LA QUINTA, Calif. (TheBlaze/AP) — Phil Mickelson said he will make “drastic changes” because of federal and California state tax increases.
“It’s been an interesting offseason,” Mickelson said Sunday after the final round of the Humana Challenge. “And I’m going to have to make some drastic changes. I’m not going to jump the gun and do it right away, but I will be making some drastic changes.”
The 42-year-old golfer said he would talk in more detail about his plans – possibly moving away from California or even retiring from golf – before his hometown Farmers Insurance Open, the San Diego-area event that starts Thursday at Torrey Pines.
“I’m not sure what exactly, you know, I’m going to do yet,” Mickelson said. “I’ll probably talk about it more in depth next week. I’m not going to jump the gun, but there are going to be some. There are going to be some drastic changes for me because I happen to be in that zone that has been targeted both federally and by the state and, you know, it doesn’t work for me right now. So I’m going to have to make some changes.” Continue Reading
13 Tax Increases Just Went Into Effect – Obama: “I Won’t Raise Taxes on Middle Class America”
If I had $100 for every time I heard Barack Obama promise us that he would not raise taxes on middle class Americans, I could afford to take my family on a Hawaiian vacation.
Between the fiscal cliff resolution which wasn’t a resolution after all, and Obamacare, there are 13 new tax increases that will directly or indirectly impact everyone in America, including the middle and poverty class people.
Taxes with a direct impact on the middle and poverty class:
1. Right off the bat, the fiscal cliff agreement that would only raise taxes on the wealthy, just raised EVERYONE’S payroll Social Security tax by 2%. The old rate was 4.2%, but that was raised for everyone across the board to 6.2%. A family making a combined gross of $50,000 will pay an additional $1,000 in Social Security taxes. Right there Obama broke his promise and proved to the entire nation that he is a blatant liar and that his word can never be trusted. Not exactly a trait you want in your national bleeder, I mean leader. Continue Reading at GodFather Politics
Rep Says Democrats Like Bank Robbers
Sandy Fitzgerald, NewsMax:
Idaho Republican Rep.Raul Labrador said on Sunday that he’s “not really sure”
Democrats want to avoid going over the fiscal cliff, and that they’re like “bank
robbers” who want to raise taxes on everyone.
Labrador, appearing on ABC News’ “This Week,” also believes President Barack Obama has successfully provoked a civil war among Republicans, which has been the Democrats’ goal from the beginning.
“They have tried to get us to fight against each other on taxes when — I’m not really sure that they don’t want to go over the fiscal cliff,” said Labrador.
Meanwhile, Labrador was one of the House Republicans who opposed a plan by House Speaker John Boehner to raise taxes only on people making more than $1 million. But he said if Democrats really wanted to avoid the fiscal cliff they could have voted for the bill.
“There were only about 50 of us in the House who said that we were not going to vote for
John Boehner’s deal last week,” he said. “All they needed was 50 Democrats to vote for the deal, and it would have passed last week.”
But, Labrador said, the Democrats have been trying to divide Republicans “from day
“They have tried to get us to fight against each other on taxes when — I’m not really sure that they don’t want to go over the fiscal cliff,” he said. “They want to expand the growth of government. They need more revenues. You know, Democrats are like bank robbers. You don’t have the money in the 2 percent — the money is in the 100 percent. They want to raise taxes on everyone.”
Labrador also said history will repeat if leaders talk about raising taxes.
“What happens in Washington is that we talk about raising taxes today and then we talk about cuts 10 years from now,” Labrador said. “It happened under Reagan, it happened under Bush, and it’s what’s going to happen to us once again.”
Milk Prices to Skyrocket
Farm-state lawmakers have agreed to a one-year extension of the expiring U.S. farm law that, if enacted, would head off a possible doubling of retail milk prices to $7 or more a gallon in early 2013.
The extension would end a 32-month attempt to update farm subsidies dating from the Depression era, when farmers were crushed by low prices and huge crop surpluses, to meet today’s high-wire challenges of tight food supplies, high operating costs and volatile markets.
Traditionally, the dairy program sets a minimum price for milk through government purchase of butter, cheese and dry milk. If Congress does not act, the dairy support price will revert on Tuesday to the level dictated by an outmoded 1949 law and which is roughly double the price now paid to farmers.
The potential retail milk price has been estimated at $6 to $8 a gallon versus current levels near $3.50.
Mexican Smuggling Tunnels
Mexican authorities have discovered a sophisticated smuggling tunnel equipped with electricity and ventilation not far from the Nogales port of entry into Arizona, U.S. and Mexican officials said Friday.
The Mexican army said the tunnel was found Thursday after authorities received an anonymous call in the border city of Nogales, Sonora, south of Arizona. U.S. law enforcement officials confirmed that the Mexican military had discovered the football field-long tunnel with elaborate electricity and ventilation systems.
U.S. Border Patrol spokesman Victor Brabble said the tunnel did not cross into the U.S.
The army said the anonymous caller was reporting gunmen standing outside a two-story house in a hilly neighborhood near the international bridge where motorists travel between Mexico and the United States.
Inside the house, soldiers discovered a fake wall inside a storage closet under a staircase that led to a dark room with buckets and clothes. After lifting a drain cover in that room, soldiers found another staircase at the entrance of the tunnel that went 16 feet underground and measured a yard in diameter. Light bulbs lit the underground passage and pipes stretched across the 120-yard tunnel that Mexican army officials believe was built to smuggle drugs.
It was unclear whether officials made any arrests, but the house where the tunnel was found was seized by the local government. Military officials did not say how long they believed the tunnel had been under construction, but authorities say it can take six months to a year to build such a passage.
Sophisticated secret tunnels stretching across the international border have become increasingly common as drug cartels invent new ways to smuggle enormous loads of heroin, marijuana and other drugs into U.S.
by: the Common Constitutionalist
It seems, in so many ways, America is being turned upside down. What seems logical is illogical and vice versa. I can think of no better example than that of cigarettes and marijuana.
One may purchase cigarettes in New York City for between $11 and $14.50 per pack, but there is practically nowhere in the city to smoke them. Makes perfect sense.
There is an interesting phenomenon happening in this country. It seems the legal substance cigarettes, is being regulated into illegality, while the illegal substance marijuana, is gaining legality.
At the same time more states and municipalities are outlawing the use of cigarettes, they are enacting legislation to legalize marijuana. I say outlawing the use of cigarettes, not the sale, for governments could never go without the tax revenue.
Could this be the driving force for legalization of pot? Rhode Island, on the heels of the Colorado and Washington state legalization success, has vowed to bring marijuana legalization to vote. They have already estimated a $30 million tax windfall from the sale of a newly legalized substance.
I’ve been saying for years; if cigarettes are so harmful, ban them. Ban the sale, not just the use. The whole concept is just absurd.
It would be like being able to purchase a car, but the state telling you, you may not drive it for you may get into an accident and kill someone.
There is no doubt that cigarettes are bad for you and are the source of suffering and death for many. Most in government, as do many ill-informed Americans, claim that smoking puts a strain on the health care system.
From a purely practical and economic standpoint, I contend cigarettes, in the long run, actually save the health care system money and thus the taxpayer. Most chronic smokers develop health problems earlier and thus die earlier than non-smokers, thereby saving money that the taxpayer would otherwise have to pay later in the non-smokers life. I know that sounds heartless but it is logical from a purely economic view.
I would find it impossible to believe that chronic marijuana smokers wouldn’t have similar health problems later in life. So what is the driving force toward legalization of pot?
Could it be that marijuana advocates have become so numerous in these states, as to force legislation or a ballot referendum? Are there that many pot smokers in this country? I sincerely doubt it.
If that isn’t it, what is behind this push for legalization? Also, when marijuana is legalized, where might potheads be able to light up? I ask, due to the dearth of cigarette friendly areas in most states these days.
For example, in liberal Boulder Colorado, most likely pothead central, cigarette smoking has been banned practically everywhere, even on porches, patios and balconies.
In Oregon there is a statewide ban and a rider within the state law allowing for municipalities to further restrict the use of cigarettes.
California also has a statewide ban on the use of cigarettes and plenty of cities and towns have further restrictions, such as bans on smoking outdoors, at bus stops, parks, and beaches, as well as in apartments and condominiums.
With all the restrictions on cigarettes, a supposed legal substance, will these restrictive municipalities allow pot smokers to light up in Park or their apartment? Might there be a special pothead waiver?
Knowing liberals as I do, I would likely say yes. Marijuana will be allowed were cigarettes aren’t. Yes, we are in bizarro world.
States, like the feds, spend money like drunken sailors. My apologies to drunken sailors. They don’t have the spines to cut spending nor do they have the slightest desire to do so. So they must find new streams of revenue. Legalizing and taxing marijuana is the new stream they have discovered. Like the Lewis and Clark of taxes.
It will be interesting to see just how far the spineless political class will go with the new drug legalization thing. The radicals on the left, of course, will never stop at just marijuana. This is simply the jump off point for them. After they’ve tasted success in several more states, they will move on to some other drug. Mark my words!
I have an idea for the most hated industry this side of Big Oil. Phillip Morris could become the most beloved company of the left. They just have to introduce “Marlboro Joints”. Instead of the Marlboro man, the macho cowboy smoking a cigarette, they could introduce the Marlboro Rasta-Mon, standing at the checkout of a 7-11 with the joint in one hand and a microwave burrito in the other.
FL Senate President Laughs At Constitutionalist
by: Tim Brown and the Common Constitutionalist
Republican Florida State Senate President Don Gaetz showed the true face of tyrannical RINOs in the Republican Party when he openly laughed and mocked the Constitutional principles espoused by KrisAnne Hall, an attorney and former prosecutor, who supports the Tenth Amendment and the right of the States to nullify unconstitutional laws implemented by the federal government. However, it appears that Mr. Gaetz also indicated his support of the tactic of the seventh President of the United States Andrew Jackson in how he would deal with “nullifiers.” He would have them shot and hanged.
According to Mrs. Hall, she not only spoke to Gaetz, but even wrote him and explained the positions of men like James Madison, Thomas Jefferson, and Alexander Hamilton on State sovereignty. She then received what can only be explained as a violence threatening email from Gaetz to anyone that would support nullification. Here’s what Sen. Gaetz wrote:
Thank you for your email and for your passionate views.
Like you, I believe Obamacare is unconstitutional and wrong-headed policy. I have consistently voted in the Florida Legislature for legislation that affirms our state’s options, obligations and sovereignty under the United States Constitution. I am working every day to ensure the election of national candidates who will repeal and replace this extraordinarily bad policy.
It is said that one evening, while he was president, General Jackson was interrupted in his reading in his bedroom by an alarmed military aide who breathlessly reported, “Mr. President, the “nullifiers” are in front of the Executive Mansion with torches and guns. They are screaming that each state has the right to decide for itself which federal laws to follow. They threaten to burn us down if you will not agree with them.”
Without lifting his head from his reading, Andrew Jackson said, “Shoot the first nullifier who touches the Flag. And hang the rest.”
Chaplain, I have sworn an oath on my father’s Bible before Almighty God to preserve, protect and defend the constitution and government of the United States. And that’s exactly what I intend to do. Count me with Andrew Jackson.
Senator Don Gaetz
From the Common Constitutionalist: Well, at least progressives are consistent. Whether they be democrat or republican matters not. A progressive is always in favor of siding with big government; the bigger the better. It’s also nice to hear Senator Gaetz is a big fan of that swine, Andrew Jackson. Lest you have forgotten or are a new reader, the following is an excerpt pulled from an article I wrote a while back regarding another progressive, Newt Gingrich. In it, I extolled the virtues of President Jackson:
Many believe the Father of Progressivism was Theodore Roosevelt. In fact it was Andrew Jackson. Andrew Jackson came to prominence as the Founding Fathers died out and I believe the republic that they envisioned also died with Jackson. He could not have done what he did if they had been around.
Jackson believed in Manifest Destiny, which is kind of the perversion of Divine Providence. Divine Providence occurs when you live your life in a good and moral way, try your best and pull yourself up by the bootstraps, God will open doors for you. You know, “Good things happen to good people”.
Manifest Destiny is more of the, “Get out of my way. I’m on a mission from God”. It’s my way or the highway. Like all progressives, he knew better than the people.
Founding Fathers = Divine Providence, Progressives = Manifest Destiny. It’s no surprise Jackson was also the father of the democrat party.
He declared war on the Bank of the United States (B.U.S.). I’m no fan of any national bank but unlike the Federal Reserve of today, the B.U.S. did not wield nearly the power of today’s central bank.
Although he declared it, he was not championing the working class or Ron Paul supporters. He claimed to be fighting for the “little man”. Sound familiar? In fact he just wanted to shut the bank down because he couldn’t control it. Jackson simply wanted to replace it with another bank completely controlled by him and his party. Progressives must control all things for the betterment of society. They arrest control by pretending to be the champions of the “Little Guy”.
Most Americans think the Civil War was fought solely about slavery. In fact Andrew Jackson started the ball rolling when he signed the Tariff of 1832 that taxed imported and exported goods. The North grew successfully under this tariff. The tax was rough on the southerners. As Andrew Jackson continued to tax goods, southerners found it hard to sell their products to the English and suffered badly.. South Carolina firmly refused to pay the taxes and threatened to withdraw from the Union if the tariff was enforced. It was eventually rewritten, but the damage between the North & South had been done.
Like the progressives that would follow, he was also a flaming racist. He believed neither Indians nor blacks should own any property in the U.S. He particularly hated Indians.
We have all heard of the “Trail of Tears”. That was Andrew Jackson’s doing. He declared war on the Eastern Indian Tribes, signing the Indian Removal Act. There would be no tribes east of the Mississippi. Many Indians were massacred. Those he didn’t have killed, were driven west along; you guessed it, “The Trail of Tears”. Many of the Indians died on the trail (roughly 25%), freezing to death.
His excuse for the atrocity was, “Well, we needed the land, so we took it”. Manifest Destiny.
Although I don’t agree will all the following points of this article, Mr. Livingston does make one think.
The Fiscal Cliff Is A Mirage, But A Real Cliff Is Ahead
by: Bob Livingston
Don’t worry over the so-called fiscal cliff. It is just the latest in a long line of crises created by the elected sociopath class as another ploy to extract more wealth from the American people and further advance its agenda.
The cliff you need to worry about is the one we are barreling toward regardless of how the fiscal cliff negotiations turn out. It’s the hyperinflation cliff. It’s dead ahead. It has become unavoidable. The Nation is in default.
The fiscal cliff is the term adopted to refer to the end of the misnamed George Bush tax cuts (which expire on Dec. 31 and because Obama extended them in 2010, so we will rightly call them Obama tax cuts) and sequestration ($1.2 trillion in cuts to social programs and defense spending that kick in on Jan. 1 barring a budget deal). It’s an unpalatable option to the political class because the political class hates cutting government — which reduces the power of the state — and uses a progressive tax rate to help reinforce the Hegelian dialectic.
President Barack Obama and his redistributionist minions have drawn a line in the sand over the misnamed George W. Bush tax cuts. Obama wants to end his own tax cuts on those making more than $200,000 ($250,000 for joint filers). This, despite his statement in 2010: “You don’t raise taxes in a recession.”
The United States remains in the old or has entered into a new recession. As John Williams of Shadowstats.com writes here1 (subscription required): “[T]here has been no recovery in economic activity, since the economy plunged from 2006/2007 into mid-2009, just ongoing low-level stagnation. Reporting of retail sales, production and durable goods orders shows the economy turning down, once again, into what will become recognized as the second-dip of a double-dip recession, likely timed from third-quarter 2012. The reality remains that current economic woes are an ongoing part of protracted economic collapse, not the beginning of a new cycle.”
While the “official” phony-baloney government statistics show U.S. gross domestic product rising steadily since late 2009, real GDP growth remains stagnant, as it has since late 2009, and mirrors real unemployment, retail sales and housing starts.
Federal Reserve Chairman Ben Bernanke has instituted QE3 to infinity. This will serve to prop up banks and the establishment, but it will hasten the demise of the dollar. (Watch the prices of gold and silver for confirmation.) It’s out-and-out theft from the American worker, saver and retiree.
QE3 and the unwillingness of the political class to make substantial and substantive cuts to government have prompted Williams to shorten his outer hyperinflation timeline from 2018 to 2014.
America is a warfare/welfare state2. A full 20 percent ($718 billion) of the Federal budget in 20113 was spent on perpetual war, defense and security-related international activities. “This portion of the budget is untouchable,” according the warfare wing of both parties.
Another 21 percent ($769 billion) went to Medicare, Medicaid and the Children’s Health Insurance Program (CHIP). An additional 13 percent ($466 billion) went to safety-net programs like SSI, food stamps, school meals, housing and childcare assistance, etc. “These are untouchable,” according to redistributionist class of both parties.
And 20 percent ($731 billion) paid for Social Security, which provided retirement benefits to 35.6 million workers and other benefits to another 19.8 million spouses and children of retired workers, spouses and children of deceased workers, disabled workers and their eligible dependents. Social Security is considered an entitlement program, but it should not be since it is supposedly funded by money confiscated from workers — who had no say in the matter — to fund their retirement. The program was long ago looted by the elites and is the biggest Ponzi scheme in history. “Social Security is sacrosanct and untouchable,” leadership of both parties lie to you as they confiscate the funds faster than they pour in.
Obama and his redistributionist minions play the class-warfare game to perfection, pitting the poor against the so-called rich in order to steal more from the middle class. Their big lie is that the “rich” pay a lower percentage of income in taxes than the poor or middle class. The politics of envy — nasty, vile and green wealth envy that causes some to wish ill will or disaster on others who have enjoyed more success and has turned to hatred in the hearts of many — is advancing us toward total totalitarianism.
And now Republicans — supposedly the party of low taxes and smaller government — are joining the growing ranks of redistributionists and feeding the dialectic.
According to Internal Revenue Service data5, the highest average tax rates in America are paid by those making between $1.5 million and $2 million. Their tax rate is 25.1 percent. Tax rates then begin to fall on incomes greater than $2 million, as a greater percentage of income comes from capital gains and dividends. Still, those making more than $200 million pay an 18 percent tax rate on their adjusted gross income.
Those making $1 million to less than $1.5 million pay a 24.9 percent tax rate. Those making $500,000 to less than $1 million pay 24.1 percent, and those in the $200,000 to less than $500,000 range pay 19.6 percent. Tax rates below $200,000 break down as follows:
- $100,000 to less than $200,000 incomes pay 12 percent.
- $50,000 to less than $100,000 incomes pay 7.5 percent.
- $30,000 to less than $50,000 incomes pay 4.8 percent.
- Those making less than $30,000 paid no Federal taxes6 after deductions and credits.
Representative Tom Price (R-Ga.) says Obama’s plan to increase taxes on the rich will generate only enough revenue to fund the Federal government for eight days7. What he doesn’t tell you is that income taxes don’t fund the government. They are simply a wealth redistribution/information gathering tool used by the government.
Price is one of the employees of the state who daily work to propagandize the masses on the idea that there is government debt and that money (sometimes called “revenue” to fool the people with doublespeak) to pay that debt must be confiscated from the masses. But there is no debt. Ask yourself this question: If you had a machine that would crank out an unlimited number of bills, would you have debt? Of course not. And that’s what government does.
Government debt is a world-class delusion. It is a tool used to justify theft and redistribution. And it has worked to perfection, pitting the have-nots against the haves, while the 1 percent (government workers and elected class) make out like the bandits they are. Meanwhile, many become ever more embittered over the idea that someone may have a greater pile of worthless green paper strips than they do.
It won’t be too much longer before people will be papering their walls with the green paper strips they’re so jealous of others for having. Study your history, and look to Weimar Germany as the example.
Workers were transporting wheelbarrows of cash to the store for bread, hoping to arrive before the prices changed. The price of coffee would triple between the time it was poured and the time it was consumed and the check arrived. Mothers prostituted themselves so their kids could be fed.
The next U.S. Great Depression is the cliff to be concerned with. Time is short. Store food (buying it now is also a hedge against inflation) and water, guns and ammunition, and personal hygiene items. Accumulate silver and gold. This Christmas, give silver as a gift that keeps giving — especially pre-1965 U.S. silver coins:
- Dec. 1, 2000: silver $4.69/oz.; today: silver $34.28/oz.
- Dec. 1, 2000: Dow Jones industrial average 14,053; today: DJIA 13,023.
Times will be especially difficult for the unprepared and those who depend upon the system for sustenance.
To Hell With It, Let’s Jump Off the Fiscal Cliff
We’ve all heard about the “fiscal cliff.” But what does it mean? The media won’t bother to explain it in any detail, and people aren’t looking it up on their own. So, a great many Americans think it’s a physical place, a vacation destination of some sort. I understand people are busy with their lives, but a majority of Americans just voted to re-elect President Obama, a man whose failed leadership created this harmonic convergence of economic mess that is the fiscal cliff. So I say, “To hell with it; let’s jump.”
President Obama is still in campaign mode, traveling the country to sell his unserious proposal of $1.6 trillion in tax hikes, more insane spending and a laughably small amount of spending cuts. So much for a “balanced” plan. But the president couldn’t even be bothered to deliver his “plan” to Congress himself. He sent Treasury Secretary Timothy Geithner, an alleged financial wizard who claims he “misfiled” his taxes because he couldn’t properly use the near idiot-proof TurboTax.
Democrats are unwilling to take seriously the coming crush of entitlement spending. They took entitlement reform off the table before negotiations even began, and their megaphones in the media don’t put down their pompons long enough to report honestly about any of it.
The House of Representatives has passed an extension of the current tax rates, and the Democratic-controlled Senate has done exactly nothing with it. The Senate could vote to just extend the current rates they support and deal with it in a conference committee, but it won’t. It won’t do anything because the party that controls the Senate doesn’t want anything done.
What few leftists will tell you is they want tax rates to increase on everyone. That’s why the president campaigned on extending them for the middle class for only one year, not permanently. They know, just like hiking rates on top earners, that will harm the failing economy, but they don’t give a damn. They want more money.
Liberals have no interest in even inching toward a government that lives within its means because, unlike every other individual, company and entity in the world, government is the only entity that can simply vote itself more means. Max out your credit cards, then tell Visa you’re raising your own credit limit, and let me know how that works out for you.
Republicans should start now, raising a lot of money and running ads about how Democrats are unserious and responsible for taxes going up. Spend money to explain the situation to the American public. The media never will report it, and Republican leaders, such as John Boehner and Mitch McConnell, don’t have the bully pulpit or ability to communicate as Ronald Reagan did. So paid media is the only option.
In the meantime, the people voted for Obama, so let them have Obama. Just make sure to pin every ounce of failure on his chest like a scarlet letter.
Yes, sequestration will cause serious cuts in defense spending, but the military can handle it. Liberals become aroused at the prospect of cutting defense, and liberal voters in Virginia and Maryland would be hardest hit as defense contractors lay off Obama voters in those blue states. I say good. Sometimes voters have to take their medicine, even if it’s a suppository.
It won’t be easy, but the military will adapt. That’s what the military does, and that’s why it is the best in the world. And half the automatic sequester cuts will come from domestic spending – bureaucracies also filled with Obama voters, who will be less able to deal with them. If they can’t adjust their spending to absorb the cuts, they’ll have to lay off people. Again, good.
If Republicans refuse to extend unemployment benefits, these newly unemployed Obama voters eventually will get to experience first-hand the lifestyle their vote empowered. Welfare state overlords on welfare. Can you think of a better education for bureaucrats than to be forced onto the very programs they administered, so they themselves experience the soul-sucking, aspiration-killing impact of what they’ve done to others? Karma is exactly what they say it is.
Or, if Republicans don’t have the “intestinal fortitude” for this (which leadership hasn’t displayed in years), the House should pass a middle-class tax cut but keep the top rates the same. And make them permanent. That would force Democrats to reject an actual middle-class tax cut, not the “keeping-rates-the-same” nonsense they’re now trying to sell to the American people as a tax cut.
We know Democrats aren’t interested in cutting taxes for the people they claim to fight for, so call their bluff. Nancy Pelosi, Harry Reid and Barack Obama like lying about middle-class tax cuts, so pass the bill and see how they react.
But none of this will work if Republicans don’t start a smart, aggressive, expensive and sustained ad campaign that circumvents the media. The key word is “smart,” and it’s also the catch. The Republican Party needs to treat itself like Keith Richards and embrace failure and go with all new blood. If the party doesn’t shed those who brought us the debacle of Nov. 6, no strategy will work. Just like voters who re-elected a failed, incompetent president expecting a different outcome, Republicans can’t retain the same failed team and expect to win.
Democrats have no interest in addressing our massive deficit and out-of-control spending; it’s up to Republicans. The question is this – do Republicans have the will? We’ll all have to have to take our medicine sooner or later. If we don’t take advantage of the opportunities now, that suppository will end up being like a cyanide pill.
by Wynton Hall & the Common Constitutionalist
President Barack Obama has proposed raising taxes on the rich to put America’s fiscal house in order, but critics say federal spending is so massive that the wealthy don’t have enough money to cover the nation’s unprecedented debt.
In an interview with MSNBC’s Andrea Mitchell, Rep. Tom Price (R-GA) said President Barack Obama’s plan to raise taxes on the wealthy would only generate enough revenue to fund the federal government for eight days.
“The president’s plan to increase taxes on the upper two percent covers the spending by this federal government not for eight years, not for eight months, not for eight weeks but for eight days. Eight days only,” said Mr. Price. “It’s not a real solution. So, again, I’m puzzled by an administration that seems to be more interested in raising tax rates than in gaining economic vitality.”
The problem is that the rich don’t have enough money to put so much as a dent in America’s $16 trillion national debt. “If the IRS grabbed 100 percent of income over $1 million, the take would be just $616 billion,” writes John Stossel. “That’s only a third of this year’s deficit. Our national debt would continue to explode.”
Still, Mr. Obama’s supporters persist in proposing tax hikes on the wealthy. On Sunday, billionaire Warren Buffett proposed a minimum tax for America’s top earners. “We need Congress, right now, to enact a minimum tax on high incomes. I would suggest 30 percent of taxable income between $1 million and $10 million, and 35 percent on amounts above that.”
There’s just one problem with such an approach, says author Mark Steyn:
If you took every single penny that Warren Buffett has, it’d pay for 4-1/2 days of the US government. This tax-the-rich won’t work. The problem here is the government is way bigger than even the capacity of the rich to sustain it. The Buffett Rule would raise $3.2 billion a year, and take 514 years just to pay off Obama’s 2011 budget deficit.
Indeed, even Mr. Buffett seems to concede that he and the president’s “soak the rich” proposals are more an act of political theater designed to generate an emotional response than serious solutions: Mr. Buffett told Matt Lauer he believes his proposal would boost the “morale of the middle class.”
From the Common Constitutionalist: The facts are the facts. No matter how much spin Obama puts on it. The republicans, not wanting to try to educate the public, are jumping on the “Revenue” bandwagon. (Always remember, revenue equals tax increases).
Moderate republican Lindsey Graham told ABC’s This Week on Sunday, “Republicans should put revenue on the table. We’re this far in debt. We don’t generate enough revenue.” Rep. Cole said on Tuesday, “I think we ought to take the 98 percent deal right now,” and allow taxes to go up for higher income earners.
Rep. Peter King told NBC’s Meet the Press on Sunday, “[The] bottom line is we cannot have sequestration. We can’t go off a fiscal cliff. We have to show the world we’re adults. … I think everything should be on the table. I myself am opposed to tax increases.”
It appears to me Obama and the democrats have already won. A crisis has been created, on purpose, I might add, and the republicans will do what they always do. Whether it’s the end of the world scenario of TARP, the stimulus, the debt ceiling or this. They keep giving ground and the dems keep taking.
Let me put this “Tax the Rich” nonsense into further perspective. The federal government currently spends 9.5 billion dollars per day. Are you getting the magnitude of that number.
Now lets reinject John Stossel’s number. If we took every dime the rich makes it would total $616 billion. That would fund the government for about 65 days. What do you do on the 66th day? You’ve already taken all the income.
Let’s put some more perspective on it. We all heard about the huge Powerball jackpot this past week. Those 2 lucky winners are now rich beyond their wildest dreams. The cash payout for each is about $160 million give or take. That’s a lot of money unless one is trying to run the government. That whopping $160 million could run the federal government for less than a 1/2 hour. How’s that for some perspective.
This problem cannot and never will be solved until the size of government is slashed. Not just the fat trimmed, but cut to the bone. The only way to do that is to starve it of revenue.
We are going over the fiscal cliff, one way or the other. It’s just a question of when at this point.
You best prepared.
Rich Kids need to pay more in Candy!