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Obamacare: A Second Fiscal Cliff

AND “REPUBLICANS” AREN’T DOING ANYTHING TO STOP IT One way or the other, the American economy will be saddled with massive tax hikes in 2013 as elected officials of both parties in Washington, D.C. refuse to rein in their addiction to deficit spending. But even if by some miracle the…

AND “REPUBLICANS” AREN’T DOING ANYTHING TO STOP IT

One way or the other, the American economy will be saddled with massive tax hikes in 2013 as elected officials of both parties in Washington, D.C. refuse to rein in their addiction to deficit spending.

But even if by some miracle the tax hikes associated with the so-called “fiscal cliff” are averted, an estimated $25 billion worth of tax hikes associated with U.S. President Barack Obama’s new socialized medicine law are set to kick in.  Among them?  A new 3.8 percent assessment on investment income for those making more than $200,000 a year.  There’s also a new 1 percent increase on individual income above $200,000.

Astoundingly, the $800 billion GOP tax hike proposed by U.S. Speaker John Boehner made no effort to eliminate any of these tax hikes – which go to the very heart of American competitiveness and private sector innovation.

Seriously … have Republicans just given up?

What are they thinking?

The GOP was returned to the leadership of the U.S. House in 2010 because fiscal conservatives were willing to give the party another chance to demonstrate that it was capable of protecting freedom, free markets and the livelihoods of individual taxpayers.

Never again, people … never again.

“The world looks just the same … and history ain’t changed.”

***

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23 comments

ll December 12, 2012 at 12:21 pm

Great that the thing was passed midnight on Christmas Eve…Can U say transparency?

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Frank Pytel December 12, 2012 at 12:57 pm

Bonehead and Obonehead are in cahoots. The Republicrats haven’t done anything in decades that is even remotely conservative. They ‘gave up’ long ago.

Have a Great Day!! :) There won’t be many left with the Demlicans and Republicrats in charge.

Frank Pytel

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Leon Black December 12, 2012 at 1:42 pm

The Fed just announced that it intends to spend $45 billion per month to continue to “buy” our debt – T bills, bonds, bad loans – to keep interest rates artifically low. This is nothing more than a shell game – we don’t have enough money to pay our debts and finance our welfare state and defense spending, so we will lend ourself funds at low interest that we can print on our money machines. This will lower the value of the dollar in relation to other currencies, drive up the cost of foreign goods, and increase the trade deficit. It will not stimulate the economy.

I’m going to go wake up Rastus. He ain’t ever seen a train wreck.

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Frank Pytel December 12, 2012 at 1:59 pm

Like I’ve said many times. Can you say “QE5000”?

Have a Great Day!! :) There won’t be many left with the Demlicans and Republicrats in charge.

Frank Pytel

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Econ 101 December 13, 2012 at 8:44 am

you had me until saying that devaluing the dollar would increase the trade deficit, as if the world wouldn’t start looking more to US products as a result, and thus stimulate the US economy.

By the way, the fed is doing the only thing it can based on the fiscal formula congress is giving it. There is a fundamental flaw with make work deficit spending that seeks to push aggregate supply and demand past its optimal balance.

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johnb December 12, 2012 at 3:02 pm

We are screwed

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Cooter Brown December 12, 2012 at 3:02 pm

Why dont wee nullifie it in South Carolinie? Phuck ’em!

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ll December 12, 2012 at 3:19 pm

Inflation is the most regressive tax in town…the rich are getting richer…the poor are getting poorer…good bye middle class, America! Good bye!

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Jay December 12, 2012 at 4:37 pm

How WACK is that Jamie Foxx?

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The Tax Man Cometh December 12, 2012 at 5:02 pm

Taxes,taxes, and MORE taxes!

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Crooner December 12, 2012 at 5:28 pm

Hey Sic:

Look at the bright side- new taxes on those making more than $200K won’t affect you!

The Republicans weren’t put in office in 2010 to lower taxes or spending. They were put there to create jobs. But they decided it was more important to make Obama a one-termer.

You’re really starting to sound like that old man yelling at the kids to “get off my lawn!”

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Isotope Soap December 12, 2012 at 7:03 pm

+1

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Frank Pytel December 13, 2012 at 5:43 am

Ppphewww -1

Have a Great Day!! :) There won’t be many left with the Demlicans and Republicrats in charge.

Frank Pytel

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Smirks December 13, 2012 at 8:43 am

+1

Calling this a “second fiscal cliff” is just stupid anyways. $25 billion in revenue is serious fucking business compared to $800 billion or $1.6 Trillion in revenue? Please, this is no fiscal cliff. It isn’t even a fiscal step.

Oh, and:

Look at the bright side- new taxes on those making more than $200K won’t affect you!

Psst! It affects Howie, so at some level it kinda sorta does. :P

Reply
xx chromosome December 13, 2012 at 10:14 am

@Fits – your pix there of Mister Barrack makes him look evil and scary…

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fred December 13, 2012 at 10:15 am

So what is wrong with the wealthy paying more taxes? The “repubs” have taken care of their favorite and rather large contributors long enough. My last thought or question. Just how many of the readers/posters on this make more than $100,000 per year?
Get real people.

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Head Shaker December 13, 2012 at 10:33 am

As a small business owner, I can tell you this with certainty: Increasing my marginal tax rate won’t affect my profit margin. I will pass this cost down to my customers. The one thing that everyone seems to ignore is that an increase in taxes on “wealthy” business owners is paid by the consumer of the goods or services. Who are my consumers? Mostly, they are the 98-99% of the population that this tax hike isn’t supposed to affect. So the government isn’t increasing my taxes. If Fred is correct in his assumption about the probable wealth of posters on this website, YOU will pay my increased taxes. Am I wealthy? No. Am I trying to piss all of you off? No. I am just stating the reality of owning a business.

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xx chromosome December 13, 2012 at 10:45 am

@ Head Shaker – BINGO! Why is this so hard for pp to understand? It’s not about WHO (rich or poor) is going to pay more taxes. It’s about the money being removed from the private sector and used to expand the gov’t.

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Frank Pytel December 13, 2012 at 11:08 am

@ Head Shaker

Not me brother. I won’t pay your taxes. I’ve been cutting my luxuries for years. No Cable, No Internet, No home phone, I don’t own a TV, I cook twice weekly and nuke everything because its cheaper, my thermo is set to 55 degrees in the winter and 95 in the summer (That’s why God invented, respectively, sweats and skin). I appreciate your going to try to pass this stuff on. Expect it really. I’ve advocated for 20+ years that NO business should pay any taxes of any kind.

It should be a legislated recognition that the end user is the payer of ALL taxes. Further the gubmint should only be allowed to collect taxes from individuals, regardless of the method. Not property that has already been taxed.

That said, I’ll be damned if I’ll pay your taxes. The way retail and the service sector are going, I don’t expect there’s going to be much but stuffmart left after a while.

Have a Great Day!! :) There won’t be many left with the Demlicans and Republicrats in charge.

Frank Pytel

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Head Shaker December 13, 2012 at 12:55 pm

@ Frank Pytel If you spend money anywhere you are going to pay some taxes for a business owner. Maybe not mine, but the principal is the same. “Trickle down taxes” are a fact of life. It isn’t designated as an official government sanctioned tax, but you are paying it in the increased costs of goods and services. One of the saddest aspects is that the government raises the tax rates supposedly to subsidize and/or support the needy, who, in turn, pay increased costs for things so that the government can get it’s cut to pass back to the needy….

By the way, I like the closing line on all of your posts. Kudos for that!

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Frank Pytel December 13, 2012 at 1:01 pm

Thanks Head Shaker!

I hear your comment. Please do take not of my post

” I’ve advocated for 20+ years that NO business should pay any taxes of any kind.” This only results in higher costs for all products and services while putting cash directly into the pockets of the scum in charge.

Have a Great Day!! :) There won’t be many left with the Demlicans and Republicrats in charge.

Frank Pytel

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Head Shaker December 13, 2012 at 1:44 pm

Yes, I saw that on the first read but apparently didn’t give it enough thought. I pretty much regurgitated that for you, huh? LOL

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9" December 14, 2012 at 4:58 pm

Pete Townsend wouldn’t like you using his song;get some Toby Keith.
Not the first time it’s been misinterpreted by ‘conservatives’..

Reply

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