President Obama’s Massive Tax Hikes Will Wreck The Economy, Destroy More Jobs and Kill The American Dream–Stop Stupidity, Spending, and Socialism!–Videos

Posted on October 5, 2010. Filed under: Blogroll, Communications, Demographics, Economics, Federal Government, government, government spending, history, Immigration, Investments, Language, Law, liberty, Life, Links, media, People, Philosophy, Politics, Rants, Raves, Regulations, Resources, Reviews, Security, Taxes, Technology, Video, War, Wisdom | Tags: , , , , , , , |

Obama vs. JFK on taxes

 

Richard Rahn: Double-Dip Recession Imminent, If Bush Tax Cuts Are not Renewed

 

Keynesian Economics Is Wrong: Bigger Gov’t Is Not Stimulus

 

Who Pays Income Taxes and how much?

Tax Year 2007

Percentiles Ranked by AGI

AGI Threshold on Percentiles

Percentage of Federal Personal Income Tax Paid

Top 1%

$410,096

40.42

Top 5%

$160,041

60.63

Top 10%

$113,018

71.22

Top 25%

$66,532

86.59

Top 50%

$32,879

97.11

Bottom 50%

<$32,879

2.89

Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service

http://www.ntu.org/tax-basics/who-pays-income-taxes.html

Obama: Raise Taxes, Capital Gains – “For Purposes of Fairness”

 

Dan Mitchell discusses the Bush Tax Cuts

 

Dan Mitchell on Taxes

 

Glenn Beck Part 1 – Do Your Own Homework 10/5/2010

 

Glenn Beck Part 2 – Do Your Own Homework 10/5/2010

 

Glenn Beck Part 3 – Do Your Own Homework 10/5/2010

 

Dan Mitchell–Videos

 

It is not the Federal Government’s money, it is the money or income of the American people.

President Obama wants to increases taxes on the top 3% of U.S. tax payers  that currently pay over 50% of all taxes and creates most the jobs.

By increasing taxes on the wealth and job creators–small and medium size businesses, the Federal Government is destroying jobs in the private business sector.

The Federal Government should stop spending and close down permanently entire Federal Departments and agencies.

 

Milton Friedman on Libertarianism (Part 4 of 4)

 

Chris Edwards on new Cato website DownsizingGovernment.org

 

Chris Edwards on new Cato website DownsizingGovernment.org

 

Instead, President Obama is expanding the Federal Government while those in the private sector cannot find jobs or are losing their jobs.

Cutting spending by closing down whole departments and agencies is what needs to done–not borrowing or taxing the American people to pay a  monster Federal Government.

President Obama’s economic policies have been a disaster.

Increasing taxes on the job creators when there are over 25,000,000 Americans looking for a full time jobs is simply crazy and irresponsible.

How dare President Obama do this?

He actually believes he can lie to you and you are stupid.

On November 2, 2010 vote all the Democrats out of office and do the same in November 2012.

Send a message to President Obama by giving the Republicans majorities in the House and Senate and in the state houses and governor offices.

BAAAMM!!—Rush Limbaugh Calls Obama a ‘Jackass’, an ‘Economic Illiterate’

Stop stupidity.

Stop spending.

Stop socialism.

Presidents Kennedy and Bush tax cuts were right.

President Obama and Keynes stimulus spending were wrong.

Free markets and small government produce economic growth, prosperity and job creation.

Free Markets and Small Government Produce Prosperity

 

Background Articles and Videos

Chris Edwards,
Director of Tax Policy Studies, Cato Institute, Washington, DC

before the

SCommittee on Finance
United States Senate

Taxes and Small Business Job Creation

February 23, 2010

“…The Obama administration is proposing to raise the top two individual income tax rates from 33 and 35 percent to 36 and 39.6 percent, respectively, in 2011. That would likely harm investment, job creation, and growth. Higher marginal tax rates reduce incentives for productive activities, such as working and expanding businesses, and they increase incentives for unproductive activities, such as tax avoidance and evasion.

If income tax rates rise next year, we may not perceive large negative effects right away, but changes in marginal tax rates do affect behavior over the long term. Some high-income workers would decide to work fewer hours and retire a bit earlier. Some spouses in two-earner families would decide to stay out of the workforce. Some angel investors would have less cash to invest in start-up ventures. And some small businesses would decide not to buy new equipment or hire new workers. …”

“…The income tax system has a wide-ranging impact on businesses. It affects decisions on building factories, purchasing capital equipment, and hiring workers. Rather than trying to micromanage these decisions through the tax code, we should design a system with low statutory rates and neutral treatment to allow businesses to allocate resources efficiently.

More than half of all business income in the United States is reported on individual returns, not corporate returns.12 This income is reported by proprietorships, partnerships, LLCs, and S corporations. If the top two individual income tax rates are increased, it would hit a substantial amount of this business income.

It is true that only a small share of the total number of tax returns with business income would be hit by raising the top two tax rates. That’s because many tax returns have small amounts of business income and many self-employed persons have modest incomes.

Breaking down the data, Robert Carroll looked at just those individual tax filers who derived more than 50 percent of their income from a business.13 Carroll found that one-quarter of these taxpayers—who number about 600,000—were in the top two tax rate brackets, and thus would be hit by the proposed tax increases.

A Joint Committee on Taxation analysis looked at the share of business income on individual returns that is in the top two tax rate brackets.14 The JCT found that about 25 million individual tax returns will report about $1 trillion of net positive business income in 2011. Of that total, $437 billion, or 44 percent, will be taxed in the top two income tax brackets and thus will face the proposed tax increase.

Finally, a microsimulation analysis by analysts at the Tax Foundation looked at the share of the proposed tax increase that would fall on business income versus other sorts of income.15 They found that the tax rate increase would raise about $90 billion in 2011, measured on a static basis. Of that total, about $36 billion, or 40 percent, would be from tax increases on business income.

In sum, various estimates show that while only a small share of tax returns will be hit by raising the top income tax rates, those that will be hit represent a large share of all business income on individual returns. Further, business income represents a large share of all the income that will be hit by the proposed tax rate increases. ..”

http://www.cato.org/testimony/ct-ce-20100223.html

Tax Policy Under President Bush

by Chris Edwards

“…Tax cutting has been a key policy of the administration of George Bush since coming to power in 2001. Under President Bill Clinton in the 1990s, only one modest tax cut bill was signed into law. Thus, when Bush came to power there was a pent-up demand for tax cuts, and the administration soon delivered. Here is a year-by-year summary.

2001. President Bush came into office promising a range of income tax cuts. He succeeded in getting a 10-year $1.35 trillion tax cut plan through Congress in 2001. It was the largest tax cut since 1981. Some key elements were:

  • A reduction of individual income tax rates from 15, 28, 31, 36, and 39.6 percent to 10, 15, 25, 28, 33, and 35 percent;
  • An increase in the child tax credit from $500 to $1,000;
  • A phased-in reduction in estate taxes, and a one-year repeal in 2010;
  • A big expansion of tax-favored retirement savings plans.

While some of the tax changes in the 2001 bill were not growth-oriented, the rate cuts and savings provisions were important reforms. But the 2001 law included complex rules regarding when certain tax changes would be in effect. The estate tax, for example, was repealed for 2010 but then reinstated in 2011. All the 2001 tax cuts are set to expire at the end of 2010 unless Congress acts to extend them.

2002. With concern about the economy in the wake of the recession, Congress enacted a “stimulus” tax cut bill in 2002. The main provision allowed businesses to “expense,” or immediately write-off, 30 percent of the cost of equipment purchases (later increased to 50 percent). Expensing is an important step toward converting the income tax to a consumption-based tax. It simplifies the tax code and spurs growth by removing taxes on the normal return to investment. Unfortunately, the partial expensing was only implemented temporarily and it has now expired.

2003. Under President Bush’s leadership, Congress passed a further package of pro-growth tax cuts in 2003. The centerpiece of the law was a cut in the top capital gains rate from 20 to 15 percent and a cut in the top individual rate on dividends from 35 to 15 percent. Tax experts had long discussed the distortionary effects of the excessive taxation of corporate equity in the U.S. tax code. Under the 2003 law, the capital gains and dividend cuts were set to expire after 2008.

2004. There have been increasing concerns about the uncompetitiveness of the complex and high-rate U.S. corporate income tax. The U.S. corporate tax rate is one of the highest in the world, and it has remained unchanged while other nations have made dramatic cuts. The chairman of the House tax committee, Bill Thomas, was determined to deal with the problem and he pushed for major corporate tax reforms. However, what ended up being signed into law in 2004 was a mixed bag. Some important simplifications in the treatment of foreign income by multinationals were included, but the federal corporate rate was not cut except for certain favored industries.

2005. The main tax event of 2005 was the appointment by President Bush of a commission to look into major tax reforms. The commission produced a very good report that described two detailed and workable reform plans for the income tax (see http://www.taxreformpanel.gov). Unfortunately, the plans were not as far-reaching as a flat tax, but they did include rate cuts, simplifications, and pro-savings provisions. Sadly, the White House has dropped plans for major tax reform for now, but reform may come back on the agenda in 2007.

2006. This year, Republicans have tried to tie up loose ends from prior tax legislation. They voted to extend the capital gains and dividend tax cuts for two further years (until 2010). But they were less successful in their effort to make estate tax repeal permanent, as repeal narrowly failed in a June Senate vote. A compromise bill with a cut to the estate tax rate might be passed later in the year.

The Years Ahead. While President Bush has been a supporter of pro-growth tax reforms, there are shortcomings in recent tax policies. For one thing, the tax code continues to get more complicated by leaps and bounds. Also, policymakers have not repealed the alternative minimum tax, a parallel income tax system that threatens to hit 30 million households by the end of the decade.

Another shortcoming has been the failure to make tax cuts permanent. Nearly all of the Bush cuts—individual rates, capital gains, dividends, estate tax—are set to expire after 2010. Sixty votes are needed in the 100-member Senate to pass permanent tax cuts. There are just 55 GOP senators, and they have faced a politically far-left Democratic opposition.

Republicans also have their own policies of big spending to blame. Tax cutting has been made more difficult because Bush has been the most profligate president in decades. In his first five years, 2001 to 2006, federal spending increased 45 percent and deficits have soared. It’s tougher to convince the few centrist Democrats in the Senate to go along with making tax cuts permanent when federal red ink is gushing non-stop.

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