Archive for the ‘tax credit’ Category

Payroll Tax Debate: The Truth Comes Out in the U.S. Senate

conservativedailynews.com12/2/11

On Thursday, Dec.1st the battle to extend the payroll tax holiday and unemployment insurance benefits reached new heights in the Senate, as not only did…

Tax debate over, Obama lands in Hawaii – TheHill.com

thehill.com12/24/11

White House pool reports suggest the president is in full vacation mode. Following a week of speculation about whether President Obama would be able to join his family in Hawaii for Christmas, or would be stuck in …

What’s going on right now is a battle between those in the Senate and the House that believe that more tax money is needed so that more can be spent, and those on the other side of the aisle, that don’t believe it!

Obama’s Anger

President Obama, who right now is the swagman for the more tax-wanters, can’t understand why the Republicans won’t join his crusade to add trillions of dollars, to the burden of the taxpayers.

And that’s trillions with a “t" and not billions with a “b”,

Will Rogers may never have met a man he didn’t like, but Obama has never met a tax he didn’t want to fondle, and he can’t give up his itch to cuddle these new trillions.

Will Roger obviously never met an agent

An AP (Associated Press) analysis suggests that adding trillions of dollars in new taxes will most affect small-business owners, and low, and middle-income families trying to reach for more prosperity.

* And AP leans left!

The Leftist Solution?

In his frantic push for more taxes Obama declares:

“We need to close tax loopholes for millionaires and billionaires, oil companies, hedge-fund managers and corporate jet owners".

“What we need to do is to have a balanced approach where everything is on the table".

"We need to take on spending in the tax code".

“You can’t reduce the deficit to the levels that it needs to be reduced without having some revenue in the mix".

In the same way that Marie Antoinette couldn’t understand why the poor wouldn’t eat cake when there was no bread, Obama can’t understand why a baron of Wall Street wouldn’t settle for a little Grumman or Falcon, even with a tax credit.

* Closing loopholes on those that use corporate jets would raise about one tenth of one percent of needed money!

What Happed To Euphemisms?

Obama, with his trillion-dollar “grand bargain", is now flailing about in frustration because the Republicans are refusing to use euphemisms, which is the preferred tongue of Capitol Hill.

To Obama’s chagrin, the Republicans obstinately continue to talk in Harry Truman English, and the Tea Partiers keep calling taxes, "taxes".

The Master Is Choking

Obama got to Washington, in part because he is a master of pulpit rhetoric, but now he’s choking on mixed metaphors:

“Pull off the Band-Aid. Eat our peas. Now’s the time to do it".

But euphemisms, however vague, cute or inexact, won’t work this time if the Republicans can resist an urge, which is deep within their DNA, to "fold in the clutch".

Taxes Are An Affliction

Some polls suggest that the majority of Americans want higher taxes, whereas others say that they don’t.

The left-wing polls suggest one opinion, and the right-wing ones another.

The majority of Americans might approve of higher taxes for other people of course, but the question that almost certainly went unasked in left-wing polls was, "Would YOU be happy to pay more tax?".

Thatcher And Palin

Many years ago, Margaret Thatcher astutely diagnosed the terminal ailment of all socialists:

“They always run out of other people’s money".

And Sarah Palin, who sets liberal teeth on edge with her gift of cutting colorfully to the chase, observed that:

"The Sugar Daddy has run out of money".

The Lines In The Sand

The Democrats are now crying that the Republicans must agree to tax increases or risk default, but that’s because the Democrats are unwilling to make the needed cuts in spending to prevent the default.

New York Times columnist David Brooks wrote that:

"Republicans no longer have a sense of moral decency and can’t accept the legitimacy of intellectual authorities".

But what he really meant was that taxpayers have finally got the tax-eaters’ number, and that the “intellectual authorities”, might as well get used to it.

How Can Obama Cut The Deficit In Half?

Amongst his many pledges before taking office, Obama’s claim that he would cut the federal deficit in half by the end of his first term, was perhaps the most ambitious.

Now in office however, he continues to introduce one new spending proposal after another, and as he does so, the country’s deficit continues to grow at an unsustainable rate, and the American people are showing increasing concern.

Just the health care reform plan alone is likely to more than double the already huge 2009 deficit which is now expected to exceed $1.8 trillion, but Obama claims that the plan will somehow remain deficit neutral;

"Like energy, this is legislation that must and will be paid for. It will not add to our deficits over the next decade. We will find the money through savings, and efficiencies within the health care system", he said last Tuesday, June 23 2009.

According to recent polls however Americans remain largely skeptical.

A New York Times/CBS News poll indicated that 60% of Americans don’t believe the president has a strategy to reduce the deficit.

A Wall Street Journal/NBC poll suggested that 58% of Americans want the president to give controlling the deficit, a higher priority than a speedy economic recovery.

Obama said in a recent interview that the deficit issue is something that keeps him from sleeping at night, and added;

"There’s no doubt that we’ve got a serious problem in terms of our long-term deficit and debt. I make no apologies for having acted short-term to deal with our recession".

And so it should keep him awake, because the numbers are mind blowing;

The fiscal stimulus bill, $787 billion

The "place holder" for additional financial stabilization funds, $125 billion

The homeowner stability program, $75 billion

The State Children’s Health Insurance Program Re-authorization between 2010 and 2019, $38 billion

The Cap and Trade program for 2020, $22 billion

The money for these programs will supposedly come from;

Savings from the war in Iraq when it comes to an end, whenever that happens.

Doing away with unnecessary, inefficient, and as yet unnamed government programs.

Taxing Americans who earn above $250,000

However, JD Foster who is an economist at the Heritage Foundation says;

"Raising taxes is the obvious answer. I think there’s no question that we might want the rich to pay more in tax, but there isn’t enough money among the rich to tax it all and really make a significant dent in the deficits that we’re facing. That’s just not going to work. We’re going to have to try something else, either raise taxes on the middle class because that’s where the bulk of the money is. Or we’re going to have to start getting serious about cutting spending".

Various articles appeared on blogs during the election campaign that questioned Obama’s impossible sounding tax and funding proposals, but they were buried by the main stream media’s push to get him elected.

Understanding The Tax Cuts

Obama And The Magic Kingdom

More and more people are now crying out that Obama is far more liberal than they expected him to be, but if they’d done more than read headlines, and listen to campaign speeches, they would have known that he was irrefutably  linked to the Far Left ‘New Party’ (read communist party) less than 12 years ago.