Free Markets, Free People

Daily Archives: October 31, 2012


Remember Taxmageddon? It’ll make Sandy look like a tropical storm

The basics:

A horrifying combination of expiring pro-growth tax policies from 2001 and 2003, the end of the once-temporary payroll tax cut, and just a few of Obamacare’s 18 new tax hikes, Taxmageddon will be the largest tax increase EVER to hit Americans. It’s nearly $500 billion in one year, starting January 1. That’s two months away.

What that means per person:

  • Families with an average income of $70,662: tax increase of $4,138
  • Baby boomers with an average income of $95,099: tax increase of $4,223
  • Low-income workers with an average income of $24,757: tax increase of $1,207
  • Millennials with an average income of $23,917: tax increase of $1,099
  • Retirees with an average income of $42,553: tax increase of $857
  • One result you can count on:

    The businesses that would pay the higher tax rates proposed by President Obama earn almost all the income earned by small businesses that employ workers. According to President Obama’s own Treasury Department, these job creators earn 91 percent of the income earned by flow-through employer-businesses. These are the biggest, most successful small businesses. They employ more than half the private workforce, according to an Ernst and Young study. Raising their taxes would destroy more than 700,000 jobs.

    Meanwhile the guy in charge?  Well he’s got other things on his mind:

    It is worth recollecting the array of attacks from the Obama camp that failed to carry the day. Romney’s approval rating is now higher than Obama’s and the Obama team tried portraying Romney as: 1) the “vulture” capitalist; 2) a tax evader and/or a felon for signing (or not signing) Bain documents after he left to run the Olympics; 3) killer of Joe Soptic’s wife; 4) outsourcer of jobs to China; 5) determined to take contraception away from women; 6) ready to give a tax cut to the rich and hike middle-class taxes; 7) egging on the auto industry’s demise; 8) willing to throw granny over the cliff on Medicare; 9) President George W. Bush’s political twin; and 10) Big Bird terminator.

    Taxmageddon?  Yeah, not so much.  Romeny wants that, apparently.  No mention of the 18 ObamaCare taxes by our man.  Wonder why?  Jobs?  See result of Taxmageddon.  But he’ll tell you he’s focused like a laser beam.  Or is that Uncle Joe’s job?  Sequestration?  What’s that?

    He does have a shiny new booklet out that he calls “a plan”.  Nothing new, but lots of pictures.

    No sweat though … after the 700,000 jobs are destroyed, he’ll talk some more about a “Department of Business”, okay?

    ~McQ


    Excuses for not covering Benghazi–a helpful list for members of the Jurassic Media

    There are rising calls for more reporting on the consular attack in Benghazi. Our poor press is beleaguered, and certainly too busy covering Sandy and the election to respond.

    In fact, they’re so busy they apparently can’t think up good excuses for not covering Benghazi. At least, I haven’t seen any reasons disclosed publicly. They just don’t seem to see, hear, or say anything about it.

    To help them out, I thought I would come up with a nice, prefab list of excuses. If any members of the media are reading, please feel free to use these. I’m sure QandO readers will add even more in the comments:

    • There’s really no need to go on site, because there’s video of the whole thing, shot from a drone. I’m sure we’ll see it very soon, probably about November 8. No, I’m not the least bit curious about why the Obama administration hasn’t released it yet. Why do you ask?
    • I just can’t see publicizing the whole seven hour standoff thing. We have enough superhero movies already.
    • Can’t get over there. SwissAir has no business class seats left.
    • Can’t face increasing my carbon footprint with a trip that long.
    • No Starbucks in Benghazi, and I hear the one in Tripoli is always out of pumpkin spice for lattes.
    • All these ghost-shaped Halloween cookies I baked would go to waste if I couldn’t give them to trick-or-treaters.
    • Sorry, I missed your question because I just came from a meeting with Obama. Let me wipe my mouth and then hear it again.
    • Putting something that violent in front of the public is not to be done lightly. Hey, we’re consistent about that. We didn’t show the pictures of George Zimmerman’s beating either.
    • Dead ambassador? Oh, yeah, I heard something about that. Something about a video that caused a riot. What a shame. But gosh, that was six weeks ago. Old news.
    • I’m afraid of politicizing that story this close to an election. Yeah, I did report Romney’s premature comments on it, and asked him a dozen times if he regrets his remarks. So?
    • Too busy writing my story about how Hurricane Sandy depressed Democratic voting in Philadelphia, so Obama losing Pennsylvania was an act of God. Certainly not a repudiation of Obama. Nope. No way.

    Seriously, I thought the media could not be any more disgraceful in their slavish covering for Obama. More fool I.


    Economic Statistics for 31 Oct 12

    The following US economic statistics were announced today:

    The MBA mortgage applications report is delayed due to Hurricane Sandy.

    The Chicago Purchasing Managers Index rose 0.2 points in October to 49.9, compared to September’s 49.7, which was the first negative index of the "recovery", as any score below 50 indicates economic contraction.

    The employment cost index in the third quarter rose 0.4%, with the year-on-year rate up 2.0%.

    ~
    Dale Franks
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