Showing posts with label taxes. Show all posts
Showing posts with label taxes. Show all posts

Monday, May 28, 2012

Where Is President Obama Hiding His Tax Hikes?

I pulled this off of the Heritage Organization's website. I could not have stated the hidden excessive taxation and regulations emanating from Obama and his minions any better. Please do enjoy it as I have.

Where Is President Obama Hiding His Tax Hikes?

EXCLUSIVE: It could be said that President Obama has never seen a tax hike he doesn’t like — whether it’s letting the 2001 and 2003 tax cuts expire, insisting on higher taxes for job creators, and yesterday calling on Congress to raise taxes on the oil industry. But as much as the President wants to raise taxes, Heritage has discovered that there are even more tax hikes hidden in his budget, adding up to a total of $2 trillion in higher taxes.
In a new report, Heritage’s Curtis Dubay uncovers Obama’s hidden tax hikes and finds that the President’s proposed $1.561 trillion tax increase over 10 years is much bigger than advertised. In fact, the President wants to raise taxes by $1.689 trillion – that’s $128 billion more than was reported by the White House Office of Management and Budget (OMB) in the President’s FY 2013 budget proposal.
What’s to account for the discrepancy? Dubay explains that OMB reports the tax hikes in areas other than the tax section, misleading readers into believing that the President’s tax hikes are smaller than they are in reality. Among them are the “Financial Crisis Responsibility Fee,” better known as the bank tax, which adds another $61 billion to the President’s tax hike total; a $44 billion tax hike from allowing the IRS to adjust a program integrity cap; a $48 billion increase of the unemployment tax; and a $1 billion hike of user fees for commercial navigation of inland waterways.
How’s that for “the most transparent White House in history”?
But wait, there’s even more.
On top of the $128 billion in hidden taxes, the President takes credit for tax cuts when he really doesn’t deserve it. Dubay reports that the budget includes $317 billion in pre-existing tax cutting policies, including the payroll tax holiday ($31 billion), the American Opportunity Tax Credit ($137 billion), the Research and Experimentation Credit ($109 billion), the group of tax-reducing policies known as the “tax extenders” ($34 billion), along with a handful of other provisions totaling $6 billion — even though these policies were already part of the tax code. In other words, the President wants to get all the credit, while dodging the blame.
Take away those wrongly counted cuts and the President actually wants to raise taxes by more than $2 trillion!
Dubay says the White House has some explaining to do:
Congress should disregard the misleading tax hike figure from OMB’s table and use the correct $2 trillion amount when referring to the total tax hikes in the President’s budget. And Members of Congress should question OMB as to why they chose to mislead readers about the total tax hike that President Obama has called for on American taxpayers.
Why does all this tax talk matter? Take a look at the economy. America is experiencing a historically slow recovery, the likes of which haven’t been seen since World War II. Private-sector employment is 4.5 percent below pre-recession levels, unemployment remains at 8.3 percent — the highest since the 1981-1982 recession — and only 63.7 percent of adult Americans are active in the labor force, the lowest since 1983. Meanwhile, small businesses say taxes are among their most important problems — they fear Washington will raise taxes in order to pay for even more spending, so they’re sitting on the sidelines and not producing jobs. Now it appears that their worst fears are coming true.
Instead of raising taxes through the roof and hiding a chunk of those tax hikes from the American people, Washington should pursue policies that encourage growth and will help put the unemployed back to work. One way to do it is with Heritage’s “New Flat Tax” which simplifies the tax system and encourages investment.
America doesn’t need $2 trillion in higher taxes, especially in a time of a weak recovery. And it certainly doesn’t need them slipped through under their noses. The President’s budget claims credit for tax cuts he doesn’t deserve, hides the true cost of the tax hikes he imposes, and punishes job creators instead of encouraging them to expand. Consider it the President’s secret recipe for a weak economy.

Sunday, February 12, 2012

So what have the Democrats brought us since they have been in power starting in 2006!


My rant today is on the unintended consequences that always result from the actions of the Leftists. Detroit comes to mind as a great example. The left has had complete control of that region since the twenties and look where it has gotten them. Greece, Spain, Ireland are all showing the unsustainable predictable result.

The Democrats ruled the Senate and House of Representatives from 2006 till 2008 then they controlled all three political branches of government (the White House, the Senate, and the House of Representatives) from 2008 till 2010 when the (Republicans took control of only the house). The Democrats have control of the White House and Congress from 2010 till the present. So with that all being said they own this mess we are currently in. It is time to live within our means, reduce the size and scope of the government.

A simple measure of Government is as percentage of GDP we are currently at 24% we need to reduce this level to no more then 20% of our GDP as this has been a time proven health sustainable maximum level government size.

So what have the Democrats brought us since they have been in power starting in 2006!
  1. Obamacare (sure to be a drag on the economy for decades)
  2. Spendulus Bills in the trillions (that will be sure to be felt by our grand children)
  3. Dodd-Frank bill (sure to raise banking costs and reduce lending of available money)
  4. 99 weeks of unemployment insurance (sure to prolong unemployment and put further tax burden on businesses)
  5. Quantitative easing 1 and 2 (sure to bring on inflation)
  6. 8% plus Unemployment with
  7. Record food stamp dependency (why Obama's picture should be on the food stamp)
  8. 50% of the population paying no income tax (sure to make it difficult to get voters to make the needed tough decisions that have to be made) 

I have pasted a great article below by John Merline of Investors Daily for your consideration.

Dependency Index Surges 23% Under President Obama


By JOHN MERLINE, INVESTOR'S BUSINESS DAILY
Posted 02/08/2012 08:02 AM ET
The American public's dependence on the federal government shot up 23% in just two years under President Obama, with 67 million now relying on some federal program, according to a newly released study by the Heritage Foundation.
The conservative think tank's annual Index of Dependence on Government tracks money spent on housing, health, welfare, education subsidies and other federal programs that were "traditionally provided to needy people by local organizations and families."
The two-year increase under Obama is the biggest two-year jump since Jimmy Carter was president, the data show.
The rise was driven mainly by increases in housing subsidies, an expansion in Medicaid and changes to the welfare system, along with a sharp rise in food stamps, the study found.
"You can't get around the fact that policy decisions made over the past two years, on top of those made over the past several decades, are having a large effect on the pace of growth of the index," said William Beach, who authored the Heritage study.
Government dependence has climbed steadily since 1962, when the index stood at 19. By 1980, the index had risen to 100. It stood at 294 in 2010, the last year for which the data are available. D.C.-based Heritage has produced the index for nine years.
The report also found that spending on "dependence programs" accounts for more than 70% of the federal budget. That, too, is up dramatically. In 1990, for example, the figure stood at 48.5%, and in 1962 just over a quarter of federal spending went to dependence programs.
At the same time, fewer Americans pay income taxes, the report notes. Almost half (49.5%) didn't pay income taxes in 2009, the latest year for which the researchers have data. Back in the late 1960s, only 12% of Americans escaped the income tax burden.
Other findings:
The number of people dependent on the federal government shot up 7.5% in the past two years.
In 2010, for the first time ever, average spending on dependence programs per recipient exceeded the country's per-capita disposable income.
The dependency index has dipped only seven times in the past 49 years, three of which were under President Reagan and two under President Clinton.
Some observers say the rise in dependence under Obama is merely a reflection of the deep and long recession.
But Beach says his team's research shows that economic effects account for only one-fifth of the change in the index.
In addition, the index shot up 8% in 2010, a year when the economy grew by 3%.
Also, in the wake of the 1981-82 recession the dependence index climbed only 6%, then fell the very next year. That early-'80s slump was nearly as long as the so-called Great Recession (16 months vs. 18 months) and saw unemployment rise higher (peaking at 10.8% vs. 10%).
The lingering high jobless rate during the slow economic recovery under Obama could also explain dependency's rise. It's also possible that the growth in federal dependency programs is partly to blame for the ongoing jobs recession, not just the result of it.
As the chart above shows, the time it's taken for employment to reach its pre-recession peak has climbed the past four decades, right along with the growth in federal dependency. The current jobs recession hit a post-World War II record of 48 months in January, with payrolls still 5.6 million below their January 2008 high.
Research seems to validate this connection. Various studies have shown that extending unemployment benefits can keep unemployment rates higher than they would otherwise have been.
Obama's own former economic adviser, Larry Summers, noted in the 1999 Concise Encyclopedia of Economics that "government assistance programs contribute to long-term unemployment ... by providing an incentive, and the means, not to work."

Saturday, January 14, 2012

Rubio in letter to Obama: You are turning America into a 'deadbeat nation'


Rubio in letter to Obama: You are turning America into a 'deadbeat nation'

Warning if you click on the link above for the article by by Jason Mattera do not down load the free viewer for the Rubio letter as it will put a bunch of unwanted aggressive programs on your computer!

In a scathing letter sent to Barack Obama this morning, Senator Marco Rubio said that under the President’s first term in office, “more and more people have come to believe that America is becoming a deadbeat nation.”

Rubio went on to pledge that he would challenge any further increase in the debt ceiling, arguing that “we [Congress] need to make it routine to actually spend no more than we take in.” In the letter obtained by HUMAN EVENTS, the Florida Senator said that President Obama’s upcoming request to increase the debt ceiling by a whopping $1.2 trillion will cause the nation’s public debt to surpass the $16 trillion mark.

“I will oppose your request to continue borrowing and spending recklessly.”

President Obama is expected to request the new borrowing power from Congress once the Senate and House return from their holiday recess.

The president must notify Congress when the debt closes within $100 billion of the ceiling, according to the Budget Control Act passed in August.  This triggers for Congress their only available option to block an increase, in this case $1.2 trillion, by passing legislation. However, even if the House and Senate do that, the president can still veto their objections.  In short, there is very little Republicans can do in a Democratic-controlled Senate to block an increase.

If President Obama led the charge to reduce the country’s unsustainable debt in mid 2011 rather than punt the enterprise to a “Super Committee,” asserted Rubio, we’d already be on a pathway toward economic growth and prosperity. "Unfortunately, the first three years of your presidency have been a profile in leadership failure."

The letter concludes: “America deserves leaders who will stand front and center, level with the American people about our challenges and offer real solutions to solve them.  Instead of simply asking for another debt ceiling increase, I urge you to come forward with a real plan to tackle our debt in 2012.”

This is the latest salvo in the debt ceiling debate in Washington.

The Florida Republican’s warning letter to Obama can be read in its entirety below.



This letter by Marco Rubio is a must read!