Free Markets, Free People


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

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

    • For the past 20 years, Americans have been under-taxed, in the sense that their hasn’t even been enough revenue to adequately pay for infrastructure maintenance, let alone advancement with the rest of the industrialized world.

      • Who is “under taxed”? The fact that other countries “over tax” their citizens to pay for social welfare programs doesn’t make us “under taxed.

        I know you still can’t wrap your head around this, but it is a spending problem, NOT a revenue problem.

        • Can’t pay for infrastructure maintenance? WTF?
          And I guess he missed that blowout we’ve had from 1980′s onward to lead the industrialized world.
          What an unmitigated psycho.

      • Moron.  Our entitlement spending is what is killing us.  Look it up, stupid.

      • We’re paying over 2 billion dollars a year to hand out Free Cell Phones – explain why that is a function of government before you suggest we don’t pay enough in taxes.
        Then we can go on to the proposal that birth control should be paid for by the government through tax dollars.

        And then there’s plenty of other points to cover all of which will serve to prove you have no clue what you are talking about.

         

        • 5 billion in extra wages due to Davis Bacon. These things add up.

          • And crews that are half again the size of private sector work crews on “infrastructre” projects.
            The little ObamaJugen punk should look up the 470 Loop project on the east side of Denver, which languished for twenty years or so before being done in about a year by a private firm as a private toll road. Way ahead of schedule, way under budget.
            Of course the parasitic minds doesn’t grasp such information, so “loking it up” isn’t an option in his/her/its case.

      • Let me guess, you think the government is generous to let me keep my money, right?

      • Horse puckey. If infrastructure isn’t being maintained properly it is because the politicians are wasting the money on unnecessary crap.

        • Actually, the ratings for federal bridges have GONE up according to CATO – they are actually safer and better maintained.
          The bridges that have issues are usually city or county. Worse one is in Portland, OR, where I bet they ignore the bridge in favor of bike paths.
           

      • Pull the other one tad….

      • You cretin. Government is lousy at doing the things that it should be doing because it is too busy trying to do every damn thing else.

        By the way, can you tell me when a tax increase ever went to cutting the deficit? When was the last time they didn’t just spend all of the tax increase and then borrowed even more?
        Try a little knowledge and sense next time.

    • I would agree to a tax increase. But only after spending is cut.
      Let me know when the Democrats agree to that.

      • CUT! Actually CUT! Not “promised” to be cut.

        • Yes. I am sure a simple algorithm could be designed that would slowly increase taxes once last years spending cuts were booked, and then taper off again at some % of DEbt/GDP.
          I believe Switzerland has something similar in place to prevent over spending in the first place.

        • What, you mean more spending now with a promise to cut 5 years from today?   5 years…might as well be 5000.

           

      • AND it has to BE a cut…not a return to zero base.  A FREAKING CUT…!!!

        • Cut…oh, you mean we raised the spending by less than we planned to raise it, so, it’s a cut.   You just don’t understand how this all works do you.   You’re caught up in 20th century thinking.  Watch and learn!

      • Oh, they will agree to cut spending. They just won’t actually do it. They have done it before, they will try it again.

    • Since Harry Reid’s Senate is incapable of passing a fed budget, here is my modest proposal. In Sept, total up all the fed revs from all sources for the current fiscal year, except borrowing. Then look back to find a fed budget that spent that same amount and make that the budget for the next fiscal year.

    • Stumbled upon this crap only because I wondered what kind of asshole would compare the two and now I know . When it comes to taxation and the economy I would sooner listen to mime than a Republican , think of Dana Carvey’s classic SNL Bush tax raising summary – Can’t raise ‘em on the poor because they don’t have anything , can’t raise them on the rich because they’re slippery suckers so what does that leave ? The good ol reliable middle class . not for long

      • You do realize the rich already pay the vast bulk of income taxes?

      • Wow.  Imagine someone so stupid they learn economics from SNL.  But Obama IS about to stick it to the middle class if he’s allowed to.

        • No worse than those who get all their political news from Jon Stewart.

          • News? Try the “breech-lock brains” that spend their “leisure” watching MTV and ESPN.
            Read a survey that showed we have twice as much leisure time as we did just a generation ago, thanks to modern conveniences given us through technological breakthroughs. According to the survey we spend that leisure time watching TV.

      • stumbled upon this crap because I comment here.   The fact you can start off by instantly labeling someone an asshole pretty much indicates you are one.

        And one that thinks Obama has a plan after 4 years of demonstrating his incapacity?  a stupid asshole to boot.
         

    • We know that, for the last 50 years or so, no tax plan has resutled in tax revenue of more then 19% of GDP for more then a blip in time. I interpret this to mean that government can’t expect to cost more then 19% of GDP.

      But I’m thinking of this like someone who looks at the money in the checking account, tadcf thinks you spend as long as there are things you want to buy regardless of the chaecking account balance.

      • Actually, it more like 100 years. And it doesn’t matter if the marginal top rate is 25% or 92%, the revenue, year after year, is 19% of GDP. Tops.
        But the dollar amount is MUCH less at 90% than at 25%. By orders of magnitude.
        This is why one must make the critical distinction from tax REVENUE to tax RATES.

        • One more thing: This is why the top 1% paid 16% of all income taxes in 1981 and 38% in 2009.