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Greedy Obama

March 2, 2012 by  

Even worse than I said. My Straight Talk column last week on Obama’s budget baloney actually understated his new tax and tax, spend and spend proposals. I said he wanted to raise the tax on dividends for “the rich” to 39.6 percent — more than double where it is now. But I forgot to include the investment tax surcharge included in Obamacare and the phase-out of deductions and exemptions. Add it all together and, if Obama gets his way, the dividend tax rate in 2013 will be 44.8 percent — nearly three times what it is today.

Make these bureaucrats pay up. Figures released by the Internal Revenue Service indicate that one of the biggest bunches of tax shirkers can be found on the government payroll. The Associated Press reported that more than 279,000 Federal workers and retirees owed $3.4 billion in back income taxes as of Sept. 30, 2010. White House employees owed Uncle Sam almost $1 million. Staffers on Capitol Hill owed more than $10.5 million. I suggest a new policy: Pay up or lose your job.

Poverty is disappearing. The number of people living in absolute poverty has been cut in half since the 1950s. Moreover, 95 percent of Americans living below the poverty line not only have electricity and running water, but a color TV, a refrigerator, and Internet access — things a millionaire couldn’t have purchased a century ago.

–Chip Wood 

Chip Wood

is the geopolitical editor of PersonalLiberty.com. He is the founder of Soundview Publications, in Atlanta, where he was also the host of an award-winning radio talk show for many years. He was the publisher of several bestselling books, including Crisis Investing by Doug Casey, None Dare Call It Conspiracy by Gary Allen and Larry Abraham and The War on Gold by Anthony Sutton. Chip is well known on the investment conference circuit where he has served as Master of Ceremonies for FreedomFest, The New Orleans Investment Conference, Sovereign Society, and The Atlanta Investment Conference.

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  • Marvin Pydynkowski

    I’m using SAFARI. My name and email are still one the highlighted in yellow box for free health information.
    Why is it posted there after several weeks?
    Marvin
    mandm2751@comcast.net

  • Patti

    I am living below the poverty level, but am not not living a comparably luxurious life you portray. I do have internet access which is the only “luxury” I have! But then, I am attending college online to earn my degree in Psychology so that I will not have to depend on the government to keep me alive. I am 58 years old and disabled. My neighbors (apartment complex) are mainly on full gov support – free rent, free utilities – free everything possible – and stay drunk, high and violently outrageous saying the gov isn’t doing enough for them – and is the gov fault due to their ancestors…blah blah blah.Yet they make no move to look for jobs – or “do” for themselves – or try to improve their lives. Which parts of the gov is in need correcting besides taxes? When people out here are investigated, cases are dropped immediately because of fear of racial issues. C’mon now – it has nothing to do with anyone’s race!! However….

  • Doc Sarvis

    Moot point about poverty and what a millionaire could purchase 100 years ago. There was no color TV or internet then.

    • Molly Maguires

      In the early 1980s, (Supply Side Economics) the national debt went from $900million to $2.7trillion by 1988. During this same period, revenues (taxation) shifted away from the rich and their long term capital gains (old money), and toward payroll taxes on the working stiffs and newly invested capital. Tax rates (revenues) assessed on the wealthy were reduced from 70.1% pre-1980 to 28.4%. Compare that to the 90% rates the wealthiest Americans shouldered in the 1950s under Eisenhower for a comparative perspective.
      By some calculaions, the perfect storm economic collapse of 2008 precipited by the passage of the Gramm, Leach Bliley Act (1999) that deregulated the bank, allowing speculative investment banks to merge and combine their holdings with those of the here-to-fore stable commercial banks (much to the delight of Wall Street), may approach a gross loss for the gigantic USA economy of $20trillion, including close to $5Trillion in tax payer bail-outs to stem the bleeding!
      When you consider the plutocratic direction our nation has been going for the past 30 years, with FTAs, imports flooding our ports to undersell Made in USA, free of charge (tariff-free), the outsourcing of decent paying jobs to 3rd world countries for a larger profit share for the top, the downward pressure on middle class wages these measures have introduced to the USA work force to “compete” for jobs with China ($1.36/hr. avg. wage) for example, the way $$$ has dictated policy in the halls of the USA Congress (Citizens United vs. Federal Election Commission, 2010), “Money is speech”, “Corporations are people,” Hundreds of Billions to Corporate welfare, and tax structures that allow “Multinational Corporations to fleece the USA and garner $Billions in quarterly profits, yet escape taxation by parking their vast profits offshore to avoid contribuiting ANY revenue to their biggest market’s treasury, and on and on and on… Even though Chip DOES have a point about the poor having access to stuff without having to work for it, one of my own pet peeves, he almost seems miffed that “absolute poverty” has been cut in half…” Talk about class envy. Especially when you consider the obscene wealth of the plutocrats, and how they’ve used their influence to, in my opinion, seek policies that have contributed to record trade deficits, and other matters of national security, policies that have ultimately undermined the middle-class, his pointing his finger at the poor seems petty to me.

  • Rico Lagattuta

    Dividen income from all privately held corporations should be taxed as ordinary income. S Corps were first designed to limit liability. They have now become a Tax dodge. Aperson who earns $100,000 and gets a W-2 pays 7.65% for FICA and Medicare, the Employer matches with 7.65% (total 15.3%) and pays about $25,000 in Federal Income Tax.An individual who is listed as an S Corp pays himself $25,000 a year and
    Pays $3,800 FICA and Medicare, and 15% Federal Tax on $25,000 (W-2) ande 15% Capital gains tax. The Full W-2 employee pays a total of $38,300 in FICA< Medicare and Icome tax whild the S Corp individual pays only $26,300. The solution is very simple. A FLAT TAX on all income with no deductions. We all live in this Great Country and we should all pay taxes on the same basis regardless of the source of the income, and that includes unemployment and welfare checks.

    • Bart

      First off, how can you compare an employee making $100,000 with a self employed individual paying himself $25,000? The numbers you throw out make no sense.

      Secondly, you seem to have forgotten the SEP tax which effectively doubles the tax rate of self employed individuals. Last year, I paid 54% of everything I made to the government on a modest self employment income. In the end, I had to write a check for $1500, in addition to what I had already paid. Had I filed as an individual working for someone else, I would have been due a refund and would have actually gotten back more than I paid in through the EIC. (Like I said, it was a modest income and wasn’t too far above the government defined poverty level. Incidentally, by the time the government was done raping me, I was well below the poverty line.)

      Had I run the income through an S-Corp, I would have paid even more in taxes plus another big pile of government fees that aren’t counted as taxes by those espousing your argument. As it turned out, the income would then be taxed twice. Once as corporate income and then again as individual income when I paid myself, which my corp. would have to match. So, in essence, it would actually be taxed three times. In addition, the paperwork and filing requirements would take up valuable time that I could use to make money.

      I used to think the same as you do and looked into incorporating my business. What I found is that I’d have to pay a bunch of fees and file a ton of paperwork every year for the privilege of paying more taxes than I do now. The only positive benefit I would receive would have been limited liability, which is actually no great benefit when you carry the proper liability insurance

      And don’t forget, I have to pay half of the taxes for anyone I hire. You mention this in passing but fail to include it in your analysis of what the S-Corp individual would pay in taxes.

      When you look at all the facts, you’ll discover that the current tax system is rigged against those trying to make their own way by creating a small business. It’s a struggle as it is now, and Obama wants to make me pay even more. If I wasn’t such a principled person, I could quit working altogether, suckle on the government teat, and, other than my pride and self worth, be better off. Which is exactly the goal of liberals.

    • ChristyK

      As a small business owner, you don’t just pay taxes on your income, you also pay taxes on paper income for the business. When I started out, we had large capital equipment outlays (expenses). The government only lets you count a small amount as an expense even though the money is completely gone because of depreciation rules (5-30 years depreciation). Also, purchasing inventory is not an expense even though the money is gone. My husband and I have received a modest salary for the 10 years we have been in business. In the good years (2006-2008), we owed more in taxes than our entire combined annual salary. At the end of the year, we had to write a paycheck that was 100% withheld and given to the government that was more than our annual salary. One year, I figured it out. We paid 4x more to the government than we took home. That is an effective rate of 80%, but you complain that we aren’t paying our fair share. You don’t know what you are talking about.

  • Polski

    That still isn’t enough to cover all the years that the “1%” got away with less taxes because of crooked government.

  • http://google john p.

    Obama and his money hungry democrats are embezzling tax dollars .
    and we don’t have a say about anything they do .this is wrong .people
    have lost there jobs because of tax and spend .Obama keeps raising
    taxes and company’s can’t stay in business .so people lose there jobs
    and there homes .so now people move in with family and friends .
    our democrats are dictators along with Obama . we got to vote all of
    them out or we will all be out of work .

    • mark

      money hungry democrates??? Put the facts on the table, who gives money to our politicions in the millions?? Not everyday people but large corps that need something. Wheather that some thing is a contract deregulation whatever. How come senetors & delegates make 250k a year? Why are they not on the GS scale? A member of the house has to work 130 days a year, they have off the whole month of august all fed holidays etc. That means that for one day the make 50k!!!! Thats what my wife makes as a 10 year teacher in the 2nd richest county in the country!!! Term limits a GS 15 salary, benifits etc.End lifetime health insurance a 1300hr work year, (2000 hrs is the normal work year). And performance based pay. See how quick the meandering bickering and general BS that clogs our gov. And how about a true democracy where the people elect officals not deligates.

  • FreedomFighter

    IMPEACH OBAMA NOW!

    Laus Deo
    Semper Fi

  • Patti

    Have to get the Reps off their butts to get it going to impeach. They won’t do it until voters start calling and demanding.

  • Chisna

    So Reagan was right to raise taxes to deal with the deficits he faced.
    And Norquist and the GOP are right now that we should never ever raise taxes again.
    For ANY reason what so ever. Including to help pay for wars…… Can we please impeach the idiots that actually believe any of that makes sense ?

  • jody

    Is poverty disappearing? I wouldn’t know. I’ve had the misfortune of family court (the court of redistribution and inequity). They SHOVE people out of the middle class daily. It’s kind of a personal reditribution of wealth (??!!) system where they assign you an irresponsible, personal parasite so you can pay once and then when they squander those funds, you ‘get to’ pay again when their bills are due. Too much fun!

  • allen c

    You sound like a politician. You mak it sound like its the responsibility of the poor to pay all of the taxes and let the greedy rich people pay nothing. My sister makes less than $ 16,000 and social security will not let her have a retirement account. They say that if she starts one, they will cut off her disabled son’s check. Now, I guess you will say that people like that aren’t paying enough taxes either. If you want to write aboit something worthwhile, why don’t you write about how the working poor are always overburdened with unfair taxation, while the rich pay little or no taxes.

    • Bart

      Mr. Allen, you’ve fallen for Obama’s class warfare lies hook, line, and sinker. Your assertion that the working poor are overburdened with taxes is an outright lie. If you’ll bother to look at the actual numbers, rather than listening to the Democratic talking heads, you’ll see that the bottom 47% pays no income taxes at all, and, in fact, a large portion of that group gets back more than they paid in through the EIC and other subsidies. Meanwhile, the top 5% pays 95% of all income taxes.

      So, you’re trying to tell everyone that the group that gets back more than they put in is “overburdened with unfair taxes” and the group that foots 95% of the bill, “pay little or no taxes”. That’s absolutely preposterous!! Only an illogical liberal mind could make that conclusion given the facts.

      BTW, disallowing someone receiving government benefits from opening a retirement account does not amount to a tax. I’m also sure there’s more to that story that you’re letting on. I’d be willing to bet it’s a case where she’s only allowed to accumulate a certain amount of personal assets before the free handouts are taken away and she’s expected to take financial responsibility for the child she decided to bring into this world. I mean do you really think someone should be able to bank what they earn while the government pays their bills? Disability is meant to be a safety net to help those who can’t help themselves. It was never meant to pad peoples incomes so they could save and accumulate wealth.

      Because I’m sure your feeble little liberal brain is thinking it, I should probably also point out that taking away free government handouts is not raising taxes. A tax is when the government takes away money you’ve earned, not when they quite giving it away. Those that say otherwise are the same ones who will tell you that spending more than last year, but less than you wanted to counts as a spending cut.

      • Molly Maguires

        Bart, what’s sad is the fact that in 30 years the income disparity in the USA is causing more and more middle class Americans to fall through the poverty threshold so that today almost half of the working poor are at or near poverty. Behold China: the model of an efficient workforce on call day or night from the company issue high-rise dormatory across from the factory working for their $1.36/hr. avg. wage. How do you propose the USA middle class “compete” for jobs in this “global economy” and still fuel the economic might the USA has grown accustomed to?
        The following is a breakdown of the income divide that’s been happening in the USA over the past 30 years. (bet you don’t read it…)

        http://motherjones.com/politics/2011/02/income-inequality-in-america-chart-graph

      • Molly Maguires

        What’s wrong with this picture?
        In the early 1980s, (Supply Side Economics) the national debt went from $900million to $2.7trillion by 1988. During this same period, revenues (taxation) shifted away from the rich and their long term capital gains (old money), and toward payroll taxes on the working stiffs and newly invested capital. Tax rates (revenues) assessed on the wealthy were reduced from 70.1% pre-1980 to 28.4%. Compare that to the 90% rates the wealthiest Americans shouldered in the 1950s under Eisenhower for a comparative perspective.
        By some calculaions, the perfect storm economic collapse of 2008 precipited by the passage of the Gramm, Leach Bliley Act (1999) that deregulated the bank, allowing speculative investment banks to merge and combine their holdings with those of the here-to-fore stable commercial banks (much to the delight of Wall Street), may approach a gross loss for the gigantic USA economy of $20trillion, including close to $5Trillion in tax payer bail-outs to stem the bleeding!
        When you consider the plutocratic direction our nation has been going for the past 30 years, with FTAs, imports flooding our ports to undersell Made in USA, free of charge (tariff-free), the outsourcing of decent paying jobs to 3rd world countries for a larger profit share for the top, the downward pressure on middle class wages these measures have introduced to the USA work force to “compete” for jobs with China ($1.36/hr. avg. wage) for example, the way $$$ has dictated policy in the halls of the USA Congress (Citizens United vs. Federal Election Commission, 2010), “Money is speech”, “Corporations are people,” Hundreds of Billions to Corporate welfare, and tax structures that allow “Multinational Corporations to fleece the USA and garner $Billions in quarterly profits, yet escape taxation by parking their vast profits offshore to avoid contribuiting ANY revenue to their biggest market’s treasury, and on and on and on… Even though Chip DOES have a point about the poor having access to stuff without having to work for it, one of my own pet peeves, he almost seems miffed that “absolute poverty” has been cut in half…” Talk about class envy. Especially when you consider the obscene wealth of the plutocrats, and how they’ve used their influence to, in my opinion, seek policies that have contributed to record trade deficits, and other matters of national security, policies that have ultimately undermined the middle-class, his pointing his finger at the poor seems petty to me.

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