Tag Archives: Taxes

News

What causes outsourcing, offshoring and tax avoidance? Greedy Democrat tax policies

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I have to link to this Fox News editorial, because they linked to my blog, and because it features a sensible libertarian Wayne Allyn Root, whom I blogged about before.

Excerpt:

The signs are everywhere that a tax rebellion has begun.

The latest U.S. Census showed us that the states with low taxes enjoyed the fastest population growth- states like Nevada, Texas, Florida, and Arizona.

Not surprisingly, the states losing the most population are all high tax states like California, New York, New Jersey, Connecticut, Maryland, and of course Obama’s Illinois.

These states that Americans are running from are all governed just like Obama wants to govern the entire country. Soon these same Americans running away from California, New York and Illinois will instead be running away from America.

Ask the co-founder of Facebook, who recently renounced his citizenship and left for Singapore (where the capital gains taxes are zero).

Ask big-time Democratic contributor Denise Rich, who recently renounced her citizenship to leave for Austria.

The trickle is turning into a torrent. Record numbers of wealthy Americans are giving up their citizenship- eight times more than before Obama became president.

Of course we already know that only one year after the UK imposed a “Millionaires Tax” two thirds of the millionaires in England disappeared off the tax rolls.

High taxes have worked well in England…they are about to endure an unheard of in history triple dip recession…the third recession in 5 years. Folks that’s called a Great Depression.

We already know that millionaires are escaping France at a record pace because of high tax rates imposed by the new Obama-clone Socialist President of France. Even leftist actors like Gerard Depardieu have been forced to abandon the country they love.

The famous actor isn’t alone. Requests by citizens to leave France are up by 500%.

But then came the coup de grace. Former French President Nicolas Sarkozy has just announced he is leaving France because of taxes.

High taxes are even chasing away the presidents of their own countries!

High taxes work great in France. Their Labor Minister announced just this week that France is “totally bankrupt.” His words.

I removed all the links from the excerpt except the link to me. But you can see all the links on the original Fox News version of the article.

I think that there is this attitude on the left that the hardest-working people are like sitting pigeons. That they can be financially raped over and over by rhetoricians who preen themselves in the public eye, while demonizing their victims. It doesn’t go on forever. Eventually people who produce scale back their efforts, or just move somewhere else. Why work for other people who hate you? Charity is one thing, but slavery is something else entirely. Companies also respond to incentives, and shift to greener pastures where the socialists are not in charge.

News

Obama supporters shocked and angry at new tax increases

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Mathetes posted this Washington Times story in a comment and I had to use it.

Excerpt:

Sometimes, watching a Democrat learn something is wonderful, like seeing the family dog finally sit and stay at your command.

With President Obama back in office and his life-saving “fiscal cliff” bill jammed through Congress, the new year has brought a surprising turn of events for his sycophantic supporters.

“What happened that my Social Security withholding’s in my paycheck just went up?” a poster wrote on the liberal site DemocraticUnderground.com. “My paycheck just went down by an amount that I don’t feel comfortable with. I guarantee this decrease is gonna’ hurt me more than the increase in income taxes will hurt those making over 400 grand. What happened?”

Shocker. Democrats who supported the president’s re-election just had NO idea that his steadfast pledge to raise taxes meant that he was really going to raise taxes. They thought he planned to just hit those filthy “1 percenters,” you know, the ones who earned fortunes through their inventiveness and hard work. They thought the free ride would continue forever.

So this week, as taxes went up for millions of Americans — which Republicans predicted throughout the campaign would happen — it was fun to watch the agoggery of the left.

“I know to expect between $93 and $94 less in my paycheck on the 15th,” wrote the ironically named “RomneyLies.”

“My boyfriend has had a lot of expenses and is feeling squeezed right now, and having his paycheck shrink really didn’t help,” wrote “DemocratToTheEnd.”

“BlueIndyBlue” added: “Many of my friends didn’t realize it, either. Our payroll department didn’t do a good job of explaining the coming changes.”

[…]The Twittersphere was even funnier.

“Really, how am I ever supposed to pay off my student loans if my already small paycheck keeps getting smaller? Help a sister out, Obama,” wrote “Meet Virginia.” “Nancy Thongkham” was much more furious. “F***ing Obama! F*** you! This taking out more taxes s*** better f***ing help me out!! Very upset to see my paycheck less today!”

“_Alex™” sounded bummed. “Obama I did not vote for you so you can take away alot of money from my checks.” Christian Dixon seemed crestfallen. “I’m starting to regret voting for Obama.” But “Dave” got his dander up over the tax hike: “Obama is the biggest f***ing liar in the world. Why the f*** did I vote for him”?

If there was one thing that conservatives made clear on our blogs over and over again, it’s that Obama could only get $80 billion a year by restoring the Clinton-era tax rates on people who earn over $250,000 per year. All the conservative bloggers knew that we had run up over $5 trillion in deficits during Obama’s first term, and that a few billion wouldn’t put a dent in it. You have to wonder how these liberals are informing themselves before voting. Do they pay attention to actual numbers, or is it all just emotional for them? Everyone knows that the Democrat Party is the party of higher taxes, and everyone should have known that they would never be able to pay for all of their spending by taxing only the top earners.

UPDATE: Nancy Pelosi, who would like to get rid of the debt ceiling completely, has now called for more taxes in future fiscal cliff deals. Surprise, surprise – this is the only way that they can pay for the trillions in spending.

News

Fiscal cliff deal raises taxes by $600 billion, increases spending $330 billion

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The Heritage Foundation explains.

Excerpt:

The Congressional Budget Office (CBO) just now released its score of the bill the Senate passed early this morning while everyone was celebrating the beginning of the New Year. Despite knowing for a long time that taxes would go up on all Americans today, the Senate waited until we technically went over the cliff to act. Washington’s dysfunction was even fodder for New Year’s revelers in Times Square.

Going over the cliff allows Congress to technically say that it isn’t raising taxes, but is cutting them instead. CBO’s score backs them up on this by scoring the Senate bill as a $3.6 trillion tax cut. No one should fall for this. The Senate bill is a tax hike because it allows taxes to go up from 2012 to 2013. The tax increases in the bill will reportedly raise about $600 billion over the next 10 years.

Also of note in the CBO score is that the Senate bill increases spending by around $330 billion by extending expanded unemployment benefits, a temporary “doc fix” patch to prevent cuts to Medicare, and extension of the agriculture programs.

There was some good in the Senate bill — the harmful defense sequester cuts were postponed and most tax hikes were avoided. But there was bad — tax hikes that will hurt the economy and do little to tame the deficit, especially factoring in the spending in the bill.

As I noted before, the CBO has predicted that the bill will add $4 trillion to the national debt, taking us over the $20 trillion mark.

Bloomberg:

The budget deal passed by the U.S. Senate today would raise taxes on 77.1 percent of U.S. households, mostly because of the expiration of a payroll tax cut, according to preliminary estimates from the nonpartisan Tax Policy Center in Washington.

More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said. A 2 percent payroll tax cut, enacted during the economic slowdown, is being allowed to expire as of yesterday.

According to the CBO, the deal would raise taxes by $41 for every $1 cut from the budget. Have we really dodged a fiscal cliff?