Posts Tagged ‘More Taxes’
1. Tax Increases ~ It came as quite a shock and surprise when President Obama raised payroll taxes on 77% of taxpayers. Many Democrats exploded on Twitter that they had been “duped.” But the Democrat Party is just warming up — it’s seeking another $1 trillion by the end of the year.
2. Debt & Deficit Spending ~ After the election, the deficit, debts and spending will only go up. The just-inked fiscal cliff deal meant that there would be $41 in new spending for every $1 in cuts. In effect, that means taxes and unemployment will continue to go up. Elections have consequences, and so does bad economic policy.
3. Out-of-Control Spending ~ Another thing conservatives were pointing out before the election is that Barack Obama has no interest in cutting spending. American taxpayers were warned about this, even as the president harped about his supposed “balanced approach.” The president recently said flat-out that “we don’t have a spending problem.”
4. Unemployment and Jobs ~ All hail to the chief — we have a 7.8% unemployment rate. But that declining number is due to people dropping out of the labor force — futility and despair helping the Obama unemployment rate. By the way, the stimulus bill’s projections had the unemployment rate at 5.0% right now. And about those new jobs that were created? As of December, 73% of them were financed by government with taxpayer money.
5. Green Jobs & Environmental Policy ~ The president promised to commit $15 billion a year to create 5 million green energy jobs over a decade. Obama was unable to get cap-and-trade through first time around, but the clock is still ticking on this promise to create a bunch of green jobs through central planning. But a word of warning: America is pursuing the same failed green jobs strategy that killed current EU basketcase Spain. But let’s not learn from mistakes — that would be so un-Obamalike.
6. Social Issues & Campaign Distractions ~ Conservatives warned during the campaign that Obama was hiding his poor record with distractions like social issues. Turns out they were right. Social issues were campaign bait to engage sensitive youth voters and women. The president overwhelmingly favors men in cabinet appointments and women in his administration tend to make less than men.
7. Slashing the Military ~ The right-wing was abuzz with alarm when the president whispered on hot mic to former Russian President Dmitry Medvedev that he would have more “flexibility” in his second term. It looks like they were right about what that meant. The president’s nomination of Chuck Hagel for Defense Secretary signals that he is going through with his cut of military spending by almost a third by 2019 — from 4.3% to 3%.
8. Civil Rights ~ The libertarian wing of the Republican Party tried to alert voters that President Obama continued or even made worse some of the Bush war and terrorism policies. After critics on both right and left blasted the president for signing the NDAA, the president did not learn a single thing: he renewed the legislation after his election.
9. Gun Rights ~ Although the president had not initiated legislation to enact or decree sweeping gun laws during his first term, there were suggestions after such massacres as the Gabby Giffords tragedy and the Aurora theater massacre. Conservatives aware of the president’s radical positions against gun ownership in Illinois, however, knew that the president would seize on any crisis to bring back calls for tighter gun control laws. After all, this is the administration that gave us the deadly Fast & Furious scandal.
10. Blame Game Continues ~ The President would continue to blame others for the predictably disastrous results of his policies. This self-evidently become the case as “Blame Bush” turned into “Blame Boehner.” Maybe we should feel sorry for President Obama. After all, he did inherit another failed administration.
Yes, liberals. Conservatives told you
10 Things Conservatives Got Right About Obama
Yes, liberals. Conservatives told you so.
There are five major Obamacare taxes taking effect on January 1, 2013 — saddling the economy with a $268 billion tax increase:
The Obamacare Medical Device Tax – a $20 billion tax increase: Medical device manufacturers employ 409,000 people in 12,000 plants across the country. Obamacare imposes a new 2.3 percent excise tax on gross sales – even if the company does not earn a profit in a given year. In addition to killing small business jobs and impacting research and development budgets, this will increase the cost of your health care – making everything from pacemakers to prosthetics more expensive.
The Obamacare “Special Needs Kids Tax” – a $13 billion tax increase: The 30-35 million Americans who use a Flexible Spending Account (FSA) at work to pay for their family’s basic medical needs will face a new government cap of $2,500 (currently the accounts are unlimited under federal law, though employers are allowed to set a cap).
There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are several million families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. This Obamacare tax provision will limit the options available to these families.
The Obamacare Surtax on Investment Income – a $123 billion tax increase: This is a new, 3.8 percentage point surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income:
2013+ (current law)
The table above also incorporates the scheduled hike in the capital gains rate from 15 to 20 percent, and the scheduled hike in dividends rate from 15 to 39.6 percent.
The Obamacare “Haircut” for Medical Itemized Deductions – a $15.2 billion tax increase: Currently, those Americans facing high medical expenses are allowed a deduction to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI). This tax increase imposes a threshold of 10 percent of AGI. By limiting this deduction, Obamacare widens the net of taxable income for the sickest Americans. This tax provision will most harm near retirees and those with modest incomes but high medical bills.
The Obamacare Medicare Payroll Tax Hike — an $86.8 billion tax increase: The Medicare payroll tax is currently 2.9 percent on all wages and self-employment profits. Under this tax hike, wages and profits exceeding $200,000 ($250,000 in the case of married couples) will face a 3.8 percent rate instead. This is a direct marginal income tax hike on small business owners, who are liable for self-employment tax in most cases. The table below compares current law vs. the Obamacare Medicare Payroll Tax Hike:
All Remaining Wages
Obamacare Tax Hike
Read more: http://atr.org/regardless-fiscal-cliff-five-more-obamacare-a7362#ixzz2DcFOoNev
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