Archive for the ‘TAxes’ Category
President Obama delivered his 6th State of the Union message to a Congress which is now completely controlled by Republicans. In case you missed it, here is a brief synopsis:
“I fixed the economy (wages are stagnant and the work participation rate is a paltry 62.8 percent, the lowest since 1978) so it’s time to let the good times roll. I’m giving away free ice cream and we’ll make the rich pay for it. Now who wants free ice cream? “
Before you grab your dish and line up for a scoop, let me warn you. You may not get the flavor you want or need and, in the end, it will cost you more than you ever thought you would pay. Read the rest of this entry »
“D-Day” is a military term used to denote the beginning of a combat mission.
There is a new D-Day coming. Let’s call it “Decision Day for the United States. It falls on December 11. That is the day the GOP must decide if it will accept the mandate it was given by the American people to lead or if it will run up the white flag of surrender to an unpopular but stubborn president.
If you have been paying attention, then you know that this is the day the government runs out of money. The timing is awful, two weeks before Christmas when most people are busy with the holidays and have checked out politically.
This timing is no accident. The price of liberty really is eternal vigilance. There can be no liberty without the ability to control a fair portion of what we earn which is slowly slipping away with each passing tax increase. And don’t kid yourself, if we don’t get the nation’s spending under control, more hefty tax increases are coming. It’s just a matter of time. Read the rest of this entry »
The assertion by House Budget Committee Chairman Paul Ryan and his Senate counterpart, Patty Murray, that their budget compromise does not raise taxes is tantamount to Barack Obama’s pledge, “If you like your (insurance) plan, you can keep it.”
All of the above knew their statements to be bald-faced lies right from the get-go!
The difference is it took most people more than two years to figure out Obama’s charade, while most airline passengers already know the Ryan-Murray line won’t fly. Read the rest of this entry »
Thursday, April 18, is Tax Freedom Day this year. That is the day when the nation as a whole as earned enough to pay its local, state and federal taxes. It’s five days later than it was last year, primarily due to the fiscal cliff deal that raised federal taxes on individual income and payroll. Additionally, Obamacare’s investment tax and excise tax went into effect.
That means that the average taxpayer will work 29.4 percent of the year, just to pay his or her tax bill. But not so fast, the Tax Foundation which runs these numbers does not include the amount of annual federal borrowing, which represents future taxes owned.
So you see, celebrating Tax Freedom Day would be like paying your family’s bills that come due each month while ignoring the amount you run up on those credit cards in order to meet all of your obligations.
This year, the federal government plans to borrow another $833 billion, but remember, that is best case. The year isn’t over yet.
If we add in the cost of all this borrowed money, Tax Freedom day will not come until May 9, which is well over a third of the year. Under the old feudal system which was practiced in medial Europe, the lords, who owned all the property, taxed the serfs 1/3 of what they produced and we called them slaves! Read the rest of this entry »