House Approves Bill to Allow Public Debt Payments Via Income Tax Forms – This shows how out of touch from reality our rulers are. They expect this to actually generate $135 million over ten years from people opting to have their refunds applied to the public debt. But I like this description of the purpose:
The legislation is intended to allow billionaire Warren Buffet to fulfill his desire to pay more in taxes, Camp said. Under current law, citizens that want to voluntarily pay down the federal debt have to write a separate check.
Let Warren Buffet put his money where his mouth is. However, I’m predicting that he will donate just as much to the public debt as he has in the past, which is nothing.
Posted in TaxHikes | Comments Off on Giving our refunds to the Chi-Coms
Bob Jennings explains the new 3.8% investment tax that starts to apply to the Evil Rich in 2013 if ObamaCare isn’t repealed.
Unfortunately, with Romney wimping out on his opposition to ObamaCare, the odds of getting rid of this new insane anti-investment tax are getting slimmer by the day.
Of course, their countdown clock assumes that the Mayan countdown clock for the end of the world on 12/21/12 will be wrong. If the Mayans were right, who cares about taxes anyway?
The Chamber also has an interesting tool from the Tax Foundation to do rough 2013 Federal income tax calculations with side by side comparisons of the results under three different basic scenarios. It also has the ability to customize it by adding any or all of these new scenarios:
Rush’s Morning Update says it fairly well. Anyone stupid enough to vote to raise his/her own taxes in order to support the morons in Sacramento deserves what s/he gets.
Indigestion for ‘les Riches’ in a Plan for Higher Taxes – Killing the Golden Goose is just too irresistible to some idiots in power. In a preview of what could very easily happen here in the USA if the Marxists are re-elected in November, France is planning a 75% income tax rate on their “evil rich.” As anyone with a brain could predict, those in the crosshairs are already planning their exits from that country.
Posted in SoakTheRich, TaxHikes | Comments Off on The Cheese-Eating Surrender Monkeys lead the way…
Even if Romney wins, will he push for a retroactive extension of those rates when he takes office? One of the first things Clinton & Gore did in 1993 was retroactively raise everyone’s taxes.
CBO: Obamacare levies $1 trillion in new taxes – This shouldn’t surprise anyone. Our rulers can’t do anything without soaking us for even more taxes. Trillions are now the new Billions when discussing government finances.
IRS Data Shows That Businesses Will Bear Brunt of Obama’s Tax Hike – Part of his War on Capitalism. As usual, he will blame capitalism itself for businesses reacting to his tax hikes by cutting back on employees and investment in assets as they struggle to survive.
Why You Should Plan on Working to Age 70 – This appears to be part of a current propaganda campaign by the Social Security Administration to encourage people to hold off claiming their retirement benefits as a last ditch effort to delay the SS system’s inevitable bankruptcy. They promise larger monthly checks if you will delay taking payments, with the hope that plenty of people will die off before taking dollar one because unclaimed benefits revert to our rulers in DC.
My advice to clients, friends and family members is still to claim SS benefits as soon as legally possible, which is usually at age 62. When the system goes belly up, they will almost certainly allow current recipients to continue to be paid, while freezing out or drastically reducing the benefits for everyone else who have not yet become accustomed to the SS income.
Means Testing, where benefits will be denied to anyone earning over a certain amount or having more than a nominal net worth (aka the Evil Rich), is also a certainty in the near future. Our rulers in DC have absolutely no qualms about reneging on the promises that have been made to people to entice them to pay thousands of dollars into the SS system each year for several decades. Again, any private market retirement plan that would breach the payout part of its contract with investors would find its managers sued up the wahzoo and sent to prison for fraud. No such repercussions await our imperial elected officials in DC who have orchestrated and looted this monumental Ponzi scheme.
Tax Guru - Ker$tetter Letter 