How Obama blamed backward and forward

Although President Obama complained for 6-7 years about President Bush and the economy he inherited, you didn't hear him mention the recession Bush inherited. Not the falling economy after 9-11, but the 2000 recession. The reason he didn't use Bush's method to restore stability was Bush had used a TAX CUT, not stealing from Peter the employed to pay Paul the unemployed.  Bush’s method didn't give Washington more power over our lives. Democrats hate, hate, hate for you to keep more of your money to make your own decisions.

Specifically, EGTRRA of 2001:

*Increased the tax-deductible contributions people could make to their IRA accounts.
*Doubled the child tax credit from $500 to $1,000.
*Expanded the Earned Income Tax Credit.
*Provided greater tax deductions for education expenses and savings.
*Reduced the gift tax.
*Provided relief from the Alternative Minimum Tax.
*Phased-out the estate and generation-skipping transfer taxes so that they were eliminated in 2010.
*Reduced the “marriage penalty” by doubling the standard deduction for married couples. It also doubled the income threshold for married couples for the 15 percent tax bracket. *Those measures made the tax rates equivalent to what the couples would have had if they were single.
*Eliminated the planned phase-out of personal exemptions for those earning over $150,000, and the phase-down of itemized deductions for those earning over $100,000.

And the burst housing bubble of 2007-2008? You can thank the Community Reinvestment Act of 1977. Our wise politicians actually believed that if you put a low income worker deeper in debt for a housing mortgage, you could lift the family out of poverty with just the appearance of affluence. They new better than local bankers. What? Require 20% down like our first home loan in 1962? You must be a bigot. And they invited speculators in. Sort of like the current education debt, which no one wants to examine, not even Trump.

Note: if you give him money for a few more days he’ll just ask for more

Obama is leading from behind again, because it's been so successful. He wants his people to pressure Congress to raise taxes so we can go further in debt and run the government for another week.

Obama is to travel to Hatfield, Pa., Friday to visit toymaker K'nex Brands, "a business that depends on middle-class consumers during the holiday season, and could be impacted if taxes go up on 98 percent of Americans at the end of the year," the White House said.

The tax increase refers to George W. Bush-era tax cuts set to expire Jan. 1. Obama wants to preserve the Bush-era tax rates for incomes up to $250,000 but increase the marginal rate on taxable income above that threshold.

Obama was to play host Wednesday to middle-class Americans the White House said would be affected by the tax increases if Congress does not act to avoid the fiscal cliff's more than $500 billion in annual automatic tax hikes and spending cuts set to kick in after New Year's Day.

Obama also was to meet with 14 chief executives from big businesses, the White House said.

The president's campaign-like push comes as top Democratic and Republican leaders were at a standoff on the issue.

http://www.hispanicbusiness.com/2012/11/28/obama_begins_campaignlike_fiscal_cliff_effort.htm

Another Obama Lie Exposed: 85% of Bush Tax Cuts Went to Middle Class, Not the Rich

Well, maybe "a lie" is a bit harsh. He thinks the middle class is wealthy and they should give more money to the government to run his new and extended programs, or to help the economy emplode. It's not a lie if you think like a liar! Since half the people don't pay federal taxes, don't the rest by definition have to be "the rich?"



From CNN, Dec. 10. 2010

Bush tax cuts: $544.3 billion. The package would extend the Bush tax cuts for everyone for two years.

The bulk of that cost -- $463 billion -- is for the extension of cuts for families making less than $250,000, including two years of relief for 2010 and 2011 for the middle class from the Alternative Minimum Tax.

The rest -- $81.5 billion -- is attributable to the extension of cuts that apply to the highest income families.

The cost of extending all the tax cuts over 10 years would have been $3.7 trillion.

Another Obama Lie Exposed: 85% of Bush Tax Cuts Went to Middle Class, Not the Rich (Video) | The Gateway Pundit

The Friday real estate ads

The top 1 percent (AGI over $380,354) of Americans paid 38% of the income taxes in 2008. They were hit harder by the recession, so that's a little less than they paid in 2007 (40.4%), because if you don't earn, you don't pay as much in taxes, (as the bottom 50% know) and that hurts the rest of us, which is what the current battle in Congress is about (the so-called Bush tax-cuts for the wealthy). But even with high earnings, you don't buy the sort of houses you see for sale in the Friday Wall Street Journal--that takes wealth which comes from investments and taking risks or having the right grandparents, not income, two very different things.

Saddle River, NJ--6+ acres. Has a soccer field, bocce ball court and stable. $4.7 million.

Stowe, VT--18,00 sq ft, 15 acres. Marble exterior. Indoor pool with waterfall. $16 million.

Wainscott, NY--Georgica Pond home, 2.5 acres, water frontage. $28 million.

Arroyo Grande, CA--homesite near San Luis Obispo and Pismo Beach, from $305,000.

Tax Foundation Projects 2011 Tax Parameters Using New Inflation Numbers

With Obama and Congress dithering over the Bush tax cuts and probably leaving it all in limbo for the lame duck Congress when those already voted out will have a chance the push something through, I can't imagine anything worse than being a professional tax preparer, or someone who will need their services (and that's just about everyone). The Tax Foundation has prepared three scenarios (as of Sept. 17).

From news release: "Tax Foundation Fiscal Fact, No. 245, "Tax Foundation Projects 2011 Tax Parameters Following Release of New Inflation Data," outlines inflation-adjusted 2011 federal income tax parameters under three policy scenarios:

(1) All the Bush-era tax cuts expire;

(2) All the tax cuts are extended (Republican plan);

(3) Congressional Democrats' proposal is adopted, which is similar to the Obama plan but does not extend major stimulus measures or include additional limits on itemized deductions.

The report is available online at http://www.taxfoundation.org/publications/show/26719.html."

The Tax Foundation - Tax Foundation Projects 2011 Tax Parameters Using New Inflation Numbers

The plight of the small businessman

Small businesses generate 65% of job growth and Obama plans to tax them to death if they are successful. So when the head of SBA says they need access to capital, that's only part of the story. Small business owners often pay taxes at individual income-tax rates rather than corporate rates, so these rich "fat cats" that Obama demonizes in almost every speech may be a dress designer or dry cleaner or dairy plant that employs 20 or 30 people and easily go over his magic number of $250,000. I'm not sure why Geithner, who couldn't even figure out his own income taxes, is saying Obama's increases will only affect about 3% of the population. We're retired, and looking at the tax charts it looks like we'll be paying more--I sure we all will, even if it's indirectly through higher prices.

As the saying goes, "I never got a job from a poor man." Increasingly, you only get a job through some level of government, and that will impoverish all of us, so the only people hiring will probably be poor, too. Ending Bush tax cuts?

Six Months to Go Until The Largest Tax Hikes in History

Here's some good news for Obama supporters and the main stream media. The biggest tax hike in our history is just down the pike. Despite all those promises, despite all that transparency and all the hopey changy swoons. Yes, it's change all right. More statism, more government control, more freedoms lost. You didn't really believe he could get the money for redistribution of wealth just from the wealthy, did you? For starters. . . the Bush tax cuts are going to expire. After that, there will be the Obamacare new taxes--20 or so. Then the AMT, new taxes on employers, and changes in charitable deductions. Oh, you Democrats must just be popping your buttons, you're so proud of your guy. And your fall back will always be, "It's all Bush's fault."

"Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The full list of marginal rate hikes is below:

- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%"

But read more here: Six Months to Go Until The Largest Tax Hikes in History

HT Murray for the link

The original ARRA

You probably can't copyright an acronym, but ARRA also stands for Arkansas Republican Assembly: "News for social, fiscal & national security conservatives who believe in God, family & country. We seek to uphold the rights of citizens under the US Constitution, traditional family values, Republican principles / ideals, transparent & limited government, free markets, & individual freedom. The ARRA News Service is an outreach of the Arkansas Republican Assembly." Just wanted to clear up any confusion with American Recovery and Reinvestment Act of 2009, Obama's War against the Economy. Although I think "reinvestment" is a strange word to use when they have instituted the biggest tax grab in history and only citizens create wealth--government spends it--it certainly is more pronounceable than Bush's tax cuts, the 2001 Economic Growth and Tax Relief Reconciliation Act (EGTRRA) and the 2003 Jobs and Growth Tax Relief Reconciliation Act (JGTRRA).