Obama Amused by Tax Protesters
In a scene reminiscent of Boston in 1773*, the Tea Party movement is an angry mob who feels they are being un-fairly taxed. That’s not the way that President Obama sees it. On the same day as thousands came out to protest higher taxes, Obama said the Tax Protesters ‘amuse’ him. He went on to say that he has actually CUT taxes. He said and I quote, “You’d think they’d be saying thank you.”
Adding an Insult to a Lie
President Obama lies about taxes and then goes on to insult the Tea Party movement by asking for a ‘thank you.’ That’s belittling and insulting to all the moms, dads, grandma and grandpas who went out to protest taxes.
Actually, taxes are going up. How could Obama say taxes are going down? Obama is raising taxes on several fronts. Yet certain journalist city today as having lower taxes than in 2006*. To that I say, we are not talking about today pal. The lower tax rate we pay to day has noting to do with Obama and his taxing administration. The tax rate we pay today is from the former administration. Lets look at taxes going forward. Will the tax rate be lower in 2011 than 2010? Absolutely not if the current congress lets the Bush tax cuts expire as they are expected to do.
What about Cap and Trade, VAT and Sales taxes being proposed by the Obama administration. Does that mean lower taxes? Should we thank Obma for that? Looking even further, Obama’s next target for tax is, you guessed it, the internet!
Yesterday, FCC Chairman Julius Genachowski testified before the Senate Commerce Committee about his recently proposed National Broadband Plan, which amongst other things would expand the Universal Service Fund (USF) tax on landline and cell phones to broadband Internet. It takes that old telephone tax and slaps it on broadband Internet to ensure tax revenue continues to go up. The Internet tax will hit at least 15.3% of your bill (the current USF tax rate). While the plan sets a goal of capping the tax at this year’s level, this is merely an illusion of fiscal responsibility. Since Genachowski and Obama took office, they’ve pushed the USF tax rate up by 61%. Source: Kelly William Cobb, Americans for Tax Reform.
Another Tax Target: Investment Income
President Obama plans on pushing the capital gains tax rate from 15 to 20 percent. The health care reform bill adds on top of that a new 3.8 percent Medicare surtax on all investment income, including dividends. Brian Riedl of the conservative Heritage Foundation says “any time the government raises taxes on savings and investments like they are with this new Medicare tax, you’re going to have less savings and investment.”
How about eliminating mortgage Interest Deductions? Yes, its on the table, the Obama administration proposal is to limit the value of top earners’ itemized deductions to 28%, from 33% and 35%. That’s a tax increase!
How about Corporate Taxes? Corporations, say that taking away their tax breaks will make them less competitive with overseas rivals, and encourage more cross-border takeovers of American companies.
Taxes are going up NOW!
So when will taxes go up? Right now! The just-passed health-care bill contained a couple of increases in Medicare payroll taxes for higher-income earners. Deloitte experts say those provisions would cost about $2,250 for a family with income of $500,000.
*On December 16, 1773, after officials in Boston refused to return three shiploads of taxed tea to Britain, a group of colonists boarded the ships and destroyed the tea by throwing it into Boston Harbor. The incident remains an iconic event of American history, and reference is often made to it in other political protests.
**Obama jouranlist and flunkei, Jim Crawford of the Ironton Tribune questions if the Tea Partiers are true patriots. He said and I quote, “This week Sarah Palin spoke to a large Tea Party gathering in Boston. Palin has been sort of an unofficial Tea Party spokesperson. Sarah noted that Americans had to work until this week to meet their tax obligation…and how terrible that reality was.
But what Palin failed to note, or did not know, was that the tax pay day this year came earlier than any year during the Bush administration and the earliest in the past 30 years.
Yes, the truth is Americans federal tax burden, including individual, payroll, corporate and excise taxes was 20.7 percent in the most recently calculated year, 2006. And today the tax rate is lower than 2006 for all but the highest earners in America.”
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