What about the Fair Tax?
November 13, 2008
There has been a lot of talk year after year about getting rid of the IRS tax code and moving to the Fair Tax. I have read the book, and it is a great idea. It is actually what the name implies, “fair”. People are taxed by what they purchase and, as you can guess, rich people buy more than poor people. And they buy more expensive things. So why hasn’t this caught on?
Politicians are all about power and getting re-elected. As this year’s election showed, people like the idea of getting tax cuts… even when they are not paying any taxes to begin with. So why would any politician give up that leverage even when it would mean fair taxation for everyone?
Imagine how wonderful it would be if every working person was able to take home 100% of his or her paycheck every payday. How would that boost the economy? If you haven’t read the details, go to the Americans For Fair Taxation website.
Wall Street Journal Tax Blog
November 6, 2008
The Wall Street Journal has a blog full of tax tips:
With a Down Economy, The Last Thing We Need is Higher Taxes
November 6, 2008
Think about it. If businesses and individuals who run small businesses are going to have to pay higher taxes, wouldn’t that money be better spent hiring people and creating new opportunities than giving it to the government to waste?
Democrats love to make fun of the phrase “trickle down economics”, but economics is trickle down, not trickle up as Obama seems to think. With all the smart, rich guys on his side you would think they would explain it to him. After all, take the families that Obama used in his infomercial. How many people have they given jobs to? And then look at Gates and Buffett. Who has created more job opportunities? The poor or the rich? So why tax the ones who drive the economy?
It is our prediction that, if Obama implements the tax increases he is proposing, and the house and the senate go along with him, we will see this economic downturn last a LONG, LONG time. Remember Jimmy Carter? WORSE! Don’t doubt us.
Hold On To Your Wallet – You’ve Been Warned
November 6, 2008
Just Say No! The Audacity of a Dope!
November 4, 2008
Someone has got to say, “No.” People have to realize that their representatives must stop spending more money than they have or we will collapse as a nation. It’s insanity to continue to do the same things over and over and expecting different results.
When has electing anyone as president ever changed the circumstances in your life; made it better? I can say, “Never.” I made my own money and just want government to get out of my way. But the people who elected Obama are not of that mind. They actually think it will be for change. We’ll see, and I will say, “I told you so.” when it’s business as usual.
Higher taxes will certainly bring our economy to a halt. Rich people already have enough money to wait it out. But the poor and middle class are going to be screwed… the same ones who voted for Obama, and the same ones who expect tax relief. In the next few months we are going to show you what a mistake you have made and hope to change the tide of the 2010 elections. After 2 years of unfettered Democrats with both houses and the presidency, the country will be ripe for a great conservative leader. We’re going to need one to lead us out of the mess that is sure to follow.
If Democrats really want to help the middle class, why don’t you hear them taking about dropping the gas tax? What about that tax on your phone bill? Utility bill? No, they are talking about cutting taxes for people who already don’t pay taxes! That’s called welfare. And people went for it hook, line and stinker! We’re in for trouble now!
FedUpEditor
Joe the Plumber is a New Hero
November 3, 2008
Tomorrow is the election. Regardless of who wins, you can say one thing. Joe the plumber is a new hero! In one small sound byte, Joe put the Obama campaign on its heels! Whether it will be enough is yet to be seen. But in a moment of not being prepared to what question he was going to get, Obama let it slip that he was going to redistribute the wealth.
And one thing Rush Limbaugh missed; if the nation is eagerly anticipating an Obama presidency, why is the stock market so erratic with him leading in all the polls??? TAXES! Capital gains and income taxes. Once Bush tax cuts expire in 2010, everybody’s taxes go up. Stay tuned. There will be a lot of wailing and gnashing of teeth!
FedUpEditor
OUTRAGEOUS! Democrats Plan To Take 401K!
October 31, 2008
From SibbyOnline.com, October 27, 2008. FEDUPEDITOR SAYS: Democrats are taking advantage of the economic downturn to grab people’s 401K (if this passes) and put them toward Social Security. If this happens, the leverage will be to value the plans back when they were close to their highest value before the drop but then all deductibility will be gone AND value will only grow at 3% a year… hardly outpacing inflation! Read more:
House Democrats, looking for a way to have government take over more aspects of our lives, recently heard testimony on a plan promoted by Teresa Ghilarducci [clueless], a professor at the New School of Social Research in New York, “on her idea to eliminate the preferential tax treatment of the popular retirement plans.”
In place of 401(k) plans, she would have workers transfer their dough into government-created “guaranteed retirement accounts” for every worker. The government would deposit $600 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return.
The topic is also covered in an article in Workforce Management. The Democrats’ plan would target “the $80 billion in annual tax breaks that 401(k) investors receive.” In essence, the 401k would lose the benefits that make it popular including the “employer-matching” feature upon which so many average Americans rely..
Read the rest of the story here.
This is already happening in Argentina! Read what the Moring Bell said about a similar plan to what Democrats are proposing:
This week Argentina’s leftist president, Christina Kirchner, announced she would move forward with her plan to seize the nation’s private pension funds. Kirchner claims government seizure of the funds is needed to protect Argentinians from the global market crisis. But most observers believe her real motive is to use the $30 billion in seized assets to ease the massive debt obligations her leftist spendthrift government has run up. The move is unprecedented even by Argentina’s past socialist standards. Leftist icon Juan Peron called the nationalization of private pensions “theft” in a 1973 public address.
But desperate times call for desperate measures. And Kirchner has eagerly pointed to the unprecedented state interventions in the economy by the U.S. and Europe to help justify her policies. The proposed plan has already sunk Argentina’s markets and sent the Peso to new lows. But how does all this affect you? Enter liberal chairman of the House Committee on Education and Labor, Rep. George Miller [Clueless] (D-CA).
Earlier this month, Miller held a hearing on how the market crisis has hurt retirement savings plans. Miller wants to allow Americans to trade in their 401(k)s for guaranteed government bonds. Fair enough. So far he isn’t forcing anyone to do anything. But then Miller also added this : “With respect to the 401(k), it appears to be a plan that is not really well-devised for the changes in the market. We’ve invested $80 billion into subsidizing this activity. … [W]e have to start to think about in Congress of whether or not we want to continue and invest that $80 billion for a policy that is not generating what we … say it should.” In other words, Miller believes government owns the money you put into your 401(k) every month, and that it is considered government “spending” when he lets you keep that money. As a result, Miller wants to eliminate $80 billion in tax-savings “rich” Americans receive by investing in their 401(k)s.
But you’re not rich, you say. Well, unfortunately, you don’t get to decide whether or not the IRS considers you rich. Congress and the White House do. And Barack Obama and Joe Biden have been steadily lowering the bar on the definition of who is rich and who isn’t. In July, Obama claimed those who made more than $250,000 a year are rich. Then in an ad called “Defining Moment,” released earlier this month, that definition was lowered to those making more than $200,000 a year. Then in an interview last week, Biden lowered the bar even further, saying an Obama administration could only promise not to raise taxes on “people making under $150,000 a year .”
Like his leftist ally in Argentina, Obama has a laundry list of new spending priorities that are guaranteed to drive up the federal debt. Altogether, Obama is promising at least $4.3 trillion of increased spending and reduced tax revenue over the next 10 years. He’s going to need to take money from someone to make up that shortfall. As Kirchner showed, that someone is you..
TAXES! How Much Is Enough?
October 30, 2008
Joe the plumber was innocent enough when he was approached by Obama while playing catch in his front yard. Since then, his life has been anything but normal. With news agencies trying to dig up dirt on the guy, it seems they are ignoring the initial question. What are Obama’s tax policies going to do to him if he tries to buy this plumbing business from his boss?
Sounds fair enough. We all want to know what Obama’s tax policies will do to us and our economy. My accountant assures me we will be fine, but so what? If it’s wrong, it’s wrong. My gut tells me his tax plan will hurt business and stifle creating wealth in the guise of “evening the playing field.”
Has anyone noticed how the numbers keep changing too? First it was $250,000 and you were rich. Then it was under $200,000 and you would receive a “tax cut” (read welfare). Then the other day Joe Biden had it down to $150,000. Which is it? My point is this. Why do they get to decide how much I need to run my business, feed my family and take my vacations? And what business is it of theirs?
Instead of being a uniter, it appears that Mr. Obama is a divider who is promoting class envy. So much for the Messiah complex. Instead of bringing people together (other than those who already love him) he is showing people that what he is is a socialist. How else can it be defined when you take money from one group of people and decide to give it to another group?
My disagreement isn’t that he plans to give it to anyone. He just says he is. Look at all the social programs we have now. I went on the Internet and looked at the list which may be found at:
http://gwbweb.wustl.edu/Resources/Pages/socialservicesresourcesintro.aspx
If you don’t fit into one of those categories, you probably aren’t breathing. There are well over a hundred separate categories for which a person can get help. It’s insane. And we wonder why our national debt is in the trillions of dollars? People like to say we’re spending too much on the war, that’s why we’re in debt. If there is anything the constitution says we CAN spend money on it is national defense. It doesn’t say a word about art therapy!
Speaking anecdotally, we decided not to hire an intern from the school to career partnership program this year because we are not sure how long we could keep her independent contractor status, and who knows what tax implications will befall our already struggling business if we have to provide the health care that Obama has promised. How many other businesses has this happened to?
Writing Just To Be Writing
October 30, 2008
Hello again,
As the nation moves toward the election, we see the gasoline and oil prices dropping. It’s not in the news other than that gasoline prices per gallon is going down. Normally I’d be happy about this. I am, but very suspicious about all the California ballot initiatives that are geared toward alternative energy. That’s fine if it really is the right solution, but my car does not run on wind or solar, so it’s hard to see the rationale.
Proposition 1A is the proposition that we build a high speed rail system… What will it solve? End gridlock, save energy by taking cars off the road. My problem with this solution is that it is a government solution rather than a private solution. The push is it will create many construction jobs and many more permanent jobs. Do you know how to read this? Government Union jobs. History shows us this. In the Bay Area, we have BART (Bay Area Rapid Transit – another rail system), Golden Gate Bridge District, Muni (Bus system), and on and on. Problem is, who will use it? We’ll see if it passes.
Proposition 7 is promoted as an environmental bill. It will probably pass. It promotes the use of alternative fuels to petroleum products. I have these questions. Will it cost more to produce these alternatives than it does to refine petroleum? Do we get better mileage from ethanol (for example) than gasoline or do we have to burn more to get the same miles? Do these fuels burn that much cleaner that it will make a difference? Afterall, they are still using the same internal combustion engine and catalytic converters, right?
California Proposition 7, would, if approved, require California utilities to procure half of their power from renewable resources by 2025. In order to make that goal, levels of production of solar, wind and other renewable energy resources will more than quadruple from their current output of 10.9%. It will also require California utilities to increase their purchase of electricity generated from renewable resources by 2% annually to meet Renewable Portfolio Standard (RPS) requirements of 40% in 2020 and 50% in 2025. California’s current law governing the amount of fuel that utility companies must purchase from renewable resources requires an RPS of 20% by 2010.
Another question is this. These are mandates from government that may or may not have achievable results. What if it can’t be done? Then what happens?
All electric utilities (including municipally-owned utilities) will be required to provide half of their electricity from solar and clean energy facilities by 2025. Current law requires the state’s investor-owned utilities (Edison and PG&E, for example) to reach 20 percent renewable energy by 2010.
What is it with the term renewable energy? Either energy is renewable or it is not. If gasoline is not renewable, then neither is solar or wind. Once it’s used it’s converted and changes characteristics. All fuels do that. But “renewable” implies it can be reused and is better!
There are more, but you get the idea. California is lost. That’s why we are planning to leave the state in a couple of years. The state is losing jobs every day because of the restrictions being placed on them. Taxes are going up, and the politicians just keep spending without checks and balances. If you want to see modified socialism, come to California. There are probably other places, but I don’t want to speak beyond my experience.
COMING SOON! We’re Branching Out.
October 26, 2008
Thanks to the fact that elections have pushed gas prices off the front page, the price of oil has gone so low that OPEC has threatened to reduce output and that the drilling ban has expired, we have decided to expand our site.
Up until now we have focused on energy and what we can do to take action to lower prices. I feel we have failed in part. We will be around to ramp back up once the election is over. (If Bush and Cheney were controling the oil prices, wouldn’t you think they would be driving prices up right now to win the election for the Republicans???)
Nancy Pelosi has promised to reintroduce drilling ban legislation once they OWN the house and senate which will push gas prices higher… We will be here to pick up the colors and start marching again. However, we are going to start on taxes as a second issue. We intend to show you how many stealth taxes have been foisted on us through our phone bills, our garbage bills, our energy bills, our cost of gasoline per gallon, so that what used to be just income taxes and capital gains taxes, is now EVERYTHING taxes! We’re FED UP with the FEDS!
So starting soon, we will have 2 tabs, ENERGY and TAXES. Watch for the change. We welcome your input.
FedUpEditor
