Tuesday, August 2, 2011

And the Beat(ing) Goes On Part 20 (American People screwed again and didn't even get kissed.

Just listened to the "taxem in chief" talk about the NODEBTLIMIT BILL just passed by the Senate.  The idiot is bound and determined to finish destroying the economy before he leaves office , and he is leaving office in 2012 as he well knows.  He continually speaks of RAISING TAXES  on the so called rich and corporations, you know the folks who already pay the bulk of the taxes in this country.

Here is an excerpt of the CBO’s charts that show the percentage share of various categories of taxes paid by the top 10%, 5% and 1% of income earners:
Share of Taxes (%)
Top 10%
Top 5%
Top 1%
All Federal Taxes
Individual Taxes
Social Insurance Taxes
Corporate Inc Taxes
Excise Taxes

Taxes on US Corporations was 27.7 percent, compared with a non-U.S. average of 19.5 percent. Companies based in Japan, Morocco, Italy, Indonesia and Germany,  faced higher tax rates.(And we see how well their economies run as well as their super high taxes on individuals)

Never the less the cry from Obama and the Leftist through out this entire week of BS called debate has been , "We must have a balanced approach with the rich and big corporations paying their share".  Of course statistics show that when taxes on individuals and corporations are raised, revenues for the Government fall. However Leftist try to twist this to show the opposite through their smoke and mirror, convoluted accounting system.
Individuals( the so called rich) stop investing and corporations move out of the country.  It would seem that the Leftist would learn from the past under Clinton what higher taxes do for the economy and business.  Some people never learn.

Obama calls for tax reform but yet refuses to even consider the Flat Tax. Actually it shoudl suit his socialist leanings since everyone pays the same rate of taxes, rich and poor alike.  Unfortunately the Left hates the idea since they Plantation would soon disappear because there would be no group paying ZERO INCOME TAXES as there are under the current system. The federal income tax is the government's largest source of revenue but yet nearly 50% of the people paid nothing so that leaves the other 50% paying for all the services that the non-payers enjoy. Yes they still pay some taxes but not income tax which is what the Flat Tax is all about.It's not uncommon for people to think that their Social Security taxes, their 401(k) contributions, their share of employer health premiums, all of that stuff in their mind gets lumped into income taxes, The Left uses this argument in their attempt to refute the idea that 50% pay no income tax.  They twist the words and claim the Right says 50% pay no taxes, which of course is not what is being said. The Left takes it totally out of context but then what else is new. The Flat Tax would work but don't hold your breath for it to come about. It would also reduce the number of useless IRS employees by over 70%, which of course the savings from that waste of money could be used toward debt reduction. Remember how adding just a bit on the end of your house payment can reduce the amount of time it takes to pay it off and the amount of interest paid?  Ah, but don't tell the Leftist that!

Just heard the "taxer in chief"  cozening up to the AFL-CIO, union thugista's saying,
"Taxes need to be raised on the rich"  He ticked off that wing of his socialist party and is now trying to smooth things over. He will play "hell" in getting taxes passed during his administration. Of course he will do things that will make taxes on items higher and of course hurt the lower class and middle class but then try to blame it on the Right for not wanting to raise taxes on the RICH.  (I get so tired of that phrase I could puke.)

Beware of his "super committee" for they will be the machinery that Obama uses to try to raise taxes on the ones who already pay the majority of taxes. Clinton found out it didn't work in his last term so why does Obama think the results will be any different for him?
The Clinton years provide lessons on the effects of tax increases and decreases. The American left attributes the successful economy of the Clinton years to the former and ignores the impact of the latter in order to justify their appetite for the increases they would have us believe will provide additional tax revenues today.

The effects of increasing taxes on Treasury receipts can be seen in the Clinton and Democrat-controlled congressional tax increase of 1993, one of the largest in history. Despite a more robust job market following a recession, the 1993 tax increase didn't accomplish what Democrats expected. The tax increases added very little to treasury receipts despite their magnitude. Reports from the Congressional Budget Office, the Office of Management and Budget, and the Internal Revenue Service all agree.

The balanced budgets of the Clinton years didn't occur until after a Republican Congress passed and the president reluctantly signed a  1997 tax bill that lowered the capital gains rate from 28% to 20%, added a child tax credit, and established higher limits on tax exclusion for IRAs and estates. Oh, but don't dare tell a Leftist that! 

All of America's current deficits are the result of spending by both parties above the baseline, including spending on the costs of war, homeland security, and natural disasterDespite those circumstances, at the rates of economic growth through 2007 and with simple spending restraint, the Bush-era 2001 and 2003 tax rate reductions should have yielded a surplus by 2009 with no increase in taxes.Now on top of . The Stumbulus and OBAMANOCARE cost the Left want to increase taxes even more and SPEND MORE! and as we gave seen federal expenditures have been setting records and are increasing drastically.

A typical Congress has a spending problem, not a revenue problem. This Congress is no exception, except that its members are spending at exceptional rates and have no will to stop.

Millions of Americans fell off the tax rolls following the 2001 rate reductions on income. Today, the top 1% of earners pays more taxes than the bottom 95%. Who really believes that taxing this top group even more is going to pay everyone's tab for the ambitious and irresponsible spending objectives of the Democrats in Washington? Yea, Obama you claim to have given 95% of the folks a tax break but ooops looks like it actually occurred long before your time.

During all this hub-bub about debt limit and the world coming to an end was pure contrivance on Obama's part.  He hoped for more than he could get and it backfired on him but yet the failure continues to talk as if HE made it all happen.  Nothing like a narcissist jackass braying to make your day.  We also found out who the RINO's were (many were already known such as McCain and the ding-bat from Alaska ,  Lisa
Murkowski, who might as well just switch to the Socialist Democrat Party given her rants against the conservatives in the House.
The House needs new leadership for "Bonehead " proved himself to be inadequate in getting the job done. McConnell needs to be replaced in the Senate as well for his time is over. He would make a deal with the devil if it meant getting re-elected on the idea that "I did the best I could."  Listen for "Bonehead" to sling snot and try to use the same excuse his failure.

Well it's over for now but the LSM will beat it to death because it's an easy story with a never ending line of braying jackasses who want to defend their Messiah and call for more Taxes on the Rich.  It would GAG a maggot on a garbage truck!

I'm finished with this and won't be revisiting the "debt crisis" again until next time in 2013!

Let me know what you think. 


Anonymous said...

Derail the train in 2012

Z said...

to say nothing about what they're going to do to DEFENSE. "Gutted" isn't even CLOSE.
Excellent post, my friend. And scarier than HELL.
Anonymous is right: DERAIL in 2012. This train's moving way too fast in the wrong direction.

Ticker said...

People thought Clintons gutting of the military and intel was bad...wait until Odumber gets finished with it.
The AF will have four planes, HIS, Her's and two escort planes to haul the dogs , reporters and teleprompter. The Marines will have one helicopter, HIS. The Navy will be out of business since Odumber doesn't like boats evidently. The Army will down to the "gay parade" duty group which will march in each Celebration of National Gay Pride Month.

sue said...
This comment has been removed by the author.
Always On Watch said...

Perfect title for the post, Ticker.

I would say, however, that the American people don't even know that they've been screwed again. **sigh***