Skip to comments.Senate Bill raises AlL Taxes
Posted on 01/01/2013 8:35:57 AM PST by zerosix
Just received an email from my accountant informing of tax increase on ALL American taayers.
The only way to get near to the monies needed for Obama's spending habits, is to raise taxes on everyone.
Instead of giving us the much vaunted "millionaire tax," Obama/Biden/McConnell have given us the "thousand-aire tax!"
Happy New Year America,
Your Elected Class!.
Title typo should read “ALL” not “AIL” sorry IPad type too small!
Sounds like you need a new accountant.
Well, the earlier article did say that most Senators wouldn’t have had time to read the bill before voting on it.
and what about the AMT fix. . . . .?. . . .anyone know . . .thanks in advance.
When even Pat Toomey voted for it, all is apparently lost. If the House passes it, I’m changing my registration, and I would suggest that all conservative Republicans do the same. The GOP speaks French.
Which confirms my contention that:
Yes, and I plan on communicating with both Pat Roberts and Jerry Moran, KS Senators, to inquire their reasoning for voting for this bill.
It fixed the AMT exemption, but I don’t know at what level, and it’s now indexed for inflation.
I see the rate correction for the 25/28% brackets and above but if the expiration of the Bush cuts undid the drop of the lowest bracket down to 10% then yes, the Senate let the lowest rate fail back to 15%. This could be hugh and perhaps series.
Thank you for the info on the AMT.
It should be possible to turn this into 0bama’s ‘read my lips’ moment.
Well, we know that the so-called “rich” wouldn’t begin to come close to getting the billions necessary to get close to the sums needed.
Let me give you a little advice - for free.
The liberal fantasy that they would like everyone to believe is this: there are several swimming pools, some for people that make less than $50k a year, some for people that make less than $150k a year, (and so on and so on) and some for those awful millionaires. We are going to dip our bucket into the millionaires pool, and spread it out into your pools. See, that's what we call “fairness.”
Here is reality.
There are only two pools. One for those that work, and one for those that don't. Yes, in the pool for those that work one end is deeper and therefor has more water than the other. But when you take a bucket full of water from the deep end (millionaires) and pour it into the shallow end, it all ends up back in the same place anyway.
But when you take a bucket of water from the pool of people that work, and pour it into the pool of people that don't work, ALL of the people in the pool that work have less water.
So if you go to work every week, anytime the government spends more money, it will cost you. Whether you can see or find how it is costing you, it IS costing you. The only people that ‘win’ when the government spends money are the people that do not work at all.
If government spends, and you work, you lose. No matter how it is spun or twisted, or lied about - government spends, you work, you pay. Period.
And I won't even send you a bill.
Think of it as the government standing astride Central Florida, dipping buckets into the Atlantic then pouring the contents into the Gulf of Mexico in order to redistribute the water.
In discussing the current Dictatorship, everyone I know is in favor of voting “all” of the Elitists in DC and elsewhere “out” on their Royal, corrupt, amoral rears.
IMO, Amerika can bend over and kiss their rears and freedom goodbye; welcome to Nazi Germany, the re-do.
Do you really think the Left will allow taxing everyone? That would really PO the biggest part of their lazy-a$$ base who either pay no income taxes or even get a refund from a zero tax liability.
And the sooner the better.
It amazes me to no end that even our FR folks who used to understand "Supply Side Economics" or real Adam Smith Economics still make this error. Increased tax rates will not raise nearly the projected revenue and, in fact, if revenue does not DEcrease immediately it will shortly as the economy noses over even further and declines even faster..
I wonder what the rates will be after the “signing statement.”
But this time, with guns. Should be fun .................................................... FRegards
The simplest way to state it is:
No matter how high the tax rate goes, it never collects more than around 21% of GDP and begins to collect less the higher you go. The secret to more tax revenue is raising GDP, not the tax rate.
The point I was attempting to make is that those Americans, especially those paying little or no taxes, do not understand or care that the only pot large enough to come close to meeting the desires of the greedy has to come from the pockets of the so-called, "middle class."
Even in America, there aren't enough rich people working and being taxed at higher and higher rates that will fulfill the desires of the greedy. Only when the, heretofore, largest group, the working and taxable "middle class" have their taxes raised, can the government come even close to meeting the spending habits of DC, according to the philosophy of Keyensian economists!
It cannot and will not happen. They can increase taxes all they want but they will thereby reduce revenues. They will, however, have a larger and larger percentage of the whole wealth of society as they transfer wealth to the elite through inflation, even as the total wealth of the system declines. The will be a super-elite in a small wealth pond. We will be effectively living at the level of the Moslem countries where wealth is almost totally concentrated in the hands of a tiny elite of rulers in countries that are overall poor. No debt can be paid off by increasing taxes, not in the short term, not in the long term. The government cannot pay off anything by soaking the citizenry. That pot of wealth ISNOTTHERE for the taking unless they do an actual wealth confiscation or expropriation as it is known in the Communist countries.
Keynes was not an economist. He was a fantasist. Did you ever read him? In classes where he is taught his paragraphs are read for the firs line and the conclusion. Everything in between is nonsensical. Most does not cohere as English and meaning can only be assumed or speculated. It reads like a poorly done MIT paper designed to be accepted in prestigious journals then to be jeeringly outed by the authors as a fraud.
Everyone inside the belt way has sold out or bought in to big gov-mint. They are all in it together. They have theirs and they determine what theirs is. Once that is done, they control all. We are subject to the king and his court called congress. All liars, thieves, of the same skin.
I mention Keynes as beltway folk seem to make him their god, of course most of them are too dumb to know anything about economics of any kind, they only listen to "brilliant minds" like Paul Krugmann.
Did you know Reagan had an actual bachelor’s degree in real Economics? He was the only president in recent times to understand the subject. You have to go back to Coolidge and Harding for others. It is a dull subject. Dynamic people, and politicians tend to be dynamic people, don’t have time for boring stuff like that.