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Posts Tagged ‘Taxes’


Wonder what you would find if you frisked the Democrats’ claim that they can solve the country’s fiscal problems by raising taxes on the so-called “rich”?

Answer: There’s not enough of those “rich people” to raise taxes on. 

Props to the Wall Street Journal and Power Line for reporting this story:

This chart from the Wall Street Journal tells you pretty much all you need to know about the credibility of the Democrats’ claim that they can solve the country’s fiscal problems by raising taxes on “the rich.” The chart, based on 2008 IRS data, shows how much total income was reported by Americans in each income range.

Click to enlarge.

Notice where all the money comes from.

The problem with rich people (or, more properly high income earners) is that there aren’t enough of them. Upper-income taxpayers are already paying around double their fair (pro rata) share of federal income taxes on the average, and there simply aren’t enough dollars at the high end to pay for the Democrats’ spending spree, even if the Dems try to steal them all. The only way to balance the budget through tax increases is by going where most of the money is–the $50,000 to $500,000 adjusted gross income range.

In the end, if President Obama wants to solve our fiscal problems by increasing taxes, he would have to go after the middle-class. Good luck proposing that plan to the American people.

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Wonder what you would find if you frisked Vice President Joe Biden during President Obama’s failed budget speech?

Answer: He appeared to be a little tired.

Oops!

The Los Angeles Times reports:

Vice President Joe Biden was given another big job by President Obama on Wednesday and the burden may have driven Obama’s go-to guy into a moment of sleep or, at least, contemplation.

Biden, who has more than a nodding acquaintance with deficits, debts and federal budget woes, was caught apparently deep in thought or catching a few winks while Obama outlined his plan for dealing with the deficit.

Don’t worry, because Joe Biden did not miss much. President Obama simply resorted to a bunch of recycled rhetoric he has used in the past. His plan to fix our deficit: Spend more taxpayer money, borrow more, tax the so-called “wealthy”, and cut defense. In other words, it was all expected. President Obama is a liberal who adores big government and tiptoes around our enormous entitlement programs (Social Security, Medicare, Medicaid) which are pushing us closer to the edge of a real crisis.

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Wonder what you would find if you frisked the 2010 United States Census data that was released yesterday?

Answer: Good news for red states and bad news for blue states.

The Washington Times reports:

The conservative “red” states should see their political clout enhanced as a result of the Census Bureau’s announcement Tuesday that the nation’s population grew 9.7 percent over the past decade to nearly 309 million, with the fastest growth centered in states that went Republican in the 2008 presidential election.

[...]

As a result of the 2010 numbers, eight states will gain House seats in the 2012 elections, led by Texas’ four seats and Florida, which gained two. Others gaining a single House seat were Arizona, Georgia, Nevada, South Carolina, Utah and Washington.

New York and Ohio were the big losers, both shedding two House seats, while Illinois, Iowa, Louisiana, Massachusetts, Michigan, Missouri, New Jersey and Pennsylvania will lose one seat.

Although the growing Hispanic-immigrant population is mainly responsible for Texas and Florida’s huge House seat pickups, the overall Census data still means a lot politically:

Most states gaining seats went for Sen. John McCain (R-Ariz.) in the 2008 presidential election, while almost all states that lost seats were won by President Obama — many of them in the Rust Belt.

The westward movement of the U.S. population means six districts in states that went for Obama will shift to states that went for McCain — a small but significant shift that could help a GOP presidential candidate in 2012, provided they can hold those states for the party.

Most of the other new seats will be in swing states that went for Obama, which could also be won by Republicans in 2012.

It also doesn’t hurt the Republican Party, because our 2010 gains put us in control of the redistricting process and will help us with drawing new district lines. Although this is all good news, it still does not make the 2012 general election any easier. Not only do we have to worry about effectively relaying our message to the growing Hispanic-immigrant demographic, we have to stay extremely focused on the issues that favor Republicans. Since President Obama does not have a popular or effective record to run on, the Democrats will more than likely toss around the race-card like it’s going out of style.

Here’s another interesting observation in regards to the new 2010 Census data:

First, the great engine of growth in America is not the Northeast Megalopolis, which was growing faster than average in the mid-20th century, or California, which grew lustily in the succeeding half-century. It is Texas.

This leads to a second point, which is that growth tends to be stronger where taxes are lower. Seven of the nine states that do not levy an income tax grew faster than the national average. The other two, South Dakota and New Hampshire, had the fastest growth in their regions, the Midwest and New England.

Altogether, 35 percent of the nation’s total population growth occurred in these nine non-taxing states, which accounted for just 19 percent of total population at the beginning of the decade.

Perhaps the Democrats will look to this as a lesson in understanding how high taxation affects states, citizens, and economies… Needless to say, I am not holding my breath.

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Wonder what you would find if you frisked Lee Doren from How the World Works?

Answer: Bar stool economics!

Unfortunately, this little demonstration and common sense thinking is located at the center of the Democrats’ demonization tactic of class warfare. While the Democrats continue to go down that path, the bigger question is: Why do the politicians (mostly the Democrats) in Washington D.C. feel they are entitled to our hard earned money? That money could be invested in new projects and hire more employees.

The Democratic majority knew the expiration of the Bush tax cuts was lingering and now it is the moment of truth… Do they have the courage to man up and tackle this critical issue facing our country’s weakening economy? America is faced with an unemployment rate of 9.8 percent and President Obama is 7.3 million jobs short of where he promised the economy would be by December 2010. It is time for the Democrats to drink a Four Loko, wake up, and come to terms with the fact that they were absolutely shellacked during November’s election and the liberal agenda was rejected.

It is time to finally extend the Bush tax cuts for everyone.

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Wonder what you would find if you frisked Senator John Kerry (D-MA) and his beloved yacht named Isabel?

Answer: He docks his luxury yacht in Rhode Island to avoid Massachusetts taxes.

The hypocrisy is never ending within the liberal cesspool. The Boston Herald reports:

Sen. John Kerry, who has repeatedly voted to raise taxes while in Congress, dodged a whopping six-figure state tax bill on his new multimillion-dollar yacht by mooring her in Newport, R.I.

Isabel – Kerry’s luxe, 76-foot New Zealand-built Friendship sloop with an Edwardian-style, glossy varnished teak interior, two VIP main cabins and a pilothouse fitted with a wet bar and cold wine storage – was designed by Rhode Island boat designer Ted Fontaine.

But instead of berthing the vessel in Nantucket, where the senator summers with the missus, Teresa Heinz, Isabel’s hailing port is listed as “Newport” on her stern.

Could the reason be that the Ocean State repealed its Boat Sales and Use Tax back in 1993, making the tiny state to the south a haven – like the Cayman Islands, Bermuda and Nassau – for tax-skirting luxury yacht owners?

Cash-strapped Massachusetts still collects a 6.25 percent sales tax and an annual excise tax on yachts. Sources say Isabel sold for something in the neighborhood of $7 million, meaning Kerry saved approximately $437,500 in sales tax and an annual excise tax of about $70,000.

Typical liberal… Raise taxes to the point that it’s crippling and then dodge them in the end. Life must be nice.

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NJ Gov. Chris Christie.

Wonder what you would find if you frisked New Jersey Governor Chris Christie yesterday?

Answer: It only took him about 2 minutes to veto the Democrat’s latest tax hike in New Jersey.

NJ.com reports:

It took about two minutes from the time Senate President Steve Sweeney certified the passage of the millionaires tax package for Gov. Chris Christie to veto the bills at his desk.

“While I have little doubt that the sponsors and supporters of this bill sincerely believe that the state can tax its way out of this financial crisis, I believe that this bill does nothing more than repeat the failed, irresponsible and unsustainable fiscal policies of the past,” wrote Christie in his veto statement. “Now is not the time for more of the same. Ultimately, another tax increase will punish the state’s struggling small businesses and set our economy further back from recovery.”

Whatever you do… Do not mess with Gov. Chris Christie! Oh, how I wish he was our president right now. A conservative can dream, can’t he? :lol:

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Wonder what you would find if you frisked the fight between Manny Pacquiao and Floyd Mayweather Jr. that was suppose to take place in New York or New Jersey?

Answer: High state taxes make the fight impossible.

I believe the boxing referee is counting down, because New York and New Jersey are definitely getting knocked out on this one:

It appears the Tax Man is about to do to Manny Pacquiao and Floyd Mayweather Jr. what Oscar de la Hoya, Ricky Hatton and Miguel Cotto could not.

Namely, knock both of them out.

Out of New York, that is. And New Jersey, too.

Poor Yankee Stadium and Meadowlands:

But last night, Arum dropped the hammer on the fight taking place anywhere east of the Mississippi River.

“No chance,” Arum said. “Nothing would please me more than to have it at Yankee Stadium, but the way the tax structure in New York is set up, it’s impossible.”

It appears the fight will be at Jerry Jones’ new $1 billion-plus Cowboys Stadium! Wonder what’s the tax difference between the liberal East Coast and conservative Texas? Easy, there’s a lot of difference:

The answer is, no state taxes in Texas and a ton of them in New York and New Jersey. According to Arum, the fighters could lose more than $12 million in taxes if the fight takes place in New York and slightly less if it winds up in the Meadowlands.

Arum said that between New York State and city taxes and a tax levied on nonresident independent contractors performing in New York, the fighters – and the promoter – would lose 15 percent of all revenue generated by the bout.

“It’s just not economically feasible to do events like that in New York,” Arum said. “It’s ridiculous, really.”

The bright blue states just received an uppercut of reality, because no one likes taxes! It appears the East Coast lost out on possibly one of the greatest fights, but don’t worry… Texans will enjoy ALL the benefits and business that will come with the match.

Side-Note: With taxes shooting up faster than a firework display on the 4th of July, boxing promoters aren’t the only ones keeping an eye on taxes. Carlos Boozer of the Utah Jazz has also voiced his concerns in regards to state taxes.

As liberals spend frantically, I’d expect more of these situations to pop up in the future. Mark my words.

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