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jwhop
Knowflake

Posts: 2787
From: Madeira Beach, FL USA
Registered: Apr 2009

posted October 25, 2007 01:51 PM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
Gee, this is IN ADDITION TO the near ONE TRILLION DOLLARS in additional spending proposed by Hillary.

Just doing what leftists...including leftist democrats always do. Destroy or attempt to destroy the "middle class" of every nation they gain control over.

Memo: McCrery on "Mother of All Tax Hikes"
October 25, 2007

By Ways and Means Republican Press Office

MEMO

RE: “Mother of All Tax Hikes” Bill

TO: Republican Members, Republican Staff

FROM: Ways and Means Committee Ranking Member Jim McCrery

My Friends,

At a bipartisan Ways and Means caucus last night, Chairman Rangel outlined his long-awaited “Mother of All Tax Hikes” legislation. The basics of the package are simple: This is the largest individual income tax increase in history.

The bill will add a 4% surtax on Americans earning more than $150,000 a year ($200,000 for couples). That is on top of the scheduled expiration of the 2001 and 2003 tax cuts. So, under Democrats’ plan, over the next few years, the individual income top tax rate in the United States will rise from 35% to 44%. By way of comparison, the other 29 Organization for Economic Co-operation and Development countries – basically other developed nations - have an average top marginal tax rate of 35.7%. In fact, only five OECD countries would have higher top marginal tax rates in 2011 than the United States if the Democrats’ bill is enacted.

This crushingly high tax rate will affect approximately 10 million taxpayers directly - including those who report business income, like small business owners and farmers - but the damage will ripple throughout our economy. Because small businesses and family farms often pay their income taxes as individuals, this is a massive tax hike on the engine that drives job growth in this country.

In addition, the surtax is on adjusted gross income, not taxable income. This sounds like a technical issue, but it means that Rangel’s bill will erode the value of a series of tax deductions – including for mortgage interest, charitable giving, medical expenses, state and local taxes, and the standard deduction. And, because the surtax kicks in at $150,000 for individuals and $200,000 for couples, the bill creates a monster of a marriage penalty.

Chairman Rangel will claim that these tax increases go to provide tax cuts to 90 million Americans, but he is selling pure snake-oil. Many if not most of those taxpayers are getting a purely imaginary “tax cut.” Some of them are the roughly 20 million people that Republicans shielded with the Alternative Minimum Tax patch. Millions more are people who have benefited from the 2001 and 2003 tax cuts, and only get “tax cuts” if you assume that the 10% bracket, marriage penalty, and $1,000 per child tax credit will expire. Others, like single people who will now be eligible for the Earned Income Tax Credit, are getting a tax refund from the government even though they don’t actually pay income taxes.

It will take time to analyze this bill and sort through the data, but we know from the start that the 90 million figure is pure hokum. In fact, before you know it more taxpayers may wind up paying higher taxes – and fewer paying less - under Rangel’s plan than they did last year.

Which brings us to the larger fallacy of the Democrats’ “paygo” system. There is no need to “pay for” protecting taxpayers from a massive AMT tax hike. The government never meant for the AMT to affect middle-class Americans, and we have a responsibility to make sure it doesn’t. By arguing that preventing this tax increase requires us to raise taxes elsewhere, Democrats are trying to lock Congress into a system where we are guaranteed to raise taxes by $3.5 trillion over ten years.

That’s right. $3.5 trillion. The baseline that the Democrats are using for “paygo” includes revenue from an “un-patched” AMT and from the tax increases that occur when the 2001 and 2003 tax laws expire after 2010. Together they total $3.5 trillion over ten years. If we play by the Democrats “paygo” rules, that is the size of the tax increase we are imposing on the American people. That will hurt our nation’s competitiveness and cost us American jobs. The Rangel bill is the first step down a road none of us want to follow, and I urge you to oppose it strongly.
http://republicans.waysandmeans.house.gov/News/PRArticle.aspx?NewsID=133

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juniperb
Moderator

Posts: 856
From: Blue Star Kachina
Registered: Apr 2009

posted April 26, 2009 12:02 PM     Click Here to See the Profile for juniperb     Edit/Delete Message   Reply w/Quote
My My, look how time and taxes fly

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What we do for ourselves dies with us. What we do for others and the world is immortal"~

- George Eliot

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katatonic
Knowflake

Posts: 6024
From:
Registered: Apr 2009

posted April 26, 2009 12:21 PM     Click Here to See the Profile for katatonic     Edit/Delete Message   Reply w/Quote
"The Rangel bill is the first step down a road none of us want to follow, and I urge you to oppose it strongly."

what odds would you give on this bill being accepted? or rejected before it gets anywhere?

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jwhop
Knowflake

Posts: 2787
From: Madeira Beach, FL USA
Registered: Apr 2009

posted April 28, 2009 12:18 AM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
Well, you were warned way back when and decided to vote for the "historic" candidate anyway.

Do you know...or even care that by 2019..only 10 years, that O'Bomber's spending schemes are going to run the national debt up to the level where 80% of the US federal budget will have to go to pay for "Interest" on the debt?

Still, O'Bomber Kool-Aid drinkers simply don't get it. They think the government just prints enough money to hand out to all of them or taxes productive business and labor to death...and there's no consequences.

There will be consequences and the first consequence is going to be a raging inflation followed by the Fed pulling money out of the economy to kill inflation. That's when the economy goes bust all over again only next time, there isn't going to be the resiliant private sector to save the economy. Look for that to happen about 3-5 years out.

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katatonic
Knowflake

Posts: 6024
From:
Registered: Apr 2009

posted April 28, 2009 11:43 AM     Click Here to See the Profile for katatonic     Edit/Delete Message   Reply w/Quote
what odds would you give on this bill being accepted? or rejected before it gets anywhere?


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jwhop
Knowflake

Posts: 2787
From: Madeira Beach, FL USA
Registered: Apr 2009

posted April 28, 2009 11:55 AM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
You really haven't been paying much attention to what is actually going on...have you katatonic? When I say "actually", I mean the reality as opposed to what O'Bomber Kool-Aid drinkers think is going on.

Senate follows House, passes Obama budget plan

WASHINGTON (CNN) -- The Senate passed a $3.53 trillion version of the federal budget for fiscal year 2010 late Thursday night in a party-line vote, ending several weeks of acrimonious partisan debate.

The U.S. House passed a $3.55 trillion budget for fiscal year 2010 Thursday night.

The package was approved on a 55-43 vote. GOP Sens. Arlen Specter of Pennsylvania, and Olympia Snowe and Susan Collins of Maine -- who voted in favor of the president's stimulus bill last month -- voted against what is essentially the blueprint of Obama's economic policies going forward.

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Randall
Webmaster

Posts: 4782
From: The Goober Galaxy
Registered: Apr 2009

posted February 17, 2010 06:45 PM     Click Here to See the Profile for Randall     Edit/Delete Message   Reply w/Quote
*bump*

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"I have found a desire within myself that no experience in this world can satisfy; the most probable explanation is that I was made for another world." -C.S. Lewis

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Randall
Webmaster

Posts: 4782
From: The Goober Galaxy
Registered: Apr 2009

posted December 17, 2010 07:40 AM     Click Here to See the Profile for Randall     Edit/Delete Message   Reply w/Quote

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"Everything I eat has been proved by some doctor or other to be a deadly poison, and everything I don't eat has been proved to be indispensable for life. But I go marching on."--George Bernard Shaw

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