Tuesday, November 24, 2009

Democrat Socialists - Taxes, Taxes, Taxes

A day does not go by that we don't hear of a new federal personal or corporate income tax proposed by Democrat Socialists in Congress. In addition to all the new taxes in both the House and Senate versions of Obama's HealthScare and CAP & TAX Plans, Obama and the Democrat Socialists that control Congress are proposing the elimination of the Bush Tax Cuts that will expire at the end of 2010 and now an additional 1-5% federal income tax surcharge to fund the war in Afghanistan and a 1.5% tax on all stock transactions. If the Bush Tax cuts are allowed to expire, we will see the largest increase in federal income taxes in American history. If all these taxes are enacted, combined federal and state income tax rates will be well above 60% in 35 or more states. In addition, HealthScare will require states to raise taxes to fund their share of all the additional Medicaid payments that are a requirement of the Obama/Pelosi/Reid HeathScare Plan, or to cut spending on other vital programs like education, police and fire protection.

Democrat Socialists are suffering from fiscal insanity. These Democrat Socialists are going to kill the goose that laid the golden egg; namely the private sector that is essential to any real economic growth, recovery and job creation. All of these new income taxes will cause another Great Depression. At the same time, Obama will have spent $3.5 Trillion in just his first year in office, more than any other President in American history. Since the government only takes in a bit more than one trillion in revenues each year; obviously the deficit is huge and unsustainable. But let's talk about federal income taxes and fairness. 46.9% of wage earners pay no federal income taxes at all. 53.1% of wage earners pay just 12.7% of federal income taxes. And, just 1.8% of wage earners pay 40.4% of all federal income taxes paid each year. So when Democrat Socialists say that the "rich", which is mostly small businessmen and women, do not pay their fair share, it just makes my blood boil.

The fact is that we have a progressive income tax gone wild. The majority of wage earners in the United States pay nothing or very little. The most productive people in America, who make jobs for all the others, pay nearly all of the federal income taxes in the United States. Raising taxes on the most productive people in America will insure more lay offs. Are these Democrat Socialists stupid or just plain crazy? It has to be one or the other. Or, Democract Socialists are determined to destroy our country. What other explanations can there be?

And, on the corporate side, US corporate federal income taxes at 35% are among the highest in the world. Ireland is at 12. 5%. Hong Kong is at 17%. Germany and China are at around 20%. In addition to the cost of labor and frivolous litigation and regulation, this is the reason jobs are being moved overseas. As usual, government is the problem not the solution. Why on earth do Democrat Socialists begrudge corporations their typical 8 - 10% pre-tax profits, if they are lucky, including insurance companies, when about 40% or more of their profits are paid to federal and state governments in corporate income taxes. In fact, Democrat Socialists should be thrilled when corporations are profitable since a good share of the profits ultimately go to government in taxes; kind of like in Communist countries.

I hate to confuse Democrat Socialists with the facts because they don't do well with numbers and or they are just plain liars when it comes to so many issues; but raising taxes during a severe recession is about THE dumbest thing any politician can propose. These Democrat Socialists are professional politicians that have never had to make payroll. They don't have a clue about job creation or running a business. Obama's economic plan is a complete failure and given his complete lack of experience and Socialist ideology, no wonder.

We will not see job creation until we see tax cuts, less regulation and limits on frivolous lawsuits. And, we will not see the stabilization of our financial system until all the Trillions of dollars in deficit spending ends. The Chinese get it. They are pulling away from our dollar and investing in commodities and buying companies because they have little faith in the Democrat Socialists running our government. US Deficit spending is the reason our dollar is collapsing. Chinese officials lectured Obama during his recent trip to Asia and told him that he is bankrupting the United States. Of course, Obama does not speak Chinese, or more important the language of common sense.

We have got to take back our country. It will start with the elections of 2010 and 2012 when we need to elect Conservatives; but we also need to enact three constitutional amendments; Congressional term limits to deal with the corruption that is evident, a balanced budget amendment and a limitation on federal spending and tax increases unless approved by a majority of the states. It is very clear that we need more checks and balances to protect us from incompetent, reckless, irresponsible politicians that are bankrupting the United States. We can do it. We have to do it to save our country for our children and grandchildren.

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