Posts Tagged ‘taxes’
…but the USA is still broke because the idiots in Washington spent $3.51 trillion, resulting in a $621 billion deficit, not because 2016 receipts are slightly lower than last year’s. Nearly half the total came from individual income taxes, quite staggering when you realize that nearly half of us pay no federal income taxes at all.
And what do we have to show for it? An economy staggering towards another recession, a worn-out military, an FBI which can’t be trusted — heck, an entire government which lacks a single agency in which any sane person would place substantial trust.
I’m thinking of getting one of those T-shirts which cheerfully reads “DEPLORABLES”, the tag Queen Hillary — and indeed, all progressives secretly agree — has placed upon half of Trump supporters. I wouldn’t call myself a true supporter, but I will vote for him because I know what Hillary is and how supremely dangerous she is for my country. What will you do?
UPDATE: Terrence Jeffrey lays out beautifully the crisis created by our economically illiterate President and the supine and corrupt Congress.
…is herself! 96% of Hillary and Bill’s charitable contributions went to the Clinton Family Foundation, which is separate from the Clinton Foundation, but still controlled by the Clintons. Can we say second slush fund, boys and girls?
This time it’s a Spanish company which is going the way of Solyndra, but U.S. taxpayers are on the hook for the $2.7 billion worth of loan guarantees, courtesy of the Department of Energy Section 1705 loan guarantee program, the same program that funded Solyndra. You can thank His Oneness and his lust for green energy, along with Queen Hillary and her unwavering support of the Export-Import Bank for the latest assault on your wallets. This debacle will make Solyndra look like small change…
…also vindicates the reforms which Gov. Scott Walker instituted there, which have saved taxpayers over $5.2 billion in five years, allowing for individual and business tax cuts and a property tax freeze. The lost significant savings of $3.36 billion came from having government employees pitch in for their pension and health benefits, and another $404.8 million by opening up employees’ health insurance to competitive bidding. The overall savings are the equivalent of an extra $2,291 in the pockets of every household in Wisconsin, including those who supported the recall elections against Gov. Walker.
This handy calculator shows you how each presidential candidate’s tax plan will affect you, courtesy of the Tax Policy Center.
TPC greatly simplified the process to consider only the biggest factors (income, marital status, children), and looked at the four taxes with the largest impact (individual and corporate income taxes, payroll taxes, excise taxes), but the idea is sound.
The Puerto Rico unit of Walmart has filed suit against the commonwealth’s government, seeking to overturn the new tax increase to 6.5% from 2% on goods imported from offshore affiliates to local companies with gross revenues of more than $2.75 billion. The complaint claims that the additional levy raised the estimated cumulative income tax “to an astonishing and unsustainable 91.5% of its net income.”
Under current law, Puerto Rico can not declare bankruptcy, even though it is technically bankrupt. Congress seems unable to enact the necessary legislation, so it falls to the Supreme Court to slice through the Gordian knot and enable a bankruptcy with debt restructuring.
Most Americans are not stupid, though election results sometimes make me wonder about that. That is why so many of them are leaving high-tax states for those areas where government doesn’t think it is entitled to quite so much of the money they earn.
To put it on a more personal level, read Lee Habeeb’s story of his father’s experience in New Jersey. His Oneness and his fellow progressives have spent years trying to figure out how to “standardize” taxes among the states so that people can’t improve their lives by moving.