In the scheme of the working day, you put in the hours and expect recompense for your labors. Is it your money? Obama doesn’t think so. Neither does the Congress. Together they’ve spent your money faster than all combined can earn it to cover the incurred debt.
Obama’s belief is the government prints it so that makes it the owner of it anyway.

To prove this premise January 1, 2011, the roll back of the Bush tax cuts take place which absolutely rip the individuals making less than $50,000 a year. Their tax bill doubles.
Thank the Jackass Party for that, and yeah the RINO’s too. The GOP is as complicit in this mess as the Donkeys.
Brace for a real mess in the economy, even Bernanke said leave the Bush tax cuts in place.
Obama won’t. He wants to wreck the country.

The Tax Tsunami on The Horizon

Fiscal Policy: Many voters are looking forward to 2011, hoping a new Congress will put the country back on the right track. But unless something’s done soon, the New Year will also come with a raft of tax hikes — including a return of the death tax — that will be real killers.
Through the end of this year, the federal estate tax rate is zero — thanks to the package of broad-based tax cuts that President Bush pushed through to get the economy going earlier in the decade.

But as of midnight Dec. 31, the death tax returns — at a rate of 55% on estates of $1 million or more. The effect this will have on hospital life-support systems is already a matter of conjecture.

Resurrection of the death tax, however, isn’t the only tax problem that will be ushered in Jan. 1. Many other cuts from the Bush administration are set to disappear and a new set of taxes will materialize. And it’s not just the rich who will pay.
The lowest bracket for the personal income tax, for instance, moves up 50% — to 15% from 10%. The next lowest bracket — 25% — will rise to 28%, and the old 28% bracket will be 31%. At the higher end, the 33% bracket is pushed to 36% and the 35% bracket becomes 39.6%.

But the damage doesn’t stop there.

The marriage penalty also makes a comeback, and the capital gains tax will jump 33% — to 20% from 15%. The tax on dividends will go all the way from 15% to 39.6% — a 164% increase.

Both the cap-gains and dividend taxes will go up further in 2013 as the health care reform adds a 3.8% Medicare levy for individuals making more than $200,000 a year and joint filers making more than $250,000. Other tax hikes include: halving the child tax credit to $500 from $1,000 and fixing the standard deduction for couples at the same level as it is for single filers.

Letting the Bush cuts expire will cost taxpayers $115 billion next year alone, according to the Congressional Budget Office, and $2.6 trillion through 2020. [snip]

Not all Americans may fully realize what’s in store come Jan. 1. But they should have a pretty good idea by the mid-term elections, and members of Congress might take note of our latest IBD/TIPP Poll (summarized above).

Fifty-one percent of respondents favored making the Bush cuts permanent vs. 28% who didn’t. Republicans were more than 4 to 1 and Independents more than 2 to 1 in favor. Only Democrats were opposed, but only by 40%-38%.

The cuts also proved popular among all income groups — despite the Democrats’ oft-heard assertion that Bush merely provided “tax breaks for the wealthy.” Fact is, Bush cut taxes for everyone who paid them, and the cuts helped the nation recover from a recession and the worst stock-market crash since 1929.

Maybe, just maybe, Americans remember that — and will not forget come Nov. 2.

You actually have more questions?.

Another helpful week for
Wall Street by our
 Investor-in-Chief!

You’ll be getting these in your tax refunds.

Remember this famous quote from Barack Obama’s campaign:

“I can make a firm pledge,” he said in Dover, N.H., on Sept. 12. “Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.”

Congressional Democrats are already floating a trial balloon for a massive new sales tax:

“There is a growing awareness of the need for fundamental tax reform,” Sen. Kent Conrad (D-N.D.) said in an interview. “I think a VAT and a high-end income tax have got to be on the table.”

And the White House appears to be quietly on board:

Still, Orszag has hired a prominent VAT advocate to advise him on health care: Ezekiel Emanuel, brother of White House chief of staff Rahm Emanuel and author of the 2008 book “Health Care, Guaranteed.” Meanwhile, former Federal Reserve chairman Paul A. Volcker, chairman of a task force Obama assigned to study the tax system, has expressed at least tentative support for a VAT.

Where does this leave you on Obama’s promise of the $250,000 tax hike threshold?  Well, if you read this blog, you were warned:

A VAT is a tax on the transfer of goods and services that ultimately is borne by the consumer. Highly visible, it would increase the cost of just about everything, from a carton of eggs to a visit with a lawyer. It is also hugely regressive, falling heavily on the poor. But VAT advocates say those negatives could be offset by using the proceeds to pay for health care for every American — a tangible benefit that would be highly valuable to low-income families.

I guess in Barack Obama land, only those making $250,000 plus buy eggs.  It’s hard to believe that people feel for this trick twice.  Bill Clinton came into office promising middle class tax cuts too, but immediately reversed course just like Obama.

It’s just another in a string of broken Obama campaign promises.  Queue the Obama violin where he reminds everyone that he “inherited” this problem…

NO REPRESENTATION

WITHOUT TAXATION

Stop them from voting higher welfare benefits and keeping these slugs in office.When they want more money, let them work for it.

No more OPM!

Illinois Income Tax May Jump 50 Percent

When I first saw this lede from Chicago, I thought:

Politicians to finally pay taxes!

Turns out not to be true, just the same “old stick it to the hoi polloi voters.”

[snip]
Ousted Gov. Rod Blagojevich issued a written statement Friday denouncing the tax-increase idea. At the time of his impeachment, he claimed lawmakers were getting him out of the way to hike taxes.
“When Pat Quinn and I ran as a ticket we promised the people not to raise taxes,” Blagojevich said. “For six years I kept that promise. It took him less than six weeks to break it.”

From the home of Obama, do you think  the pols would pay taxes?

Calif. tax refunds to be delayed starting Feb. 1

California’s controller says he will begin a 30-day delay on tax refunds and other payments starting Feb. 1 because the state is running out of money.
Controller John Chiang said Friday he must delay $3.7 billion in payments next month because lawmakers have failed to address California’s growing deficit.
With a $41.6 billion shortfall over the next year-and-a-half, the state is issuing IOUs.
Chiang says his office must continue education and debt payments but will defer money for tax refunds, student aid, social services and mental health programs. [snip]

Have you used the government as a forced saving method? Does your state run a deficit, the legislature resisting cuts, actually want to borrow and spend.

What reason will they give you when the tax refunds start bleeding the coffers about the end of Feb. or middle of March? Lost jobs and big capital losses on stocks will slice deeply into income tax receipts, increasingly producing larger returns. That cash outflow has to come from somewhere, maybe from the bloated state payroll or a plethora of those dearly beloved social programs, they can’t afford but they won’t cut.

What will you do when your state holds back your refund “for the children?”
Perhaps they may just keep the money telling you it isn’t really your money! Why not, that works for them, how will you ever get it?

What do your legislators do, raise taxes to cover the shortfall or look for other people to bail you out like good liberal idiots?

Conservatives and Libertarians, vote with your feet before your homes are so worthless, you cannot sell them except to shiftless welfare slugs.

Let the liberals tax themselves stupid. There are plenty of moochers that will arrive, to take and take so the idiots can “feel good.”

I have a sinking feeling that NYC Mayor Bloomberg and President-elect Obama will be sharing similar tax plans this year:

To illustrate the problem, the mayor said a 7.5 percent increase in income taxes for a family of four earning $50,000 to $70,000 annually would mean they would pay an extra $116 a year.

That “does put in perspective what might have to change,” Bloomberg said.

Bloomberg defines the “rich” as a family of 4 making $70K a year in the world’s most expensive city.  You have got to be kidding me.  But that’s not all by a long shot.  Mayor Mike wants to eliminate property tax rebates, hike property taxes, fire 1,000 cops, raise sundry fees, and hire more meter maids to, as liberals would quaintly put it, raise more revenue.

I’m so glad the Republican Party supported the liberal Bloomberg.  He not only embarrassed the party by turning independent, but he continues to damage the Republican brand with liberal policies.  It would have been better to have a Democrat in office to push these liberal policies and let them own them.

That’s right.  If Republicans are going to rise from the ashes, they have to let liberals own their policies.  This will be especially important for Congressional Republicans.  If they follow the moderate “reach across the aisle” meme and provide a fig leaf for the failed Democratic policies soon to be pushed by Pelosi, Reid, and Obama, they’ll be slitting their own throats.

There’s nothing in Obama’s priorities that Republicans should support.  Are Republicans going to “compromise” on higher taxes?  Is muzzling talk radio via the Fairness Doctrine a good idea after the media just kicked the “moderate” McCain in the teeth?  How about adding 10s of millions to Democratic coffers by supporting card check for the unions?  Will the GOP add 20 million new Hispanic voters after they just broke 2 to 1 for Obama even though John McCain has been front and center on all their issues?

There’s nothing to do now but let the Democrats kill themselves.  They’ll overreach.  They’ll kill an already bad economy with higher taxes.  Be disciplined, take some media flack, get out of their way, and get ready to run against them when even a blind monkey could tell their policies have failed.

MA never changes.  Kerry wins easily although I defy anyone to tell me what he’s done for the state.And Question 1 to end the income tax goes down.  I thought it was funny the left spent money campaigning against it.  Who actually thought Beacon Hill would approve it anyway?

In the event, “That One” becomes president and especially if the House and Senate are veto proof, the country will see:

• Strict new gun laws enacted even though he promised he would not.
• The phrase ‘In God We Trust’ removed from all currency.
• He will back away from his pledge to Israel and leave them to the wolves of Islam.
• Hillary Clinton or Chuck Shumer named to the Supreme Court.
• Tax rates will return to their highest levels in 30 years as fewer persons pay income taxes. The capital gains tax will be at least double current levels.
• Retired Army General Wesley Clark named as Secretary of Defense. This General was fired for “integrity” issues.
• Open borders to all comers, especially those from the Middle East and South America.
• He’ll grant amnesty to all illegals now in the U.S regardless of status or even gang Members (MS-13).
• An abrupt termination to the Iraq war, the results will be tragic and the consequences to our military will be devastating.
• A massive drop in enlistments and reenlistments far worse than what occurred during Clinton’s terms.

There is nothing above that he has disavowed. On the gun issue, he has waffled so that he leaves himself free to do what he wishes.

..Against taxes in Massachusetts? 

Massachusetts - The issue is whether to erase the state’s income tax in two phases.  The 5.3% tax would be sliced in half  next year and disappear entirely in the following year.  Advocates or repeal are hoping for support from voters worried about tough economic times and angered by bloated government spending.  Six years ago a similar proposal attracted 45% of the vote…

I’m pleased, but cynical.  The progressive cancer runs too broad and deep in Massachusetts.  Their ways are many, and their determination to sustain, if not expand, the state, ferocious.  Once in the door, they spread through the administrative bureaucracies, the unions, the quid pro quo “private” services,  the education hive, the health systems, the environmental enforcers and into every elective and appointed tier from Washington to township.    Nothing short of a total collapse will rid the state of their control.  Good luck.

Now that the Chosen One has flitted about the Holy Land, managed to upset most of the inhabitants, and is heading to Germany to instruct them on proper social principles, the question which needs answering is, “Will Obama detour to Bulgaria to instruct his Socialist comrades on the error of their taxing ways?”

Obama considers himself the “Leader of the‘Free World” pre-ordination. Therefore, by divine right he must travel to straying socialist countries and correct their governmental missteps.

Thankfully, one member of the MSM dutifully enumerated Bulgaria’s miscues for us to fathom.

They listed the delinquencies, the rationale for those reshuffles, the results of repositioning and the dangers to Socialism accruing from those alterations.

I expect Obama to thoroughly chide the malefactors and wag the Holy Digit under their collectivist nose. Will he force the issue by fiat of “More Taxes or More Tanks!”
Here are the insufferable changes.

[snip]
“The situation was getting desperate in Bulgaria. We were losing our population and our best workers. They were leaving for Western Europe to find jobs and the No.1 form of foreign capital came from remittances.” All that began to change when the corporate tax was cut to 10% in 2007 and the personal income tax to 10% in January of this year. “We told the politicians that it was symbolically important for Bulgaria to have the lowest flat tax. We were surrounded by flat tax countries, we wanted to be the nation most friendly to capital and business.”

[snip]
“These countries understand that the flat tax is the key to their prosperity — even the former communists.” Only stultified political tactics — certainly not clear thinking — explains why somebody like Barack Obama could be running on a platform of making America’s tax rates among the highest in the world when other nations are proving the competitive advantages of flatter tax systems.

Difficult to figure out isn’t it.

I am an ardent supporter of the 2^nd Amendment.

The SCOTUS ruling upholding the lower courts in Heller produced satisfaction, tempered by the narrowness of the decision. All justices did agree the 2^nd Amendment is an individual right. How four voted against is not comprehensible. Nonetheless, they did and that is worrisome, when the Bill of Rights is subject to a whim.

Obama’s position on the 2^nd Amendment has one more side than a polygon. He finally settled on pro right to own a weapon according to the Bill of Rights, but states and localities can legislate all manner of rules as to where, how and who is elite enough to carry.

At first consideration, this is a typical liberal absurdity. Why have a Bill of rights?

The scales fell from my eyes and the beauty of this logic became apparent. I realized the cramped channel of my logic. I thought only inside the box.

Why restrict Obama’s reasoning to the 2^nd Amendment. Well-crafted legislation in the states and localities can produce highly desirous results in many other amendments, to wit:

1^st Amendment
Any journalist convicted of publishing, printing, broadcasting liberal tripe or causing the aforementioned shall be prohibited from being in possession of writing implements, computers microphones telephones, paper or transmitters and banned from all media contact as a prohibited person.

4^th Amendment
This now applies only to American citizens in the selected states and local areas; all others may be seized and searched. Illegal immigrants may be indentured before deported.

5^th and 6^th Amendments
Depends on who and what they did. The more heinous the crime and undesirable the miscreant gives sanction to more basic diversion.

8^th Amendment
The state and locality will determine bail and punishment, to be dependent on the person held. See 5^th and 6^th

13^th Amendment
No slavery unless the state or locality votes such laws for a specific reason.
Section 2 is void if any state or locality so chooses.

14^th Amendment
This new process makes this amendment null.

15^th Amendment
Voter registration in states and localities so choosing may ban liberals from voting under new mental incompetence laws. This avoids race, color and servitude unless changed under the amended 13^th Amendment
Section 2 is void if any state or locality so chooses.

16^th Amendment
Most states will vote to end income tax. Why send any money to support the remnants of the Constitution.

19^th Amendment
Hey, some places might have changed the 13^th, why not change this one.

24^th Amendment
States and localities may bring back poll and any other voting tax as needed. One never knows when the entities need a new revenue source. They will know whom to tax.
Section 2 is void if any state or locality so chooses.

26^th Amendment
Definitely, this is changed. If anyone isn’t smart enough to drink wisely or own a handgun, he or she isn’t smart enough to vote.
Section 2 is void if any state or locality so chooses.

27^th Amendment
Most localities if not states will write new law on this. Why pay any of these clowns in congress, they don’t do anything.

We have Obama to thank for this enlightenment; it takes a liberal, socialist lawyer to see part of an answer. They never see the unintended consequences.

Barack Obama is pulling a page out of the Bill Clinton playbook—dangle a tax cut to get elected:

…Obama outlined his own reform plan that includes a tax cut for 150 million middle-income Americans, a homeowners tax benefit for those stuck in the subprime mortgage crisis, an end to income taxes for seniors making less than $50,000 a year and a tax code reduced in complexity.

Of course, once the election was over, Bill Clinton’s middle class tax cut turned into the largest retroactive tax increase in our history.  A quick look at Obama’s web site tells you the same has to happen here.  For example, along with the tax cut, he promises: 

• A national healthcare plan
• More drugs and coverage for seniors
• Funding for Zero to Five education
• A $4,000 tax credit for college kids
• More teacher pay
• And on and on it goes…. 

But the reality nobody wants to face is that we can’t do everything.  You can run around yelling “Believe in change!” all you want, but as John Adams pointed out “facts are stubborn things.”  Just ask Massachusetts residents about Deval Patrick’s property tax relief if you want to know what happens when a snake oil salesman tries to sell you “change”. 

Quite simply, the stubborn fact is that Obama can’t deliver on all his promises and the tax cut will be jettisoned faster than you can say Trinity Church.

Most Harvard liberals wouldn’t blink before agreeing to raise property or personal income taxes 2.5%. It’s for the children. It’s for the cops and firefighters. It’s for the environment. But the Charles River bastion of liberalism isn’t thrilled with a proposal that would tax its endowment 2.5%:

“You’d be taxing success here,” Kevin Casey, Harvard’s associate vice president for government, community and public affairs complained in a quote that will soon be framed and hung in my office. “Over time, this would put us at a real competitive disadvantage, which would drastically hurt the Commonwealth.”

Where has Mr. Casey been? Our “progressive” tax system has been punishing the successful for decades. The more you earn, the more you pay. The only difference between Harvard and us is the university didn’t earn its investment foundation. It was given to them.

You’d think Harvard liberals would want to pay their fair share. It’s for the children, don’t you know.