Tag Archives: Taxes

Tax & Debt

“A people willing to vote itself a lifestyle it is unwilling to earn is a people destined for the ash heap of history.”  Anon

The Hard Fiscal Facts

Individual tax payments are up 26% in the last two years

The Wall Street Journal – November 11, 2012

imageWhile the rest of America was holding an election last week, the gnomes at the Congressional Budget Office released the final budget totals for fiscal 2012. They’re worth reporting because they illuminate the real fiscal choices that confront the country, as opposed to the posturing you’ll be hearing over the next few weeks.

The nearby table lays out the ugly details. The feds rolled up another $1.1 trillion deficit for the year that ended September 30, which was the biggest deficit since World War II, except for each of the previous three years. President Obama can now proudly claim the four largest deficits in modern history. As a share of GDP, the deficit fell to 7% last year, which was still above any single year of the Reagan Presidency, or any other year since Truman worked in the Oval Office.

Tax revenue kept climbing, up 6.4% for the year overall, and at $2.45 trillion it is now close to the historic high it reached in fiscal 2007 before the recession hit. Mr. Obama won’t want you to know this, but this revenue increase is occurring under the Bush tax rates that he so desperately wants to raise in the name of getting what he says is merely “a little more in taxes.” Individual income tax payments are now up $233 billion over the last two years, or 26%.

This healthy revenue increase comes despite measly economic growth of between 1% and 2%. Imagine the gusher of revenue the feds could get if government got out of the way and let the economy grow faster.

Now let’s look at outlays, which declined a bit in 2012. That small miracle was achieved thanks to a 4% fall in defense spending, a 24% fall in jobless benefits, and an 8.9% decline in Medicaid spending. Continue reading

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Obama Undermines America

“So let’s look at what [President] Obama has done, to test the thesis that he is not a failed president (in his and the left’s eye) but that he is transforming America into a European-style dependency society. Do the facts and the evidence support the notion that Obama is undermining America and doing it willfully and by design?” Lewis K. Uhler

OBAMA OPTS FOR DEPENDENCY IN RE-ELECTION CAMPAIGN

Obama opts for dependency in re-election campaign

By: Lew Uhler – HumanEvents.Com – 9/18/2012 

As we enter the final stretch of the presidential countdown, many are puzzled by how close the race seems to be, despite the apparent failure of Obama and his policies to restore jobs, growth and vibrance to our Nation.  But wait.  That may be the wrong prism.

The Obama administration’s recent unlawful administrative action of ending the “work requirement,” key to the success of the ’96 welfare reform law (TANF), was convincing proof that this president is seeking to win re-election by increasing the dependency voter base, turning America into a European-style welfare state with a “culture of dependency,” as Mitt Romney described it recently.

Common-sense citizens who believe in traditional American values have thought that Obama’s failure to bring us out of the recession with jobs and economic growth policies may be attributable to his lack of private-sector experience, realizing that neither he nor his advisors have ever run a real business, not even a candy store.  But we should have listened more closely to his talk of “change,” and that he intended to “transform” America.  And we should have been putting two-and-two together by watching his actions and decisions that have actually prevented and killed job creation and economic growth, and incentivized dependency.  That’s the transformation he and his Saul Alinsky-trained cohorts learned in “Rules for Radicals.”

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