Comprehensive List of Obama Tax Hikes

Posted on September 8, 2011. Filed under: Business, Economics, Government, Life, Politics | Tags: , , , , , , |

Thought you would find this interesting, it’s from the Americans for Tax Reform:

Which one of these tax hikes will destroy the most jobs?

Since taking office, President Barack Obama has signed into law twenty-one new or higher taxes:

1. A 156 percent increase in the federal excise tax on tobacco:  On February 4, 2009, just sixteen days into his Administration, Obama signed into law a 156 percent increase in the federal excise tax on tobacco, a hike of 61 cents per pack.  The median income of smokers is just over $36,000 per year.

2. Obamacare Individual Mandate Excise Tax (takes effect in Jan 2014): Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax according to the higher of the following

  1 Adult 2 Adults 3+ Adults
2014 1% AGI/$95 1% AGI/$190 1% AGI/$285
2015 2% AGI/$325 2% AGI/$650 2% AGI/$975
2016 + 2.5% AGI/$695 2.5% AGI/$1390 2.5% AGI/$2085
 

Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS). Bill: PPACA; Page: 317-337

3. Obamacare Employer Mandate Tax (takes effect Jan. 2014):  If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2000 for all full-time employees.  Applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer). Bill: PPACA; Page: 345-346

Combined score of individual and employer mandate tax penalty: $65 billion/10 years

4. Obamacare Surtax on Investment Income (Tax hike of $123 billion/takes effect Jan. 2013):  Creation of a new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single).  This would result in the following top tax rates on investment income: Bill: Reconciliation Act; Page: 87-93

  Capital Gains Dividends Other*
2011-2012 15% 15% 35%
2013+ (current law) 23.8% 43.4% 43.4%
2013+ (Obama budget) 23.8% 23.8% 43.4%
 

*Other unearned income includes (for surtax purposes) gross income from interest, annuities, royalties, net rents, and passive income in partnerships and Subchapter-S corporations.  It does not include municipal bond interest or life insurance proceeds, since those do not add to gross income.  It does not include active trade or business income, fair market value sales of ownership in pass-through entities, or distributions from retirement plans.  The 3.8% surtax does not apply to non-resident aliens.

5. Obamacare Excise Tax on Comprehensive Health Insurance Plans (Tax hike of $32 bil/takes effect Jan. 2018): Starting in 2018, new 40 percent excise tax on “Cadillac” health insurance plans ($10,200 single/$27,500 family).  Higher threshold ($11,500 single/$29,450 family) for early retirees and high-risk professions.  CPI +1 percentage point indexed. Bill: PPACA; Page: 1,941-1,956

6. Obamacare Hike in Medicare Payroll Tax (Tax hike of $86.8 bil/takes effect Jan. 2013): Current law and changes:

  First $200,000
($250,000 Married)
Employer/Employee
All Remaining Wages
Employer/Employee
Current Law 1.45%/1.45%
2.9% self-employed
1.45%/1.45%
2.9% self-employed
Obamacare Tax Hike 1.45%/1.45%
2.9% self-employed
1.45%/2.35%
3.8% self-employed
 

Bill: PPACA, Reconciliation            Act; Page: 2000-2003; 87-93

7. Obamacare Medicine Cabinet Tax (Tax hike of $5 bil/took effect Jan. 2011): Americans no longer able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin). Bill: PPACA; Page: 1,957-1,959

8. Obamacare HSA Withdrawal Tax Hike (Tax hike of $1.4 bil/took effect Jan. 2011): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent. Bill: PPACA; Page: 1,959

9. Obamacare Flexible Spending Account Cap – aka “Special Needs Kids Tax” (Tax hike of $13 bil/takes effect Jan. 2013): Imposes cap on FSAs of $2500 (now unlimited).  Indexed to inflation after 2013. There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children.  There are thousands of families with special needs children in the United States, and many of them use FSAs to pay for special needs education.  Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs educationBill: PPACA; Page: 2,388-2,389

10. Obamacare Tax on Medical Device Manufacturers (Tax hike of $20 bil/takes effect Jan. 2013): Medical device manufacturers employ 360,000 people in 6000 plants across the country. This law imposes a new 2.3% excise tax.  Exempts items retailing for <$100. Bill: PPACA; Page: 1,980-1,986

11. Obamacare “Haircut” for Medical Itemized Deduction from 7.5% to 10% of AGI (Tax hike of $15.2 bil/takes effect Jan. 2013): Currently, those facing high medical expenses are allowed a deduction for medical expenses to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI).  The new provision imposes a threshold of 10 percent of AGI. Waived for 65+ taxpayers in 2013-2016 only. Bill: PPACA; Page: 1,994-1,995

12. Obamacare Tax on Indoor Tanning Services (Tax hike of $2.7 billion/took effect July 2010): New 10 percent excise tax on Americans using indoor tanning salons. Bill: PPACA; Page: 2,397-2,399

13. Obamacare elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D (Tax hike of $4.5 bil/takes effect Jan. 2013) Bill: PPACA; Page: 1,994

14. Obamacare Blue Cross/Blue Shield Tax Hike (Tax hike of $0.4 bil/took effect Jan. 1 2010): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services. Bill: PPACA; Page: 2,004

15. Obamacare Excise Tax on Charitable Hospitals (Min$/took effect immediately): $50,000 per hospital if they fail to meet new “community health assessment needs,” “financial assistance,” and “billing and collection” rules set by HHS. Bill: PPACA; Page: 1,961-1,971

16. Obamacare Tax on Innovator Drug Companies (Tax hike of $22.2 bil/took effect Jan. 2010): $2.3 billion annual tax on the industry imposed relative to share of sales made that year. Bill: PPACA; Page: 1,971-1,980

17. Obamacare Tax on Health Insurers (Tax hike of $60.1 bil/takes effect Jan. 2014): Annual tax on the industry imposed relative to health insurance premiums collected that year.  Phases in gradually until 2018.  Fully-imposed on firms with $50 million in profits. Bill: PPACA; Page: 1,986-1,993

18. Obamacare $500,000 Annual Executive Compensation Limit for Health Insurance Executives (Tax hike of $0.6 bil/takes effect Jan 2013). Bill: PPACA; Page: 1,995-2,000

19. Obamacare Employer Reporting of Insurance on W-2 ($min/takes effect Jan. 2012): Preamble to taxing health benefits on individual tax returns. Bill: PPACA; Page: 1,957

20. Obamacare “Black liquor” tax hike (Tax hike of $23.6 billion/took effect immediately).  This is a tax increase on a type of bio-fuel. Bill: Reconciliation Act; Page: 105

21. Obamacare Codification of the “economic substance doctrine” (Tax hike of $4.5 billion/took effect immediately).  This provision allows the IRS to disallow completely-legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed. Bill: Reconciliation Act; Page: 108

Read more: http://www.atr.org/comprehensive-list-obama-tax-hikes-a6433#ixzz1XP3MgyYP

Read Full Post | Make a Comment ( None so far )

New and Increased Taxes Because of Obamacare

Posted on January 14, 2011. Filed under: Business, Economy, Government, Legislation, Politics | Tags: , , , , |

From the web site Americans for Tax Reform comes this information:

Next week, the U.S. House of Representatives will be voting on an historic repeal of the Obamacare law.  While there are many reasons to oppose this flawed government health insurance law, it is important to remember that Obamacare is also one of the largest tax increases in American history.  Below is a comprehensive list of the two dozen new or higher taxes that pay for Obamcare’s expansion of government spending and interference between doctors and patients.

Individual Mandate Excise Tax(Jan 2014): Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax according to the higher of the following

  1 Adult 2 Adults 3+ Adults
2014 1% AGI/$95 1% AGI/$190 1% AGI/$285
2015 2% AGI/$325 2% AGI/$650 2% AGI/$975
2016 + 2.5% AGI/$695 2.5% AGI/$1390 2.5% AGI/$2085

Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS)

Employer Mandate Tax(Jan 2014):  If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2000 for all full-time employees.  This provision applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer).

Combined score of individual and employer mandate tax penalty: $65 billion/10 years

Surtax on Investment Income ($123 billion/Jan. 2013):  This increase involves the creation of a new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single).  This would result in the following top tax rates on investment income

  Capital Gains Dividends Other*
2010 15% 15% 35%
2011-2012 (current law) 20% 39.6% 39.6%
2011-2012 (Obama budget) 20% 20% 39.6%
2013+ (current law) 23.8% 43.4% 43.4%
2013+ (Obama budget) 23.8% 23.8% 43.4%
 
*Other unearned income includes (for surtax purposes) gross income from interest, annuities, royalties, net rents, and passive income in partnerships and Subchapter-S corporations.  It does not include municipal bond interest or life insurance proceeds, since those do not add to gross income.  It does not include active trade or business income, fair market value sales of ownership in pass-through entities, or distributions from retirement plans.  The 3.8% surtax does not apply to non-resident aliens.

Excise Tax on Comprehensive Health Insurance Plans($32 bil/Jan 2018): Starting in 2018, new 40 percent excise tax on “Cadillac” health insurance plans ($10,200 single/$27,500 family). For early retirees and high-risk professions exists a higher threshold ($11,500 single/$29,450 family).  CPI +1 percentage point indexed.

Hike in Medicare Payroll Tax($86.8 bil/Jan 2013): Current law and changes:

  First $200,000
($250,000 Married)
Employer/Employee
All Remaining Wages
Employer/Employee
Current Law 1.45%/1.45%
2.9% self-employed
1.45%/1.45%
2.9% self-employed
Obamacare Tax Hike 1.45%/1.45%
2.9% self-employed
1.45%/2.35%
3.8% self-employed

Medicine Cabinet Tax($5 bil/Jan 2011): Americans no longer able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin)

HSA Withdrawal Tax Hike($1.4 bil/Jan 2011): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.

Flexible Spending Account Cap – aka“Special Needs Kids Tax”($13 bil/Jan 2013): Imposes cap of $2500 (Indexed to inflation after 2013) on FSAs (now unlimited). . There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children.  There are thousands of families with special needs children in the United States, and many of them use FSAs to pay for special needs education.  Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. 

Tax on Medical Device Manufacturers($20 bil/Jan 2013): Medical device manufacturers employ 360,000 people in 6000 plants across the country. This law imposes a new 2.3% excise tax.  Exemptions include items retailing for less than $100. 

Raise “Haircut” for Medical Itemized Deduction from 7.5% to 10% of AGI($15.2 bil/Jan 2013): Currently, those facing high medical expenses are allowed a deduction for medical expenses to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI).  The new provision imposes a threshold of 10 percent of AGI; it is waived for 65+ taxpayers in 2013-2016 only.

Tax on Indoor Tanning Services($2.7 billion/July 1, 2010): New 10 percent excise tax on Americans using indoor tanning salons

Elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D($4.5 bil/Jan 2013)

Blue Cross/Blue Shield Tax Hike($0.4 bil/Jan 2010): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services

Excise Tax on Charitable Hospitals(Min$/immediate): $50,000 per hospital if they fail to meet new “community health assessment needs,” “financial assistance,” and “billing and collection” rules set by HHS

Tax on Innovator Drug Companies($22.2 bil/Jan 2010): $2.3 billion annual tax on the industry imposed relative to share of sales made that year.

Tax on Health Insurers($60.1 bil/Jan 2014): Annual tax on the industry imposed relative to health insurance premiums collected that year. The stipulation phases in gradually until 2018, and is fully-imposed on firms with $50 million in profits.

$500,000 Annual Executive Compensation Limit for Health Insurance Executives($0.6 bil/Jan 2013)

Employer Reporting of Insurance on W-2(Min$/Jan 2011): Preamble to taxing health benefits on individual tax returns.

Corporate 1099-MISC Information Reporting($17.1 bil/Jan 2012): Requires businesses to send 1099-MISC information tax forms to corporations (currently limited to individuals), a huge compliance burden for small employers

“Black liquor” tax hike(Tax hike of $23.6 billion).  This is a tax increase on a type of bio-fuel.

Codification of the “economic substance doctrine”(Tax hike of $4.5 billion).  This provision allows the IRS to disallow completely-legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed.

Read more: http://www.atr.org/comprehensive-list-tax-hikes-obamacare-a5758##ixzz1B33u6QUa

Read Full Post | Make a Comment ( 1 so far )

I Don’t Mean to be Depressing, but …

Posted on September 8, 2010. Filed under: Government, Legislation, Life | Tags: , , |

Yesterday I let you know about the proposed 50 Billion dollar stimulus package that will be paid for with increased taxes, but here is more tax information on a different matter.

The “Debt Free America Act” (H.R. 4646) proposes a 1% “transaction tax” of every financial transaction, except for the purchase or sale of stock.  (Source:  http://sweetness-light.com/archive/lanny-davis-calls-for-a-transaction-tax)

The Congressional Research Service, (part of the Library of Congress), has produced the following summary:

“Debt Free America Act – States as purposes of this Act the raising of sufficient revenue from a fee on transactions to eliminate the national debt within seven years and the phasing out of the individual income tax. Amends the Internal Revenue Code to impose a 1% fee, offset by a corresponding nonrefundable income tax credit, on transactions that use a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument. Defines “transaction” to include retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions. Establishes in the legislative branch the Bipartisan Task Force for Responsible Fiscal Action to review the fiscal imbalance of the federal government and make recommendations to improve such imbalance. Provides for expedited consideration by Congress of Task Force recommendations. Repeals after 2017 the individual income tax, refundable and nonrefundable personal tax credits, and the alternative minimum tax (AMT) on individuals. Directs the Secretary of the Treasury to: (1) prioritize the repayment of the national debt to protect the fiscal stability of the United States; and (2) study and report to Congress on the implementation of this Act.”
So until the income tax is finally repealed, (and will Congress ever really eliminate a tax once it is established), you will be paying the annual income tax as well as this 1% tax.  (The current writing of the legislation does require that the income tax be phased out completely, but there is plenty of time to change that part of the law.  Also, you get a tax credit on your income tax equal to 1% of your Adjusted Gross Income (see below).  On the plus side, the legislation does eliminate the Alternate Minimum Tax (AMT)).
For that matter, once a tax is created does Congress ever leave it alone and not increase it every year?
In looking at the full text of the law:
So, when you deposit your pay check 1% will be withheld by the bank and sent to the Government.  Your car payment, mortgage, credit card payments, and any other loan you pay will have 1% taken out and sent to the Government.  It would seem to me that if the institution making you the loan is suddenly out 1%, they will simply raise your payment to include the 1% fee or tax or whatever you want to call it.
I always get terrified when Congress wants to “improve” something, it just seems like they never get it right.
That’s my 2 cents.

 

Read Full Post | Make a Comment ( None so far )

50 Billion in New Taxes Headed Our Way

Posted on September 6, 2010. Filed under: Business, Government, Legislation, Life, Politics | Tags: , , , , , , , , , |

A Fox News article  gives us the depressing news that the President is out to weigh us down with a new 50 Billion dollar “stimulus” plan that will be paid for by an increase in taxes on oil and gas companies, who will naturally pass those taxes on to us.  (Note, I do not fault the oil and gas companies for passing along this tax burden, it is common business practice to increase your prices when your expenses go up.)

But with gas near $3.00 per gallon, can the typical individual afford even higher gasoline prices?

And with most states drowning in red ink will they really take this stimulus money to build the roads and rail roads it is intended to build, or will they use it to pay existing debt and keep existing workers and projects going?

I’ve reprinted the entire FoxNews article below.

(http://www.foxnews.com/politics/2010/09/06/obama-campaigns-democrats-new-infrastructure-investment-plan/)

(begin article)

In a speech that was part Democratic campaign push, part policy prescription, President Obama on Monday proposed a $50 billion investment in long-term infrastructure projects that he claimed will stimulate the flailing economy, create jobs and refill the exhausted federal highway trust fund.

Speaking to a crowd of union employees at Laborfest in Milwaukee, the president offered a six-year, front-loaded plan to rebuild 150,000 miles of our roads, lay 4,000 miles of railways and restore 150 miles of airport runways.

The proposal also calls for a strategy to build a national high-speed rail network and create an “infrastructure bank” that uses competitive measures to determine which projects receive funding rather than earmarks and grants.

The president said the project will be paid for — assuming congressional support — with tax hikes on oil and gas companies and will cut waste and bureaucracy by consolidating more than 100 duplicative programs. 

“This will not only create jobs immediately, it’s also going to make our economy hum in the long-run,” the president said. “It’s a plan that history tells us can and should attract bipartisan support. It’s a plan that says even in the still-smoldering aftermath of the worst recession in our lifetimes, America can act to shape our own destiny, to move this country forward, to leave our children something better — something that lasts.”

But based on the rest of the president’s speech — and congressional Republicans’ early reactions — it is likely to be a tough sell.

“Americans are rightly skeptical about Washington Democrats asking for more of their money — and their patience,” said Senate Minority Leader Mitch McConnell. “After all, they’re still looking for the ‘shovel-ready’ jobs they were promised more than a year ago. A last-minute, cobbled-together stimulus bill with more than $50 billion in new tax hikes will not reverse the complete lack of confidence Americans have in Washington Democrats’ ability to help this economy.”

A senior official acknowledged before the president’s speech that the administration can’t estimate how many jobs might be created. 

“It would obviously (be) a substantial number of jobs. But just as important is that this would be a sustained program with increased investment over six years so it would be a sustained increase in jobs as well as America’s productivity,” the official said.

The GOP response shouldn’t surprise Obama, who used much of his speech to accuse Republicans of rejecting plans to strengthen the middle class and rebuild the economy.

“Even on things we usually agree, they say no,” Obama said of the GOP. “They just think it’s better to score political points before an election than to solve problems.”

In a combative tone, the president pointed specifically to House Minority Leader John Boehner as he laid into Republicans for objecting to a package last month that sent $26 billion to the states to keep teachers on the payroll and pay for police officers by sending additional Medicaid money so states could redirect that cash for salaries. The bill was paid for with cuts to expanded food stamp payments and higher taxes on multinational corporations.

“You know how we paid for it? By closing one of these ridiculous tax loophole that actually rewarded corporations for shipping jobs and profits overseas,” Obama said. “Even a lot of America’s biggest corporations agreed that this loophole didn’t make sense, agreed that it should be closed, that agreed that it wasn’t fair — but the man who thinks he’s gonna be speaker, he wants to re-open this loophole.”

Obama said he doesn’t want to re-live the past when Republicans led Congress, arguing that not only does the GOP not have new ideas, but the party wants to return to past policies that put the country on a downward spiral. 

“These are the folks whose policies helped devastate our middle class. They drove our economy into a ditch. … And then they’ve got the nerve to ask for the keys back,” Obama said. 

But Republicans offered a few reminders for voters as well. Boehner issued a statement recalling that the Obama administration said if the $814 billion stimulus bill passed, unemployment would not rise above 8 percent. It now stands at 9.6 percent, its 19th consecutive month above 8 percent and 16th consecutive month above 9 percent.

“If we’ve learned anything from the past 18 months, it’s that we can’t spend our way to prosperity,” Boehner said in a statement. “We don’t need more government ‘stimulus’ spending — we need to end Washington Democrats’ out-of-control spending spree, stop their tax hikes and create jobs by eliminating the job-killing uncertainty that is hampering our small businesses.”

(end article)

And he is doing this new tax initiative as something for Democrats to run on this November.  “Vote for me, I want to increase your taxes by 50 Billion dollars” … I think he is losing touch with reality.

That’s my 2 cents.

 

Read Full Post | Make a Comment ( None so far )

What the Demorats have Promised

Posted on November 5, 2008. Filed under: Business, Economics, Economy, Government, Political Science, Politics | Tags: , , , , , |

Here is what the Democrats in Congress and the President Elect have promised or called for.  Since both houses of Congress have a Democrat majority it can reasonably be expected that these (and more) will come to pass.

 

Elimination of all of our nuclear weapons

 

Reduction of our military, perhaps by as much as 25%.  (This will increase the demand for Reservists being called up to meet whatever military needs we might have.  Unfortunately current Reservist call-ups are hurting businesses to the point that some businesses now refuse to hire anyone in the active Reserves.)

 

Reinstatement of The Fairness Doctrine.  This is aimed at conservative talk radio since liberal talk radio went bankrupt.  In addition, I fully expect the new Fairness Doctrine to include blogs, Congress has already attempted to restrict blogs and writing in general, but it failed.

 

The Capital Gains Tax to double.

 

A 100% tax on plants that use coal or gas to produce energy.  Obama has stated that he wants to end the use of coal and natural gas in America, and this would certainly do it.  He has acknowledged that his tax would bankrupt any company using coal to produce energy. 

 

Obama has acknowledged that his taxes on energy will result in higher utility bills for individuals and business.

 

401K’s, IRA’s, and Roth IRA’s will be eliminated, they would be replaced by a Government run program where individuals are required to contribute 5% of their income for a guaranteed return of 3%

 

Obama has promised that everyone making under $250,000 will receive a tax cut; then Obama promised that everyone making under $200,000 will receive a tax cut; then Biden promised that everyone making under $150,000 would receive a tax cut.  With all Obama wants to give away there is simply no way the middle class is going to be able to see a tax cut.

 

While Obama has promised that our taxes would go down, the Democratic leadership in Congress has called for tax increases for everyone.

 

The tax cuts initiated under President Bush will expire and every taxpayers taxes will increase.  Obama has stated that he will only allow the tax cuts for the rich to expire, but since they are all bundled together in one piece of legislation all the tax cuts will expire.

 

Obama said he wanted to create a Civilian Security Force.  I have no idea exactly what he means, nor do I understand why current law enforcement couldn’t be tasked with this, but the opportunity for abuse of seemingly uncontrolled power has me worried.

 

$50,000,000,000 (that’s 50 Billion dollars), will be given to third world countries to erase world poverty.  It isn’t clear if that is a one-time gift or an annual gift, nor is there any way to guarantee that the third world governments will actually pass the money along to their poor.

 

Universal Health Care, (AKA Socialized Medicine), will finally come to America so that we can have unresponsive medical attention just like they do in Canada, Australia, and other countries where this concept has been tried but failed.

 

Welfare payments will go up as government “spreads the wealth around” by increasing taxes on those who make over $250,000 or is it $200,000 or is it $150,000, (or will it be even lower), and giving it to those who aren’t working.

 

Obama has said that some people are living in very expensive homes, “and we’ll have to take a look at that”.  Does that mean the Government will decide what size home is appropriate for a family?  Does that mean that some individuals living in fine homes will have to move to something smaller?  Since he never explained what he meant we will just have to wait and see what he means.

 

Since Obama has voted for legislation that would legalize infanticide, it is probably realistic to think that legislation of this type would be reintroduced at some point.

 

Democratic leaders in Congress have repeatedly said that the big oil companies need to be punished.  There are a variety of options open to Congress which include:

·        increasing the corporate tax rate:

·        increasing the tax on fuel that we purchase at the pump (though that hurts us and not the oil company);

·        Nationalizing the oil companies, like Mexico, Venezuela, and others have done, which means that the profits go to the Government and not those who invested in the oil company.  This would also mean that every retirement plan and investor who has stock in an oil company would lose their investment.

 

Congress has talked about Nationalizing other industries as well, which will put more profits into the pockets of Government and less into the pockets of investors, union retirement funds, and pension plans.

 

Obama has promised small businesses would get loans to improve and develop their operations, he has not indicated where the money for these loans would come from.

 

I remind you, everything I’ve said has been either promised by Obama or stated by Congressional leadership as something that needs to occur during the next four years.  The potential consequences on business, individuals, and our free market system are horrific, and I pray that the logical conclusion of such policies doesn’t happen.

 

 

 And that’s my 2 cents.

Read Full Post | Make a Comment ( 1 so far )

Congress Is At It Again

Posted on May 4, 2008. Filed under: Economy, Government, Legislation, Politics | Tags: , , , , , |

From The Center for Individual Freedom:

The United States Senate may vote any day on the stealth imposition of what could amount to an $845 BILLION United Nations style global tax on American citizens?

It’s called the Global Poverty Act (S.2433), and it is being sponsored by none other than Senator Barack Obama.

According to some conservative sources, this disastrous legislation could eventually force U.S. taxpayers to fork over as much as 0.7 percent of the nation’s Gross Domestic Product — or $845,000,000,000.00 — on welfare to third-world countries.

Here’s what Phyllis Schlafly, conservative activist and founder of Eagle Forum, recently wrote:

“Obama’s costly, dangerous and altogether bad bill (S. 2433), which could come up in the Senate any day, is called the Global Poverty Act. It would commit U.S. taxpayers to spend 0.7 percent of our Gross Domestic Product on foreign handouts…” [Emphasis Mine]

Time is of the essence because Senator Joe Biden, the Chairman of the Senate Foreign Relations Committee just issued a report on the Global Poverty Act and it was placed on the Senate Legislative Calendar on Thursday the 24th.

That means that time is of the essence as this potentially massive surrender of your hard-earned tax dollars to the third world may be close to a vote.

That’s why we must act now… BEFORE IT IS TOO LATE!

Use the hyperlink below to send your urgent and personalized Blast Fax messages to President George W. Bush and each Member of the Republican Leadership of the United States Senate.

Let them know in no uncertain terms that you are watching and you will not tolerate massive United Nations style giveaways that are passed in the dark of night — or in broad daylight for that matter. Tell them that putting us on the road to give billions to petty tyrants and dictators is NOT a solution to poverty.

This bill can come up for a vote at any time.  Demand that our conservative legislators do whatever it takes — a filibuster if necessary — to stop this bill dead in its tracks.

http://www.cfiflistmanager.org/globalpovertyactnm.html

AOL Members Use This Hyperlink

If the above hyperlink does not appear to function you can copy and paste it into the address bar of your browser.

 

The Senate Shell Game…

Advocates of the Global Poverty Act are claiming that it does not really commit the United States to anything… that it won’t really cost anything… that it simply requires the President — in conjunction with the Secretary of State — to “develop” strategies to alleviate world poverty.

In fact, Biden’s report incredulously states, “implementing S. 2433 would cost less than $1 million per year…”

Technically he’s correct… after all, it doesn’t really cost that much to develop and formulate strategies…

But such a cleverly worded contention begs the question:  Why formulate or develop a strategy if there is no intention to follow through on that strategy?

And what would it cost to actually follow through on a strategy to alleviate world poverty?

The Global Poverty Act intentionally gives no specific figures but it does contain clues, and those clues are stated repeatedly in the legislation’s reliance on the United Nations Millennium Development Goal.

WorldNetDaily.com quotes Cliff Kincaid of Accuracy in Media as saying:

“The bill defines the term ‘Millennium Development Goals’ as the goals set out in the United Nations Millennium Declaration…”

“In addition to seeking to eradicate poverty, that declaration commits nations to banning ‘small arms and light weapons’ and ratifying a series of treaties, including the International Criminal Court Treaty, the Kyoto Protocol (global warming treaty), the Convention on Biological Diversity, the Convention on the Elimination of All Forms of Discrimination Against Women, and the Convention on the Rights of the Child.”

As for specific figures… WorldNetDaily.com reports:

“Those U.N. protocols would make U.S. law on issues ranging from the 2nd Amendment to energy usage and parental rights all subservient to United Nations whims.”

“[T]he legislation, if approved, dedicates 0.7 percent of the U.S. gross national product to foreign aid, which over 13 years… would amount to $845 billion ‘over and above what the U.S. already spends.'”

“The plan passed the House in 2007 ‘because most members didn’t realize what was in it.’ Congressional sponsors have been careful not to calculate the amount of foreign aid spending that it would require.”

And, how would the United States pay for this $845 BILLION commitment?  According to Kincaid, who published a report on the legislation; “A global tax will clearly be necessary to force American taxpayers to provide the money.”

And that $845 BILLION global tax is in addition to our nation’s current Foreign Aid programs, which, in 2006, cost American taxpayers about $300 BILLION!

Senator Obama’s Global Poverty Act has already passed the House (many Members unfortunately voted in favor of it without carefully noting exactly what was in it) and President Bush may very well sign it!

That’s why it must be stopped, and it must be stopped NOW!

Use the hyperlink below to send your urgent and personalized Blast Fax messages to President George W. Bush and each Member of the Republican Leadership of the United States Senate.

Let them know in no uncertain terms that you are watching and you will not tolerate massive United Nations style giveaways that are passed in the dark of night — or in broad daylight for that matter. Tell them that putting us on the road to give billions to petty tyrants and dictators is NOT a solution to poverty.

This bill can come up for a vote at any time.  Demand that our conservative legislators do whatever it takes — a filibuster if necessary — to stop this bill dead in its tracks.

http://www.cfiflistmanager.org/globalpovertyactnm.html

AOL Members Use This Hyperlink

If the above hyperlink does not appear to function you can copy and paste it into the address bar of your browser.

 

It Gets Worse!

Here are some of the additional provisions of the Millennium Development Goal:

a “currency transfer tax,” that is, a tax imposed on companies and individuals who must exchange dollars for foreign currency;

a “tax on the rental value of land and natural resources”

a “royalty on worldwide fossil energy projection — oil, natural gas, coal”;

“fees for the commercial use of the oceans, fees for airplane use of the skies, fees for use of the electromagnetic spectrum, fees on foreign exchange transactions, and a tax on the carbon content of fuels.”

a “standing peace force,” meaning a standing United Nations army that might, in time, be large enough to force us to bend to its will;

a “UN arms register of all small arms and light weapons,” the beginning of the end of the Second Amendment to the U.S. Constitution;

the “eradication of poverty” by the “redistribution [of] wealth and land” How do you suppose the United Nations expects to “redistribute” the land and the wealth?  And what country do you think the third-world majority will go after first?

cancellation of “the debts of developing countries,”

“a fair distribution of the earth’s resources.”

and “political control of the global economy.”

In other words, it’s a blueprint for a world government, owned and operated by the United Nations.

One thing is clear: the Millennium Development Goal is a dagger aimed at the heart of America.

While the Global Poverty Act, as presently championed by its Senate supporters, embraces certain aspects of the Millennium Development Goal, one should wonder if some of our legislators also support land and wealth “redistribution.”

We must stop this bill dead in its tracks.

We must stop this subversion NOW!  Don’t let Senator Obama’s Global Poverty Act sneak through the Senate. 

Use the hyperlink below to send your urgent and personalized Blast Fax messages to President George W. Bush and each Member of the Republican Leadership of the United States Senate.

Let them know in no uncertain terms that you are watching and you will not tolerate massive United Nations style giveaways that are passed in the dark of night — or in broad daylight for that matter. Tell them that putting us on the road to give billions to petty tyrants and dictators is NOT a solution to poverty.

This bill can come up for a vote at any time.  Demand that our conservative legislators do whatever it takes — a filibuster if necessary — to stop this bill dead in its tracks.

http://www.cfiflistmanager.org/globalpovertyactnm.html

AOL Members Use This Hyperlink

If the above hyperlink does not appear to function you can copy and paste it into the address bar of your browser.

 

Other Appropriate Entities…

Dr. Jeffrey D. Sachs — a Columbia University economist — is monitoring the Millennium Development Goal for the United Nations. 

In his 2005 report to Kofi Annan — based on the research of 265 “poverty specialists” — Sachs criticized the United States for giving only a mere $16.3  billion a year to alleviate global poverty.

He argued that we should spend at least an additional $30 billion a year.

And Sachs has decreed that the only way to force the United States to commit that much money is to IMPOSE A GLOBAL TAX.

Has Senator Obama — along with the other Senate co-sponsors — introduced the Global Policy Act at least in partial obedience to Sachs’ wishes?

Phyllis Schlafly claims:

“The Global Poverty Act would be a giant step toward the Millennium Goals of global governance and international taxes on Americans. Tell your Senators to kill this un-American bill.” 

Joe Farah, publisher of WorldNetDaily.com said of this treacherous bill:

“Now comes an even grander proposal by Barack Obama. It’s called the Global Poverty Act, that would, in the next decade, transfer at least $845 billion of U.S. taxpayer money overseas. Think of Johnson’s failed war on poverty going international — directed not by Americans but by the United Nations.”

And yes, just in case you think the massive amounts of your tax dollars that were wasted under the United Nation’s Oil for Food program were an aberration, and that such a thing could not eventually happen on a more massive scale were the Global Poverty Act to sneak through the Senate, Doug Powers, writing for WorldNetDaily.com made this observation:

“Not long ago, Nigeria’s ‘anti-corruption commission’ — runner-up in the ‘oxymoron of the year’ competition, second only to ‘U.S. Senate Intelligence’ — found that past rulers of Nigeria have stolen or misused billions of dollars.”

“The commission discovered that the amount of money ‘missing’ adds up to all the Western aid given to Africa in four decades. Obama, Hagel and Cantwell want to throw more at them. Apparently they won’t be happy until there are trillions of our tax dollars stolen by crooked leaders and warlords.”  [Emphasis Mine]

Unfortunately, the Global Poverty Act is still flying under the radar, but not for long.

There is hope. 

We know, and we can stop this vicious bill — provided we act RIGHT NOW!  

Use the hyperlink below to send your urgent and personalized Blast Fax messages to President George W. Bush and each Member of the Republican Leadership of the United States Senate.

Let them know in no uncertain terms that you are watching and you will not tolerate massive United Nations style giveaways that are passed in the dark of night — or in broad daylight for that matter. Tell them that putting us on the road to give billions to petty tyrants and dictators is NOT a solution to poverty.

This bill can come up for a vote at any time.  Demand that our conservative legislators do whatever it takes — a filibuster if necessary — to stop this bill dead in its tracks.

http://www.cfiflistmanager.org/globalpovertyactnm.html

AOL Members Use This Hyperlink

If the above hyperlink does not appear to function you can copy and paste it into the address bar of your browser.

  

Yours In Freedom,

 

 

 

 

 

 

Read Full Post | Make a Comment ( 1 so far )

  • My charming self

  • Subscribe to My Newsletters

  • Visit My Website

  • Connect With Me

    View Brock Henderson's profile on LinkedIn
  • Twitter

  • Get Increased Traffic to Your Web Site

  • August 2017
    M T W T F S S
    « Aug    
     123456
    78910111213
    14151617181920
    21222324252627
    28293031  
  • Top Posts

  • Archives

Liked it here?
Why not try sites on the blogroll...