Yup, that is what the title says--tax happy republicans! The Republicans have decided that they must play ball with the President, otherwise they will look like impediments to the Dictator's wishes. Isn't that what an opposition party is supposed to do? Is it not the responsibility of those out of power to rein in the other party? Obviously some, in the soon to be defunct Republican party, don't believe so.
It is time for those of us who are fiscally conservative, morally conservative and proud Americans to take a stand and create a new party. We must take this country back or we will be living in the third world country that Obama wants the US to be. Are you with me?
Conservative Tom
P.S. Read today's Wayne Allyns Root's which follows, he really nails the Repubs to the barn door.
Can The GOP Really Be This Stupid?
November 29, 2012 by Wayne Allyn Root
Hello, I’m Wayne Allyn Root for PersonalLiberty.com. Can the GOP really be this stupid? It appears many GOP Congressmen are suddenly willing to raise taxes. What utter fools. As Forest Gump’s mother (played by Sally Field) said: “Stupid is as stupid does.” And this is world-class stupid.
If GOP politicians can’t figure out any good arguments to oppose tax increases, I’ll give them a few.
First of all, Barack Obama and the Democrats argue that the wealthy don’t pay their “fair share.” Really? The top 1 percent pay 40 percent of all the taxes. That’s not “fair?” They also account, according to The New York Times, for 33 percent of consumer spending and 30 percent of all charitable giving.
So if everyone agrees that allowing a tax increase on the middle class, in the middle of an economic crisis, is bad for business, why would it be OK to raise taxes on the group that makes 33 percent of all purchases in the economy? You mean high-income taxpayers won’t cut down on spending, buying homes, starting businesses and creating jobs? Wow, if that’s true, monkeys can fly, hell is freezing over and Democrats can defy the forces of gravity.
Only those totally ignorant about the economy — those who have never actually created a job — believe the fairy tale that taking money away from the top spenders, investors and job creators isn’t going to further damage the economy.
Secondly, Obama claims that it’s “fair” to go back to “Clinton-era tax rates.” Well, that’s just not true. Under Clinton, there was no Obamacare. The new healthcare law raises taxes dramatically on the highest income earners. So by combining income tax increases with Obamacare taxes, the highest earners will pay substantially more than under Clinton. So Obama’s claim is a lie.
More importantly, Obama is comparing apples to oranges. Economic growth is about more than taxes. It’s about regulations, mandates, entitlements and spending. So the next time Obama suggests it’s “fair” to go back to Clinton-era tax rates, the GOP should say it’s only “fair” to go back to Clinton-era spending, regulations and welfare reform. Let’s agree to roll back all spending, entitlement increases, government programs and regulations enacted since Clinton. That’s the only compromise the GOP should agree to.
Obama and the Democrats also love to point to Ronald Reagan as a man willing to raise taxes. Reagan was actually the greatest tax cutter in American history. He cut income tax rates from 70 percent to 28 percent. This massive tax cut saved the U.S. economy, directly created more than 20 million jobs and motivated record-setting economic growth.
But after all that massive tax-cutting created the greatest economic expansion in history, only then did Reagan agree to compromise and raise a few taxes in return for serious spending reduction. Compromising after the economy has turned around and a magnificent expansion is under way is far different than raising taxes in the middle of an economic crisis. To compare the two is fraud.
Democrats have used Reagan’s “compromise” as an excuse to paint Republicans who refuse to raise taxes as “extreme.” Republicans should turn the tables. Whenever a Democrat like Obama wants to raise taxes, Republicans should point to Democratic hero John F. Kennedy as the ultimate tax cutter and call Democrats “extreme” for ignoring the success of JFK’s tax cuts.
I’m also sick of hearing Democrats call today’s tax rates “historically low.” That is once again a lie. There are many factors that determine your tax bill — like deductions and tax credits. Overall, we are all paying among the highest taxes ever. That is why “Tax Freedom Day” is now set at April 3. That means the average taxpayer has to give the government all his money until April 3 just to pay his tax burden.
Yet in 1900, “Tax Freedom Day” was January 22. Facts don’t lie, folks. If taxes are low, as Obama keeps claiming, then why does it take until April to pay our taxes versus mid-January in 1900? Because Obama is lying. Our tax burden is today just about the highest in history.
Perhaps stupidest of all is the idea of raising “revenue” instead of taxes. GOP politicians spout this nonsense all day long. You can’t claim to be against tax increases but then vote to “raise revenues” by eliminating deductions. How is that different? If my taxes go up, what difference does it make how it gets there. If I used to owe $10,000 to the IRS but now I owe $15,000, didn’t I just lose $5,000? Does it matter if tax rates went up or my deductions were eliminated? You can disguise your words, but you can’t hide the truth.
Here’s some common sense for the economically ignorant in Congress. This entire Great Depression II was created by the collapse in residential real estate values. Reduce or eliminate the mortgage deduction for upper-income taxpayers, and you will automatically wipe out about one-third of the value of every high-end home in America. Entire upscale suburban neighborhoods will be decimated overnight. Foreclosures will skyrocket. Residential real estate will take a final dive, causing a new bank crisis. Wealthy consumers will slow their spending. We are looking at a total collapse of the U.S. economy caused by ignorant politicians. Unfortunately, some of those ignorant politicians are Republicans.
Lastly, Republicans need to point to the EU as an example of high taxes damaging or destroying an economy. If higher taxes help an economy, why is the EU insolvent and on the verge of a Great Depression? Why aren’t Greece, Italy and Spain models of economic success?
Just this week in the U.K. it was proven that tax hikes on the rich are a massive failure. England passed a new tax rate just for millionaires. The result? Either two-thirds of all millionaires left England in the past year or they all stopped working so they could lower their incomes below the threshold. Tax revenues plummeted. The economy is collapsing. The exact opposite of what the brilliant politicians expected, proving that Obama is dead wrong before we even put a higher tax rate for the wealthy in place. The results will be catastrophic, as our friends in the U.K. just proved.
The GOP’s role is not to assist Obama in crippling business owners and job creators, in destroying even more jobs, in damaging the U.S. economy even further. Let him pass everything he wants and do it alone. That way, he’ll commit economic suicide alone, and he’ll have to accept all the blame — alone.
But to go along with Obama would not just hurt the U.S. economy, it would be brand suicide for the Republican Party. Either you stand for lower taxes and more economic freedom or you don’t. Let’s all hold the GOP’s feet to the fire!
I’m Wayne Allyn Root for PersonalLiberty. See you next week. Same time, same place. God BlessRe
What is this guy talking about? Republicans cannot prevent the Bush tax cuts from expiring. That is set by law, and they simply don't have the votes to stop it. Remember, they lost the election. The only real question is whether the Bush tax cuts expire for everyone or just the top 2%. The most fiscally conservative thing to do is let them expire for everyone. That alone would stabilize the debt to GDP ratio.
ReplyDelete--David
You need to re-read the article. These Repubs are trying to increase taxes and NOT reduce spending. I hope that we do go over the cliff, that the Republcans sit on their hands and let the chips fall where they might. They will be blamed if they come up with an agreement or if they sit on their hands. If Obama does not want a disaster, he will make some changes to spending.
ReplyDeleteThe latest discussions have gone no where as Obama refuses to give up on any spending and insisting that the top 1% who already pay 40% of the taxes pay more. That is dumb but it plays well with the dumbies that Americans have become.
This guy is crazy there, too. No way Congress is going to repeal Obamacare. The House voted on that 30+ times already! Get real. The spending that can, and should, be cut is military. That is also set by law to happen January 1 via the sequester. The other spending that can, and should, be cut is the $340 in health care costs already proposed. If what you really want is fiscal conservatism, you should support all these things. They would get you to the $4 trillion in combined revenue and spending cuts to bring the debt to GDP ratio onto a declining slope over the next decade.
ReplyDeleteThe Wall Street bankers wrecked the economy, but you don't want them to pay another dime to fix it, even though their effective tax rate is less than HALF what you and I pay. That is the relevant statistic, not this 40% figure. The more money they get by derivative scams, etc. the HIGHER the percentage of total federal revenue they pay, and the LOWER the percentage of their income that represents. That's why the 40% statistic misses the point. Not only should their rate go up the 3%, their ridiculous tax loopholes should be closed -- that is another $1 trillion in tax expenditures that come come to the Treasury and used for education, science, infrastructure, energy, etc. to pull the economy out of recession, which adds to deficit reduction. As I have said before, the goal should be to get revenue and spending balanced at around 20% of GDP. But you can relax, because only a small fraction of this can ever get done. Wall Street runs the show in D.C. Multi-national corporations are doing great, because they do not need to depend on the U.S. for their profits or their labor.
--David (Keynesian)
Congress has not voted to repeal Obamacare, only the House, the Senate has not voted on anything financial in over 3 years!
ReplyDelete40% of the taxes (per the IRS) are paid by the top 1%. These are also the job creators, the business owners who make this country go. It is not the Kennedys of this world who inherited their wealth. In fact most wealthy people created a company themselves.
The Wall Street Bankers only responded to government tinkering with the economy and produced a product that helped the bankers out of a mess that was created by and enforced by the government. Read up on the Community Reinvestment Act, that is the source of the problem.
You mentioned multi-national companies not depending upon the US for their income in fact, a vast majority if not all of their income earned overseas never comes back here because of our outrageously high rates for corporations. If we were smart, (we aren't) we would reduce our taxes and most of that income would flow back here.
ReplyDeleteThe government is the cause of most of our problems. If it did not try to manipulate everything in society and let people be free to invent and create, this country would thrive. However, when you overburden a company with regulations, it cannot be creative, it cannot hire. If I hire one person, I am subjected to at least ten different taxes on that persons salary. That is ridiculous.
My office is taxed by five different levels of government.
We are burying ourselves under taxes and will NEVER get from under them.
The CRA had very little to do with the 2008 crash. I have been over this with you before. The fact is, banks subject to CRA had much lower default rates on their subprime loans than the unregulated lenders and account for only a fraction of the total. Blaming CRA for the crash is a myth concocted by Wall Street defenders, and you need to read the congressional report or any of the academic studies on the subject not funded by a "think tank". Furthermore, the entire batch of "toxic" mortgages is -- to use your phrase -- a "drop in the bucket" compared to the derivatives and credit default swaps that crashed to global credit markets.
ReplyDeleteThese people are not "job creators". They are job destroyers. The real job creators were the middle class who generated the consumer demand for products, which stimulates corporations to expand and hire. Without demand, there is no incentive to expand and hire.
The multi-national corporations will not move the manufacturing to the U.S. just because you cut their tax rates (they already have tons of tax shelters to avoid the statutory 35% rate and hide their money in the Cayman Islands), plus the labor costs In China is a tiny fraction of what they would pay workers here -- even nonunion labor. We make it even worse by giving them tax breaks to ship jobs overseas rather than to bring them here. That makes no sense ecomically, but it makes perfect sense if you are a politician relying on corporate money for your reelection campaign.
--David
David, ALL banks were subject to the Community Reinvestment Act!
ReplyDeleteDo you even know what derivitives are? Or what credit default swaps are? They are all parts of the toxic mortgages.
Job creators are the people who hire, not consumers.
The major corps will not move manufacturing to the US, true, as our labor costs are way too high as compared to other countries, however, they would bring their money back into the country if income rates were 10%.
As far as non-union vs union, I believe that the worker should have the right to decide if he/she wants to join the union and not be forced to join a union just to get a job. Additionally, if someone does not agree with the positions that the union takes, why should the union be able to use his money to support a position that is contrary to his beliefs? It is called freedom and unions are very anti-freedom and they also protect the worst workers and punish anyone who wants to work harder than the "standard."
Unions are part of the reason that the jobs went overseas!