Just read the Washington Post article announcing how well Obama’s ‘Recovery Summer’ has gone, so far.
Try as they might, WaPo’s attempted positive spin of increasing job loss boils down to Mission Failure for Team Obama.
Gee… maybe Obama fired his “top” economists too soon. There is still time to waste more money on Stimulus II, the bigger-better pigzilla government fix.
You don’t jump start an economy with a near trillion dollars of borrowed money wasted on a stimulus package backed up with a tax-hiking, cost of doing business hiking, running up a three-plus trillion dollar deficit, piling on a trillion dollar plus ObamaCare package taxpayers and small business can’t afford and then threaten to tax the crap-and-trade out of every American’s energy use and every other thing these socialists can dream up …and expect a recovery.
The Washington Post:
The unemployment rate rose slightly to 9.6 percent
…the number of people reporting themselves as employed rose by only 290,000, causing the unemployment rate to edge up for the first time since April.
Read the WaPo spin here.
All this on top all this… a Tax Tsunami headed for all Americans if the DEM dominated Congress fails to extend the Bush tax cuts:
From Americans for Tax Reform:by Ryan Ellis on Wednesday, July 7, 2010 5:27 PM
In just six months, the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves on January 1, 2011:
(N.B. This version of the document contains even more tax hikes than the original version did)
First Wave: Expiration of 2001 and 2003 Tax Relief
In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families. These will all expire on January 1, 2011:
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%
Higher taxes on marriage and family. The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of income. The child tax credit will be cut in half from $1000 to $500 per child. The standard deduction will no longer be doubled for married couples relative to the single level. The dependent care and adoption tax credits will be cut.
The return of the Death Tax. This year, there is no death tax. For those dying on or after January 1 2011, there is a 55 percent top death tax rate on estates over $1 million. A person leaving behind two homes and a retirement account could easily pass along a death tax bill to their loved ones.
Higher tax rates on savers and investors. The capital gains tax will rise from 15 percent this year to 20 percent in 2011. The dividends tax will rise from 15 percent this year to 39.6 percent in 2011. These rates will rise another 3.8 percent in 2013.
Second Wave: Obamacare
There are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011. They include:
The Tanning Tax. This went into effect on July 1st of this year. It imposes a new, 10% excise tax on getting a tan at a tanning salon. There is no exemption for tanners making less than $250,000 per year.
The “Medicine Cabinet Tax” Thanks to Obamacare, Americans will no longer be able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).
The HSA Withdrawal Tax Hike. This provision of Obamacare increases the additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.
Brand Name Drug Tax. Starting next year, there will be a multi-billion dollar tax assessment imposed on name-brand drug manufacturers. This tax, like all excise taxes, will raise the price of medicine, hurting everyone.
Economic Substance Doctrine. The IRS is now empowered to disallow perfectly-legal tax deductions and maneuvers merely because it judges that the deduction or action lacks “economic substance.” This is obviously an arbitrary empowerment of IRS agents.
Employer Reporting of Health Insurance Costs on a W-2. This will start for W-2s in the 2011 tax year. While not a tax increase in itself, it makes it very easy for Congress to tax employer-provided healthcare benefits later.
Third Wave: The Alternative Minimum Tax and Employer Tax Hikes
When Americans prepare to file their tax returns in January of 2011, they’ll be in for a nasty surprise—the AMT won’t be held harmless, and many tax relief provisions will have expired. These major items include:
The AMT will ensnare over 28 million families, up from 4 million last year. According to the left-leaning Tax Policy Center, Congress’ failure to index the AMT will lead to an explosion of AMT taxpaying families—rising from 4 million last year to 28.5 million. These families will have to calculate their tax burdens twice, and pay taxes at the higher level. The AMT was created in 1969 to ensnare a handful of taxpayers.
Small business expensing will be slashed and 50% expensing will disappear. Small businesses can normally expense (rather than slowly-deduct, or “depreciate”) equipment purchases up to $250,000. This will be cut all the way down to $25,000. Larger businesses can expense half of their purchases of equipment. In January of 2011, all of it will have to be “depreciated.”
Taxes will be raised on all types of businesses. There are literally scores of tax hikes on business that will take place. The biggest is the loss of the “research and experimentation tax credit,” but there are many, many others. Combining high marginal tax rates with the loss of this tax relief will cost jobs.
Tax Benefits for Education and Teaching Reduced. The deduction for tuition and fees will not be available. Tax credits for education will be limited. Teachers will no longer be able to deduct classroom expenses. Coverdell Education Savings Accounts will be cut. Employer-provided educational assistance is curtailed. The student loan interest deduction will be disallowed for hundreds of thousands of families.
Charitable Contributions from IRAs no longer allowed. Under current law, a retired person with an IRA can contribute up to $100,000 per year directly to a charity from their IRA. This contribution also counts toward an annual “required minimum distribution.” This ability will no longer be there.
__________________________________________________ Additional Blogposts from VotingFemale:
- Vanity Fair Troll lies; Huffington Post Troll swears to it…
- looks like the Lame Stream Media agrees with Gov Patrick (D-MA); not a word was said…
- MediaMatters? you seem to think that is a bad thing lol
- Sarah Palin’s latest “deer in the headlights” conquest
- HuffPo goes postal on Glenn Beck; then thinks they can hide the evidence. Wrong, El HuffPo Breath!
- jilted Obama messenger Al Sharpton; only the lonely knows how he now feels… (plus Al Jeezera spin video)
- professional race baiters are PO’ed today
- Looks like Imam Obama figures USS Cole “had it coming”
- Sarah Palin “NUDGES” Repubs Scott Brown and Lisa Murkowski (video)
- breaking: Charlie Crist seen with Obama’s Secret Service on Martha’s Vineyard
- Obama, ala EPA head Lisa Jackson, takes action to make ammo illegal
- Sarah Palin kicks sand in Alexandra’s leftist face
__________________________________________________ Additional reading…
Le·gal In·sur·rec·tion: Dems Losing The Yutes and Dems Losing The Yutes
Dick Morris: HOW REPUBLICANS WILL WIN THE SENATE and PARTY TREND HAS YET TO KICK IN and ADVICE TO GOP CANDIDATES: AVOID ADJECTIVES, NOUNS ARE GOOD ENOUGH and GROUND ZERO MOSQUE: THE REAL ISSUE and WILL HOUSE DEMS RISK A ROUT?
Big Government: The Recession and Government Failure: More Evidence for ‘Regime Uncertainty’
American Power: No Time for Losers and The Left is True Evil
Frugal Café: ON FIRE… Mark Levin: We Must Take Back Our Country, Stay Engaged & Fight for Liberty (video)
Nice Deb: You’ve Got To Be Kidding Me: NAACP, Think Progress, Media Matters Launch New Website To “Monitor” “Tea Party Racists” and Glenn Beck Responds To MSNBC Clods, Ed Schmultz and Larry O’Donnell
American Thinker: The Legacy Will Not Be Betrayed and Beck’s ‘Obsession’ with Black Liberation Theology Thoroughly Justified
Sister Toldjah: Chicago gang members hold press conference to … criticize police, city and Deval Patrick: “It’s a free country. I wish it weren’t, but … it’s a free country”
Texas4Palin: Sarah Palin on ‘idiot reporters’ and ‘impotent, limp and gutless’ yellow journalism and Politico Again Slaps Bad Vanity Fair Palin Attack
LisainTX: Man-made Global warming is a Lie! or Is it? What are Ionospheric Heaters?
Dodo can spell: What can you say about a President that gives the reins to the UN to investigate Arizona’s laws and it’s officials ?
Voting American: World War ll Pearl Harbor survivor writes letter to Obama and Ask NOT what your Country can do for you. Ask what YOU can do for your Country and Thank you Glenn Beck and Sarah Palin
Talk Wisdom: Rejection Of Need For Repentance & Redemption Of One’s Soul and Agreeing On Restoring Honor, Faith, Hope, & Charity