Where is your Tax Money headed?.....

The Tax Man hit us all yesterday, well those of us who pay Federal taxes after deductions and the likes, and it is reported that Washington will spend $32,137 per household as shown in the attached article....

.

Of that $32,137....

.

Social Security\Medicare $10,458

National Defense $6,645

Anti-poverty programs $5,374

Interest on Federal debt.. $1,739

Veteran's benefits $1,190

Unemployment benefits $1,135

Education $698

Health Research\regulation $552

Highways\transportation $522

Justice administration $510

Numerous other federal programs $3,494

.

Now we have Professors starting websites for the RICH to give back tax-cuts ?.....

So now we have three professors from the elite universities of Yale & Cornell out there who have come up with a website so the "RICH" can now donate the "Tax-cuts" (?) that they just got with Congress extending the "Bush Tax-cuts" last month....

"three professors at Yale and Cornell universities have created a website that encourages wealthy Americans to give their tax savings to charities and send a political message in the process."

One professor is a political scientist while the other two are law professors and with hope they may find a economics professor to help explain tax cuts and their effects but don't count on it. What tax-cuts? Congress extended the "Bush Tax-cuts" keeping the tax rates the same for all federal taxpayers so actually nobody or any one bracket actually got a Tax-cut. It is amazing that people exposed to the "Spin" coming from the Left actually believe that by NOT RAISING a tax rate it is actually a tax-cut !!!...

"The professors started giveitbackforjobs.org to allow Americans "who have the means" to calculate what their tax cut would be and donate that amount to a charity."

Who is it up to when it comes to determine who is of "means" and what amount they should pay? Who determines what is the "fair share" that many claim the rich need to pay? With tax brackets that go from 5% all the way up to 35% for federal income tax payers who determines the "fair share"? When will it ever be enough and what about the 50%+ of the income earners that pay NO federal income tax at all?

Many people will work all of their lives building up their assets, develop businesses and investments, defer monetary and personal gains and put it right back into the business and investments while paying taxes on these assets all along the way. Only to be TAXED AGAIN at the time of their death before the assets are passed onto their families. What right does the government have to assets that have been taxed already?...

"Extending the tax cuts for the very wealthiest Americans is frankly unconscionable," Yale Law School professor Daniel Markovits said Wednesday. With the website's help, "donors can pledge their money to support the kinds of programs that will help families, create jobs, and set the country moving toward a just prosperity,"

Another perfect example of class warfare. Not sure what a professor from Yale or Cornell makes but are they in the "wealthiest of Americans" as described and who determines that? If they are in fact in this group who is stopping them from donating their "fair share" to the website? If these "Professors" were to go out and find a real economics professor other than one from their elite universities, they might understand how to really "help families, create jobs, and set the country moving toward a just prosperity," They might learn that if you really want to help families, the economy, and lower the un-employment rate, the best way is to actually lower the tax rates again to inspire investment and faith in the economy. This is a proven fact with the data after the Kennedy tax-cuts, the Reagan tax-cuts, and the Bush 43 tax-cuts. Many stated that when Reagan lowered the top tax rate from 70% that the treasury would go broke. In fact the tax revenue coming into the federal treasury doubled within two years. This week Canada lowered their corporate tax rate to half of what the United States corporate tax rate is at 35%. We have the second highest tax rate in the world. Where do you think business is going to go? The economy is "Dynamic", not "Static" as many of the Left and at Universities believe.....

"The professors say other features of the tax package, including a payroll tax cut and an extension of unemployment benefits, are acceptable but the overall package does not go far enough to help the middle class and doesn't expect enough of those who can afford to give the most."

Who determines "Who" and "How" much?.....

.

What Tax-Cuts!!!...

Listen up people....

Obama is NOT fighting to get a tax-cut for the middle class !!!...

Obama is claiming that he is working to get a tax-cut for the middle class when in effect there is NO tax-cut for the middle class just attempting to keep the tax-rate for the middle class from increasing from the expiration of the Bush era taxcuts!!!

.

Many of those who fell for the claim of "Change" and "Hope" and did not listen or thought past the talking points now believe that Obama will be providing them with a tax-cut and expect their taxes to go down. Just like the claims of overflowing "Obama-money" coming to them if they elect him, these same people WILL BE disappointed when there is in fact NO TAX REDUCTION.... Only a taxrate increase if Congress fails to extend the Bush era tax-cuts.....

.

And the BS about tax-cuts costing millions\billions if they are extended to the top people making over $250K per year? Just another example of Obama and his administration and Democrat Congress not understanding how the economy works and the history\effects of tax-cuts...

.

Look at the Kennedy (D) era tax-cuts... "A rising tide lifts ALL boats" and that these tax-cuts did...

.

Before the Reagan tax-cuts many claimed that reducing the top rate from 70% to 28% would result in the U.S. Treasury being left without enough revenue coming in. Fact is within 1-1\2 years after the tax-cuts the amount of revenue coming in DOUBLED !!!...

.

Obama and Congress have had numerous opportunities to extend, or better off make permanent, the Bush era tax-cuts but FAILED to do so. By allowing only the top marginal tax-rates to increase as Obama hopes will only damage the economy more and set us all back. Also allowing Capitol gains tax rate increasing will destroy the stock market and our 401k's..The United States already has the 2nd highest corporate taxrate so why manufacture here in the States?

.

Don't buy the BS that Obama and his branch of the Congress is selling!!!...

.

.

President Kennedy on taxcuts to spur the economy...

Tax Man... Obama vs. The Beatles....

In 1965 George Harrison and the Beatles wrote the song "Tax~man"
and at that time the English government imposed a 95% tax rate on the "Rich"...

"Let me tell you how it will be, here's one for you nineteen for me"...

.

Tax-cuts?... No worry, it's VACATION time!...

Congressman Bob Goodlatte released his weekly column and made some interesting points with data to back it up...

"Last week by a vote of 209-210, with Speaker Pelosi casting the deciding vote, House Democrats voted to adjourn Congress, sending Members home, without stopping a massive $3.9 trillion tax increase that will affect every American. By putting politics before the American people, the Majority in Congress has voted to keep the threat of looming tax increases and the cloud of uncertainty they have created hanging over our economy."

Now how many times recently have you heard President Obama and his "Congress Majority" claim that they are going to give the "middle class" a break by extending the Bush tax-cuts and only stick it to the "Rich" and anybody making over $250K ?...

So why did they go on "Vacation" without fulfilling this pledge?

They have the majority in both the House and the Senate so why did they not vote on the extension of taxcut for the middle class that they promised?

Many from the "Left" will claim that is was no use for they did not have the "Super Majority" to prevent a filibuster but why did they not take the vote and then go home to campaign on how the Republicans kept them from extending the taxcuts to the middle class?

.

The truth is they know the "Majority" of the people they are going home to face before the election next month do NOT want any of the taxcuts to expire and know of the damage to the economy if the Democrats get their wish...

"In just three months, the largest tax increase in history is set to take effect, imposing unprecedented tax increases on small businesses and their employees who are already struggling to make ends meet. With 94 percent of small businesses expecting to see their tax bills increase this spells more bad news for our struggling economy."

.

Many small businesses are those guys making over $250K and many of us work for those guys. They make over $250K and thus considered "Rich" by Obama & gang but that is gross amount before paying many bills, insurances, payrolls, equipment replacement, and the likes.

.
"More than 90 percent of all American employers are small businesses and they generate approximately 70 percent of the new jobs created in the United States each year. Small businesses are crucial to the American economy and account for a significant majority of new product ideas and innovation. Small business owners across the country want to invest in their firms and hire new workers, but instead they are bracing for costly new tax increases."

I have heard President Obama several times state that he has provided small business eight different taxcuts and relief since taking office but obviously these 8 taxcuts have NOT worked to encourage or give faith to the small businesses who fear a large tax increase in the near future....

.
"The difference between certainty and uncertainty for businesses is the difference between a thriving and stagnant economy. The first thing we must do is remove barriers to employment including the threat of higher taxes. It is common-sense that you should not raise costs and taxes on employers at a time when unemployment is so high."

Simple...

Something that many of us can understand but seems to elude our Congress and President. Or maybe they did not want to commit to a vote until after the election and they see what numbers they (Democrats) or if they even have a majority in either House and\or Senate....

Once again our "Politicians" will come home, promise us the world or whatever they have to get our vote, and point the fingers at the other guys which the President has become accustomed to calling "The Party of No"....

But the surprise will be that it is actually the "Party of Know" and it's not just the Republicans who are the party of "Know". Many of those who voted Obama into office have also become the party of "Know" and they see what he has done and desires to do to our country and economy...

.

.

..

Raise taxes on the evil Oil Companies, Michelle needs another Vacation !!!...

Looks like Obama and company is talking once again about raising taxes on those evil oil companies and make them pay "Their fair share" by taking away tax incentives to explore and develop more domestic sources of energy....

.

IBD has an interesting piece on this...

.

President Obama's 2011 budget would do away with $4 billion in accelerated depreciation, depletion allowances and other long-established incentives for oil and gas drilling. Sen. Robert Menendez, D-N.J., has introduced a bill that would remove another $20 billion of industry "tax breaks."

According to the American Petroleum Institute, over the next decade tax hikes on the industry could exceed $80 billion. But both the president and Sen. Menendez argue that because profits are so high, removing these tax preferences will not be a disincentive to robust domestic production. They're dead wrong.

Without question, hiking the tax burden on America's oil and gas companies will mean less, not more, domestic energy production. And though the "enemy" is Big Oil, according to the Independent Petroleum Association these tax increases will fall disproportionately on small drilling companies and could potentially reduce domestic oil and gas production by 20% to 40%.

401K, Gold, or Coffee Can?...

With our Government(s) being Trillions of dollars in debt and even more Trillions in unfunded liabilities. We have elected officials who refuse to directly face the obvious threat and continue to ignore that promised benefits must be cut. They fear and know that many will not be re-elected if they cut benefits to many Americans who depend on these benefits but yet they do not understand they would get the votes and approvals from those paying the tax bills...

(Consider the 47% that does NOT pay any Income tax and who they will support)

.

Now after saying this what should those who have sacrificed over the years, saved their money, invested in a retirement plan, and worked towards securing their future retirement without depending heavily on the Federal government, what should they do?

.

Should we leave our money in the 401K account, Stocks, Mutual Funds, Bonds, with the hope that the government will not determine down the line that to "make the playing field more fair for all" changes are needed. Will they determine that we have too much in personal savings and the government will need those assets to provide for those who did nothing for their retirement?

.

So should I cash in my 401K and assets into Gold bars?

Or add to what I already have in the Coffee Can buried in the backyard?

Is it wrong to protect these assets from the Government and would that make me a "Bad Guy"?...

.

.

Mr. President... Thinking about turning off that Oil Valve?...

President Obama and his crew of Cabinet players have been busy following the advice of the President’s Chief of Staff Rahm Emanuel when he said “You never let a serious crisis go to waste. And what I mean by that it's an opportunity to do things you think you could not do before.” And now it is evident that the gang in DC will do their best to blame, accuse, attack, fine, and portray the oil producing industry as the evil empire to the citizens of the United States at every opportunity since the Deepwater Horizon incident in the Gulf of Mexico…

But simple observations of the Administrations players since the explosion and sinking of the oil rig in the Gulf of Mexico makes it apparent the administrations lack of coordination, response, knowledge, and their true agenda with this incident…

Yesterday I heard a interview with Chris Wallace who had an interview with Secretary of Homeland Defense Janet Napolitano where he asked Napolitano what BP needed to do concerning the spreading oil slick that was headed towards land. Napolitano said “BP needed to do more” to stop the leak. Napolitano said “BP needed to do more” to control the oil on the surface. Napolitano said “BP needed to do more” to protect the shorelines…. Chris Wallace asked Secretary Napolitano several times what exactly BP specifically needed to do but Napolitano could only repeat the “BP needed to do more” mantra with no specific solution or actions offered. Truth is she did not have a clue as to what is needed to be done and is only out their to repeat the pre-packaged response from the Obama administration which is a prime example of the above “Never let a crisis go to waste” quote from the President’s Chief of staff… It is now obvious why Obama would never go onto FoxNews during the campaign or now to answer hard questions like the ones coming from Chris Wallace…

Would have loved to hear Wallace ask Secretary of Homeland Defense Janet Napolitano why were SWAT teams sent to other oil rigs in the gulf and if there is fear of a terrorist strike?… Why did you send SWAT teams to the rigs to inspect the rigs and for what? Is there info that this was an act of terrorism? Why else would you be sending SWAT teams to other oil rigs?

Then there was the quote from Secretary of Interior Ken Salazar when he met with BP management and engineers where he urged them “work harder and faster and smarter to get the job done”… Now there is some leadership and advice coming from a administration on the ball…

But Salazar did follow up with his version of taking advantage of a “crisis” when he said “We cannot rest and will not rest until BP permanently seals the wellhead and until they clean up every drop of oil” to assign blame on BP and the industry… Once again, place all blame on BP before you know exactly what happened. Why were those SWAT teams sent to the oil rigs again?…

So go ahead Mr. President. Blame BP and the oil industry for this disaster, or terrorist strike, or whatever the cause of the incident. Use this “crisis” opportunity to make this “Other than Green” energy industry out to be the evil empire that is the cause of all environmental problems in the world without acknowledging the importance of affordable energy to keep this nation running and producing…

The Obama administration, it’s Democratic party members in Congress, their environmental allies, Global Warming drones, and one-sided mainstream alphabet media outlets have focused for years on broadcasting the “obscene” billions made by the Oil\Gas industry in profits with it being “unfair”. But yet they fail to show or educate their simple minded followers, and voters, who do not comprehend how simple economics work and how it effects us all…

But let us look at what the oil companies have paid the government(s) over the years as compared to their profits: “over the past 25 years, oil companies directly paid or remitted more than $2.2 trillion in taxes, after adjusting for inflation, to federal and state governments—including excise taxes, royalty payments and state and federal corporate income taxes. That amounts to more than three times what they earned in profits during the same period, according to the latest numbers from the Bureau of Economic Analysis and U.S. Department of Energy.”

Where is John Gault?...

With all that tax revenue over the years you would think our “all knowing” and “all caring” government would have the essential equipment on hand for a major oil spill like this. Turns out they Did NOT have the needed booms required to burn off the oil when it was first concentrated in the early days of the incident. But reading this you find that our government(s) have failed us again. To quote Sec Home\Defense Napolitano: our Govt. “needed to do more”….

Federal Government works for the Taxpayer, Right?....

The Washington examiner has an interesting article that shows the disparity of the pay levels between the average Federal worker with those of us in the private sector. Also compares pay between the State worker and the taxpayer...

.

Some will mention that these Federal and State workers are also "taxpayers" so this does not apply but look at the difference in getting rid of non-productive employees in the Fed\State environment and the private sector...

.

Let us not forget the individuals (Fed workers) over at the Securities and Exchange commission that are making $97,000 to $222,000 a year and got caught watching PORN routinely the other day... Taxpayers same as us?....

.

.

"As of 2008, the average federal salary was $119,982, compared with $59,909 for the average private sector employee. In other words, the average federal bureaucrat makes twice as much as the average working taxpayer. Add the value of benefits like health care and pensions, and the gap grows even bigger. The average federal employee's benefits add $40,785 to his annual total compensation, whereas the average working taxpayer's benefits increase his total compensation by only $9,881. In other words, federal workers are paid on average salaries that are twice as generous as those in the private sector, and they receive benefits that are four times greater."
Read it all here...

"It's not a tax increase if you return it to the prior rate"...What?!...

.

I had heard this theory before but I had to run this example by my "Democrat" friend to see if it applied here also....

.

It is being reported that Democratic Virginia Governor \ Democratic National Committee Chairman Tim Kaine is looking at cutting back or eliminating the Car-Tax relief all together to fill the $2.7 to $3.5 billion state revenue void...

.
"One of the sacred cows in Virginia's budget, car tax relief for residents, is among the spending items outgoing Gov. Timothy M. Kaine and his team are analyzing as they look to plug a state revenue hole estimated to be anywhere from $2.7 billion to $3.5 billion."

.

The first time I heard this "Democrat-theory" used was when many were saying that by allowing the Bush tax-cuts to expire it is not an actual tax increase but just allowing the tax rate to return to where it was before the tax-cut(?).....

.

Somehow I feel that there will still be less money in my paycheck and a even higher amount going to the government via the tax "adjustment"...

.
"An outright repeal of the car tax subsidy could save the state $1.9 billion over the upcoming two-year budget cycle and fill a large chunk of the projected revenue hole. But it would also place localities that rely on those funds in a tough spot and likely mean higher tax bills for vehicle owners."

.

Fortunately House Majority Leader Morgan Griffith sees this for what it is...

.
"House Majority Leader Morgan Griffith, R-Salem, said any reduction to the car tax refund amounts to "a huge tax increase" that "hits the families of Virginia right in the eye."
Anything the state withholds, localities would be "entitled to bill" to their residents, he added."

.