One Single Dime? More Like Thousands!

"...you will not see any of your taxes increase one single dime."

Does anybody remember the flowery rhetoric of Candidate Teleprompter and his claims of tax stability? Lest you still believe the nonsense coming off the Presidential teleprompter, perhaps you should listen to what Treasury Secretary and tax cheat Tim Geithner has to say.

Our Troops Need Your Help. Show them that America still cares. Give what you can today.

Geithner, in an interview with George Stephanopoulos, refused to rule out tax hikes. Rather, he stuck with the rhetorical flourish of, "We’re going to have to do what’s necessary.”



CBS5 explains it this way:

President Barack Obama's treasury secretary said Sunday he cannot rule out higher taxes to help tame an exploding budget deficit, and his chief economic adviser would not dismiss raising them on middle-class Americans as part of a health care overhaul.

One more time America, Obama and his enablers in the Congress are tax and spend liberals! Obama has definitely gotten the spending part down, now he is moving in for the taxes. Whether it is his ObamaCare albatross, "stimulus" package, or "Cash for Clunkers," this administration and Congress have spent this nation into the ground. What's worse, is that they are foolish enough to believe they can tax their way out of this spending crater.

RingCentral Online - Free Trial plus 10% Off

When American consumers have less money with which to consume, the economy suffers and revenue to the US Treasury decreases. Their no disputing that fact. When Americans are engaging in economic activity, whether it is spending or investing, the economy grows. When the economy grows, tax receipts grow.

However, when taxes are increased, economic activity decreases, as does revenue to the Treasury. No amount of government spending or "stimulus," can replace the multiplier effect of the American consumer. Keynesian economics just doesn't work.

Guard against ID Theft with 15 Points of Protection from TrustedID, including our $1,000,000 Warranty. Click Here!

If you are serious about reducing the budget deficit, contact your elected representatives. Tell them to quit spending like drunken sailors (apologies to drunken sailors)! Also tell them to keep their hands off of the best health care system in the world. Finally, register to vote, if you are legally eligible to do so. The 2010 elections are just a year away. Do you have a message you want to send?

Tax and Spend is not Change

I warned you, Obama wants to spend like a drunken sailor and tax like crazy.

First, the $787 billion "Stimulus" package, and now the Democrats want to spend another $401 billion, with Obama wanting taxpayers to bail out everything from mice to McMansion-owning bus drivers.

How does he and the Congress propose to pay for this massive redistribution scheme? The simple answer since Karl Marx is to tax "the rich." While there is great speculation as to who "the rich" really are, I will stick with some basic facts.

Anybody who is currently in the 36% federal income tax bracket will now be taxed at 39.6% at the expiration of the "Bush" tax cut. Maybe that's too broad of a group so let's look at a more discrete set of folks.

According to the Wall Street Journal (really read this article, its worth it),

Roughly 3.8 million filers had adjusted gross incomes above $200,000 in 2006. (That's about 7% of all returns; the data aren't broken down at the $250,000 point.) These people paid about $522 billion in income taxes, or roughly 62% of all federal individual income receipts. The richest 1% -- about 1.65 million filers making above $388,806 -- paid some $408 billion, or 39.9% of all income tax revenues, while earning about 22% of all reported U.S. income.

Did you get that? The top 2% pay 62% of ALL federal individual income tax. I think that is more than their fair share, especially since they don't get additional services. Further, the top 50% pay over 96% of individual income tax. So, according to John Edwards, we really do have two Americas, those who pay income tax, and those who consume it through government benefits.

Just in case you didn't think you were paying enough, Obama wants to nationalize health care. Haven't we learned enough from the United Kingdom, Japan, and Canada that government health care is not only an atrocious waste of money, but also leads to poorer care??

Citizens and taxpayers of the United States, now is the time to contact your representatives in Congress and demand they stop wasting your money. These massive, and I mean more massive than we have ever seen, deficits spell hyperinflation. That is bad for everybody. Also demand that as a taxpayer, you don't want your taxes funding the 9000 earmarks in the Democrats new budget. In case you support these things, and are in the top 50% of taxpayers, get used to socialism and a declining standard of living, as that is what is happening.

Wake up America! Its happening right in front of your eyes!!

Hold on to Your Wallets, Here Comes Obama

So you went and did America. You voted for Barack Obama. All of that "Change" and "Hope" talk snowed you, didn't it?

Well guess what? Starting with the new Democrat congress and Obama in the White House, taxes are going to skyrocket! One of the first things on the agenda will be allowing what was known as the Bush tax cuts to expire. That is an instant tax increase on all tax payers.

We also know that Congress and President-elect Obama are going to raise income taxes on anybody making $250,000, no wait, $200,000, nope, its $150,000, ok, just everybody. The tax increase that is really going to hurt the US economy is the capital gains tax.

Captial gains tax is a tax on the increase in investments. For simplicity sake, if your investment earns $100, current tax law takes $25. In percentage terms, if your investment earns 8%, your actual return is 6%, after taxes. President-elect Obama plans to raise that rate to 35%, thus making that $100 gain worth $65, or that 8% gain is really 5.2%. Will triple tax-free bonds become more popular?

What that really means is that folks will reconsider investing that next dollar, as the tax hit may not be worth it. Additionally, if companies have investment gains outside of the US, they won't repatriate that money because it will wipe out their investment returns. Without money to improve the business, or pay dividends, the economy begins to sputter. Considering the current state of the global economy, ANY tax plan that increases the burden on individuals or corporations is both dangerous and foolish. But don't blame me, I voted for McCain. Rant over.