Tax & Spend Liberals
[Obamacare Becomes Obamatax by Dick Morris] "...In
this video commentary, I discuss how Obama broke his fundamental
campaign pledge not to raise taxes on anyone making under $200K. This is
a key November issue...."
Vid:
Obamacare Becomes Obamatax
Response to comment [from other]: "Bush...[P]rescription drug program..."
That was wrong, too. I hope you weren't counting
on me to defend RePublicans.
Response to comment [from a Christian]: "Clinton enjoyed the windfall of Reagan's policies."
Liberals can't help themselves.
All they know is tax, spend and regulate.
[Obama V. Clinton On Taxes by Dick Morris]
"President Obama is trying to re-write history when he says that his tax
program is the same as Bill Clinton supported "when 23 million jobs were
created."
It's not that way at all. Clinton's 1993 increase of personal income
taxes on the top bracket to 39.6% had a very negative effect on the
economy. It was only after Clinton's 1997 cut the capital gains tax -
the opposite of what Obama proposes - that job growth really piled up.
When Clinton took office he did all the wrong things. He raised taxes
sharply, hiking the top bracket from 35% to 39.6% and raised taxes on
gasoline. The result was that the economy, which had been recovering,
staggered. GDP growth dropped to 0.7% in Clinton's first quarter (down
from 4.3% in Bush's last quarter) and stayed around 2% for the rest of
1993. Personal income rose 6.3% in 1992 under Bush but slowed to 4.1%
under Clinton in 1993.
The tax increases Clinton passed failed to generate the revenue he had
expected. The tax paradox set in. Martin Feldstein, former Chairman of
the Council of Economic Advisors, summed it up in his Wall Street
Journal article, "What the '93 Tax Increase Really Did," published on
October 26, 1995. He said taxpayers reduced their incomes when they saw
the tax hikes coming. Feldstein writes that "the Treasury lost
two-thirds of the extra revenue that would have been collected if
taxpayers had not changed their behavior." Because of Clinton's tax
hikes, real personal income fell by $25 billion. High income taxpayers,
facing the prospect of a tax increase reported 8.5% less taxable income
in 1993 than they would have if their tax rates had not changed. The tax
paradox!
Then Clinton got wiped out in the Congressional elections of 1994,
losing control of the Senate and the House - the first time the
Republicans had run the House in forty years!
Clinton suddenly saw the error of his ways and began to hold down
spending and push for a tax cut. In 1997, he and the Republican Congress
combined to cut capital gains taxes from 28% (the rate to which Bush had
increased it) to 20%. The result was electrifying! Real wage growth was
6.5% in the four years after the tax cut compared to minuscule wage
growth of 0.8% over the four years after Clinton's tax increase!
And the tax paradox was again evident: lower rates produced higher
revenues! In 1996, the year before the capital gains cut, the tax
collected revenues of only $66 billion. In the four years after the cut,
they averaged $100 billion a year. But, what was more important was the
surge in economic activity that the capital gains tax cut generated. In
1996, before the tax cut, there were $261 billion in capital gains in
America. In the three years after the cut, capital gains rose to an
average of $440 billion. The increased tax collections and the greater
economic activity were such that they pushed the budget into a surplus
for the first time since the 1950s.
These facts may be "inconvenient truths" for Obama to face but they are
the facts!"
[Millions noticing paychecks lighter today, due to
payroll tax hike by Joshua Rhett Miller] "Gabriella Hoffman’s paycheck
is a little lighter today, thanks to a payroll tax increase that is
forcing millions of Americans to make the kind of tough budget cuts
their representatives in Washington lawmakers seem unwilling to tackle.
Hoffman, a 21-year-old Virginian who works at a nonprofit, estimates her
paycheck will be roughly $30 less this biweekly pay period, or about
$780 annually, thanks to the end of a two-year cut on payroll taxes,
which fund Social Security. The tax has risen back up to 6.2 percent
from 4.2 percent, costing someone making $50,000 annually about $1,000
per year and a household with two high-paid workers up to $4,500..."
Full text:
Millions noticing paychecks lighter today, due to payroll tax hike
Am 8:5, Eccl 10:2, Jn 10:10
[Why Americans will soon pay more to drive every
mile by Justin Hyde Motoramic] "The financial lookouts who toil in
America's transportation departments have been waving red flags for
years that there wasn't enough money to keep the nation's 4 million
miles of roads and bridges drivable. Now the federal government's top
accountant has told Congress it should experiment with taxing drivers by
the mile to make up billions of dollars in shortfalls. The debate isn't
whether you'll pay more to drive in the future, but how you'll pay — and
how much..." Full text:
Why Americans will soon pay more to drive every mile
Ex 20:15, Eccl 10:2, Jn 10:10
