Why Worry About The Fiscal Cliff?
Nov 12, 2012 Commentary
It is billed as Taxmageddon, the first day of the New Year when all the Bush tax cuts expire and certain budget measures kick in. These were designed to force lawmakers to get off their butts and actually do something constructive but that never came to pass. They were too busy running for reelection or working to get their messiah reelected. Now that has happened and there is some movement toward fixing the problem that lies ahead.
But why should they worry about fixing it? When Democrats took control of the Congress in the last two years of the Bush Administration they ran on a platform of eliminating the Bush tax cuts. Remember, Democrats have LONG declared that the Bush tax cuts were ONLY for the rich. They never referred to them as just tax cuts as they always added “for the rich.” Democrats claimed that Bush only cut taxes for wealthy people and that the middle class got screwed despite the fact that the middle class made out better than anyone with regard to the cuts.
Be that as it may, the reality is that Democrats said these tax cuts were only for the wealthy and they said they would eliminate the Bush tax cuts in total, not in some piecemeal fashion.
So let them expire.
Once Democrats won they had to back off their claims that these tax cuts were solely for the rich because they knew otherwise and eliminating them in their entirety would hurt the middle class but that is NOT how they portrayed it when they wanted the lesser minds in society to vote for them.
We should give them no quarter. They ran on eliminating them so let them expire and let everyone suffer the consequences (elections do have consequences). Obama and his minions all think that raising taxes is a good thing and will help the economy. If that is what they believe then they should let the Bush tax cuts expire completely and reap the benefit of increased tax revenue. It is unlikely the Treasury will actually receive increased revenue as tax increases tend to keep that from happening but that is not what Democrats believe.
So why not let them expire completely and see what happens? If Democrats are right then the increase in revenue will catapult the economy into prosperity and we will be on the track to salvation. Hell, if raising the taxes on the rich is wonderful then raising taxes on everyone should be even better.
Besides, the expiration of the tax cuts will only affect the wealthy because that is what the Democrats have told us.
So there should be no worries about the first day of next year. There should be no fiscal or political worries because we are only going to do what Democrats promised all along, end the Bush tax cuts for the wealthy.
Hell, let us take it a little further. Let’s actually raise the taxes on millionaires (real ones who make a million dollars or more) to 90%. Everything above a million dollars will be taxed at 90%. They don’t need that money. Barack Obama already told them that at a certain point he thinks they have made enough so let’s just take it from them. Many of the millionaires who live in this country voted for Obama so they should be perfectly willing to have some skin in the game. Imagine if Brad Pitt was paid 5 million dollars for a movie. He would get 400 thousand dollars of the amount over a million and the government would get 3.6 million dollars. What a deal and Pitt will be more than happy because he supported Obama and Obama’s plans.
Think of how rich liberals would be overjoyed at this. Warren Buffett, Michael Moore, Cher, and all the other rich liberals who supported Obama and his plans could pay their fair share to help the poor folks.
Now it is an absolute fact that if the government confiscated ALL the money rich people make it would only run the government for about 90 days but that should not matter. It is all about fair play and these rich folks, many of whom live in California and New York, have put their trust in Obama.
Let the Bush tax cuts expire in their entirety so Democrats can fulfill their promise to do so and then raise taxes on people who make more than a million dollars so they can pay their fair share.
The reality is that none of this will help but the Democrats promised it so they should go through with it. It will crash the economy, force the wealthy liberals to find ways to keep from paying taxes (you KNOW they don’t really want to pay more) and show America how deadly liberal tax policies are.
Who cares if it leads to the demise of this once great nation? If people actually cared about that they would not be standing around with their hands out for Obamaphones, food stamps and other forms of welfare. They would be working instead of mooching.
Let’s give the liberals what they want by letting the Bush tax cuts expire and raising taxes on the wealthy. No exceptions so all the rich guys in Congress have to pay. Hell, Obama will have to pay 90% on all his income above a million so he will have skin in the game. And while we are at it we need to tax him on his employer provided transportation. His employer gives him a car, a plane and a helicopter. He needs to pay taxes on these as well just like a guy in the private sector.
Obama needs to have skin in the game as well.
Once the policies have taken effect it won’t be long before our economy completely crashes. Some will survive and some will not but once we come through the other side those who caused this will be long gone and we can rebuild the Republic.
The ball is in your court Congress. You liberals wanted to end those tax cuts so do it and quit crying about how they will hurt everyone.
You were not worried about that when you were running to cut them so don’t worry now.
Man up and do what you said you were going to do and live with the consequences.
Cave canem!
Never surrender, never submit.
Tags: bush tax cuts, economy, fiscal cliff, lies, millionaires, Obama
In Search Of Unicorns
Dec 27, 2011 Political
The problem with Democrats is that they don’t understand how things work in the world of business. They are too engaged in class warfare to actually tell the truth or to do things that are good for the country. Democrats believe that they should tax the living hell out of the so called rich and while they claim it is because the rich need to pay their fair share the reality is that the Democrats want to create envy among the have nots. Make the middle class believe that the rich are getting over and gain Democrat voters.
The absolute fact that the rich pay most of the income taxes in this country is lost on those who play the class warfare game. The bottom 47% of wage earners pay absolutely NO federal income taxes and many of them actually get money back. They owe no taxes and get a refund while the wealthy foot the bill for the cost of government in this country. The top 53% of wage earners pay the money that runs the country.
Democrats want to tax the people who create jobs. Remember folks, government does not create jobs. It can only create an environment favorable to job creation or one that hinders job creation.
Harry Reid, the Senate Majority Leader and world class moonbat Democrat has stated that millionaires (the latest group targeted for a tax increase) who produce jobs are like unicorns, they do not exist. He then narrowed it down to some small fraction (two opposing views, either they do NOT exist or they are present in a small percentage).
Both statements are incorrect. Wealthy people create plenty of jobs. In fact, we can shoot down the do not exist argument in one shot. Bill Gates, the late Steve Jobs, and the founders of Google are all extremely wealthy and they all create thousands of jobs. Not only are they creating jobs at their companies but their products create jobs down the line in companies that produce computers and those who install software. These millionaires (plus) have created plenty of jobs so the argument that they do not exist is gone.
But are the millionaires who create jobs a small fraction of the total number of millionaires or are they, as Reid claims, hedge fund managers and rich lawyers (like a lot of members of Congress)?
Paul Roderick Gregory of Forbes puts the Reid claim to the test and it looks like Reid told a whopper.
The number of millionaires who create jobs is significant and way above what Reid claimed. One would think that Reid would have some fact checkers doing some work to ensure he did not make such outrageous claims but that would assume that Reid did not want to make the mistake. He did not care. The truth was not his goal.
His goal was to create another myth and to perpetuate the class warfare that Democrats are known for. He wanted people to believe him.
It is like the myth that Warren Buffett pays less in taxes (as a percentage) than his secretary does and that he wants Congress to fix that because it isn’t right. The man avoids taxes (even while calling for higher rates) and the comparison he makes is invalid.
The whole story is bogus but people, supposedly intelligent people, keep using it to justify taxing the very people who pay the most in taxes (top 10% of earners pay 77% of the taxes).
That was Reid’s goal, spread a lie and have it multiply geometrically so he can continue to whip up class envy.
It is what Democrats do and this will never be different.
It is up to intelligent people to cut through the BS and come up with the truth.
We will never find unicorns but we can easily find millionaires who create jobs.
Reid lied. A truthful Democrat is like a unicorn…
ADDENDUM: While Reid is playing class warfare the wealth of members of Congress has tripled in the last 25 years while the wealth of the average American has decreased. Imagine that, their wealth has increased and they do not create ANY jobs and I don’t doubt they avoid paying higher taxes as well…
Cave canem!
Never surrender, never submit.
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Tags: forbes, Harry Reid, jobs, lies, millionaires, taxes, unicorns, warren buffett
Warren Buffet Should Heed Own Advice
Nov 14, 2007 General
Billionaire Warren Buffet said that he favors the estate tax and that it should be higher to tax the wealthy on the amount of their estates. The estate tax currently sits at 45% (and will increase to 55% without reform), which means that 45 out of every 100 dollars someone leave to an heir goes to the government. This is a tax on money that was already taxed at least once in the lifetime of the person and probably more than once, in all reality. The government taxes the money when it is earned, taxes any interest on investment and then gets nearly half of it when a person dies. This is why estate planners make a lot of money, to figure ways to pass wealth without paying taxes AGAIN.
Buffet though, does not live by this philosophy of taxing estates. He has ensured that his estate will be given away so that he avoids any taxes. His fortune is well over 40 billion dollars so his heirs would have to pay around 20 billion in taxes when he dies. This would help with the burden he says that the middle class bears but it is not what is good for him. He is giving a lot of his money to five foundations, most notably the Bill and Melinda Gates Foundation. There will be no taxes when he gives this so he avoided paying an estate tax. He has set up one billion dollar foundations for each of his children and they are to do philanthropic work with the money, no doubt after they draw hefty management fees from the foundations. This will avoid estate taxes and allow him to pass a great deal of money to his children.
Buffet is another do as I say liberal who thinks it is perfectly acceptable for the government to take money it did not earn from the pockets of people who received it from a loved one. He feels that it is OK so long as he (or technically, his estate) is not the one paying the taxes. Buffet cries about the plight of the middle class but he could make 1000 people millionaires for every billion dollars he has. If he is so concerned about people why does he not take 20 billion and make 20,000 people millionaires?
That would probably do more good than giving money to foundations that already have billions of dollars. But Buffet would rather see the wealthy taxed to death and since he has figured out how to avoid the estate tax he really does not care.
Of course, he assumes that other rich people are not as bright as he and therefore cannot avoid paying estate taxes.
Tax schemes created by the government lead people to think of creative ways to avoid paying those very taxes and the richer people are, the more creative they become. Besides, if Buffet is really concerned about the government, he can donate money to the treasury and they will be happy to take it.
I wonder why, if he really cares, he didn’t send his money there instead?
Source:
al Reuters
Tags: bill and melinda gates foundation, billion dollars, government taxes, management fees, millionaires, philanthropic work, warren buffet