Posted on 03/03/2009 5:48:18 PM PST by Kaslin
President Obama has claimed that his budget goes after the rich who supposedly will pay the cost of his spending extravaganza. But it is already apparent that the rest of us will pay plenty.
Obama is continuing the crusade against offshore tax havens he began as an Illinois senator. He's targeting places like the Bahamas, Cayman Islands, Isle of Man, Liechtenstein, Luxembourg, Malta, Monaco, Netherlands Antilles and Switzerland, which have low taxes. There are about 50 such tax havens globally.
It's wrong to think that a U.S. crackdown on offshore tax havens would primarily hit disgraced Wall Street high rollers who made fortunes peddling subprime securities. These tax havens are used by many of the biggest U.S.-based corporations to help minimize the massive tax liabilities imposed on multinational operations.
To the extent these corporations are able to minimize their tax liabilities — along with other costs of doing business — their profits and stock valuations are higher.
Shares of these corporations are in millions of individual retirement plans as well as the portfolios of colleges, universities, insurance companies, hospitals and charitable institutions.
Some of the corporations would be more adversely affected than others by Obama's effort to bar the use of offshore tax havens, thereby raising corporate taxes, undermining stock valuations — and making it harder to hire people.
Why would Obama choose to attack stock valuations now, after the stock market has already lost about half its value during the past year? Why, when the country is in a serious recession, investment portfolios have been hammered, the banking sector is in turmoil, and unemployment rates are rising, would Obama make it harder for U.S.-based corporations to do business?
(Excerpt) Read more at ibdeditorials.com ...
And their ex-employees will go on the dole, leaving who exactly to provide the taxes needed to feed the Leviathan?
When Obama completes the fence will it be to keep people out or in?
So let’s recap:
Cause: Reducing charitable tax deductions.
Effect: An immediate tax increase on those of us that give, reduction in goodwill organizations, more people will fall through the cracks where the government will be forced to increase support levels, can you say more taxes?
Cause: Cap and trade and GREEN Initiatives
Effect: Prices of everything that are ptoduced from energy will go UP UP UP. Look for shortages on everyday staples due to manufacturing cutbacks and increased government meddling (rationing far off). INFLATION is an insidious tax.
Cause:Labor Voting Law
Effect: Wal-Mart, Costco, Home Depot will be have forced organization, labor costs will skyrocket, jobs will be lost stores will close, we will have less choice and pay more for all of it.
Anyone and everyone who is attached to the government teat -- from Foggy Bottom bureaucrats to union bosses and their rank-and-file to slobbering "journalists" to blinkered academics to invading illegals to slum-ghetto crack whores and gangbangers -- is the Mutt's constituent.
Anyone and everyone who innovates or produces or saves or invests -- from Fortune 50 moguls to the fewer-than-20-employee companies that account for 85% of U.S. businesses to the corner coffee-cart vendor -- is in the Mutt's crosshairs.
Could the lines be any more clearly drawn? Could the coming battle be any less inevitable?
Great post with great statement! Love your tagline too.
“... hurting the middle class ...”
We better wake up and realize that destroying the middle class is what this whole mess is about.
A tyrant can only succeed if he destroys the middle class. Tyranny consists of only the ruling class and the slaves.
what we’re seeing right now are the rich bailing out of the USA....all that’s left will be the middle-class..and the dependent class.
40% of federal income tax was paid by 1% of the population...they already have blown town.
Obama wants to destroy private retirement plans. The retirement plan he wants to give us is a stale loaf of bread twice a week and a free room (for a very short stay) at the Euthanasia Home.
What we have is a kid who grew up mad at the capitalist world, and now is in a position to get even by imposing his Marxist world view on those he grew up hating.
I suspect we ain’t seen nothing, yet!
HST, he and his lackeys are doomed to failure:
Marxism can’t work. Marxism won’t work. Marxism never has worked.
All Marxism has ever done is cause a huge amount of human misery and get a lot of people killed.
That is what we have to try and avoid.
We are in for a very rough ride, but we can survive and will thrive, post Obama.
That is the only theory that will work for me.
One
Big
Ass
Mistake
America!
Notice my tagline
Roger that!
MORE DETAIL ABOUT WHO PAYS TAXES. THE “RICH” ALREADY PAY THE LION’S SHARE.........
Who Pays Taxes?
August 1, 2008 by Isaac
Notwithstanding Warren Buffet’s claim that his assistant pays income tax at a higher rate than he, the fact is that the bottom 50% of earners pay at a rate of 2.98%, the top 5% at 20.78% and the top 1% at 23.13%.
Barack Hussein Obama wants to tax the rich more, more, and more! He has plans for your money. Things to do; stuff to buy; worlds to save. TaxProf Blog observes that, as things stand today, the rich are the only ones paying taxes. The bottom 50% of earners pay only 3% of all taxes.
Top 1% Pay More Income Tax Than Bottom 90%
The Tax Foundation has published Summary of Latest Federal Individual Income Tax Data:
New data released by the IRS today offers interesting insights into the distributional spread of the federal income tax burden, new analysis by the Tax Foundation shows. The new data shows that the top-earning 25% of taxpayers (AGI over $62,068) earned 67.5% of the nation’s income, but they paid more than four out of every five dollars collected by the federal income tax (86%). The top 1% of taxpayers (AGI over $364,657) earned approximately 21.2% of the nation’s income (as defined by AGI), yet paid 39.4% of all federal income taxes. That means the top 1% of tax returns paid about the same amount of federal individual income taxes as the bottom 95% of tax returns.
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