Where Liberty Dwells, there is my country » taxes

Here comes the slippery slope!

AverageJoe — Mon, 23 Nov 2009 15:59:31 +0000

http://www.foxnews.com/politics/2009/11/23/lawmakers-propose-war-surtax-pay-troop-increase-afghanistan/

My Soapbox (Reality Check) – Taxes

AverageJoe — Tue, 04 Nov 2008 21:18:31 +0000

I just finished reading a number of posts from a number of different blogs concerning today’s election. One of the most glaring and completely wrong statements is being made by those who support Obama’s tax plan. I have a couple of things to say about this. Congress has the power to tax not the President. Obama can talk all day about what his tax plan is, but by the time it leaves Congress it will be radically different and will probably end up taxing people making less than $100k/year (it will definitely not be what Obama has been describing). Second, so many people seem so eager to tax the big corporations that somehow wronged them. I have news for you. If Obama raises taxes on big corporations, those costs will be passed on to the consumer (YOU)!!! Maybe your income taxes will be lowered but the costs of your common goods will skyrocket! Obama also makes the point that John McCain wants to give tax breaks to companies that send jobs overseas! I say, “DUH!” The reason why jobs are moving overseas is because IT COSTS LESS! If Obama has his way and increases taxes on large companies, it will COST COMPANIES MORE to operate in the U.S. thus sending more jobs overseas. Obama’s statements border on ridiculous and somehow no one (mainstream media) wants to question him. I find this appalling and absurd.

Obama and McCain Tax Proposals

AverageJoe — Fri, 31 Oct 2008 17:31:42 +0000

This image is from the Washington Post

Obama lies when it’s convenient for him

AverageJoe — Wed, 29 Oct 2008 14:38:04 +0000

Remember when Obama promised he would accept public financing for his campain and that he would work with the Republic candidate to ensure both sides would play fair? This reporter sure does and so should you! Obama will lie or “bend the truth” when it’s convenient for him to. Remember all the talk about him raising taxes on “the rich.” He isalways throwing a figure around that explains “rich.” I believe the number is $250000. Well now that number is magically $200000 for single persons and $250000 for those that a married and filing jointly. That’s great, what will he lie about next?

Spreading the Wealth Obama Style

AverageJoe — Mon, 20 Oct 2008 12:26:50 +0000

I think we are all aware of Barack’s ‘spreading the wealth’ comment.

Sounds socialist to me. Anyhow, there is a great article on Powerline regarding his comments. Here are some interesting facts regarding taxes pulled from the article.

According to the most recent (2006) data released by the IRS, the top 1 percent of filers paid nearly 40 percent of all income taxes; the top 5 percent paid 60 percent of all income taxes. The bottom 50 percent paid virtually no income taxes (3 percent of all income taxes paid).

INTERESTING! The top 1% of earners in this country pay nearly 40% OF ALL INCOME TAXES! And people have the right to claim it’s not fair to give tax breaks to the rich. Here is some fuzzy math for all of you Obama lovers AKA Tax More Spend More Save Less people. What is 25% of $40000? Well .25(40000) = 10000. And now 25% of $250000 which is (.25)250000 = 62500. Wow, that’s more than 6 times as much as someone making $40k with a federal income tax rate of 25%. Now with real tax brackets. A person making $40k will be in the 25% tax bracket as shown before. This is a rough estimate since pre-tax items are not included such as itemized deductions, health care, 401k, etc. Earning $40k, you will have to pay $10k in federal income tax (not including SS and Medicare). A person that makes $250k will be in the 33% tax bracket. (.33)250000 = 82500. As you can see, the dissparity is huge! Do not make the argument that the rich people can afford it so they ought to pay more. RUBBISH! You know what’s fair/ethical and what’s not. Read the Powerline story linked above. Do your own research. Ask questions.