we’re going to pay for the programs. The year 2025, the year 2030, something is going to have to give… We’re [...]
Let’s Cut Our Way to Prosperity- Again
Obama said in his weekly address to the nation that “We all agree that it’s critical to cut unnecessary spending,” Obama said. “But we can’t just cut our way to prosperity. It hasn’t worked in the past, and it won’t work today.” President Obama is wrong, and this incorrect logic and ignorance of history is leading him to make wrong policy decisions today. We can cut our way to prosperity and it has worked in the past- in fact, it has worked a lot better than efforts in the past to spend our way to prosperity as Obama is suggesting [...]
France’s Wealthiest Man Leaves Due to High Taxes: French Liberals Outraged
Categorize this under: There was a reason that the East Germans built a wall… It’s been said again and again-high taxes cause people to leave. And, no matter how many times it happens, liberals engage in the requisite outrage and condemnation for the problems that their own policies cause. For the latest example, we have to pay a visit to The Lid. Back in September when Bernard Jean Étienne Arnault the richest man in France applied for Belgian citizenship. Left-wing French newspaper Libération ran a picture of the head of LVMH with the headline, Casse-toi riche con! which (according to [...]
Willie Wonka Shuts Down his Chocolate Factory
Famed billionaire industrialist Willie Wonka has shut down his chocolate factory, throwing hundreds of Oompa-Loompas out of work and denying children throughout the world his candy bars. “I didn’t have much of a choice” said Wonka. The EPA was coming after me. The government raised my taxes because they wanted me to pay my “fair share” whatever the hell that means. With the health reform law taking effect I had to pay a fine if I didn’t give the Oompa-Loompas birth control. I tell you it’s just a mess. And I’m not the only one who feels that way. I’ve [...]
Liberal to English Translation
I know many liberals and have asked them all the same question, “You detested that Bush spent so much money and raised our national debt, yet Obama is quadrupling this debt and has, in fact amassed more deficit spending than all other Presidents combined. Does this bother you?” Every single time the answer has been, “No, it doesn’t bother me because he is spending money on things that need to be done.” To which I state something along the lines of, “You mean like A $246 million tax break for Hollywood movie producers to buy motion picture film, or $600 [...]
Happy New Year, Here are Your New Taxes!
Curtis Dubay at Heritage has an article on all of our new taxes, courtesy of the Obama administration. New Year’s Day was tough for taxpayers. Thirteen tax increases kicked in. The deal that Congress and President Obama struck that finally—but only partially—avoided the fiscal cliff resulted in seven tax increases. Those hikes combined with six tax increases from Obamacare that also began on New Year’s Day. 13 Tax Increases That Started January 1, 2013 Tax increases the fiscal cliff deal allowed: 1. Payroll tax: increase in the Social Security portion of the payroll tax from 4.2 percent to 6.2 percent [...]
Americans Wake with Lower Pay Checks: Obama to Blame
Elections have consequences kids, and one of them is apparently a lower pay check. For all of Obama’s promises to never raise taxes on the middle class, something went wrong. What went wrong, you ask? Well, people believed Obama, that’s what went wrong! Wyblog has more… Apparently a lot of people were complaining about their paychecks being unexpectedly smaller. Here’s the explanation from ADP: The reduced 4.2% rate for employee Social Security taxes that was in effect for 2011 and 2012 has expired. The employee Social Security tax rate will return to 6.2% for 2013 wages up to the taxable [...]
Warning: ObamaCare Tax Hikes Strike in 2013
My opposition to the Affordable Care Act (ObamaCare) was based on the fact that it used the state to seize property from citizens and use that property to abort babies and encourage old people to die already all while lessening an individuals choices in their own healthcare. Because of its attack on life, liberty, and property rights, I opposed it, in addition to believing that it was unconstitutional and unaffordable. It remains all of these and more, and in addition billions of very real tax hikes hit a range of Americans starting in 2013, which are going to cost my [...]
Big Fish Eat Little Fish: What Happens When There Are No More Little Fish?
Then the big fish turn on each other until there are no fish. That would seem to be the logical end, don’t you think? Not exactly favorable to one’s self-preservation, is it? It seems to this humble observer that this is what big governments do. They keep eating more and more of the food supply (the economy) until there is not enough left to support them. Are big corporations playing the same stupid game? Maybe that is what Kim Strassel is suggesting in this Wall Street Journal article. …a growing collection of CEOs and big-business lobbies have fallen in line [...]
Another French Revolution? Gerard Depardieu Goes Galt
What if there were another French Revolution. And this time, it was led by creators refusing to be robbed by the nanny state? Well, one is beginning. Earlier this year, the French foolishly elected socialists, and their PM decided that a really great way to raise revenue for do-goodery was to tax the evil rich at very high levels. And, creators, like famous actor Gerard Depardieu have decided to vote with their feet, and leave France. The Socialist PM fired off that the refusal to be robbed was “pathetic.” Depardieu shot back and, in an open letter to Monsieur Ayrault, wrote, [...]
California Raises Taxes, Lose Revenues…Again!
They say that they definition of insanity is doing the same thing over and over, and expecting a different result. If that is indeed the case, California’s tax policies make them the official land of fruits and nuts, as they are proving the insanity axiom to be most true. On March 15th of this year, we took a look at the fact that after yet another failed tax increase… One of the greatest weaknesses of the statists is that their efforts at creating a fantasy world. more often than not, create the exact opposite of their stated intent. They try [...]
British Raise Top Tax Rates, Two Thirds of Millionaires Left
Evidence shows again and again that if you want there to be less of something. , you tax it. Well, either there is less of it, or it goes underground, which means you don’t get to tax it at all. The British are learning this lesson now, as after passing a unsubstantial increase in their highest tax rate, they suddenly found that they had far fewer millionaires to tax. The Telegraph has more… In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs. This number fell to just 6,000 after Gordon Brown introduced the [...]
California on the Brink: 144,000 Pay 50% of Income Taxes
Imagine the situation in which California finds itself. Out of all the income taxes collected by that state, 50% of it is paid by by only 144,000 people. Far less than one percent of the population. Doug Ross has more on the issue… California residents already contend with one of the most progressive tax codes in the country. Not only does California have high marginal rates, those high rates kick in at relatively modest income levels. California’s middle class residents earning $48,000 a year, for example, pay a state tax rate of 9.3%. Millionaires in 47 other states don’t even pay that [...]
Liberal Education Creates Dumb People
It wouldn’t come as a surprise that people that go to universities tend to be liberal. And, considering that they are liberal, they must live in economic la-la-land. And, it is true, as proven by Bookworm… One of the things that made the rounds on my Facebook was a boastful poster saying that those states with the highest number of college-educated people all went for Obama. The implication is that these smart Blue State people, unlike the ill-educated yahoos in Red States, are the ones who have the brains and ability to understand how Obamanomics will serve America. What the genius [...]
Layoff Update: Over 75,000 Lose Their Jobs Since Obama’s Election Day Victory
Categorize this under “elections have consequences.” There is news on the layoff front. In the few days since President Obama won his surprising, fraud filled victory, over 75,000 people lost their jobs. Breitbart has more… The Department of Labor has announced that new jobless claims rose by a staggering 78,000 in the first week after the election, reaching a seasonally-adjusted total of 439,000. Over the past year, and in the weeks leading up to the election, jobless claims were said to be declining, dipping as low as 339,000, with the media proclaiming that they had reached the “lowest level in more [...]
Is it Time to go Galt? Some Simple Ways to Avoid Feeding the Beast
Since our Republic is essentially on it’s deathbed, and Obama’s hand is poised on the plug for the final pull, many are contemplating their role in the new order. Do we quietly acquiesce, and accept our enslavement, or do we try to sabotage the nanny state by refusing be be sucked dry? Well, there is a way to legally and ethically resist the beast-it’s called “going Galt.” If you are unaware “going Galt” is a reference to Ayn Rand’s prophetic novel, Atlas Shrugged, in which the producers in a future America tire of being vilified and robbed by a nanny state. Their response [...]
Elections Have Consequences: Let the Layoffs Begin!
In the run up to the election we had covered how many companies had planned layoffs due to Obama’s policies, as well as those that planned layoffs in the event that Obama was re-elected. And, just as predicted, it has begun. Here are a set of links and excerpts… Small Businessman Lays off Workers to Avoid ObamaCare Taxes… The HuffPo has the story… The man identified himself as Stu, without giving a last name, and said he owns a small aviation services company. He told C-SPAN’s Washington Journal that he“simply can’t afford” to run his business if he has to comply [...]
How Much Does Government Take From You? 50%, 60%, 70%???
I wonder if the average American has any idea how their federal, state, and local governments cost them? It was a shock to me to sit down and estimate the total cost. I’m going to demonstrate that the average American is paying over 60% and possibly over 70% for their governments. First a little lead in to today’s story. My post on Tuesday had to do with the possibility of a sales tax on internet purchases. People are upset about and asked for help in understanding why. It seemed to me to be an extension of the sales taxes we already pay. You, dear readers, [...]
You Didn’t Build That: Debunking the Leftist Narrative
If we listen to the leftists, we hear two repeated messages… Corporations are not people No one get’s rich on their own, or, you didn’t build that. Of course, these are parts of the class warfare lexicon. For example, corporations are not people because their campaign donations help balance the torrent of big labor money to the democratic coffers. So, it necessary to redefine them as “not people.” Oh, and by the way, labor unions ARE people. Don’t ask how- it cannot be explained. Perhaps some strange metaphysical process is involved, or it is simply an asinine narrative? You can [...]
Taxes for Online Purchases Coming to a State Near You?
Apparently, some governors are seeing dollar signs with online purchases. The bigger problem? The GOP seems to be on board. Big Government has more… Small companies who want to sell their products online are in real trouble. Some Republican governors, eager to enrich their thinning state coffers, are endorsing a tax that would be imposed on products sold online.According to the National Conference of State Legislatures Strapped, states could reap as much as $23 billion in new annual revenue. New Jersey Gov. Chris Christie recently agreed to allow Amazon to collect sales taxes on his state’s online purchases if they located [...]
Manhattan Infidel to Impose a Tax
Fast on the heels of the Supreme Court’s historic decision to uphold Obamacare, I, the Manhattan Infidel, have decided to levy a tax on all Americans who do not visit my blog and hit up my tip jar. Accordingly, starting on Thursday July 12, 2012, all those who do not visit my blog will be taxed 55% of your base earnings. I do this because I care about America it will make me richer. This tax, or penalty, or as I like to call it “Tenalty” will be applied towards making America a better, healthier place I want your money. Some of [...]
The Evil Rich are Still Moving: Tax Induced Exodus from Maryland Continues
It’s wisdom that when taxes go up, people will go to great lengths to avoid the tax. However, the democrat narrative precludes reality, so they raise taxes anyway. We first covered that sad reality from Maryland in 2009… “Let’s go get those evil rich folks that are pooping on the little guy!” The class envy folks love saying things like that. When they get into power, as they are now, they attempt just that. Now, I could go into a long, drawn out description of why that is a terrible idea, but they won’t listen anyway. Instead, I’ll give an example, and [...]
Will the Transportation Bill Kill Roll Your Own Cigarettes?
Thanks to a tiny amendment buried in the Transportation bill, businesses that have machines to roll cigarettes will be forced to close, and lay off their workers. America’s Watchtower has more… Buried deep in the transportation bill was an amendment which was added to the legislation which will change the definition of cigarette manufacturers to include those who own and operate roll your own cigarette machines, effectively shutting down these small businesses all across the country. For those who do not know: Loose tobacco is taxed at a much lower rate than cigars and cigarettes and because of this many people have opted [...]
Top 400 Wage Earners Paid More in Taxes Than the Bottom Half! Leftist Meme Shattered
If you listen to the occupods, the mythical 99% are being completely fleeced by the equally mythical 1%. Class warfare is a stubborn thing, but reality always wins in the end. Bunkerville has the meme bustage… Just thought this would be a factoid worthy to report. Reality can be difficult to deal with. Not mentioned is not only do the non-payers not pay, but get money back from the 400. I don’t think 400 come to “The one percent” do you? Bottom Line: A small group of 400 of America’s most successful earners in 2009, about the number of residents living [...]
Chuck Schumer Channels Nazi Germany, Goes After Americans Attempting to Escape Taxes
We’ve talked about taxes quite a bit here. We covered that when Maryland passed a special tax on millionaires, one third of their millionaires disappeared, and the state ended up losing money. When NY passed oppressive cigarette taxes, New Yorkers found ways to evade it, and the state missed their income projections by several country miles. And, we covered that the early 90′s luxury tax cost tens of thousands of jobs, and then the government ended up paying more for unemployment benefits than they collected in revenue. In short, tax increases kill jobs, and result in the creation of new [...]
ObamaCare’s Latest Casualty: Catholic University Drops Health Coverage Due to ObamaCare
Remember when we were all told that under ObamaCare, if you liked your plan, you could keep it? As we predicted then, a ton of people are going to lose their plan. And, just as we predicted, it is predictable and intentional. For the latest example, The Blaze has coverage of Fransciscan University in Stuebenville Ohio… Franciscan University, a Catholic institution in Steubensville, Ohio, is claiming that Obamacare has forced the school to end its student heath insurance program. The massive health care overhaul, the university says, has led to cost increases that no longer make offering the program a [...]
Scary Numbers and Data: Record Number of Americans Take More Than They Give
Anyone who has been paying attention already knows that about 50% of Americans pay no federal income taxes. That number alone should give us all pause. But, according to this Fox News articlethe situation is much worse. “Right now about 70 percent of Americans take more out of the tax system than they put into it, according to the Tax Foundation,” Brooks said.”That’s something that should really alarm a lot of Americans.” (Bold added) So, if the American Enterprise Institute is correct and 70% of the people take out more than they put in, then only 30% of the people are carrying the load [...]
Germany Levying Special Tax of 1% on Young Workers to Support Bankrupt Entitlement Programs; Is This the Future for America too?
As a teacher, every day I go to school and work my tail off teaching the future of America the skills, concepts, abilities, and information they are going to need to be successful citizens. I am passionate about our future; I work daily with the youth of our nation; and I care about this issue. And it pisses me off to see the future for these students so clearly and yet know that some of them are going to be voting Democrat in the coming election. Under President Obama and the new extreme liberal Democratic Party, our nation’s debt has [...]
California Raises Taxes and Revenues Decrease: Who Saw That Coming?
One of the greatest weaknesses of the statists is that their efforts at creating a fantasy world. more often than not, create the exact opposite of their stated intent. They try to engineer unicorns that fart rainbows, and they create a stillborn jackalope. You would think that they would learn from such infamous failures, but they seem to double-down instead. The latest example of this comes from Califailure. Knowing, and probably denying, the long history showing that tax increases cause a decrease in revenues, they have stuck with the highest tax rates in the country. Breitbart has the predictable results. [...]
The Gospel According to Barack Obama
And in those days cometh John Kerry preaching in the desert of Massachusetts. And saying: Do taxes: for the kingdom of Barack is at hand. For this is he that was spoken of: A voice of one crying in Massachusetts, Prepare ye the way of redistribution. For now the axe is laid to the root of the capitalists. Every Republican therefore that doth not yield redistribution and his fair share of taxes shall be cut down and cast into the fire. Then Barack was lead by the spirit into Chicago, to be tempted by the nonredistributioners. And when he had [...]
Video: The Burden Big Government Puts on a Small Businessman
Via Small Dead Animals I found this 2 minute video from Senator Jim DeMint(Republican, South Carolina) which explains how big government is making it harder for Americans to find jobs and more difficult for small businesses to succeed. As the video shows in an amusing way, when big government puts too many burdens on America’s economy, it forces jobs and investment overseas instead of here at home. It also makes it harder for middle class small business owners to compete against large corporations (who receive exemptions and build loopholes into legislation through their lobbying), discouraging real competition and job growth. Original Post: A Conservative [...]
Beer Warfare
Obama has been waging his class warfare for months now in anticipation of campaigning against his preferred candidate, Mitt Romney. So I thought that it would be a good time to explain our progressive tax structure in beer summit terms. Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this: The first four men (the poorest) would pay nothing. The fifth would pay $1. The sixth would pay $3. The seventh would pay $7. [...]
Decoding the Leftist Narrative: We’re not Successful Just by Ourselves
As we go into the election year, we’re going to see some familiar themes. As usual, the statists will couch their ideas in kind sounding terms in an attempt to sugar coat their desire for power and control. Since these little platitudes are going to be coming in torrents over the next few months, I thought it might be a good idea to parse them. First up, the latest meme from the Democrats… We’re not successful just by ourselves. This one is designed to appeal to our more egalitarian nature. After all, how do products get made without workers? How do [...]
Bill Whittle Explains Obama’s Re-Election Fund…
Bill Whittle does it again. I really like the no-nonsense way he explains things and this newest video of his is no exception. Take the 6 minutes to watch it, it is well worth it, my friends and if you ask me, it ought to be played for every new Senator and Representative before they are even allowed to vote on one single thing. Related posts: Ideas Matter: Bill Whittle on Natural Rights Bill Whittle vs. Michael Moore Bill Whittle’s Voter Guide to Republicans Joe Bastardi Predicts Colder Winters: Explains AGW has Nothing to do with it Labor Studies [...]
Liberal Policies Tend to Backfire: Will Higher Taxes and Regulation Help or Hurt the Mythical 1%?
Some refer to the law of unintended consequences. Others call it purposeful crony capitalism. But the reality is simple; in a high-tax and high-regulation environment, large corporations and the wealthy flourish, and the little guy? Not so much. Our contributor, Don, and I were chatting about that just last night. Then, as I was checking out some news sites this evening, I saw that Don and I weren’t the only ones pondering that point. Seton Motley, over at Big Government, was pointing out the same uncomfortable truth. In Reality, this Leftist policy disconnect happens with cringe-inducing regularity. They push proposals [...]
New York Cigarette Tax Fails to Bring in Projected Revenues: Anyone Surprised?
One thing that statists miss is that taxes change human behavior. When something is taxed to the extent that it becomes less affordable, people will either stop using the taxed item, use less of the taxed item, or obtain the item by other means. For the latest, NY State is lamenting the fact that their cigarette tax revenue is far below expectations… The Empire State is struggling to bring in additional tax revenue it projected it would gain from efforts to stop smokers from buying untaxed cigarettes on Indian Reservations, reports the New York Post: The state’s tax collectors were recently [...]
Cindy Sheehan Proudly Tells Occupods That she Hasn’t Paid Taxes for Years
Isn’t one of the mantra’s of the occupods is that the 1% doesn’t pay their “fair share?” But, what if a “hero” among useful idiots, Cindy Sheehan, didn’t pay hers? That’s not so bad, apparently. So then, let’s recap… 1. The occupods applaud Sheehan for not paying her taxes, so as to not fund “crimes.” 2. However, the occupods want the 1% (AKA: taxpayers) to pay more. So then, they want corporations, and “rich” folks to fund more crimes? I could go on, but the hypocrisy is self evident. Related posts: ObamaCare Damage: Turns out that the Taxes Were Taxes [...]
Chinese Uprising and OWS: Freedom vs. Slavery
In the event you haven’t heard, a Chinese town of 20,000, Wukan, is in open rebellion against the ChiComs, throwing out the local Communist officials. Here is more from The Other McCain… Malcolm Moore reports from Wukan, China: For the first time on record, the Chinese Communist party has lost all control, with the population of 20,000 in this southern fishing village now in open revolt. The last of Wukan’s dozen party officials fled on Monday after thousands of people blocked armed police from retaking the village, standing firm against tear gas and water cannons. Since then, the police have retreated [...]
Big Government Failure on Display: Billions Spend on No Child Left Behind, with no Observable Results
Big government programs, whether run by a Democrat or Republican, are doomed to failure. It’s not particularly about ideology, though foolish ideas tend to make it worse, but at the core of the matter, government programs fail because they cannot succeed. Large, centralized programs cannot respond to local issues or circumstances, nor can they recognize individual issues and needs. Instead, they apply a “one size fits all” plan that usually fails to achieve its stated goals. These fail again and again. As for the latest example, CNS News has a report that shows that No Child Left Behind has spent [...]
Statism is Killing the Middle Class
The liberals love their meme THE RICH GET RICHER and THE POOR GET POORER. Sorry liberals but that is just not true. The truth is that the poor, because of entitlements and welfare largess, are getting richer. It is the middle class that is getting poorer. The Poor are Richer Than the Middle Class One of my favorite bloggers, Bunkerville, wrote an excellent piece that contained the following table that he borrowed from Zero Hedge . Please click on this table to get a full view and you will see that a family of four earning only $3,625 has almost as much economic benefit as [...]
Graph: Results of Tax Cuts on Revenue to the Federal Government
Democrats, led by President Obama, frequently advance the argument that the deficits that the federal government has been running since 2001 (~$500 billion under Bush’s 8 years, ~$1500 billion during Obama’s 3 years) are the result of the Bush Tax Cuts (which Obama and the Democrats continued and extended), thus it is the Republicans and George W Bush’s fault for the current nation-destroying federal debt. Let’s look at the data: Drawing on data provided by the White House’s Government Printing Office, we can see here a history of the revenue or money collected by the national government since 1980. I [...]
High Cigarette Taxes Fail to Meet Expected Revenue Targets: Anyone Surprised?
Apparently, raising taxes on tobacco products is falling out of favor with state governments… According to Patrick Gleason, director of state affairs for the conservative Americans for Tax Reform, tobacco has not been the revenue boon states that have increased cigarette taxes had hoped. “The lack of interest in raising tobacco taxes this year can be attributed to the fact that tobacco taxes have indisputably proven to be a dubious and declining source of revenue,” Gleason told TheDC. “From 2003-2007, 16 of 59 tobacco tax hikes fell short of revenue projections.” Here in Washington D.C., for example, the city’s 2009 [...]
Debt Deal Reached: Who Wins and Who Loses?
I just saw that a debt agreement had been reached. So, rather than quote just the usual sources, I thought I’d tale a look at what a liberal sources had to say. First off, here are the details of the agreement from Talking Points Memo… The deal works like this: It guarantees the debt limit will be hiked by $2.4 trillion. Immediately upon enactment of the plan, the Treasury will be granted $400 billion of new borrowing authority, after which President Obama will be allowed to extend the debt limit by $500 billion, subject to a vote of disapproval by [...]
Must Read Interview by IBD with Home Depot Founder Bernie Marcus!
Just read this interview that Investors Business Daily had with Bernie Marcus, the co-founder of Home Depot, one of the largest home improvement stores in the nation and employer of lots of people. The interview is stunning because Marcus says what we’re all seeing- that the biggest barrier to wealth creation is now the government, that Obama and the Democrats are contributing to the problem, that the White House doesn’t even know how to talk to wealth creators, and that the reason why no one is speaking out is that they are all afraid of the powerful wealth destroying government targeting [...]
Steny Hoyer Meets Reality: Film at 11
Steny Hoyer accidentally collided with reality yesterday. Reports confirm that while neither were injured, Hoyer was shocked and dismayed… If you’re on the fence as far as an opinion on a Balanced Budget Amendment to the Constitution, Steny Hoyer seems to be unwittingly trying to push you in the “pro” direction: (CNSNews.com) – House Minority Whip Steny Hoyer (D.-Md.) said on the House floor last night that if the balanced budget amendment Republicans are supporting is ratified and included in the Constitution it would make it “virtually impossible” to raise taxes. “In order to pay our bills, Republicans would require us [...]
They’ve Won
The other day I was listening to Mike Church on my way to work and and he was reading through the platform ticket of the 1928 socialist party. The more I listened the more disturbed I became by what I was hearing. One after another Mr. Church worked his way down the list and I realized that we had unknowingly became what many in America claim to abhor…socialists. If you think I’m stretching the truth or off the mark take a look at their list for yourself. “Nationalization of our natural resources, beginning with the coal mines and water sites, particularly at [...]
Screwing Everyone Equally: Socialism Explained
Hey kids, here’s Matt with another example of how learning can be fun… And how is this in action right now? Businesses know that Obama has more taxes in mind, so they aren’t sure exactly how much they will be penalized for being successful, or even trying, so they aren’t hiring or expanding. When you get zapped for trying, why try? Aren’t we seeing that now? Businesses aren’t willing to take the risk when there is less chance of reward. It’s happening right now, and will only get worse. History also teaches us that this happens. For a homegrown example, here is [...]
The Left Accuses the GOP of "Sabotaging" the Economy: Now, Obama Wants Them to Actually do it
Earlier this month, I discussed the leftist narrative that the GOP is intentionally sabotaging the economy in order to win the 2012 election. Of course, that claim is nothing more than typical leftist projection, as destroying the economy is something that they have raised to a science. But, of course, they can’t let a little reality interfere with their narrative. So, they plod on, hoping that the uninformed swallow the lies, and vote accordingly. That entire scenario took on a new light with the debt limit debate. For background, here are some excerpts from the WSJ… So the fondest Washington hopes [...]
Lessons from Economic Recessions II- The Forgotten Recession of 1920
Last week I wrote in my post Lessons from Economic Recessions- Introduction and Great Depression: History teaches lessons- it allows those of us in the present to see how results in the past worked. Economic recessions are a great teaching tool for policy makers and average citizens, because they teach us how the recession may have happened and how to emerge from the recession and therefore inform us as to the policy actions that we must take and those that we as citizens must support. In that post, I talked about the lessons from the Great Depression. The lessons that [...]
Tax the Rich Until They Bleed
And when there’s no more blood, what then? Obama and the liberals love their populist meme: Tax the rich because they are not paying their fair share. Obama and at least some liberals know that is not true but they continue to beat this drum. Why? Because it’s an easy sell. When people are hurting, they want someone to blame . And, of course, Obama thinks this class warfare cry of tax the rich will get him re-elected. People need to know the truth about taxing the rich. There are a lot of myths out there. Below is a video that should go viral that [...]
Obama Proposes Massive Automatic Tax Increases with Debt Failsafe Trigger
In Obama’s recent speech on reducing the debt (also see my earlier post on this subject), President Obama proposed instituting a “debt trigger,” or fail-safe mechanism, that would force the government to make substantial reductions in discretionary spending if deficits exceed 2.8 percent of GDP starting 2014 (which they are going to as a result of his budget calling on more and more spending combined with his policies which encourage lower and lower GDP). Entitlement programs would be exempt, which is important, because entitlement programs make up most of what our government spends money on and are predicted to overwhelm our entire budget [...]
Taxes: A Historical Perspective REDUX
Both the Daley Gator and Capitol Commentary have discussed the fact that due to new tax increases, courtesy of a Democratic state government, Caterpillar may be forced to seek greener pastures in another state. That reminded me of a post I did almost a year ago… With taxes on tanning salons and medical devises in the ObamaCare law, and the states proposing taxes on all sorts of services and products, I think it might be a good time to take a look at just how successful other taxes have been. In 1990, a luxury tax was passed to go after the “rich people” by taxing [...]
Republicans Threaten to Hold Dem Agenda Hostage Until they Prevent Obama Tax Increase
Long title, I know. I could have made it shorter by simply saying HELL YES! But, that would leave the casual reader somewhat confused. We know that the Democrats have quite an agenda for their lame duck session. The Dream Act, The Food Control Bill, and a host of other Cloward-Piven is ready to be voted upon, and there is so little time. Of course, they’re still playing games with massive tax increases, but the Republicans in the Senate have apparently responded. For the details, here is some coverage from FOX. Every Senate Republican has signed onto a letter vowing [...]
Blog Focus: The Power to Ignore Reality
A couple of weeks ago, I saw a post that was beyond fantastic, and I thought I might share it. It’s from one of our newer friends, Fleece Me. So, sit back a while and enjoy The Power to Ignore Reality. Liberals have an amazing ability to ignore the facts of life. Unlike the television show of the same name, our world is not composed of 30 minute vignettes of the trials and tribulations of a group of girls living in the suburbs, it is decidedly the opposite. Daily, innocent people are being reduced to mounds of indecipherable flesh, innocent [...]
Three Bills the GOP Must Pass to Get Off Probation
Voters did not give the Republican Party a blank check this election- they put the GOP in charge of the House of Representatives for a reason, and if the GOP does not do three things, then voters will return Obama and the Democrats back to power in 2012. In order for the GOP to get off of probation and earn the trust and votes of voters, they need to: Pass a bill out of the House that repeals Obamacare. They don’t need to do anything other than that- they don’t need to replace it and they don’t need to set [...]
A Primer in Economics, Explained over Beer
I received this via email from one of my non-blogging friends. I loved it, and thought you might too. I cannot vouch for the “author.” It is a viral email, so you never know. THE TAX SYSTEM EXPLAINED IN BEER Suppose that every day, ten men go out for beer and the bill for all ten comes to $100… If they paid their bill the way we pay our taxes, it would go something like this… The first four men (the poorest) would pay nothing. The fifth would pay $1. The sixth would pay $3. The seventh would pay $7.. The [...]
Cash-strapped New York State Finds Novel Ways of Raising Cash
Customers in a popular Manhattan deli were surprised to find that if they wanted their bagel sliced it now cost 9 cents extra. Also, if bagels are eaten in the store, even if not touched by a knife or sliced, they cost extra. Running a 14 billion dollar deficit and with a lame-duck governor feuding with both houses of the state legislature the state Department of Taxation and Finance has started enforcing obscure laws such as the one just mentioned. “We have to come up with cash somehow” said Jamie Woodward, acting Commissioner of the Department. “I know New Yorkers [...]
Philly Taxing Bloggers
Most bloggers, well…blog, as a hobby. It’s a time intensive labor of love to find stories, write your particular take on them, publish them, visit other blogs to comment and show some support, publicize your work so people might actually pay attention to it, and so on. And with all of that comes the great profit and critical acclaim that we all seek…right? Eh, not so much. Most bloggers have no advertising at all. Some have tip jars. Others do advertising, but make next to nothing on it. As you have likely noticed, there is advertising at the CH 2.0. [...]
The Coming Tax Assault II: 2011 Destroyed by Obamacare Taxes
Note: This article was originally posted at A Conservative Teacher on 8-1-10. Yesterday, in The Coming Tax Assault I: 2011 Destroyed by Tax Increases on Everyone I wrote: 2011, regardless of what happens in the 2010 elections, will be a bad year for America due to the avalanche of tax increases that will hit everyone, specifically dead people, married people, rich people, investors, poor people, those with kids, those who save, those who buy medications, and small businesses. New tax increases of varying amounts will be levied on these groups starting in 2011, and the result of these tax increases will be [...]
Real News from CNBC???
First off let me say that rumors of my demise are greatly exaggerated. I am still here and workin’ hard on stayin’ here. Without going into details, I have been battling my heart condition and have had a rough go of it as of late. I tell you all this because I felt the need to explain my absence for the last several weeks. Now to my post… I got this vid link in an email. Once I viewed it, I had to share it with all the loyal CH2.0 followers. Here is Las Vegas Hotelier and all around mogul, [...]
The Coming Tax Assault: 2011 Destroyed by Tax Increases on Everyone
2011, regardless of what happens in the 2010 elections, will be a bad year for America due to the avalanche of tax increases that will hit everyone, specifically dead people, married people, rich people, investors, poor people, those with kids, those who save, those who buy medications, and small businesses. New tax increases of varying amounts will be levied on these groups starting in 2011, and the result of these tax increases will be lower spending, lower saving, lower investment, lower business activity, and increasing hiding of taxable income by those that can, with the end result being falling revenues [...]
Fear! Made in the USA… Patent Pending…
It is time for the Government to Scare the Old and the Poor half to death. They warned us now watch as the Obama machine ratchets up fear. (play “Jaws” music) Rahm Emmanuel has said, “You never want a serious crisis to go to waste.” He then went on to clarify 5 points the government hoped to deal with: Healthcare, Energy, Taxes, Education, and Financial Regulation. Hillary Clinton said the same thing with regard to the climate and if you look at everything this administration has done, it has use fear as its tactic. This government has created a “Crisis” [...]
