The Gold at the End of Obama’s “Reign”bow

Posted on December 2, 2009. Filed under: General Info, Soapbox | Tags: , , , , , |

Back in March, President Obama, with Treasury Secretary Timothy Geithner by his side, announced he would be hiring an additional 800 IRS Agents to “detect and pursue” American tax evaders and off shore tax shelters. He estimated his plan would bring in $210 billion in new taxes over 10 years.  

“Nobody likes paying taxes, particularly in times of economic stress,” Obama said. “But most Americans meet their responsibilities because they understand that it’s an obligation of citizenship, necessary to pay the costs of our common defense and our mutual well-being.”

According to Vice-President Biden, it’s down right patriotic to pay taxes.
An article online at Fox Business, points out nine of Obama’s nominees have had issues around paying their taxes. They are:
  • Lael Brainard, nominee for Treasury Undersecretary of International Affairs
  • Capricia Marshall, Chief of protocol for the State Department
  • Kathleen Sebelius, secretary, Health and Human Services
  • Ron Kirk, Trade Representative: The former mayor of Dallas, Tex
  • Caroline Atkinson, Treasury Undersecretary of International Affairs
  • Tom Daschle, nominee for Secretary of Health and Human Services
  • Nancy Killefer, nominee, Administration’s Chief Performance Officer
  • Hilda Solis, Secretary of Labor’s husband
  • Timothy Geithner, Secretary of the Treasury, the man who oversees the IRS
In late Februrary, ABC news online  said the new administration would bring in $989,000,000,000 dollars in new taxes over ten years. They detailed Obama’s budget proposals this way:

1) On people making more than $250,000.

$338 billion – Bush tax cuts expire
$179 billion – eliminate itemized deduction
$118 billion – capital gains tax hike
Total: $636,000,000,000 /10 years

2) On Businesses:

$17 billion – Reinstate Superfund taxes
$24 billion – tax carried-interest as income
$5 billion – codify “economic substance doctrine”
$61 billion – repeal LIFO
$210 billion – international enforcement, reform deferral, other tax reform
$4 billion – information reporting for rental payments
$5.3 billion – excise tax on Gulf of Mexico oil and gas
$3.4 billion – repeal expensing of tangible drilling costs
$62 million – repeal deduction for tertiary injectants
$49 million – repeal passive loss exception for working interests in oil and natural gas properties
$13 billion – repeal manufacturing tax deduction for oil and natural gas companies
$1 billion – increase to 7 years geological and geophysical amortization period for independent producers
$882 million – eliminate advanced earned income tax credit
Total: $353,000,000,000 /10 years

But really, aren’t taxes on businesses just hidden taxes on low, middle and upper income Americans?
They are also going to let the estate tax rate go back to 55% for people with estates over one million dollars. That’s not just the rich. It’s any parent who has worked their whole lives on a family farm or at a mom-and-pop business, and wishes to pass it on to their kids. Almost no family can fork over 55% of the value of the farm in order to keep it. How is it moral to deny that family that right? It simply is not.
Those numbers also do not include the two big “Silver bullets” now pending in Washington.
An article at WSJ online quotes a report by the Joint Committee on Taxation which the main stream media does not seem
to want to report on. This report discusses “the effects of the new tax rules included in the Senate health-care bill”.
I urge you to look at the three page document, but in total, from 2010 to 2019 it says the 16 NEW taxes or regulations leading to new taxes called for in the bill will total $371,900,000,000. And where do taxes come from? From you of course. In one way or the other.
These include 40% excise tax on private health care insurance policies costing over $8500, Employer W-2 reporting of those benefits as salary to workers, reconfiguring the definition for health savings accounts,etc. to meet the definition of itemized deduction for medical expenses, increase penalty for nonqualified health savings account distributions to 20%, limit health flexible spending arrangements in cafeteria plans to $2500, require information reporting on payments to corporations, adding additional requirements for section 501(c)(3) hospitals, impose annual fee on manufacturers and importers of branded drugs, impose annual fee on manufacturers and importers of medical devices, impose annual fee on health insurance providers, eliminate deduction for expenses allocable to Medicare Part D subsidy, raise 7.5% AGI floor on medical expense deduction to 10%, create $500K deduction limit on taxable year remuneration to officers, employees, directors, and service providers of covered health insurance providers, add additional 0.5% hospital insurance tax on wages in excess of $200,000 ($250K joint), Modify section 833 treatment of certain health organizations, impose 5% tax on cosmetic surgery and similar procedures, provide income EXCLUSION for specified Indian tribe health benefits, create simple cafeteria plan nondiscrimination safe harbor for certain small employers, qualify therapeutic discovery project credit, impose fee on insured and self-insured health plans.
Then there’s Cap and Tax, or what I like to call “The Breath Tax”. Senator James Inhofe recently called the Cap and Trade Bill the largest tax in the history of America. I like to call it the Largest Scam In the History of Earth. Either way, it’s another ill conceived burden on the taxpayers of America.
I can not seem to find a detailed account of the direct impact on the amount of taxes you will owe the government if Cap and Trade passes. Let me tell you what I do know. According to Heritage Foundation the United Nations tells us we, as taxpayers, will give India and China $5,500,000,000,000 over the next ten years to help them develop a greener economy. That’s $5.5 TRILLION. This does not even count the $9,400,000,000,000 GDP loses from 2012-2035 we will incur due to the legislation. This also does not count the $1300 it adds to each new car purchased, the doubling of our cost of electricity or the impact that will have on the price of goods and services, nor the snowball effect that will have on jobs and the economy as a whole.
Christina Romer, the chair of Obama’s Council of Economic Advisors, calculates a 1 percent increase in taxes reduces economic output by 2 to 3 percent over the following three years. The Congressional Budget Office estimates that the cap-and-trade scheme will collect about $80 billion per year in revenues, a figure that represents about 3 percent federal tax increase. So if logic is to follow, that would equal tax revenue of $800,000,000,000 over ten years, would it not?
So, add it all up. That brings in OVER $2,500,000,000,000 across a ten year period – two and a half trillion dollars. That would equal nearly $1000 PER CAPITA in new tax hikes per year, over and above what you already pay, and not including the adverse impact this will have on the cost of goods and services you require to survive.
That’s just what I could identify. There’s much more, I’m sure. Couple that with the increase in “friendliness” at the IRS and I’m sure the number will grow from there. Apparently, if you’re not well connected with the current administration, you most likely will be expected to pay YOUR taxes.
No wonder President Obama calls his programs deficit neutral. In his eyes they are. He just has to pump us for everything we have. This administration does not care about the little people – it’s obvious. This administration does not care about jobs – it’s evident. This administration merely cares about the agenda brought forth to “fundamentally transform America”.

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2 Responses to “The Gold at the End of Obama’s “Reign”bow”

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Who are you? I put into my new book (pending publication), The Corpocracy: Ending it with Democracy Pow!er and Brightening America’s Futre, a proposal for the Tea and Coffee Parties to unite into a “Reignbow Coalition,” thinking i had coined a clever phrase.

Geat minds think alike, Gary 🙂

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