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. Continue reading “Paul Ryan’s Tax on Travelers”
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! Continue reading “So You Think You’ve Paid Your Tax Bill”