Skip to comments.If You Have an Income, Listen Very Carefully to Barack Obama
Posted on 07/10/2012 7:09:09 AM PDT by SeekAndFind
In his remarks at the White House yesterday President Obama Called for extending Bush tax breaks for another year -- at least for certain taxpayers, those earning less than $250,000 per year. Apart from the continued exacerbation of class warfare in pitting "the middle class" against "the wealthy," a more deadly nuance lurked in his words.
Twice in his brief speech he pointed out that we need to enact this cutoff because "we cannot afford to spend on tax breaks for the wealthy." Those words should frighten and arouse anyone who has an income. They are not ill-chosen words; they are a look into the very political and economic heart of the current president and his regime.
Allowing income earners to keep a portion of their money is considered by them to be spending by the government. In other words, all of your money is theirs to spend.
They spend it on their special programs, their cronies, their allies and their adoring lapdogs. They spend some of it on the producers in order to keep the well flowing. Government has no money to spend except what it confiscates from those whose labor and intelligence produce wealth. A tax reduction is not government spending except in the convoluted sense of socialist elitists who believe they own everything and they alone know what and in what quantity is best for the masses.
Government is necessary and valuable. Its primary functions are to restrain evil, maintain internal peace and order, and keep its citizens secure. It needs to encourage individual liberty and personal responsibility. The details of how these are accomplished are matters of legitimate debate. One thing not subject debate is what government owns. It owns nothing.
(Excerpt) Read more at americanthinker.com ...
Question concerning the $250,000 figure. Is this before taxes and all expenses?
For those earning >= $250,000 Essentially your taxes REVERT back to the Clinton era tax rates ( from 36% to 39.5% ).
Nobody discusses how much “ending Bush tax cuts for the rich” will raise.
It’s not much, nowhere near what’s implied.
It’s not about revenue, it’s about social engineering.
“Allowing income earners to keep a portion of their money is considered by them to be spending by the government. In other words, all of your money is theirs to spend.”
This statement is a perfect summation of income redistribution. Liberals view everything as if it all belongs to the government.
All your money are belong to us! LOL
If the Bush tax cuts for the rich sunset the lowest tax bracket will jump 50%. Their rate will go from 10% to 15%. And the administration will blame this on the Repubs. And they will get away with it.
1040 Xtra EZ To Do Tax Form
US Government. Form Scru-u-R
1. How much money did you make this year? $________
2. SEND IT IN. $________
1. Take out a loan for more.
2. Send it all to us. $________
I can't find the reference on their web site, but this morning on Fox&Friends there was some discussion. As I recall, the net was that the amount raised annually would be enough to fund the government for about 3 days.
But it will take the seed money out of the economy. Growth? Hardly. These social engineers want the American economy to die, thinking that if the American economy lies fallow for a while, it will stimulate the rest of the world. I learned better economic theory in the 8th grade.
I think Bill O’Reilly talked about this last night. This tax increase will just cover a week or two of federal spending.
This tax hike would generate 85 billion dollars which would cover federal spending for 8 days..
Not sure if I totally agree. Libs/Progressives/Dems are all about ENVY, POWER and CONTROL. The more of your money that they confiscate, the less power and influence you have, and the more they have. They simply HATE you having money (= power in their mindset). They have chosen their lifestyle and they will do everything in their power to make sure that you do the same (but without any power of your own of course).
One thing glossed over by His Excellency and the press is how will the AMT be handled.
Nobody discusses how much ending Bush tax cuts for the rich will raise. As I was getting ready for work this AM, on FOX news they said something about the amount it would raise would cover government spending for about 6 days. I believe that is the number but you can check on Fox & Friends for exact figures. Actually, ridiculous - and a certain number of people buy all the cr@p the Obamaites come up with. Pitiful idiots.
Links to column do not work.
On F&F they said Schumer had suggested limiting the tax increase to those making over $1 million, but they indicated he might switch to Obama's position. For a family living in New York City, $250,000 doesn't put you in the ranks of the super-rich or afford the lifestyle it might in the South or Midwest.
It’s not just income but wealth.
IRAs and 401ks fit the bill nicely here as the govt thinks that since taxes are unpaid on these earnings, they are the govt’s money.
Look for the huge wealth within these two groups to be “taken” by a greedy govt which is strapped for money.
You will have money taken from your account and exchanged for “credits” to SS to use.
Last year I withdrew a substantial portion from my 401k and purchased land. Big tax bite, but now it cannot be taken as easily.
You are onto something. They like to brand about the Under/over $250,000 without making a distinction as to what is involved. I know of several business owners who have over a million in “income” (gross before taxes and deductions), yet have a net personal income of under $50,000. Then you have the smart ones with teams of accountants who have all their expenses paid for by the business and written off as expenses.
“Income” and “earnings” are flexible terms of art in our corrupt bloated complex tax code ...
Doesn’t a family of four or more qualify for medicaid at the 90,000 level? “Wealthy” is simply a term used to designate anyone who has a liveable income and is not on full-time governenment benefits.
So, if gubmint owns everything that makes it the ultimate evil 1% doesn’t it?
According to IRS statistics, individuals in the 35% bracket paid about 170 billion in taxes. In theory, bumping that to 39.6% (a 13% increase) should raise in the range of 22 billion.
Those of us who know that the deficit run rate is 1.3 trillion (1300 billion) find that funny. It won’t make a dent.
I believe in 2013 FICA goes back up 2%, effectively wiping out much of the ‘middle/lower class’ tax extension break....
Have you checked for spotted owls nesting on your property? Any lynx fur? How about Sand Dune lizards? Any pools of water that might be controlled as navigable waterways? Is a big box store looking for land that would yield some good property tax revenue...think Kelo.
“And the administration will blame this on the Repubs. And they will get away with it.”
But it wouldn’t have to be that way IF Republicans/Conservatives would shout the truth about all this to everyone, over and over.
Of course, someone on FR recently pointed out to me that most MSM networks won’t even sell them commercial time to get their points out. I’d believe it and that’s a huge problem.
So, what to do to educate people?
Only the top marginal rate. However, there will also be increases in dividend and capital gains taxes.
Looking back at 2003, you can see how the tax cuts affected the average tax rate for everyone:
But, it didn't really affect the share of income taxes paid by the various income groups. In fact, the higher income taxpayer ultimately paid a higher share of income taxes, at least until 2008:
...then you proceeded to make my point. They don't want to raise money for governmental use, they want to change the power structure.
I don’t need to smell crap to know that it stinks.
As far as the actual value in revenue of allowing the Bush tax cuts to expire, a favorite saying of my late mother would seem to apply, “It won’t be enough to last til the water gits hot.” That ain’t a lot longer than a New York minute.
I think I heard the figure the tax on the “wealthy” will raise enough for 11 days of spending.
“I learned better economic theory in the 8th grade.”
I learned better economic theory than that walking behind a mule before I was old enough for the 8th grade.
“Big tax bite, but now it cannot be taken as easily.”
Spend much time in Fantasyland?
I don’t think the GOP ever used the Kelo decision as effectively as it could have when making the case against liberal Sup Court justices.
It ain’t about the “taxes” folks....it about your BODY/BRAIN belonging to them..the FEDS.
King George III held similar delusions.