Do you think the Republicans in Washington should support the compromise on the extension of Bush tax rates? Before you decide you should know a few things about the bill currently on the table.
First, it includes approximately $200 billion in NEW DEFICIT SPENDING AND STIMULUS SCHEMES. This is money that will be borrowed from other countries and repaid by our kids. Conservatives, we sent you to Washington for a reason! If you are going to spend more you have to CUT something of equal value.
Second, this bill only extends the current tax rates for two years. I don't know of any business who does "temporary two-year planning" for their business game plan. Businesses make decisions based on a long-term vision. Businesses will not create jobs without certainty regarding what their tax situation will be well into the future. A two-year extension is nothing more than a band aid on a hemorrhaging wound. And the current proposal does not extend all of the tax cuts. It creates for the first time in 10 years, a "death" tax of 35%. That means you work your entire life, pay taxes your entire life, and if you've worked hard enough to have an estate to leave your kin, the government will take 35% of it. For farmers and small businesses it means you may have to sell the assets to pay the tax. How ludicrous is this?
Third, this bill includes DOZENS OF EARMARKS FOR SPECIAL INTERESTS. This includes ethanol subsidies, tax breaks for the entertainment industry, tax breaks for Puerto Rican rum companies, favors for auto racing track owners, hand outs for businesses in America Samoa, and many, many more. WHAT THE HECK IS UP WITH THIS PROGRAM?
I believe the Republicans in Washington who can make or break this bill should NOT GO ALONG WITH IT. We elected new Conservative leaders to put a stop to the "earmark" agenda and deficit spending. I know many of them won't be in control until January, but those who are currently there need to know that any Washingtonites who vote for this will have to answer to the American public in 2012. It's the first big vote for the Conservatives. I hope they do what they promised us they would do. Or they too will be gone. After January, 2011 they can pass a bill extending the Bush tax rates forever, a bill that does ONLY THAT and is not LOADED WITH OTHER JUNK. Watch THAT stimulate the economy and create jobs.
Showing posts with label Bush tax cuts. Show all posts
Showing posts with label Bush tax cuts. Show all posts
Friday, December 10, 2010
Wednesday, October 6, 2010
TAX CUT OR TAX INCREASE? AHH, THAT IS THE QUESTION!
Did you see Glenn Beck yesterday? He had a video of Austin Goolsbee, Obama's new Chairman of his Council of Economic Advisers, trying to explain why a tax cut for the "wealthy" was a bad thing and would cost the U.S. mucho bucks. He was talking about the wisdom of extending the "Bush Tax Cuts" to all Americans. But I think Mr. Goolsbee, though he's supposed to be an economist, doesn't know squat about taxes.
This is the thing, Mr. Goolsbee. When you take more money than you currently are taking, that's a TAX INCREASE. When you are not paying $100,000 in taxes one year but you will pay it the next year, that's a TAX INCREASE. THIS IS NOT A TAX CUT.
If the Bush Tax Cuts that have been in place for the last decade are preserved for all Americans, the government tax collection stays the same.
Goolsbee says the government will have to borrow $700 billion to cover the "tax cuts for the wealthy." But this is not a TAX CUT. It is a TAX INCREASE. So why would the government have to borrow $700 billion to cover money that they are not currently getting? How can it cost anything when the money isn't currently coming in? That's like hoping you get a $500 per month raise at work and then one morning telling your boss that if you don't give me a $500 per month raise, it's going to cost me so much money I'm going to have to borrow $500 every month to cover the raise I didn't get. The point? Why would you have to borrow $500 per month to replace money you were not getting in the first place? This is precisely what Obama wants to do.
Republicans want the Bush Tax Cuts extended to ALL Americans. Under the GOP plan you earn, the government does not take more of your money, so you keep the money you earn. The amount taken by Uncle Sam remains as it has been for 10 years.
Under the Obama plan, you earn, the government takes more of what you earn and spends it on someone else, like the unions, or whatever people or group Obama likes at the time, and you have less for your own needs.
Well, I have a message for Obama. THIS ISN'T YOUR MONEY TO TAKE AND GIVE AWAY TO SOMEONE ELSE! Our hard earned money is not YOURS. And quit saying you are giving people tax cuts. This is not a tax cut. It is a TAX INCREASE. A tax cut is giving people more money. A tax cut is when the taker does NOT take more of our money. This is an important distinction. Extending the Bush Tax Cuts costs the government absolutely nothing extra.
Obama, the rich are not the enemy. They are the employers, the job creators, the philanthropists, the primer of our economy. Right now they are scared to do anything because your policies are creating uncertainty on every front.
Americans need to know that this is a government game. We are being played for fools. This is class warfare, and it is a big, fat lie. Obama's top economic advisor tries to tell you your money is theirs, you have no right to it. But it is yours. You should be able to choose when to share your money and whom to share it with.
Tell the government that No, We Will Give No More. Keep all Bush Tax Cuts in place forever. Tell them to balance the budget and QUIT SPENDING instead of playing the Money Grab Game.
This is the thing, Mr. Goolsbee. When you take more money than you currently are taking, that's a TAX INCREASE. When you are not paying $100,000 in taxes one year but you will pay it the next year, that's a TAX INCREASE. THIS IS NOT A TAX CUT.
If the Bush Tax Cuts that have been in place for the last decade are preserved for all Americans, the government tax collection stays the same.
Goolsbee says the government will have to borrow $700 billion to cover the "tax cuts for the wealthy." But this is not a TAX CUT. It is a TAX INCREASE. So why would the government have to borrow $700 billion to cover money that they are not currently getting? How can it cost anything when the money isn't currently coming in? That's like hoping you get a $500 per month raise at work and then one morning telling your boss that if you don't give me a $500 per month raise, it's going to cost me so much money I'm going to have to borrow $500 every month to cover the raise I didn't get. The point? Why would you have to borrow $500 per month to replace money you were not getting in the first place? This is precisely what Obama wants to do.
Republicans want the Bush Tax Cuts extended to ALL Americans. Under the GOP plan you earn, the government does not take more of your money, so you keep the money you earn. The amount taken by Uncle Sam remains as it has been for 10 years.
Under the Obama plan, you earn, the government takes more of what you earn and spends it on someone else, like the unions, or whatever people or group Obama likes at the time, and you have less for your own needs.
Well, I have a message for Obama. THIS ISN'T YOUR MONEY TO TAKE AND GIVE AWAY TO SOMEONE ELSE! Our hard earned money is not YOURS. And quit saying you are giving people tax cuts. This is not a tax cut. It is a TAX INCREASE. A tax cut is giving people more money. A tax cut is when the taker does NOT take more of our money. This is an important distinction. Extending the Bush Tax Cuts costs the government absolutely nothing extra.
Obama, the rich are not the enemy. They are the employers, the job creators, the philanthropists, the primer of our economy. Right now they are scared to do anything because your policies are creating uncertainty on every front.
Americans need to know that this is a government game. We are being played for fools. This is class warfare, and it is a big, fat lie. Obama's top economic advisor tries to tell you your money is theirs, you have no right to it. But it is yours. You should be able to choose when to share your money and whom to share it with.
Tell the government that No, We Will Give No More. Keep all Bush Tax Cuts in place forever. Tell them to balance the budget and QUIT SPENDING instead of playing the Money Grab Game.
Tuesday, September 14, 2010
TAX TSUNAMI #3, THE GREAT BUSINESS BASHER
TAX TSUNAMI #3 will destroy job creation for hundreds of thousands of business. The AMT (Alternative Minimum Tax) currently affects 4 million taxpayers who earn enough that they have to calculate their tax burdens twice and pay taxes at the higher level. This was established in 1969 to catch a handful of taxpayers. With the coming Tax Tsunami #3 this tax will increase the number of affected families to 28.5 million, and you could be one of them. This prediction comes from the Tax Policy Center, a left-leaning think tank.
Small businesses will no longer be able to expense business purchases in the year purchased. Right now businesses can expense (write off the entire cost) equipment rather than depreciate (slowly deduct) it over a period of years. This is a great tax break that allows businesses to use their dollars to hire people and expand their business. But not after January 1, 2011. What it means to a business is that their taxable income will go way up, thus causing them to pay more money to the government rather than retain those funds to HIRE PEOPLE AND CREATE JOBS.
There are hundreds of tax hikes on businesses that will take place on January 1.
There are also scores of changes in hundreds of other taxes and deductions, such as the following:
The deduction for tuition and fees will not be available.
Tax credits for education will be limited.
Teachers will no longer be able to deduct classroom expenses.
Coverdell Education Savings Accounts will be cut.
Employer-provided educational assistance is curtailed.
Student loan interest deduction will not be allowed for hundreds of thousands of families.
The Charitable Contribution from IRAs deduction will not be allowed. (Currently a retired person with an IRA can contribute up to $100,000 per year to a charity with no tax consequence).
This is just scratching the surface of the major tax increases rolling our way on January 1.
But Hold on to your Hats, Folks, there's more in the upcoming Tax Tsunami #4.
Small businesses will no longer be able to expense business purchases in the year purchased. Right now businesses can expense (write off the entire cost) equipment rather than depreciate (slowly deduct) it over a period of years. This is a great tax break that allows businesses to use their dollars to hire people and expand their business. But not after January 1, 2011. What it means to a business is that their taxable income will go way up, thus causing them to pay more money to the government rather than retain those funds to HIRE PEOPLE AND CREATE JOBS.
There are hundreds of tax hikes on businesses that will take place on January 1.
There are also scores of changes in hundreds of other taxes and deductions, such as the following:
The deduction for tuition and fees will not be available.
Tax credits for education will be limited.
Teachers will no longer be able to deduct classroom expenses.
Coverdell Education Savings Accounts will be cut.
Employer-provided educational assistance is curtailed.
Student loan interest deduction will not be allowed for hundreds of thousands of families.
The Charitable Contribution from IRAs deduction will not be allowed. (Currently a retired person with an IRA can contribute up to $100,000 per year to a charity with no tax consequence).
This is just scratching the surface of the major tax increases rolling our way on January 1.
But Hold on to your Hats, Folks, there's more in the upcoming Tax Tsunami #4.
SENATOR BOEHNER A TRAITOR? YOU BET!
John Boehner last week announced a Two-Point Economic Plan which included a spending freeze and a two-year extension of the Bush tax cuts. Good idea, actually a GREAT idea, reduce spending and retain all of the Bush tax cuts. That's a great economic plan in a weak economy.
But what did Boehner say on Sunday? That he would support renewing tax cuts for the middle class but not the wealthy! Can you believe it? Changed his mind in less than a week. He is saying he will go along with the Obama proposal to extend the Bush tax cuts for everyone except the "wealthy." What in the world is wrong with Mr. Boehner?
The White House jumped all over these comments as a potential sign that the GOP might give up and back the Obama plan of no tax increases for the majority but large tax increases for the minority (that's the so-called "wealthy). With Boehner's stamp of approval the White House will now dig their heels in the mud and never agree to leave all of the Bush tax cuts in place.
John Boehner, we do not want increased taxes on the "wealthy." Whose definition of "wealthy" do you use? Who decides what is enough money to label a person "wealthy?" And this man is the House Republican Leader? JOHN BOEHNER NEEDS TO BE DE-ELECTED. How could he be so stupid??
The message from Americans is simple: NO TAX INCREASES, PERIOD, FOR ANYONE. We need less of Washington, not more, and we need more jobs, not less. Raising taxes on anyone will cause higher unemployment. This is a historical fact.
Remember, the Democrats are running scared from Obama's agenda, and the last thing the Republicans should do is cave in to the lunacy. They should be standing strong for lower taxes, smaller government, less spending, less regulation -- and TERM LIMITS.
But what did Boehner say on Sunday? That he would support renewing tax cuts for the middle class but not the wealthy! Can you believe it? Changed his mind in less than a week. He is saying he will go along with the Obama proposal to extend the Bush tax cuts for everyone except the "wealthy." What in the world is wrong with Mr. Boehner?
The White House jumped all over these comments as a potential sign that the GOP might give up and back the Obama plan of no tax increases for the majority but large tax increases for the minority (that's the so-called "wealthy). With Boehner's stamp of approval the White House will now dig their heels in the mud and never agree to leave all of the Bush tax cuts in place.
John Boehner, we do not want increased taxes on the "wealthy." Whose definition of "wealthy" do you use? Who decides what is enough money to label a person "wealthy?" And this man is the House Republican Leader? JOHN BOEHNER NEEDS TO BE DE-ELECTED. How could he be so stupid??
The message from Americans is simple: NO TAX INCREASES, PERIOD, FOR ANYONE. We need less of Washington, not more, and we need more jobs, not less. Raising taxes on anyone will cause higher unemployment. This is a historical fact.
Remember, the Democrats are running scared from Obama's agenda, and the last thing the Republicans should do is cave in to the lunacy. They should be standing strong for lower taxes, smaller government, less spending, less regulation -- and TERM LIMITS.
THROW THEM OUT IN NOVEMBER, INCLUDING JOHN BOEHNER
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