TAXING THE ACHIEVERS

NEALZ NUZE ^ | 27 FEBRUARY 2009 | NEAL BOORTZ

[Turret Gunner A20]

Barack Obama is well on his way to taxing the dog squeeze out of the achievers, the business owners, the wealthy - the people who create the jobs in this country.

Starting in 2011, over the next 10 years, Obama is proposing almost $1 trillion in tax increases. And you wealth-envy types can rest your pretty little heads .. he is going to increase taxes on those evil rich people you so love to hate. Jake Tapper from ABC News has the breakdown:

1) On households making more than $250,000:

** $338 billion from turning back the Bush tax cuts.
** $179 billlion by reducing the limits on itemized deductions
** $118 billion by increasing capital gains taxes

Total: $636 billion/10 years

2) On evil businesses:

** $17 billion comes from bringing back the

** Superfund taxes

** $24 billion from treating tax carried-interest as income
** $5 billion by codifying "economic substance doctrine"
** $61 billion from repeal of the LIFO accounting practice
** $210 billion from international enforcement, reform deferral, other tax reform
$4 billion - information reporting for rental payments
** $5.3 billion from excise tax increases on Gulf of Mexico oil and gas
** $3.4 billion from repealing the expensing of tangible drilling costs
** $62 million from repealing the deductions for tertiary injectants
** $49 million from repealing passive loss exceptions for working interests in oil and natural gas properties
** 13 billion by repealing manufacturing tax deductions for oil and natural gas companies
** $1 billion by increasing to 7 years geological and geophysical amortization period for independent producers
** $882 million through eliminating advanced earned income tax credit
Total: $353 billion/10 years

There are people who actually believe that Obama is going to succeed in his quest to return economic prosperity to our country through taxation. There are also people who believe that wet streets cause rain.

These people are commonly called "idiots."

[4rcane]

Don’t you mean, just tax Republicans? We all know Democrats never pay taxes thats why they’re so in favor of higher taxes

[Need4Truth]

The Obama crackup is just getting into full swing.

[dirtboy]

Barack Obama is well on his way to taxing the dog squeeze out of the achievers, the business owners, the wealthy - the people who create the jobs in this country.

That's a harder sell nowadays, given how many of these 'achievers' only achieved tanking the economy while they made millions. They are a minority among the wealthy - small business owners make up most of them - but as long as you have corrupt executives and dealmakers running about, class warfare will be an easy sell. The GOP has to figure out how to counter that aspect.

[Wolfie]

We’ve had the lowest taxes in my lifetime since the 80’s, and yet here we are. Since neither Party is going to cut spending (does anybody remember spending? Not just when the other guys do it, but when our guys do it, too), I’d just as soon pay as we go, or just keep the ball in the air with deficits until I’m dead.

[Psycho_Bunny]

This is all going to end in violence.

I hope to God I've passed away before then.

[Wolfie]

I’m just trying to figure out where these jobs that are being created are.

[crusty old prospector]

How does Comrade BO think he is going to raise $118 billion in increasing the capital gains tax rates? You have to have a gain to tax and I see no indication that this market will stop before zero.

[WellyP]

Dow down by 111 at 7070! Obamanomics at work!

[PubliusMM]

Using ‘adjustments’ to the arguably esoteric elements outlined in the article to increase tax revenue serves to clearly demonstrate the crying need for fundamental tax reform in the US. Generating tax revenue by tweaking amortization and depreciation schedules, or by re-categorizing a taxpayer’s revenue source absolutely screams for political fraud; and, we’ve been victims for decades.
I question whether even outrageously confiscatory tax rates will be sufficient to cover the debt that the Anointed One and his minions are foisting on the American taxpayers.
Plus, businesses generally DO NOT PAY TAXES. They calculate tax burdens on their business model and factor that into the prices they charge to their customers, who pass it along to their customers until, eventually, the final stage consumer PAYS THE BILL...

It’s time to take back the country...

[Logical me]

These people are commonly called "idiots."

And do we have a load of them. Currently at least 60 of Americans are still brain dead not to mention the MSM, Hollywierd, and the Senate and House.

[Las Vegas Ron]

The GOP has to figure out how to counter that aspect.

I don't thinks so. Everyone will figure it out at some point, like when unemployment hits 20-30%

[airborne]

The Dems have already succeeded in dividing the nation with race.

Now they are trying to do the same thing by dividing the hard working capitalists and the lazy “nanny state” socialists.

Sadly, this may work for them. There are a lot of people right now with their hands out.

[Sybeck1]

I'm worried about my 3 year old son. I was a 38 year old bachelor just four years ago, with good promise for this country. Now I look at my little Jake, and part of me wishes I had took a different path, and stayed an middle age bachelor set in my ways. But Jake and others from his generation, might turn this around and make us America again. But I still worry.

[dirtboy]

I don't thinks so. Everyone will figure it out at some point, like when unemployment hits 20-30%

You can't assume that. Folks didn't blame FDR for perpetuating the depression with the New Deal. The GOP can't just run around shrieking 'Class Warfare!' any longer.

[Jakarta ex-pat]

"Barack Obama is well on his way to taxing the dog squeeze out of the achievers, the business owners, the wealthy - the people who create the jobs in this country."

Isn't that what communists, Liberals, Democrats, and The Labour Party (UK) have always done.

Nevertheless, for a few soundbites and a bit of colour we elect them just the same.

[Jakarta ex-pat]

"Barack Obama is well on his way to taxing the dog squeeze out of the achievers, the business owners, the wealthy - the people who create the jobs in this country."

Isn't that what communists, Liberals, Democrats, and The Labour Party (UK) have always done.

Nevertheless, for a few soundbites and a bit of colour we elect them just the same.

[pieceofthepuzzle]

“The GOP has to figure out how to counter that aspect. “

Honesty is the answer, and that honesty includes the truth about why some people have more/achieve more than others and visa versa. Monolithic characterizations are not completely accurate or honest, as you point out in your comments about ‘achievers’. The same is true of the ‘have nots’. Some are truly victims who have struggled and had life hand them more tragedy and difficulty than most of the rest of us. However, some are lazy, some are selfish, some make poor choices, etc. I'm not being judgmental, just honest. It's not, as the left and many in the media would have you believe, a simple dichotomy between Ebenezer Scrooge and Bob Cratchit. Sometimes Scrooge is the hard working ethical compassionate guy, and Cratchit is the lazy guy who blames everyone else for his lack of effort.

[dirtboy]

We’ve had the lowest taxes in my lifetime since the 80’s, and yet here we are.

The old debates and talking points just won't hunt any longer. If we are going to have to buy out the toxic assets in banks, they will need to be paid for at some point. We cannot borrow our way out of what we borrowed our way into.

[Logical me]

Plus, businesses generally DO NOT PAY TAXES. They calculate tax burdens on their business model and factor that into the prices they charge to their customers, who pass it along to their customers until, eventually, the final stage consumer PAYS THE BILL...

Thanks. I've been trying to drum that into those on FR for years. And we still have some that just don't get it. Everything, commodities, services, etc, etc. ALL Businesses are in business to make a profit and all expenses, including taxes, are passed along to the consumer. Congratulations, you said it extremely well.