President Obama Rewrites The Affordable Care Act — Breaking Oath of Office Once Again — Videos

Posted on February 11, 2014. Filed under: American History, Banking, Blogroll, Business, College, Communications, Diasters, Economics, Education, Federal Government, Federal Government Budget, Fiscal Policy, Freedom, government, government spending, Health Care, history, Inflation, IRS, Law, liberty, Life, Links, media, Monetary Policy, Money, Obamacare, People, Philosophy, Photos, Politics, Press, Private Sector, Public Sector, Rants, Raves, Regulations, Resources, Security, Strategy, Tax Policy, Taxes, Unions, Video, Wealth, Wisdom, Writing | Tags: , , , , , , , , , , , , , |

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The Pronk Pops Show Podcasts

Pronk Pops Show 208: February 11, 2014

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Story 1: President Obama Rewrites The Affordable Care Act — Breaking Oath of Office Once Again — Videos

NEW-OBAMACARE-DELAY

obamacare_permanent_delay_graphic

OBAMACARE, obamacartoon

obamacare-everyone-hates-political-cartoon

The truth about ObamaCare and the entitlement culture

Politics or policy behind latest ObamaCare delay?

CBS: Obamacare Delayed Again

Wh Delays Obamacare’s Employer Mandate Until After Midterm – Employers Not Allowed To Fire Anyone?

White House announces another delay in Obamacare employer mandate

Mark Halperin: ObamaCare Mandate Delay Screams Of Politics

Rep. Charlie Rangel discusses the latest ObamaCare delay

Another Day, Another Delay – Obamacare Employer Mandate Delayed – Special Report 1st Segment

CNN: Latest ObamaCare Delay Driven By Politics And Another Admission Of Problems With The Law

‘This is stuff you do in a banana republic’ Krauthammer on Obamacare employer mandate delay

CBS: Washington Children Lose Access To Doctors Due To ObamaCare

Obama’s New Delay of Employer Mandate Violates Plain Language of Law –

President Barack Obama’s Treasury Department issued a new  regulation today that for the second time directly violates the plain and unambiguous text of the Patient Protection and Affordable Care Act by allowing some businesses to avoid the law’s Dec. 31, 2013 deadline to provide health insurance coverage to their employees.

Initially, on July 2, 2013, the administration unilaterally delayed the deadline for the employer mandate until 2015. Now, the administration is unilaterally delaying it for some businesses until 2016.

In its official summary of PPACA, the Congressional Research Service said: “(Sec. 1513, as modified by section 10106) Imposes fines on large employers (employers with more than 50 full-time employees) who fail to offer their full-time employees the opportunity to enroll in minimum essential coverage or who have a waiting period for enrollment of more than 60 days.”

The text of the law itself describes an “applicable large employer” as follows: “The term ‘applicable large employer’ means, with respect to a calendar year, an employer who employed an average of at least 50 full-time employees on business days during the preceding calendar year.”

The final words in the section of PPACA mandating that employers with more than 50 full-time employees provide their employees with “minimum essential coverage” imposes a specific statutory deadline for doing so. It says: “EFFECTIVE DATE.—The amendments made by this section shall apply to months beginning after December 31, 2013.”

Last summer, the administration unilaterally moved this hard statutory deadline back one year to 2015 for all employers with more than 50 full-time employees. Now, without any action by Congress, the administration is moving it back again for some employers—despite the plain language of the law.

The Treasury Department has issued a fact sheet explaining how the Obama administration’s new declaration changes the meaning of the Patient Protection and Affordable Care Act.

The fact sheet says:

“To ensure a gradual phase-in and assist the employers to whom the policy does apply, the final rules provide, for 2015, that: The employer responsibility provision will generally apply to larger firms with 100 or more full-time employees starting in 2015 and employers with 50 or more full-time employees starting in 2016.”

The fact sheet goes on to say:

“To avoid a payment for failing to offer health coverage, employers need to offer coverage to 70 percent of their full-time employees in 2015 and 95 percent in 2016 and beyond, helping employers that, for example, may offer coverage to employees with 35 or more hours, but not yet to that fraction of their employees who work 30 to 34 hours.”

It further says:

“While the employer responsibility provisions will generally apply starting in 2015, they will not apply until 2016 to employers with at least 50 but fewer than 100 full-time employees if the employer provides an appropriate certification described in the rules.”

And also:

“Employers that are subject to the employer responsibility provisions in 2015 must offer coverage to at least 70 percent of full-time employees as one of the conditions for avoiding an assessable payment, rather than 95 percent which will begin in 2016.”

In sum, the law says that employers with “at least 50 full-time employees” must provide “minimum essential coverage” in the “months beginning after December 31, 2013” or pay a fine. The new declaration from the Obama administration’s Treasury Department says this part of the law no longer applies. It says employers with between 50 and 99 employees need not provide coverage until 2016 and larger employers need only provide coverage to 70 percent of their employees next year.

– See more at: http://cnsnews.com/news/article/terence-p-jeffrey/obama-s-new-delay-employer-mandate-violates-plain-language-law#sthash.YJKKRiAm.dpuf

Obama Delays Health-Care Mandate for Some Companies–Update

By Louise Radnofsky

A batch of employers won’t face a fine next year if they fail to provide health insurance to their workers, the Obama administration said Monday.

In regulations outlining the Affordable Care Act, the Treasury Department said employers with between 50 and 99 full-time workers won’t have to comply with the law’s requirement to provide insurance or pay a fee until 2016.

Companies with 100 workers or more could avoid penalties in 2015 if they showed they were offering coverage to at least 70 percent of their full-time workers, the Treasury said.

The move is a new, significant revision of the law after a series of delays and a troubled rollout. Originally, employers with the equivalent of 50 full-time workers or more had to offer coverage or pay a penalty starting at $2,000 per worker beginning in 2014.

That so-called employer mandate was seen as a cornerstone provision in the law’s goal of expanding insurance coverage to millions of Americans this year. But last summer the administration announced a surprise one-year reprieve in enforcement of the requirement, from 2014 to 2015.

Monday’s announcement of further delays comes as the administration weighs how much of the law to adjust in the wake of the rollout and the looming prospect of midterm elections.

A senior administration official said the shift reflects the administration’s observations on the law’s implementation and its willingness to acknowledge business concerns, though the official said that no single reason was behind the change.

Most large employers offer coverage to their workers, though not all employees accept it. Many of the companies that don’t offer coverage have fewer employees and are in lower-wage areas such as the hospitality, retail and agriculture sectors. They have been among the most vocal about the impact of the new requirements.

Some of those employers had begun trimming workers’ hours as a way to reduce their exposure to penalties, since the requirement to cover workers only applies to employees clocking 30 hours a week or more.

The administration also signaled on Monday that big employers that currently offer coverage voluntarily will likely see simpler requirements for how to prove that. However, full regulations detailing the reporting requirements haven’t been released, senior Treasury officials said.

Under the new rules, companies would be allowed during the phasing-in year to offer coverage specifically to a subset of employees, such as those working 35 hours or more a week, the Treasury said.

Senior Treasury officials said the shift was aimed at giving more time for smaller employers subject to the requirement to adjust and for all companies to consider the number of hours their employees worked and whether they could avoid cutting them.

The officials said employers who wanted to use the phase-in period would have to certify that they hadn’t decreased their employee numbers in order to qualify.

Treasury also set new rules for how the requirement would apply to workers such as volunteers and seasonal employees, saying that employers wouldn’t be penalized for failing to offer those people coverage, regardless of the number of hours they were working.

In recent months the administration has made a series of changes to the law that have further blunted its full impact this year. It has asked insurers to temporarily reinstate policies that had been canceled because they didn’t meet new requirements set by the law, even though the administration had previously described those plans as inadequate.

The botched launch of online insurance portals also prompted the Congressional Budget Office to revise its estimates for the number of people who would use the exchanges this year to 6 million, as well as another 8 million people who would gain coverage by signing up for Medicaid.

http://online.wsj.com/article/BT-CO-20140210-711590.html

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The Pronk Pops Show 208, February 11, 2014, Story 2: Fed Chair Yellen Will Continue Creating Money and Credit To Finance Federal Government Massive Deficits — Just Another Keynesian Government Interventionist — Speculative Asset Bubbles Being Blown — Repeating Bernanke’s Financial Crisis Failures — No Exit Strategy — The Great Reflation Ends With Great Depression — Videos

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Senator Tom Coburn’s $9,000 Billion Deficit Reduction Plan–Videos

Posted on July 18, 2011. Filed under: Agriculture, American History, Banking, Blogroll, Communications, Economics, Employment, Farming, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Inflation, Investments, Language, Law, liberty, Life, Links, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Regulations, Security, Taxes, Video, Wealth, Wisdom | Tags: , , , , , , , |

 

 

Pronk Pops Show 37:July 20, 2011

Pronk Pops Show 36:July 13, 2011

Pronk Pops Show 35:July 6, 2011

Pronk Pops Show 34:June 29, 2011

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Segment 3: Senator Tom Coburn’s $9,000 Billion Deficit Reduction Plan–Videos

Sen. Tom Coburn (R-OK) Unveils $9 Trillion Deficit Reduction Plan

“…Today, July 18, 2011, Senator Tom Coburn (R-OK) offered a plan to cut the U.S. deficit by $9 trillion over the next 10 years. The Senator’s plan includes tax reform measures recommended by the President’s own commission on deficit reduction, cuts to defense spending, structural entitlement reform and contains a run-away federal workforce. You might not like this plan, nor the Paul Ryan plan, but it’s at least a plan. Democrats have so far refused to put pen to paper. …”

Sen. Tom Coburn proposes budget plan to cut $9 trillion over next decade

Sen. Coburn Reveals Deficit Reduction Plan

Sen. Coburn: Worst Tax Comes From Government Printing Money

Senator Tom Coburn Tells Me Why He Likes Bloggers

 

“…U.S. Senator Tom Coburn, M.D. (R-OK) today released a new report “Back in Black” that outlines how the federal government can reduce the deficit by $9 trillion over the next ten years and balance the federal budget. The 614-page plan was the result of a thorough and exhaustive review of thousands of federal programs.

“The American people are tired of Washington waiting until the last minute to avoid a crisis, particularly when it is a crisis Washington itself created. The crisis, though, is not the debt limit deadline. The crisis is Congress’ refusal to make hard choices and reduce a debt that has become our greatest national security threat. The plan I am offering today gives Washington 9 trillion reasons to stop making excuses and start solving the problem,” Dr. Coburn said.

“Both parties will no doubt criticize portions of this plan and I welcome that debate. My goal is not to replace the work of the budget committees but to show the American people what is possible and necessary. What is not acceptable, however, is not having a plan and delaying reform until some perfect political moment that will never arrive. The fact is doing nothing is a tax increase, a benefit cut for seniors and the poor, and a betrayal of the core values both parties hold dear,” Dr. Coburn said.

Dr. Coburn’s full report is here. A section by section outline of the report is here. A summary of savings is here. Highlights of the report here. …”

http://coburn.senate.gov/public/index.cfm/pressreleases?ContentRecord_id=1d817708-76ed-4b2b-9cc2-076415409d44

 

Details of Sen. Tom Coburn’s $9 trillion plan to balance the budget released

U.S. Sen. Tom Coburn, R-Muskogee, would change entitlements, end numerous tax loopholes and cut military spending by $1 trillion to balance the federal budget.

“…Would save about $9 trillion over 10 years, including $3 trillion from entitlements, $3 trillion from government departments and agencies, $1 trillion from defense, $1 trillion from ending or modifying tax breaks and deductions, and $1 trillion in interest on the debt.

Would reduce the size of government by 25 percent over 10 years.

Would balance the budget within 10 years.

Read more: http://newsok.com/details-of-sen.-tom-coburns-9-trillion-plan-to-balance-the-budget-released/article/3586676#ixzz1SVt1zave

Coburn proposes $9 trillion deficit cut measure

ANDREW TAYLOR

“…The plan by Sen. Tom Coburn, R-Okla., is laced with politically perilous proposals like raising to 70 the age at which people can claim their full Social Security benefits. It would cut farm subsidies, Medicare, student aid, housing subsidies for the poor, and funding for community development grants. Coburn even takes on the powerful veterans’ lobby by proposing that some veterans pay more for medical care and prescription drugs.

Coburn would also eliminate $1 trillion in tax breaks over the coming decade, earning him an immediate rebuke from Americans for Tax Reform, an anti-tax organization with which Coburn has had a running feud. He would block taxpayers from claiming the mortgage interest deduction on second homes and limit it to homes worth $500,000. He would also ease taxpayers into higher tax brackets more quickly by using a smaller measure of inflation to adjust the brackets.

Coburn was a member of President Barack Obama’s fiscal commission and voted for its plan to cut the budget by about $4 trillion over a decade. He recently dropped out of the closely watched “Gang of Six” senators seeking a bipartisan agreement to rein in deficits and break through the partisanship engulfing official Washington over the deficit.

His re-entry into the deficit debate comes as Obama and lawmakers struggle over increasing the so-called debt limit and avoid a first-ever default on U.S. obligations.

Coburn’s $9 trillion savings figure doesn’t include another $2.4 trillion in cuts to Social Security that are funneled back into the program. In addition to raising the retirement age gradually, he would peg future benefits to a less-generous measure of inflation and curb benefit increases even more for the top 40 percent of earners. …”

“…Cuts to the Medicare program for the elderly and the Medicaid health plan for the poor and disabled would total $2.6 trillion over 10 years, far more than proposed by the fiscal commission or House Republicans. He proposes raising the Medicare retirement age to 67 by 2027 and then gradually increasing it until the retirement age hits 69 in 2080. It would also raise Medicare premiums for doctor visits so that premiums pay 35 percent of such costs instead of the 25 percent currently covered.

Coburn would cut $1 trillion from the Pentagon budget over a decade. He would block military retirees from the Tricare Prime health care plan, the option with the lowest out-of-pocket cost, saving $115 billion, and he would raise the prescription drug copayment under the program, as well as require higher out-of-pocket fees. He also would reduce the fleet of aircraft carriers from 11 to 10 and Navy air wings from 10 to nine.

“I have no doubt that both parties will criticize portions of this plan, and I welcome that debate,” Coburn told reporters. “But it’s not a legitimate criticism until you have a plan of your own.” …”

Read more: http://newsok.com/coburn-proposes-9-trillion-deficit-cut-measure/article/feed/277294#ixzz1SVv9PdWz

Read more: http://newsok.com/coburn-proposes-9-trillion-deficit-cut-measure/article/feed/277294#ixzz1SVuTvAOK

 

Finally some adult supervision in the Senate.

In order to come even close to balancing the budget over the next ten years requires spending cuts of over $10,000 billion over the next ten years.

Senator Coburn is the first Senator to even come close to this.

Senator Rand Paul is another Senator who understands the urgency and magnitude of the problem.

That said I would much prefer implementing the FairTax over trying to reform the existing Federal income tax system.

Also, I prefer Paul Ryan’s approach to reforming Medicare by letting consumers purchase their own health insurance plan.

I applaud Senator Coburn’s courage in his Back To Black approach to fiscal responsibility and sanity.

A great first rough draft.

Keep up the good work.

I would like to see the revenues and outlays by fiscal year as broken down in the President’s U.S Budget proposals and the Republican proposals by fiscal year over the entire ten year period.

This should be forthcoming if the proposal is to be taken seriously.

Background Articles and Videos

Tom Coburn on U.S. Debt Limit: Political Capital With Al Hunt

Sen. Lieberman, Coburn Spell Out Their Plan to Save $600B

Senator Coburn “The President Submits A Budget To The Senate & No One Agrees To Vote For It!” pt.1

Senator Coburn “The President Submits A Budget To The Senate & No One Agrees To Vote For It!” pt.2

Dr. Coburn addressing underlying problems with the food safety bill

Related Posts On Pronk Palisades

Senator Tom Coburn–A Real Conservative and An Excellent Vice-President Candidate

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President Obama’s Fiscal Year 2012 Budget Speech Of April 13, 2011–Eat The Rich And Killing The American Dream Class Warfare–Cuts National Security Spending and Raise Taxes On The Rich–Produces Massive Deficits, National Debt, and Higher Unemployment For 12 More Years–Progressive Radical Socialist Economic Stagflation–Videos

Posted on April 13, 2011. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, history, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Public Sector, Rants, Raves, Regulations, Resources, Talk Radio, Taxes, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , |

Pronk Pops Show 24: April 19, 2011

Pronk Pops Show 23: April 12, 2011

Pronk Pops Show 22 (Part 2): April 7, 2011

Pronk Pops Show 22 (Part 1): April 7, 2011

“A wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned – this is the sum of good government.”

~Thomas Jefferson


President Obama’s Speech on 2012 Budget – April 13, 2011

Rep. Scott: Taxing those at $100,000 and up 100% will not cover deficit

Milton Friedman: Why soaking the rich won’t work.

Paul Ryan Thrashes Obama’s Speech: “Exploiting People’s Emotions” Is “Demagoguery”!

Ryan: Debt crisis lies within spending, not taxes

House Session 2011-04-14 (16:55:00-17:56:59)

Responsibility to the Poor

Howard Roark makes a case against Barack Obama Individual vs collectivism

Ayn Rand – Individual Rights

Francisco’s Money Speech Part 1

Francisco’s money speech Part 2

The Normal State of Man: Misery & Tyranny

Capitalism, Socialism, and the Jews

Who Is John Galt?

Why Did President Obama Invite Paul Ryan To A Front Row Seat To His Speech To Then Insult and Demonize Him?

Paul Ryan: Hiding Spending Doesn’t Reduce Spending

Eat The Rich

 

It’s Simple to Balance The Budget Without Higher Taxes

 

Boehner: We Can’t Tax The Very People We Expect To Create Jobs


Krauthammer: Obama’s Deficit Speech ‘A Disgrace’, ‘Shallow’, ‘Hyper-partisan’ and ‘Deeply Dishonest’

The Problem

“Extreme Spending”

Stop Spending Our Future – The Crisis

Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending 

 

Partial Solutions 

Senator Rand Paul on balancing the budget

Sen. Rand Paul Introduces Five-Year Balanced Budget Plan

Shelby Introduces Balanced Budget Amendment to Constitution

Which Budgets Are Fiscally Responsible?

Which Budgets Are Living Within Ones Means?

Democratic Party Budget Proposals 

S-1 FY2012 President’s Budget(Nominal Dollars in Billions)
Fiscal Year Outlays Revenues Deficits Debt Held By Public
2011 3,819 2,174 -1,645 10,856
2012 3,729 2,627 -1,101 11,881
2013 3,771 3,003 -768 12,784
2014 3,977 3,333 -646 13,562
2015 4,190 3,583 -607 14,301
2016 4,468 3,819 -649 15,064
2017 4,669 4,042 -627 15,795
2018 4,876 4,257 -619 16,513
2019 5,154 4,473 -681 17,284
2020 5,442 4,686 -735 18,103
2021 5,697 4,923 -774 18,967
2012-2021 45,952 38,747 -7,205 n.a.

 

http://www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/tables.pdf

Republican Party Budget Proposals

S-1 FY2012 Chairman’s Markup(Nominal Dollars in Billions)
Fiscal Year Outlays Revenues Deficits Debt Held By Public
2011 3,618 2,230 -1,388 10,351
2012 3,529 2,533 -995 11,418
2013 3,559 2,860 -699 12,217
2014 3,586 3,094 -492 12,801
2015 3,671 3,237 -434 13,326
2016 3,858 3,377 -481 13,886
2017 3,998 3,589 -408 14,363
2018 4,123 3,745 -379 14,800
2019 4,352 3,939 -414 15,254
2020 4,544 4,142 -402 15,681
2021 4,739 4,354 -385 16,071
2012-2021 39,958 34,870 -5,088 n.a.

 

http://budget.house.gov/UploadedFiles/PathToProsperityFY2012.pdf

f

Tea Party Solution

Tea Party Budget Proposals

S-1 FY2012 Tea Party’s Balanced/Surplus Budget(Nominal Dollars in Billions)
Fiscal Year Outlays Revenues Surpluses Debt Held By Public
2012 2,500 2,500 0 10,900
2013 2,800 2,800 0 10,900
2014 3,000 3,000 0 10,900
2015 3,200 3,200 0 10,900
2016 3,300 3,300 0 10,900
2017 3,400 3,500 100 10,800
2018 3,500 3,700 200 10,600
2019 3,600 3,900 300 10,300
2020 3,700 4,000 300 10,000
2021 3,800 4,300 500 9,500
2012-2021 32,800 34,200 1,400 n.a.

Milton Friedman on Libertarianism (Part 4 of 4)

The FairTax: It’s Time

What is the FairTax plan?

The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, and, through companion legislation, the repeal of the 16th Amendment.

The FairTax Act (HR 25, S 13) is nonpartisan legislation. It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax  administered primarily by existing state sales tax authorities.

The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.

The FairTax:

  • Enables workers to keep their entire paychecks
  • Enables retirees to keep their entire pensions
  • Refunds in advance the tax on purchases of basic necessities
  • Allows American products to compete fairly
  • Brings transparency and accountability to tax policy
  • Ensures Social Security and Medicare funding
  • Closes all loopholes and brings fairness to taxation
  • Abolishes the IRS

Table 1
Summary of Federal Individual Income Tax Data, 2008

(Updated October 2010)

Number of Returns with Positive AGI AGI
($ millions)
Income Taxes Paid
($ millions)
Group’s Share of Total AGI Group’s Share of Income Taxes Income Split Point Average Tax Rate
All Taxpayers 139,960,580 8,426,625 1,031,512 100% 100% 12.24%
Top 1% 1,399,606 1,685,472 392,149 20.00% 38.02% $380,354 23.27%
1-5% 5,598,423 1,241,229 213,569 14.73% 20.70% 17.21%
Top 5% 6,998,029 2,926,701 605,718 34.73% 58.72% $159,619 20.70%
5-10% 6,998,029 929,761 115,703 11.03% 11.22% 12.44%
Top 10% 13,996,058 3,856,462 721,421 45.77% 69.94% $113,799 18.71%
10-25% 20,994,087 1,821,717 169,193 21.62% 16.40% 9.29%
Top 25% 34,990,145 5,678,179 890,614 67.38% 86.34% $67,280 15.68%
25-50% 34,990,145 1,673,932 113,025 19.86% 10.96% 6.75%
Top 50% 69,980,290 7,352,111 1,003,639 87.25% 97.30% >$33,048 13.65%
Bottom 50% 69,980,290 1,074,514 27,873 12.75% 2.70% <$33,048 2.59%
Source: Internal Revenue Service Table 6
Total Income Tax Shares, 1980-2008 (Percent of federal income tax paid by each group)
Year Total Top 0.1% Top 1% Top 5% Between 5% & 10% Top 10% Between 10% & 25% Top 25% Between 25% & 50% Top 50% Bottom 50%
1980 100% 19.05% 36.84% 12.44% 49.28% 23.74% 73.02% 19.93% 92.95% 7.05%
1981 100% 17.58% 35.06% 12.90% 47.96% 24.33% 72.29% 20.26% 92.55% 7.45%
1982 100% 19.03% 36.13% 12.45% 48.59% 23.91% 72.50% 20.15% 92.65% 7.35%
1983 100% 20.32% 37.26% 12.44% 49.71% 23.39% 73.10% 19.73% 92.83% 7.17%
1984 100% 21.12% 37.98% 12.58% 50.56% 22.92% 73.49% 19.16% 92.65% 7.35%
1985 100% 21.81% 38.78% 12.67% 51.46% 22.60% 74.06% 18.77% 92.83% 7.17%
1986 100% 25.75% 42.57% 12.12% 54.69% 21.33% 76.02% 17.52% 93.54% 6.46%
Tax Reform Act of 1986 changed the definition of AGI, so data above and below this line not strictly comparable
1987 100% 24.81% 43.26% 12.35% 55.61% 21.31% 76.92% 17.02% 93.93% 6.07%
1988 100% 27.58% 45.62% 11.66% 57.28% 20.57% 77.84% 16.44% 94.28% 5.72%
1989 100% 25.24% 43.94% 11.85% 55.78% 21.44% 77.22% 16.94% 94.17% 5.83%
1990 100% 25.13% 43.64% 11.73% 55.36% 21.66% 77.02% 17.16% 94.19% 5.81%
1991 100% 24.82% 43.38% 12.45% 55.82% 21.46% 77.29% 17.23% 94.52% 5.48%
1992 100% 27.54% 45.88% 12.12% 58.01% 20.47% 78.48% 16.46% 94.94% 5.06%
1993 100% 29.01% 47.36% 11.88% 59.24% 20.03% 79.27% 15.92% 95.19% 4.81%
1994 100% 28.86% 47.52% 11.93% 59.45% 20.10% 79.55% 15.68% 95.23% 4.77%
1995 100% 30.26% 48.91% 11.84% 60.75% 19.62% 80.36% 15.03% 95.39% 4.61%
1996 100% 32.31% 50.97% 11.54% 62.51% 18.80% 81.32% 14.36% 95.68% 4.32%
1997 100% 33.17% 51.87% 11.33% 63.20% 18.47% 81.67% 14.05% 95.72% 4.28%
1998 100% 34.75% 53.84% 11.20% 65.04% 17.65% 82.69% 13.10% 95.79% 4.21%
1999 100% 36.18% 55.45% 11.00% 66.45% 17.09% 83.54% 12.46% 96.00% 4.00%
2000 100% 37.42% 56.47% 10.86% 67.33% 16.68% 84.01% 12.08% 96.09% 3.91%
2001 100% 16.06% 33.89% 53.25% 11.64% 64.89% 18.01% 82.90% 13.13% 96.03% 3.97%
2002 100% 15.43% 33.71% 53.80% 11.94% 65.73% 18.16% 83.90% 12.60% 96.50% 3.50%
2003 100% 15.68% 34.27% 54.36% 11.48% 65.84% 18.04% 83.88% 12.65% 96.54% 3.46%
2004 100% 17.44% 36.89% 57.13% 11.07% 68.19% 16.67% 84.86% 11.85% 96.70% 3.30%
2005 100% 19.26% 39.38% 59.67% 10.63% 70.30% 15.69% 85.99% 10.94% 96.93% 3.07%
2006 100% 19.56% 39.89% 60.14% 10.65% 70.79% 15.47% 86.27% 10.75% 97.01% 2.99%
2007 100% 20.19% 40.41% 60.61% 10.59% 71.20% 15.37% 86.57% 10.54% 97.11% 2.89%
2008 100% 18.47% 38.02% 58.72% 11.22% 69.94% 16.40% 86.34% 10.96% 97.30% 2.70%
Source: IRS

http://www.taxfoundation.org/news/show/250.html

Federal income tax rates

1930 – 1960

Historical income tax rates for Married Filing Jointly at stated income levels.[3]

Year $20,001 $60,001 $100,001
1930 10% 21% 25%
1932 16% 36% 56%
1934 19% 37% 56%
1936 19% 39% 62%
1938 19% 39% 62%
1940 28% 51% 62%
1942 55% 75% 85%
1944 59% 81% 92%
1946 56% 78% 89%
1948 56% 78% 89%
1950 56% 78% 89%
1952 62% 80% 90%
1954 56% 78% 89%
1956 38% 62% 75%
1958 38% 62% 75%
1960 38% 62% 75%

Year 2008 income brackets and tax rates

Marginal Tax Rate Single Married Filing Jointly or Qualified Widow(er) Married Filing Separately Head of Household
10% $0 – $8,025 $0 – $16,050 $0 – $8,025 $0 – $11,450
15% $8,026 – $32,550 $16,051 – $65,100 $8,026 – $32,550 $11,451 – $43,650
25% $32,551 – $78,850 $65,101 – $131,450 $32,551 – $65,725 $43,651 – $112,650
28% $78,851 – $164,550 $131,451 – $200,300 $65,726 – $100,150 $112,651 – $182,400
33% $164,551 – $357,700 $200,301 – $357,700 $100,151 – $178,850 $182,401 – $357,700
35% $357,701+ $357,701+ $178,851+ $357,701+

Year 2009 income brackets and tax rates

Marginal Tax Rate[4] Single Married Filing Jointly or Qualified Widow(er) Married Filing Separately Head of Household
10% $0 – $8,350 $0 – $16,700 $0 – $8,350 $0 – $11,950
15% $8,351 – $33,950 $16,701 – $67,900 $8,351 – $33,950 $11,951 – $45,500
25% $33,951 – $82,250 $67,901 – $137,050 $33,951 – $68,525 $45,501 – $117,450
28% $82,251 – $171,550 $137,051 – $208,850 $68,526 – $104,425 $117,451 – $190,200
33% $171,551 – $372,950 $208,851 – $372,950 $104,426 – $186,475 $190,201 – $372,950
35% $372,951+ $372,951+ $186,476+ $372,951+

Year 2010 income brackets and tax rates

Marginal Tax Rate[5] Single Married Filing Jointly or Qualified Widow(er) Married Filing Separately Head of Household
10% $0 – $8,375 $0 – $16,750 $0 – $8,375 $0 – $11,950
15% $8,376 – $34,000 $16,751 – $68,000 $8,376 – $34,000 $11,951 – $45,550
25% $34,001 – $82,400 $68,001 – $137,300 $34,001 – $68,650 $45,551 – $117,650
28% $82,401 – $171,850 $137,301 – $209,250 $68,651 – $104,625 $117,651 – $190,550
33% $171,851 – $373,650 $209,251 – $373,650 $104,626 – $186,825 $190,551 – $373,650
35% $373,651+ $373,651+ $186,826+ $373,651+

http://en.wikipedia.org/wiki/Income_tax_in_the_United_States

U.S. Debt Clock

http://www.usdebtclock.org/

Year Gross Debt in Billions undeflated[11] as % of GDP Debt Held By Public ($Billions) as % of GDP
1910 2.6 unk. 2.6 unk.
1920 25.9 unk. 25.9 unk.
1928 18.5[12] unk. 18.5 unk.
1930 16.2 unk. 16.2 unk.
1940 50.6 52.4 42.8 44.2
1950 256.8 94.0 219.0 80.2
1960 290.5 56.0 236.8 45.6
1970 380.9 37.6 283.2 28.0
1980 909.0 33.4 711.9 26.1
1990 3,206.3 55.9 2,411.6 42.0
2000 5,628.7 58.0 3,409.8 35.1
2001 5,769.9 57.4 3,319.6 33.0
2002 6,198.4 59.7 3,540.4 34.1
2003 6,760.0 62.6 3,913.4 35.1
2004 7,354.7 63.9 4,295.5 37.3
2005 7,905.3 64.6 4,592.2 37.5
2006 8,451.4 65.0 4,829.0 37.1
2007 8,950.7 65.6 5,035.1 36.9
2008 9,985.8 70.2 5,802.7 40.8
2009 12,311.4 86.1 7,811.1 54.6
2010 (31 Dec) 14,025.2 95.2 (3rd Q) 9,390.5 63.7 (3rd Q)

http://en.wikipedia.org/wiki/United_States_public_debt

Historical Debt Outstanding – Annual 2000 – 2010

Includes legal tender notes, gold and silver certificates, etc.

The first fiscal year for the U.S. Government started Jan. 1, 1789. Congress changed the beginning of the fiscal year from Jan. 1 to Jul. 1 in 1842, and finally from Jul. 1 to Oct. 1 in 1977 where it remains today.

To find more historical information, visit The Public Debt Historical Information archives.

 MONTHLY STATEMENT OF THE PUBLIC DEBT
OF THE UNITED STATES
MARCH 31, 2011

TABLE I — SUMMARY OF TREASURY SECURITIES OUTSTANDING, MARCH 31, 2011
(Millions of dollars)
Amount Outstanding
Title                                         Debt Held             Intragovernmental         Totals
By the Public         Holdings
Marketable:
Bills…………………………………        1,694,692                     3,809                1,698,501
Notes…………………………………        5,843,938                     3,933                5,847,871
Bonds…………………………………          931,474                     3,815                  935,289
Treasury Inflation-Protected Securities…..          640,714                       125                  640,840
Federal Financing Bank  1  ……………..                0                    10,239                   10,239
Total Marketable  a………………………        9,110,819                    21,921 2              9,132,740
Nonmarketable:
Domestic Series………………………..           29,995                         0                   29,995
Foreign Series…………………………            3,786                         0                    3,786
State and Local Government Series………..          181,922                         0                  181,922
United States Savings Securities…………          186,864                         0                  186,864
Government Account Series……………….          136,956                 4,596,057                4,733,014
Hope Bonds 19………………………….                0                       493                      493
Other…………………………………            1,301                         0                    1,301
Total Nonmarketable  b……………………          540,824                 4,596,550                5,137,374
Total Public Debt Outstanding …………….        9,651,643                 4,618,471               14,270,115
TABLE II — STATUTORY DEBT LIMIT, MARCH 31, 2011
(Millions of dollars)
Amount Outstanding
Title                                         Debt Held             Intragovernmental         Totals
By the Public 17, 2Holdings
Debt Subject to Limit: 17, 20
Public Debt Outstanding…………………        9,651,643                 4,618,471               14,270,115
Less Amounts Not Subject to Limit:
Other Debt Not Subject to Limit………..              488                         0                      488
Unamortized Discount  3……………….           20,388                    20,657                   41,046
Federal Financing Bank  1     …………                0                    10,239                   10,239
Hope Bonds 19………………………..                0                       493                      493
Total Public Debt Subject to Limit……….        9,630,767                 4,587,082               14,217,849
Other Debt Subject to Limit:
Guaranteed Debt of Government Agencies  4                13                         0                       13
Total Public Debt Subject to Limit ………        9,630,780                 4,587,082               14,217,862
Statutory Debt Limit  5……………………………………………………………          14,294,000
Balance of Statutory Debt Limit…………………………………………………….              76,138
COMPILED AND PUBLISHED BY
THE BUREAU OF THE PUBLIC DEBT
http://www.TreasuryDirect.gov

http://www.treasurydirect.gov/govt/reports/pd/mspd/2011/opds032011.prn

Date Dollar Amount
09/30/2010 13,561,623,030,891.79
09/30/2009 11,909,829,003,511.75
09/30/2008 10,024,724,896,912.49
09/30/2007 9,007,653,372,262.48
09/30/2006 8,506,973,899,215.23
09/30/2005 7,932,709,661,723.50
09/30/2004 7,379,052,696,330.32
09/30/2003 6,783,231,062,743.62
09/30/2002 6,228,235,965,597.16
09/30/2001 5,807,463,412,200.06
09/30/2000 5,674,178,209,886.86

http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm

The Presidential Divider

Obama’s toxic speech and even worse plan for deficits and debt.

“…Did someone move the 2012 election to June 1? We ask because President Obama’s extraordinary response to Paul Ryan’s budget yesterday—with its blistering partisanship and multiple distortions—was the kind Presidents usually outsource to some junior lieutenant. Mr. Obama’s fundamentally political document would have been unusual even for a Vice President in the fervor of a campaign. 

Joseph Rago and Steve Moore on who will pay more under the White House’s planned tax increases.

The immediate political goal was to inoculate the White House from criticism that it is not serious about the fiscal crisis, after ignoring its own deficit commission last year and tossing off a $3.73 trillion budget in February that increased spending amid a record deficit of $1.65 trillion. Mr. Obama was chased to George Washington University yesterday because Mr. Ryan and the Republicans outflanked him on fiscal discipline and are now setting the national political agenda.

Mr. Obama did not deign to propose an alternative to rival Mr. Ryan’s plan, even as he categorically rejected all its reform ideas, repeatedly vilifying them as essentially un-American. “Their vision is less about reducing the deficit than it is about changing the basic social compact in America,” he said, supposedly pitting “children with autism or Down’s syndrome” against “every millionaire and billionaire in our society.” The President was not attempting to join the debate Mr. Ryan has started, but to close it off just as it begins and banish House GOP ideas to political Siberia.

Mr. Obama then packaged his poison in the rhetoric of bipartisanship—which “starts,” he said, “by being honest about what’s causing our deficit.” The speech he chose to deliver was dishonest even by modern political standards. …”

http://online.wsj.com/article/SB10001424052748703730104576260911986870054.html

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