Even a 100% Tax on Income Over $250K Wouldn't Touch the Deficit

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This year, Congress will spend $3.7 trillion dollars. That turns out to be about $10 billion per day. Can we prey upon the rich to cough up the money?

According to IRS statistics, roughly 2 percent of U.S. households have an income of $250,000 and above. By the way, $250,000 per year hardly qualifies one as being rich. It's not even yacht and Learjet money. All told, households earning $250,000 and above account for 25 percent, or $1.97 trillion, of the nearly $8 trillion of total household income.

If Congress imposed a 100 percent tax, taking all earnings above $250,000 per year, it would yield the princely sum of $1.4 trillion. That would keep the government running for 141 days, but there's a problem because there are 224 more days left in the year.

How about corporate profits to fill the gap? Fortune 500 companies earn nearly $400 billion in profits. Since leftists think profits are little less than theft and greed, Congress might confiscate these ill-gotten gains so that they can be returned to their rightful owners. Taking corporate profits would keep the government running for another 40 days, but that along with confiscating all income above $250,000 would only get us to the end of June. Congress must search elsewhere.

According to Forbes 400, America has 400 billionaires with a combined net worth of $1.3 trillion. Congress could confiscate their stocks and bonds, and force them to sell their businesses, yachts, airplanes, mansions and jewelry. The problem is that after fleecing the rich of their income and net worth, and the Fortune 500 corporations of their profits, it would only get us to mid-August. The fact of the matter is there are not enough rich people to come anywhere close to satisfying Congress' voracious spending appetite. They're going to have to go after the non-rich.

http://cnsnews.com/commentary/article/eat-rich

http://www.youtube.com/watch?v=661pi6K-8WQ

PRAVDA: Obama 'Re-Elected by Illiterate Society'...

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“Obama is a Communist without question promoting the Communist Manifestowithout calling it so. How shrewd he is in America. His cult of personalitymesmerizes those who cannot go beyond their ignorance. They will continue tofollow him like those fools who still praise Lenin and Stalin inRussia. 

Obama had NO strategy for economic success but nevertheless wasre-elected by an illiterate society and he is ready to continue his lies ofless taxes while he raises them. He gives speeches of peace and love in theworld while he promotes wars as he did in Egypt, Libya and Syria. He plans hisnext war with Iran as he fires or demotes his generals who get in the way.

Bye,bye Miss American Pie. The Communists have won inAmerica with Obama. America continues to repeat the Soviet mistake. Any normalindividual understands that liberalism is a psychosis.”

By Xavier Lerma - 11/19/2012

Putin in 2009 outlined his strategy for economic success. Alas, poor Obama did the opposite but nevertheless was re-elected. Bye, bye Miss American Pie. The Communists have won in America with Obama but failed miserably in Russia with Zyuganov who only received 17% of the vote. Vladimir Putin was re-elected as President keeping the NWO order out of Russia while America continues to repeat the Soviet mistake.
After Obama was elected in his first term as president the then Prime Minister of Russia, Vladimir Putin gave a speech at the World Economic Forum in Davos, Switzerland in January of 2009. Ignored by the West as usual, Putin gave insightful and helpful advice to help the world economy and saying the world should avoid the Soviet mistake.
Recently, Obama has been re-elected for a 2nd term by an illiterate society and he is ready to continue his lies of less taxes while he raises them. He gives speeches of peace and love in the world while he promotes wars as he did in Egypt, Libya and Syria. He plans his next war is with Iran as he fires or demotes his generals who get in the way.
Putin said regarding the military,
"...instead of solving the problem, militarization pushes it to a deeper level. It draws away from the economy immense financial and material resources, which could have been used much more efficiently elsewhere."
Well, any normal individual understands that as true but liberalism is a psychosis . O'bomber even keeps the war going along the Mexican border with projects like "fast and furious" and there is still no sign of ending it.  He is a Communist without question promoting the Communist Manifesto without calling it so. How shrewd he is in America. His cult of personality mesmerizes those who cannot go beyond their ignorance. They will continue to follow him like those fools who still praise Lenin and Stalin in Russia.  Obama's fools and Stalin's fools share the same drink of illusion.
Reading Putin's speech without knowing the author, one would think it was written by Reagan or another conservative in America. The speech promotes smaller government and less taxes. It comes as no surprise to those who know Putin as a conservative. Vladimir Putin went on to say:
"...we are reducing taxes on production, investing money in the economy. We are optimizing state expenses.
The second possible mistake would be excessive interference into the economic life of the country and the absolute faith into the all-mightiness of the state.
There are no grounds to suggest that by putting the responsibility over to the state, one can achieve better results.
Unreasonable expansion of the budget deficit, accumulation of the national debt - are as destructive as an adventurous stock market game.
During the time of the Soviet Union the role of the state in economy was made absolute, which eventually lead to the total non-competitiveness of the economy. That lesson cost us very dearly. I am sure no one would want history to repeat itself."
President Vladimir Putin could never have imagined anyone so ignorant or so willing to destroy their people like Obama much less seeing millions vote for someone like Obama. They read history in America don't they? Alas, the schools in the U.S. were conquered by the Communists long ago and history was revised thus paving the way for their Communist presidents. Obama has bailed out those businesses that voted for him and increased the debt to over 16 trillion with an ever increasing unemployment rate especially among blacks and other minorities. All the while promoting his agenda.
"We must seek support in the moral values that have ensured the progress of our civilization. Honesty and hard work, responsibility and faith in our strength are bound to bring us success."- Vladimir Putin
The red, white and blue still flies happily but only in Russia. Russia still has St George defeating the Dragon with the symbol of the cross on its' flag. The ACLU and other atheist groups in America would never allow the US flag with such religious symbols. Lawsuits a plenty against religious freedom and expression in the land of the free. Christianity in the U.S. is under attack as it was during the early period of the Soviet Union when religious symbols were against the law.   
Let's give American voters the benefit of the doubt and say it was all voter fraud and not ignorance or stupidity in electing a man who does not even know what to do and refuses help from Russia when there was an oil spill in the Gulf of Mexico. Instead we'll say it's true that the Communists usage of electronic voting was just a plan to manipulate the vote. Soros and his ownership of the company that counts the US votes in Spain helped put their puppet in power in the White House. According to the Huffington Post, residents in all 50 states have filed petitions to secede from the Unites States. We'll say that these Americans are hostages to the Communists in power. How long will their government reign tyranny upon them?
Russia lost its' civil war with the Reds and millions suffered torture and death for almost 75 years under the tyranny of the United Soviet Socialist Republic. Russians survived with a new and stronger faith in God and ever growing Christian Church. The question is how long will the once "Land of the Free" remain the United Socialist States of America?  Their suffering has only begun. Bye bye Miss American Pie!  You know the song you hippies. Sing it! Don't you remember? The 1971 hit song by American song writer Don McLean:
"And, as I watched him on the stage my hands were clenched in fists of rage.
No angel born in Hell could break that Satan's spell
And, as the flames climbed high into the night to light the sacrificial rite, I saw...
Satan laughing with delight the day the music died
He was singing, bye bye Miss American Pie
Drove my Chevy to the levee, but the levee was dry
Them good ol' boys were drinking whiskey and rye, singing...
This'll be the day that I die
This'll be the day that I die
So, the question remains:
How long will America suffer and to what depths?
http://english.pravda.ru/opinion/columnists/19-11-2012/122849-obama_soviet_mistake-0/# 

Reaganomics Vs. Obamanomics: Facts And Figures

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Peter Ferrara

In February 2009 I wrote an article for The Wall Street Journal entitled “Reaganomics v Obamanomics,” which argued that the emerging outlines of President Obama’s economic policies were following in close detail exactly the opposite of President Reagan’s economic policies.  As a result, I predicted that Obamanomics would have the opposite results of Reaganomics.  That prediction seems to be on track.

When President Reagan entered office in 1981, he faced actually much worse economic problems than President Obama faced in 2009.  Three worsening recessions starting in 1969 were about to culminate in the worst of all in 1981-1982, with unemployment soaring into double digits at a peak of 10.8%.  At the same time America suffered roaring double-digit inflation, with the CPI registering at 11.3% in 1979 and 13.5% in 1980 (25% in two years).  The Washington establishment at the time argued that this inflation was now endemic to the American economy, and could not be stopped, at least not without a calamitous economic collapse.

All of the above was accompanied by double -igit interest rates, with the prime rate peaking at 21.5% in 1980.  The poverty rate started increasing in 1978, eventually climbing by an astounding 33%, from 11.4% to 15.2%.  A fall in real median family income that began in 1978 snowballed to a decline of almost 10% by 1982.  In addition, from 1968 to 1982, the Dow Jones industrial average lost 70% of its real value, reflecting an overall collapse of stocks.

President Reagan campaigned on an explicitly articulated, four-point economic program to reverse this slow motion collapse of the American economy:

1.  Cut tax rates to restore incentives for economic growth, which was implemented first with a reduction in the top income tax rate of 70% down to 50%, and then a 25% across-the-board reduction in income tax rates for everyone.  The 1986 tax reform then reduced tax rates further, leaving just two rates, 28% and 15%.

2.  Spending reductions, including a $31 billion cut in spending in 1981, close to 5% of the federal budget then, or the equivalent of about $175 billion in spending cuts for the year today.  In constant dollars, nondefense discretionary spending declined by 14.4% from 1981 to 1982, and by 16.8% from 1981 to 1983.  Moreover, in constant dollars, this nondefense discretionary spending never returned to its 1981 level for the rest of Reagan’s two terms!  Even with the Reagan defense buildup, which won the Cold War without firing a shot, total federal spending declined from a high of 23.5% of GDP in 1983 to 21.3% in 1988 and 21.2% in 1989.  That’s a real reduction in the size of government relative to the economy of 10%.

3.  Anti-inflation monetary policy restraining money supply growth compared to demand, to maintain a stronger, more stable dollar value.

4.  Deregulation, which saved consumers an estimated $100 billion per year in lower prices.  Reagan’s first executive order, in fact, eliminated price controls on oil and natural gas.  Production soared, and aided by a strong dollar the price of oil declined by more than 50%.

These economic policies amounted to the most successful economic experiment in world history.  The Reagan recovery started in official records in November 1982, and lasted 92 months without a recession until July 1990, when the tax increases of the 1990 budget deal killed it.  This set a new record for the longest peacetime expansion ever, the previous high in peacetime being 58 months.

During this seven-year recovery, the economy grew by almost one-third, the equivalent of adding the entire economy of West Germany, the third-largest in the world at the time, to the U.S. economy.  In 1984 alone real economic growth boomed by 6.8%, the highest in 50 years.  Nearly 20 million new jobs were created during the recovery, increasing U.S. civilian employment by almost 20%.  Unemployment fell to 5.3% by 1989.

The shocking rise in inflation during the Nixon and Carter years was reversed.  Astoundingly, inflation from 1980 was reduced by more than half by 1982, to 6.2%.  It was cut in half again for 1983, to 3.2%, never to be heard from again until recently.  The contractionary, tight-money policies needed to kill this inflation inexorably created the steep recession of 1981 to 1982, which is why Reagan did not suffer politically catastrophic blame for that recession.

Real per-capita disposable income increased by 18% from 1982 to 1989, meaning the American standard of living increased by almost 20% in just seven years.  The poverty rate declined every year from 1984 to 1989, dropping by one-sixth from its peak.  The stock market more than tripled in value from 1980 to 1990, a larger increase than in any previous decade.

In The End of Prosperity, supply side guru Art Laffer and Wall Street Journal chief financial writer Steve Moore point out that this Reagan recovery grew into a 25-year boom, with just slight interruptions by shallow, short recessions in 1990 and 2001.  They wrote:

We call this period, 1982-2007, the twenty-five year boom–the greatest period of wealth creation in the history of the planet.  In 1980, the net worth–assets minus liabilities–of all U.S. households and business … was $25 trillion in today’s dollars.  By 2007, … net worth was just shy of $57 trillion.  Adjusting for inflation, more wealth was created in America in the twenty-five year boom than in the previous two hundred years.

What is so striking about Obamanomics is how it so doggedly pursues the opposite of every one of these planks of Reaganomics.  Instead of reducing tax rates, President Obama is committed to raising the top tax rates of virtually every major federal tax.  As already enacted into current law, in 2013 the top two income tax rates will rise by nearly 20%, counting as well Obama’s proposed deduction phase-outs.

The capital gains tax rate will soar by nearly 60%, counting the new Obamacare taxes going into effect that year.  The total tax rate on corporate dividends would increase by nearly three times.  The Medicare payroll tax would increase by 62% for the nation’s job creators and investors.  The death tax rate would go back up to 55%.  In his 2012 budget and his recent national budget speech, President Obama proposes still more tax increases.

Instead of coming into office with spending cuts, President Obama’s first act was a nearly $1 trillion stimulus bill.  In his first two years in office he has already increased federal spending by 28%, and his 2012 budget proposes to increase federal spending by another 57% by 2021.

His monetary policy is just the opposite as well.  Instead of restraining the money supply to match money demand for a stable dollar, slaying an historic inflation, we have QE1 and QE2 and a steadily collapsing dollar, arguably creating a historic reflation.

And instead of deregulation we have across-the-board re-regulation, from health care to finance to energy, and elsewhere.  While Reagan used to say that his energy policy was to “unleash the private sector,” Obama’s energy policy can be described as precisely to leash the private sector in service to Obama’s central planning “green energy” dictates.

As a result, while the Reagan recovery averaged 7.1% economic growth over the first seven quarters, the Obama recovery has produced less than half that at 2.8%, with the last quarter at a dismal 1.8%.  After seven quarters of the Reagan recovery, unemployment had fallen 3.3 percentage points from its peak to 7.5%, with only 18% unemployed long-term for 27 weeks or more.  After seven quarters of the Obama recovery, unemployment has fallen only 1.3 percentage points from its peak, with a postwar record 45% long-term unemployed.

Previously the average recession since World War II lasted 10 months, with the longest at 16 months.  Yet today, 40 months after the last recession started, unemployment is still 8.8%, with America suffering the longest period of unemployment that high since the Great Depression.  Based on the historic precedents America should be enjoying the second year of a roaring economic recovery by now, especially since, historically, the worse the downturn, the stronger the recovery.  Yet while in the Reagan recovery the economy soared past the previous GDP peak after six months, in the Obama recovery that didn’t happen for three years.  Last year the Census Bureau reported that the total number of Americans in poverty was the highest in the 51 years that Census has been recording the data.

Moreover, the Reagan recovery was achieved while taming a historic inflation, for a period that continued for more than 25 years.  By contrast, the less-than-half-hearted Obama recovery seems to be recreating inflation, with the latest Producer Price Index data showing double-digit inflation again, and the latest CPI growing already half as much.

These are the reasons why economist John Lott has rightly said, “For the last couple of years, President Obama keeps claiming that the recession was the worst economy since the Great Depression.  But this is not correct.  This is the worst “recovery” since the Great Depression.”

However, the Reagan Recovery took off once the tax rate cuts were fully phased in.  Similarly, the full results of Obamanomics won’t be in until his historic, comprehensive tax rate increases of 2013 become effective.  While the Reagan Recovery kicked off a historic 25-year economic boom, will the opposite policies of Obamanomics, once fully phased in, kick off 25 years of economic stagnation, unless reversed?

Peter Ferrara is director of policy for the Carleson Center for Public Policy and senior fellow for entitlement and budget policy at the Heartland Institute.  He served in the White House Office of Policy Development under President Reagan, and as associate deputy attorney general of the United States under President George H. W. Bush.  He is the author of America’s Ticking Bankruptcy Bomb, forthcoming from HarperCollins.

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http://www.forbes.com/sites/peterferrara/2011/05/05/reaganomics-vs-obamanomics-facts-and-figures/

Two-Thirds of Millionaires Left Britain to Avoid 50% Tax Rate

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Almost two-thirds of the country’s million-pound earners disappeared from Britain after the introduction of the 50p top rate of tax, figures have disclosed. 

By Robert Winnett - 11/27/2012
In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs.
This number fell to just 6,000 after Gordon Brown introduced the new 50p top rate of income tax shortly before the last general election.
The figures have been seized upon by the Conservatives to claim that increasing the highest rate of tax actually led to a loss in revenues for the Government.
It is believed that rich Britons moved abroad or took steps to avoid paying the new levy by reducing their taxable incomes.
George Osborne, the Chancellor, announced in the Budget earlier this year that the 50p top rate will be reduced to 45p from next April.

Since the announcement, the number of people declaring annual incomes of more than £1 million has risen to 10,000.

However, the number of million-pound earners is still far below the level recorded even at the height of the recession and financial crisis.

Last night, Harriet Baldwin, the Conservative MP who uncovered the latest figures, said: “Labour’s ideological tax hike led to a tax cull of millionaires.

Far from raising funds, it actually cost the UK £7 billion in lost tax revenue.

“Labour now needs to admit that their policies resulted in millionaires paying less tax and come clean about whether they would reintroduce this failed policy if they were in power.”

Mr Osborne argued earlier this year that the 50p rate was deterring entrepreneurs from coming to Britain.

The Chancellor wanted to scrap the top rate altogether for those earning more than £150,000 a year – and return to the previous system of a basic and top rate of tax.

This was blocked by the Liberal Democrats without a new mansion tax being introduced.

Labour will hold a parliamentary debate today to criticise the decision to reduce the top rate, which Ed Miliband, the Labour leader, has described as a “tax cut for millionaires”.

Senior Coalition figures are locked in negotiations over next Wednesday’s Autumn Statement which will set out government tax policies for next year.

The Tories wish to freeze out-of-work benefits. The handouts usually rise in line with inflation, which has meant that the unemployed are likely to receive a higher rise than most workers can expect.

It is understood that the Lib Dems will only allow the benefits freeze if taxes on the rich are increased.

The Lib Dems have long cherished an increase in taxes for multi-million pound properties. David Cameron has ruled out changes to council tax.

http://www.telegraph.co.uk/news/politics/9707029/Two-thirds-of-millionaires-left-Britain-to-avoid-50p-tax-rate.html

Private Charity 150% More Efficient Than Government Welfare

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People love to claim that if you don’t support their brand of socialism, then you hate poor people, are racist, are sexist, and are the general embodiment of everything wrong with society. The truth, of course, is the exact opposite. The best thing possible for the poor is for us to shift money from welfare to charity, because the poor get far more through private charity.

When you account for all of the political corruption, the government waste, the over-sized government salaries, the redundancy, the paperwork, the special interests, and other factors, only 30% of government “welfare” spending goes to the needy. Private charity is the opposite, with over 70% going to the needy. So much for “hating the poor”.

That means private charity is 150% more efficient than the welfare state. If you account for all of the government spending that is pure waste with nothing to do with the poor, you begin to see exactly why we hate the massive federal government. The government is making people poorer, not helping them to the middle class.

I honestly have no doubt that many people will claim that we secretly hate the poor, even if the facts prove the opposite. But the facts stand on their own. As Christmas is nearing, the left will likely be screaming louder and louder in favor of more government so that the feds will become a million-man Santa army.

But this wouldn’t be the best for those who need it. The best thing for them are people like you and I taking personal interest, donating our money and time, and making sure the right people get the money. That means responsibility — not forcing someone else to “take care” of the problem.

I think, deep down, most people know this. That’s why people give to private charity during the holiday season, and don’t give extra money to the IRS. We know what’s necessary to help those who need it — we just have to have the guts to stand up for them — and private charity — when it counts. And that means fighting the welfare state.

If you want to learn more about how broken our welfare state is, just read 3 insane facts about welfare in America. It’ll give you heartburn.


http://www.capitalisminstitute.org/private-charity-infographic/ 

http://mises.org/journals/jls/21_2/21_2_1.pdf 

Government Eyeing Private Retirement Plans

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by Bryan Baumgart - 11/29/2012

The Plot

As explained in a recent NY Times editorial, Teresa Ghilarducci, a professor of economics at the NewSchool originally testified before the House Committee on Education & Laborin 2008.  Her plan explained below has begun picking up traction amonglawmakers. Under Ghilarducci's plan, tax free contributions to private retirement accountswould be eliminated and money currently located in private 401(k)s would beseized by federal edict and used to establish government run pensions sherefers to as Guarantee Retirement Accounts (GRA's). The funds would be placedwith the terribly mismanaged Social Security Administration. You would then berequired to surrender 5% of your pay into the GRA's until you retire. If youdie before collecting the money, it goes to Washington rather than your heirs,even if you worked hard and did a fantastic job of saving and investing yourhard earned money. Failure to comply would be punishable by fines and jailtime. Ghilarducci's congressional testimony can be seen here.

The Problem

Many Americans have chosen or have not been able to contribute enough money toprivate retirement accounts. Couple that with unfunded public pensions, afailing social security fund, and devastating effects of the economic downturnon 401(k)s, and we are left with  a largenumber of Americans nearing retirement without any way to fund it.


Class Warfare

Liberals have derided the fact that only half of Americans own and actively manage their 401(k)s. Of that 50%, veryfew are able to contribute the maximum 17% allowing them to take full advantageof the tax breaks. They claim private retirement accounts favor the wealthy anddemand seizure of 401(k)s in the name of economic justice!


Why Now?

The government has found itself underwater and the leg cramps are beginning toset in. Realizing Washington is missing out on an estimated $50 - $70 billion dollars worth of tax revenue each year; officials have introducedplans to end those tax credits, initially offered to encourage savings byindividuals. (*Note: Many liberals will claim a higher estimate, intentionallyassuming that all 401(k) money is invested in bonds when in reality, two thirdsof 401(k) assets are invested in equities where gains are taxed only whenrealized and both dividends and gains are taxed at a preferential rate of atmost 15 percent.)

Realizing that $50 - $70 billion dollars is onlya drop in the bucket of our $1 trillion dollar + annual deficit, officials areconsidering extending their plot to include seizing private 401(k)s to purchasegovernment bonds in order to cushion the government's spending problem.


The Cold Hard Truth

"The government is making a play to suck the last bit of capital from capitalism." - Rush Limbaugh

There is no arguing that Americafaces a looming crisis as the 401(k) generation nears a significantlyunderfunded retirement. The question is what should be done about it? Does a government that promised tax free contributions have a right to renegeon that promise?  Does a government that encouraged private savings have aright to turn around and seize the fruits of one's labor to help alleviate theproblem they created?  Does anyone reallybelieve that the government would do a better job looking out for yourretirement than you would?  Thegovernment has already spent and bankrupted our saving in the social securitytrust fund?
Should reform start by addressingWHY American's have not been willing or able to contribute to their 401(k)s?

There is no question that reform is necessary! The question is...how shouldthat reform look?

Two Ways to Increase Revenue

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by Bryan Baumgart

December 3, 2012

I’ve always hated the phrase, “increasing revenue”. From a business perspective, increasing revenue is a good thing. From a governmental perspective, “increasing revenue” usually means “increasing taxe rates”, which to the American taxpayers is NEVER a good thing. I will always call it what it is…”increased taxes”.

There is another way to “increase revenue”; however, without increasing tax rates. It involves creating wealth in the private sector which increases the pool of taxpayers. THIS is the type of increased revenue we should be pursuing.

Spending cuts (and tax rate increases) won’t begin to solve the problem. Spending cuts only involve cuts in the amount of increase in spending planned, not actual spending cuts. And asking more from the wealthy is only a drop in the bucket, it get’s us nowhere.

As Warren Buffett admitted, the plan to ask more from the wealthy is nothing more than a morale boost to the poor (aka: a big screw you to the wealthy). This meaningless class warfare gets us nowhere. If we don’t pursue policies of increasing revenue through wealth creation (including slashing corporate and income tax rates) and deregulation…we will never get out from behind the eight-ball.

If the only bill that will be on the table in these "fiscal cliff" talks, is a bill that involves “increased revenue” through increased taxes rates, then I don’t think the Republicans should have any part of it. We currently have guaranteed cuts in spending (through sequestration) coming already. Let the democrats own the tax rate increases just as they own obamacare (which is equating to large middle-class tax increases, premium increases, job loss, price inflation, along with the diminishing of the quality of healthcare in this country).

If Republicans cave and become complicit in these tax increases, the dems will surely (and I hope they do) use those votes against the Republicans when they run for re-election. I will too!!!

We got ourselves into a huge mess here, and just as I would be forced to make some painful sacrifices to get out from under huge credit card debt I wa responsible for running up…Americans will have to make some painful sacrifices to get out of this debt we ran up. We lived beyond our means and now it is time to pay the price. Everyone is pointing to everyone else to make those sacrifices.

“Ask more from the wealthy”

“I don’t want to lose my entitlements”

Bottom line…we are all in this together (both Republicans and Democrats ran up the debt this past decade) and it will take sacrifice from ALL of us to get out!!! EVERYTHING has to be on the table. Defense, entitlements, and even Obamacare (a massive espense). And we need to increase revenue by seeking wealth creation in our private sector.