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POPSIs this what he promised? “Although my new spending proposals may raise the federal deficit in my first year to $1.75 trillion, I promise the American people that by the end of my first term, I will halve the federal deficit — albeit adding another $3 to $5 trillion to the national debt. “Those savings can be accomplished by upping the federal income tax to about 40 percent on those rich 5 percent of Americans who currently pay only 60 percent of our aggregate income taxes — as well as lifting Social Security caps on their payroll taxes and cutting out many of their tax deductions. “With state income taxes, federal income tax, and Social Security and payroll taxes, along with new cutbacks in deductions, some of these rich will pay over 60 percent of their incomes in taxes. That is not an unreasonable rate in comparison with past levels — or the fact that well over 40 percent of Americans do not make enough to pay any federal income taxes.
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POPSObama Stands By Daschle Let us take a look at the Obama scorecard 2 Lobbyists and 2 tax dodgers. Well, it is change. A Republican would never try to get away with this.
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POPSThe New Old Thing Nor does this list exhaust Obama’s goals. He also wants to defeat our enemies and keep us safe, to retain the applause of the world, to raise taxes, to win reelection, to appoint liberal judges, and to strengthen our alliances. Conservatives should hope that he succeeds in some respects and fails in others.
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POPSAnd yet they spent 5 billion on stem cell research And with everyone leaving CA because of their taxes (they tax everything in that state) it is only going to get worse. Of course they continue to spend a few billion a year on health care for illegals. Sounds like they better start addressing their expenditures.
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POPSTax Dodging It turns out that is not the complete story. According to knowledgeable sources, Geithner, when he prepared his original 2001 return, reported that he would make a pension contribution. He later decided not to make that contribution and therefore needed to file an amended return. He approached an accountant for the specific purpose of changing the pension contribution entry and filing the amended return. It appears that Geithner gave the accountant the tax return, but no underlying documentation. Senate staffers have talked to the accountant and have concluded that the accountant approached the task narrowly—he fixed the pension line and filed the amended return. It could be that Geithner thought the accountant gave the return more careful scrutiny overall, but it seems doubtful that the accountant gave Geithner’s return a clean bill of health, as the transition office implied.
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POPSA Stimulus Plan from the Right A cut in the corporate capital gains tax from 35 percent to the 15 percent that individuals currently pay. Is in the plan too and I think this would be the one that we need to fight for.
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POPSTaxes too complicated? So he forgot to pay his own taxes and the taxes of his housekeeper? Sure, give him a trillion dollars. He seems to be fantastic with money.
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POPSTax increases not such a great idea afterall, Duh.
With the Empire State’s budget deficit now projected to exceed $15 billion —in the face of a constitutional requirement to balance the state budget — New York lawmakers are fighting a five-alarm fiscal fire. But rather than slash billions in wasteful spending (not long ago, the state’s chief Medicaid investigator estimated that 40 percent of New York’s Medicaid spending — about $20 billion annually — was fraudulent or “questionable”), the state’s political class remains committed to raising taxes. And this time, they’ve trained their sights not on the barons of Wall Street but on Joe Sixpack. Gov. David Paterson (D.) has drawn up a laundry list of 137 tax increases that target the creature comforts enjoyed by ordinary New Yorkers. Included are new or increased taxes on soft drinks, malt beverages, beer, wine, cigars, cable television service, music downloads, and — most unthinkable of all — a new tax on Knicks tickets. “If anybody’s contemplating leaving the state of New York,”
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POPSGo Big! In short, we are pushing the rock so hard up the slope that we are oblivious to the danger that it is just about to go over the crest and cascade down the other side — in the form of roaring inflation. Here’s another modest suggestion for 2009 for all those now calling for even more trillions of government spending: When the tab comes due in the form of slow growth, steep interest rates, and high inflation — what we used to call stagflation — please do not blame others for necessary higher taxes and government cutbacks.
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POPSWhy wait? Uh, there are many benefits to waiting. Most importantly the benefit of waiting until you can actually pay for it without having to raise taxes and make the economy worse.
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POPSMileage Tax Oregon's economy is in shambles and has been for years. When will they learn that it is all the taxes that are making life so difficult. Oh, and if Oregonians are indeed driving less and less why would you nee more money for roads?
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POPSHuh? Biden is going to do what? Cut taxes, cut spending. BAM! Middle class is expanded. At least for a little while. Then the middle class folks will find themselves in the upper-middle class.
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POPSStop spending Instead of looking to Washington for a handout, the prodigal governors should look to their more prudent brothers, such as Gov. Rick Perry of Texas. Noting on Tuesday that Texas currently enjoys a budget surplus, Governor Perry laid out his state’s formula for success: “Texas has created a business-friendly environment where 1,000 people a day move to our state to work and raise a family.” Montana’s Democratic governor, Brian Schweitzer, is no captive to conservative ideology, but he stewards a surplus as well, helped along by Republicans in the state senate. Even in Alaska, where 90 percent of the state’s revenue depends in some part on oil, the price of which has this year fallen by two-thirds, Governor Palin is managing admirably. Raising Wyoming’s taxes to subsidize Californians’ extravagance violates both prudence and federalism; we have 50 different states for a reason.
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POPSMichigan as an economic model??? How has Granholm gone about creating this new green economy? With mandates and targeted tax breaks — just as Obama will likely propose. Granholm spearheaded a state Renewable Power Standard that mandates 20 percent of Michigan's energy come from wind power by 2020, and she has showered tax breaks on alternative energy companies. Watch for Obama to do both on the national level. The result has been a Michigan economy that has drowned under Granholm’s watch, with unemployment tripling to a nation-leading 9.3 percent at the same time that Michigan’s debilitating economic fundamentals — high taxes and overgenerous concessions to organized labor — have gone unaddressed. Granholm, however, has missed few opportunities for photo ops touting the companies that have benefiited from her tax handouts or her road-construction spending.
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POPSLeft Step Henceforth, elections are fought over which party is proposing the shiniest government bauble: If you think President-elect Obama's promise of federally subsidized day care was a relatively peripheral part of his platform, in Canada in the election before last it was the dominant issue. Yet America may be approaching its tipping point even more directly. In political terms, the message of the gazillion-dollar bipartisan bailout was a simple one: “Individual responsibility” and “self-reliance” are for chumps. If Goldman Sachs and AIG and Bear Stearns are getting government checks to “stay in their homes” (and boardrooms, and luxury corporate retreats), why shouldn't Peggy Joseph?
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POPSHe can't be that liberal. Can he? I think at this point, there needs to be a focus on an immediate increase in spending and I think this is a time when deficit fear has to take a second seat. I do think this is a time for a kind of very important dose of Keynesianism. I believe later on there should be tax increases. Speaking personally, I think there are a lot of very rich people out there whom we can tax at a point down the road and recover some of this money.
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POPSATR 401 k Calculator go to atr.org to see what happens to your 401k under the different tax plans from Obama, McCain Stark differences. Forget the only taxing those making more than 250K. Look what Obama will do to your 401K regardless of what your income is.
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POPSI want my demogrant Taking mone from the most productive and giving it to the least productive. Well, jeesh! That should by him a few votes.
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