Monday, September 20, 2010

How Are Obama's Promised Tax Cuts Working For You?

Butch Jackson, unlike many of the political elite, doesn't think Barrack 'O-bomb-a'  is very smart, "The economic ignoramus in the White House, and most of Congress, do not understand these fundamental facts: Tax rate cuts, like the Bush cuts which are expiring at year end, cause tax revenue to go UP, not down. Lowering tax rates encourage economic activity, create jobs, and therefore increase the amount of profits and wages that are subject to taxation. This ain't rocket science and anybody with half a brain knows this."

"Also, nobody ever mentions that Democrats, including then Sen. Obomba, never uttered the words Bush Tax Cuts during 2003-2009 without adding the bullshit qualifier---for the very wealthiest Americans. Now, they want to extend these Bush tax cuts for the middle class only and call them 'Obama's Tax Relief for the Middle Class'. You can't stack horse manure higher then this. Why is nobody asking how they can extend something that they claimed for almost a decade never existed in the first place? They just insult anybody with an ounce of intelligence which I guess excludes their voting base down at the drug store."

Butch knows pretty well how to get Billy Roy into most conversations, "Butch, you nailed the major issue. Even at a lower level it is ridiculous what Obomba is trying to pull. George Bush inherited Clinton's Internet Bubble Popping recession along with a tax system with 40% of the taxpayers not paying any taxes at all. Then the  graduated tax system in effect at the time had the bottom bracket earners paying at a 15% rate while the top bracket (those making individually over $200,000) paying 39.6% of their earnings in income taxes. George, being the nasty conservative that he was, decided to provide tax cuts AND to redistribute the wealth (Dems should have applauded him). In fact, in what the Dems called the 'Bush tax cuts for the rich', Bush reduced the lowest rate to 10%, a 33% reduction, while reducing the top bracket to 35%, a reduction of only 11.6%. These tax reductions stimulated economic growth enabling the financing of two wars and the spending of Pelosi and Reid in Bush's last two years. Jobs were created, wages and income went up, and the government collected more taxes. This economic growth continued for most of two Bush terms until the real estate bubble popped in his last year in office opening the door for the rape and pillage of the Obomba Chicago mob."

"Now Obomba wants to renew all tax rates except the highest bracket resulting in another redistribution of wealth creating a spread between the lowest and highest brackets of 29.6% (10%-39.6%). As politicians argue about whether to give an 'Obama tax cut for the Middle Class' what they really are doing is raising taxes on the highest bracket and increasing the redistribution of wealth which is Obomba's prime purpose in life right behind destroying the US economy, playing golf, taking vacations, and listening to himself."

Continuing what might be Billy Roy's longest speech ever, "And who are the people in this top bracket who Obama says 'don't need more money'? 93% of small business owners file individual returns and many are tax payers whose combined income is over $250k. 50% of small business income is generated by individuals who file joint individual returns over $250k. 30% of consumer spending is done by taxpayers who make over $250k.  These folks are the heart of our economic system.  We shut them down at our own peril.  Remember what Abe Lincoln said, 'You cannot help  the poor by destroying the rich'."

Scott Riddle doesn't miss much when he thinks someone is putting their hand into his pocket, "This guy, I can't bring myself to say his name, was not going to raise taxes by 'one single dime' for people that made under $200k as he gave tax cuts to 95% of Americans. How about this list of tax hikes going into effect:

l.  Raising the rates on the highest bracket from 35% to 39.6%
2. The dividends tax will rise from 15% this year to 39.6% impacting retirees
3. The return of the Death Tax in 2011 with a top rate of 55% from 0% this year
4. The 'marriage penalty' returns
5. The child tax credit will be cut in half from $1,000 to $500 per child
6. The standard deduction will no longer be doubled for married couples
7. The dependent care and adoption tax credits will be cut
8. Your W-2 will be grossed up to show the costs (in many cases an additional $15-20k) of any health care your employer will provide
9. The capital gains tax will rise from 15% to 20% percent
11. There are over twenty new or higher taxes in Obamacare
12. The Alternative Minimum Tax will ensnare over 28 million families, up from 4 million last year
13. Small business expensing will be slashed and 50% expensing of equipment will disappear
14. There are literally scores of tax hikes on business that will take
place. The biggest loss is the research and experimentation tax credit
15. Tax benefits for Education and Teaching are reduced
16. Charitable Contributions from IRAs will no longer be allowed

"The Heritage Foundation says Obama's Tax Hikes will destroy an average of 693,000 jobs every year while draining $726 billion from disposal income, $38 billion from personal savings, and $33 billion from business investments. They will cost the average non-farm small-business owner $3,500 more in taxes. Cost the 49% of all seniors with income below $250,000 $1,500 in higher taxes and $525 in additional dividend taxes. Cost the 25% of all seniors with income below $250,000 $742 in higher taxes.  I think they are underestimating the damage."

"The bigger the politician's mouth, the bigger his lies, and this guy's mouth is huge," Billy Roy tipped his hat and headed for his truck.

Think really hard about November 2,


1 comment:

  1. As long as Obama and his family can jet around the world living an opulent lifestyle, why should he care about the 'little people'? He is bent on destroying this country!PS I'm sick of his arrogant, condescending attitude, too. Stop me...I'm just getting started!