Posted on 08/10/2007 9:09:40 AM PDT by IrishMike
Federal tax revenues as a share of the gross domestic product are exceeding a 40-year historical average. They're rising by nearly 8 percent this year. Last year they rose by 11.8 percent. And consumer confidence is at a six-year high. So why do Democrats feel compelled to reverse this propitious wave of prosperity with a sea of business-stunting levies?
It's unlikely the slew of tax hikes will get past President Bush. For all his faults, he "gets" the economy. But if Democrats land the White House in '08 and widen their congressional majorities, the looting will be unlike anything witnessed in the past 10 years.
Consider the Dems' wish list, as reported by The Wall Street Journal:
A tax surcharge of 4.3 percentage points on income above $500,000. A tax on private equity partnerships that go public, raising the 15 percent rate to the corporate tax rate of 35 percent.
A bump in the capital gains rate from 15 percent to 28 percent.
Elimination of the domestic manufacturing deduction, potentially worth billions, to oil producers.
Such schemes cannot be chalked up merely to economic ignorance. What's revealed is a concerted effort to minimize individual wealth, hobble industry, hogtie the economy and thus increase dependence on the whimsy of government.
If what Congress proposes today is the preview of coming attractions under a Democrat regime, hardworking Americans are in for a horror show.
(Excerpt) Read more at pittsburghlive.com ...
Donks should review what happened to UK industry in the 50s and 60s.
Libber-als be like Rolling Rock Beer—same as it ever was.
The libber-als do NOT want the wealth-building machinery to exist
at all. Nor do they want wealth-building mechanims to be able
to operate.
Raising taxes as an election platform won’t work next yr either.
MV
Don’t forget the Dems first response to the I-35 bridge collapse was to propose a $0.05/gallon tax increase on gasoline.
Dems never miss an opportunity to try to raise taxes.
All the more reason to get busy NOW and support a true conservative in the primaries.
Those of us in AZ who are retired under the Arizona State Retirement System don’t seem to realize that their retirement checks are classifed as Capital Gains when they receive their W-2’s for tax returns.!!!!!!!!........So you will go from 15 per cent to 28 per cent like it was until Bush tax cut!!!!....BTW the AZ tax is 10% of the Federal Tax!!!!!!....So you will be paying 30.8 percent tax on your pension!!!!!!!.......I don’t have the figures for social security taxes if you have you own pension; but mine is over half.!!!!!......
Nearly doubling the tax rate. Some bump!
And that, right there, is the true agenda of the Democrat party all wrapped up in a neat little nutshell. It's like catnip for wingnuts.
So why are the new rich (Silicon valley types in the software, internet, high tech) supporting the Dems in overwelming numbers when the Dem tax policies will cripple them. What am I missing? Need freeper explanation because that always stumped me.
Only one exception to what you said - the piss they call Rolling Rock being brewed in St Louis is not nearly as good as the Latrobe stuff (though I must confess I still drink it)...
If you are drinking piss, I highly rec a microbrewer in
Texas—Bear Whiz Beer Brewery.
They whip it up right on the premises. The trained bears
whiz into the little bottles and send them down the conveyor
belt to be capped.
Enjoy!
MV
This all sounds to me like a formula to bring back the economy of the 1970s.
The Democrat have noticed: The Labour Party controlled the UK.
Their goal is power, not the welfare of the nation.
It's either white guilt (they feel guilty merely for being a successful white man), or they are hoping everyone will get addicted to the government dole, then he and his fellow 'elites' will swoop in and rule us all since we obviously can't take care of ourselves.
My theory is that the federal government takes such a HUGE bite out of the economy that these guys soak up some of the money (gubmint contracts and such). When I took eco 101 I was surprised that government was one of the top ten employers (maybe top five).
I think if a real conservatives took power (not republicans or their buddies the dims) and cut the federal budget by 20% it would throw the economy in the toilet for a brief time as the redistribution from government to industry took hold; all just a pet theory of course.
But that is why I think these guys latch onto big government. They are following the money and the government has stolen ours in spades.
If your theory is correct then this republic will eventually die. Ross Perot once quoted an ancient political philosopher that a republic cannot survive if voters help themselves to the national treasury by voting in politicians who would tax the nation and hand the money over to them. My state of NJ is now starting to feel the effects of this type of politics where the state workers union, teachers union, county and local government worker unions make up 1 out of 7 voter. Dem politicians pander to them and they are a key fraction in the Dems winning coalition (Dems usually win 10+ percent over GOP). Now we face $ 5 billion annual budget gap, plus a $ 58 billion shortfall in the funds that will give the state workers/teachers free health care if they retire after 25 years of service. NJ Courts ruled this is a contract (unlike Social Security) and the state must meet the obligations (i.e cuts in services and tax increases). NJ may be the first state in the Union to default. In the last five years the US economy was expanding, and NJ is amongst four US states that do not have tax surpluses due to their excessive debt and spending. With the subprime crisis and potential for a recession, NJ budget woes are going to get worst if the US economy enters a slowdown.
The average person will bail out before that. Rather its an armed insurrection or a massive change in government the free lunch is going to end abruptly (Another pet theory of mine but hell, my ability to predict the future is as good as anyone else's—which is to say zip!).
I work for DoD. My installation is Fort Monmouth NJ slated to close and move to Aberdeen Proving Ground in MD under the current BRAC. It is being delayed over political rangling over cost over runs ($ 780M to $ 1.5B) but I predict it will still happen because the MD senators are more senior to the NJ ones. Looking at Bear DE as my new home (on border of DE and MD). Get a 2300 sq ft house on .28 acres with city water/sewage for $ 350K. Property taxes is $ 1200 and DE has no income tax. In NJ I live in a 1400 sq ft house, on a 75 by 110 feet lot and I pay $ 7000 prop tax plus NJ income tax. Due to the NJ shortfall in state worker/teacher healthcare fund, my prop taxes will go up by 12 percent for next year. I told my wife we are going to DE before NJ declares bankruptcy. NJ has been holding up financially due to NJ commuters working in a booming Wall Street in New York City. Despite that, the NJ budget is short $ 5 billion in economicly good times, imagine if we have a recession or slowdown on Wall Street(possible with the subprime crisis).
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