Saturday, March 14, 2009
What Obama Has Planned For My Wife's $26 Increase Each Month In Her Check
I will post some increases in businesses that will trickle down total increases for the poor and middle-class. In other words, my wife’s check was boosted $26 a month... but all of the following will eat it up:
A must see interview is here:
http://www.cato.org/mediahighlights/index.php?highlight_id=382
Profiting from Obama's Energy Tax Plan
.....It’s not an upfront tax though. That would be too simple and may sound unfair. Even the most ardent tree hugger might consider forcing the oil industry to pay higher tax rates as excessive. That’s why it’s all in the form of increased fees and accounting rules changes.
Included among the proposals to squeeze $30 billion out of the oil industry are:
- Establishing a new excise tax on Gulf of Mexico resources
- Creating new fees for the permitting process of development projects on federal land
- Eliminating tax deductions for repair, site prep, and transportation costs of drilling
There are five or six more changes that will have a significant impact on the domestic oil industry. Each will have price tags of a few hundred million dollars for oil companies. When added all up, the eventual cost is around $30 billion.....
Dan Mitchell Slams Obama Budget Plan
Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011
February 26, 2009 12:00 PM
President Obama's budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.
1) On people making more than $250,000.
$338 billion - Bush tax cuts expire
$179 billlion - eliminate itemized deduction
$118 billion - capital gains tax hike
Total: $636 billion/10 years
2) Businesses:
$17 billion - Reinstate Superfund taxes
$24 billion - tax carried-interest as income
$5 billion - codify "economic substance doctrine"
$61 billion - repeal LIFO
$210 billion - international enforcement, reform deferral, other tax reform
$4 billion - information reporting for rental payments
$5.3 billion - excise tax on Gulf of Mexico oil and gas
$3.4 billion - repeal expensing of tangible drilling costs
$62 million - repeal deduction for tertiary injectants
$49 million - repeal passive loss exception for working interests in oil and natural gas properties
$13 billion - repeal manufacturing tax deduction for oil and natural gas companies
$1 billion - increase to 7 years geological and geophysical amortization period for independent producers
$882 million - eliminate advanced earned income tax credit
Total: $353 billion/10 years
Glenn [out for blood] Beck: Ben Stein On Cap & Trade Program 3/09
The Obama Tax Plan: Winners and Losers
by Howard Gleckman
This won’t take long. If you are blue-collar wage earner, a low-income family with children, or a college student, you should love President Obama’s tax plan. On the other hand, if you are making more than $250,000, you may not be so happy: By 2011, you'd be paying a lot more tax than you've gotten used to over the past few years.
To the surprise of absolutely nobody, Obama’s budget includes many of the tax changes he promised during the campaign. He’d make permanent many of the “temporary” tax cuts in the just-passed stimulus. Working families would continue to get an $800-a-year tax cut long after the recession ends, and they’d continue to enjoy the benefits of a more generous Earned Income Credit and a more refundable child credit. Obama is proposing tax reductions for low- and moderate-income families of almost $800 billion over the next decade.
But all of this largess will have to be paid for, and Obama has fingered upper-income taxpayers and business. We’ll leave details of the business tax hikes for another day. But the hit on high-income individuals would be pretty hard. The 2001 tax cuts raised after-tax income for those earners in the top one percent by more than 7 percent and for those in the top one-tenth of one percent by 8.4 percent. Under this plan, those days would end. For those who benefited so much from the Bush tax cuts, 2011 would look more like 2000 than 2008.
The pre-2001 tax rates for top-bracket earners would be restored, along with the circa 1990 phase-outs of the personal exemption and the standard deduction. On top of that, Obama has proposed capping the value of all itemized deductions at 28 percent. And, he’d raise the capital gains rate on couples earning $250,000 or more to 20 percent from 15 percent.
It will be a day or so before TPC can model the effect of all this, but the broad outlines are pretty clear. Direct tax increases for individuals making more than $200,000 or couples making more than $250,000: roughly $1 trillion over the next decade. You can add the lion’s share of more than $200 billion in business tax hikes as well, which they’ll end up paying as shareholders.
And that doesn’t include what the wealthy would pay for fossil energy under a cap and trade system for cutting carbon emissions. This is a tax increase in all but name only, and while Obama proposed few details in his budget, a full-blown plan is likely to add up to more than $1 trillion over 10 years. While the president has said the added energy costs would be rebated to low-income families, higher-earners would have to pay out of their own pockets, resulting in yet another tax increase.
In case you hadn’t noticed, the Bush years are definitely over.
Friday, March 13, 2009
Taxin the Poor and Middle-Class
Linda hits an important nail on the head. All the supposed tax breaks and stimulus packages (they aren’t done yet) will disappear with the energy plans that Obama has up his sleeve. My wife's check went up $14 (she gets paid every two weeks). The extra monies in energy and other areas of life are going to put us in the red... especially in California.
Linda Chavez
Friday, March 13, 2009
President Obama reminds me of the fellow who's off to save the world while he ignores the disaster in his own backyard. Instead of focusing on the urgent problems facing the country -- the credit crisis and the collapse of the housing market -- he's diverting scarce resources and attention to solving health care, reforming education, and stopping global climate change. Worse, his efforts to tackle these intractable issues involve fiscal policies that exacerbate the current financial crisis. He is not only driving the deficit up to unsustainable heights, his policies will amount to a huge tax on all Americans.
President Obama claims he's only going to raise taxes on the wealthiest Americans. But even if his tax-the-rich scheme didn't depress investment and slow growth -- which it will -- there are other ways government policies, in effect, tax individuals. Government also imposes tax increases indirectly on individuals through policies that encourage businesses to raise prices paid by everyone.
Most companies operate on relatively thin profit margins; the corporate average has been about 8.5 percent since 1980. Those margins stay relatively constant because capitalism works. If a company's profits get too high, a smart competitor comes in and starts a rival business that makes the same product for less, and the greedy company loses customers.
But what happens when government taxes all businesses -- or even a select group of companies? If the company's profits decline, the company might reasonably respond by laying off workers or reducing capital outlays to cut costs. That's not exactly what we'd like to see at a time of skyrocketing unemployment, declining construction, and decreasing manufacturing orders. The alternative for most businesses is simply to pass on the increased costs to the consumer.
That is exactly what will happen if President Obama's cap-and-trade policy on greenhouse emissions is enacted by Congress. The president wants to impose stricter pollution controls on carbon emissions and allow companies that can't meet those regulations to purchase the right to pollute more through a government auction, with the money flowing into the federal budget.
But how will energy companies pay for what is really a new government tax? By passing it on to their consumers, of course. And unlike other businesses, where competition can help control costs, there isn't much competition in the utilities world. Most of us have few choices when it comes to purchasing electricity or natural gas. We're pretty much captives of our geography, so we won't have a choice about choosing a more efficient, less polluting electricity company if President Obama gets his way on cap-and-trade legislation.
The Congressional Budget Office estimates that cutting carbon emissions by 15 percent would result in a huge cost to most Americans. According to CBO's analysis as reported on the Wall Street Journal editorial page March 9, the plan would cost the bottom 20 percent of households 3.3 percent of their entire after-tax incomes every year, or about $680, while those in the next three quintiles would pay between $880 and $1,500 a year in extra energy costs.
This is exactly the wrong thing to do, and the worst time to do it. The president ought to get over his messiah complex. He's not going to slow the rise of the oceans, as he promised in June when he clinched the Democratic presidential nomination. What the country needs now is not grand schemes to redistribute wealth and provide all Americans cradle-to-grave education and health care at government expense. We don't even need someone to find a way to keep all those homeowners facing foreclosure in their homes. Sadly, the housing bubble has burst and everyone is going to suffer, especially those who couldn't afford the homes they bought in the first place.
What we need now is someone who can figure out what actions the government can and should take to unfreeze credit. If President Obama fixes that, he'll be miracle worker enough.
Feminism Debate on Bill Maher: Christina Hoff Sommers - Michael Moore - Yancey Butler - Sandra Bernhard
Language Warning... Liberals Talking. This is a great discussion, a must listen to. I have read every Sommers book. She held her own.
(PART 1)
(PART 2)
Todd Bentley Marries Mistress, Dumps Wife!
Some of these videos have been removed...? I do not know why yet, but here is another video that makes similar statements of truth?
Is Todd Bentley Comming Back ????
Geopolitical Watch
Pakistani police link Lahore attack to internal al Qaeda-linked groups
06 Mar.: Pakistani police now suspect homegrown groups with links to al Qaeda and Taliban of the attack on the Sri Lankan cricket team on March 10, which killed 8 members of the police escort and injured 6 players on their way to play Pakistan in the eastern town of Lahore.
Officials in Islamabad have stopped blaming India, where a similar attack was staged in Mumbai last November killing 170, or Punjabis, over president Ali Zardari's feud with their leader, former prime minister Nawaf Sharif.
Groups like Lashkar e-Jhangvi and Lashkar e-Taibe are now high on the list of suspects.
Palestinian PM Fayyad's Exit Ushers in Hamas' West Bank takeover (DEBKAfile Exclusive Report)
7 Mar.: By submitting his resignation as Palestinian prime minister Saturday, March 7, the pro-American Salam Fayyad removes a major roadblock to a power-sharing accord between the extremist Hamas, which rules the Gaza Strip, and Mahmoud Abbas' Fatah, which governs the West Bank.
The unity talks have still a way to go. They may fail as they have before. And Fayyad's resignation may not be final. This accord would open the door to Hamas domination of the West Bank in the same way as the Iran-backed Palestinian Islamists threw the Fatah-dominated Palestinian Authority out of Gaza two years ago.
Fayyad's resignation, three days after US secretary of state Hillary Clinton's talks with him and Abbas in Ramallah, is a serious blow to America prestige and one up for Iran and its Palestinian proxy.
If Israel had toppled the Hamas regime in Gaza and not held back, the Palestinian power-sharing deal would have continued to stutter along and the radical fundamentalists continue to be denied a foothold on the West Bank.
Washington experts: Iran possesses fissile material for 50 nuclear bombs
8 Mar.: DEBKAfile's Washington sources quote experts familiar with the Iranian program maintain that it is far more advanced than the US and Israeli governments are willing to admit.
On March 4, the Washington Institute for Near East Policy disclosed:
Iran has enough fissile material available for up to 50 nuclear bombs and can go from low enriched uranium to weapons-grade uranium in a year or so.
Israel will face the moment of no-return for action against a nuclear-armed Iran when Russia begins delivering sophisticated S-300 missile interceptors to Tehran.
Israel's current leaders, while evading action to curb a nuclear-armed Iran, now go about saying that the Jewish state can live in its shadow. They argue that Israel is not the Islamic Republic primary objective but the subjugation of the Sunni Muslim world. They also maintain that Tehran will not go into production of single bombs but wait until it can produce batches of 10-15 bombs or nuclear warheads.
This proposition was knocked over by the Washington think tank's report and the briefing delivered to the Israeli cabinet by Israel's intelligence chief, Maj. Gen. Amos Yadlin, Sunday, March 8.
Israeli military intelligence chief: Iran has crossed technological threshold in drive for nuclear bomb
08 Mar.: Maj. Gen. Amos Yadlin, head of Israeli military intelligence AMAN, confirmed at the weekly government session in Jerusalem Sunday, March 8, that Iran had crossed the technological threshold to a nuclear bomb capability and could decide at any time to go into production.
The Israeli intelligence chief said Iran continues to accumulate hundreds of kilos of low-grade enriched uranium and buying time with diplomacy with the West for consummating its military nuclear program.
Tehran TV disclosed Sunday that Iran had test fired a new long-range missile.
Yadlin's evaluation matched that of Adm. Mike Mullen, Chairman of the US Chiefs of Staff, who said last week: "Iran likely has enough nuclear fuel stockpiled to make a bomb."
Yadlin warned that the Palestinian unity talks resuming in Cairo Tuesday, March 10, were a vehicle for Hamas to break out of international isolation.
Egyptians turn away far-left UK MPGalloway's convoy but let him into Gaza through Rafah
09 Mar.: The aid-for-Gaza convoy from London led by far-left British lawmaker George Galloway started out on the wrong foot in mid-February, when three activists were arrested by British police on suspicion of planning terrorist attacks overseas. Sunday, March 8, it was stranded at the northern Sinai town of El-Arish by 1,000 Egyptian police who refused to grant them entry to Gaza. Clashes left 24 members of his pro-Palestinian group injured.
Monday, the Egyptians finally gave the fiercely anti-Israeli British MP permission to enter Gaza through Rafah, but sent his "Viva Palestina" convoy of 12 ambulances, a fire engine, and $1.4 million dollars, to try and enter Gaza through the Israeli crossing at Nitzana.
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