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Wednesday, January 26, 2011

Which Tax Breaks? Which Loopholes?

From Obama's 2011 State of the Union Address:
The bipartisan Fiscal Commission I created last year made this crystal clear. I don’t agree with all their proposals, but they made important progress. And their conclusion is that the only way to tackle our deficit is to cut excessive spending wherever we find it – in domestic spending, defense spending, health care spending, and spending through tax breaks and loopholes.
Underlying assumption: We in the government ALLOW you, the taxpayer who should have a right to the fruits of his labors, to keep a portion of the money you worked for.

This assumption is contrary to the philosophy of our Founders and the intent of our Constitution.

Additionally, see this from the Associated Press: "FACT CHECK: Obama and his imbalanced ledger."

24 comments:

  1. Even MSNBC was a bit dubious. What a con man.

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  2. Obama wants to cut $400 billion over the next 10 years. Considering a $1.3 trillion deficit just this past year and $13 trillion overall, this is practically nothing. It's like having your home mortgage in default and you going to make up the shortfall by buying the store brand instead of the name brand when you grocery shop.

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  3. This assumption is contrary to the philosophy of our Founders and the intent of our Constitution...as is everything this tyrant stands for AOW!

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  4. I took a Macroeconomics course written by Paul Krugman, and the same line of thought was used in that class: the government cannot afford for YOU to keep any more of YOUR money.

    I like the response by Mark Levin, AOW. He made a good point on his talk show once about this topic. When you go out and work every day, how much of your labor is for the government? How many hours a day are you working in order to get the government off your back? And at what point do tax rates become such that the people are enslaved?

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  5. MJB said:
    When you go out and work every day, how much of your labor is for the government? How many hours a day are you working in order to get the government off your back? And at what point do tax rates become such that the people are enslaved?

    I've been working on my 2010 tax return. The percentage of income that the federal government gets is surreal! And add to that local real-estate taxes and health-insurance premiums so that my disposable income is almost nil.

    And I'm not the only one in this sorry boat, either.

    If Mr. AOW and I hadn't been diligent savers for decades, we'd be in a sorry state now. Now, of course, interest rates on savings are so low as to discourage my saving -- if I could even do so.

    I'm self-employed. As a result, I don't have withholding from my paychecks. If more people had to fork over quarterly payments to IRS (and the state, in many cases) instead of relying on that withholding tax, they'd have a better idea just how bad the pickpocketing by the government is!

    Overall, I lose some 40% of my income in taxes to various levels of government: federal, state, and local.

    Tax Freedom Day in 2010 theoretically was April 9, but the date varies by state. Over one-fourth of the year "working" for the government! Note the various worldwide charts at the above link.

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  6. Bunkerville said:

    Even MSNBC was a bit dubious.

    Apparently, the bloom is off the Obama rose, huh?

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  7. BUt we are getting "free" health care, better roads, light rail, and green technology, a Carp Czar (yes seriously we have a Carp Czar)...all things guaranteed to us by the US Constitution........

    Can you imagine how strong our country would be if the government only collected taxes sufficient to cover the obligations spelled out in the enumerated powers...the cost to us would be like 5% if that and the rest of the money would be productive instead of feed into the grinder of waste fraud and abuse we call the US Government

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  8. The progressive income tax is one of the key elements of the Communist Manifesto. The assumption of socialistic Democrats that our money is theirs is fundamental to their paradigm.

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  9. Steps need to be taken to stop the bleeding. Thinking that elected representatives of either party will do that unless we hold their feet to the fire is an exercise in futility.

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  10. The entire speech was just strange, beginning with the Sputnic reference, to all the untrue statistics, the statement about Muslims it was all over the place.

    Interesting, it was both sides fact checking Obama and the focus groups were very negative.

    Debbie
    Right Truth
    http://www.righttruth.typepad.com

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  11. Debbie makes a great point on the fact that it was both sides checking Obama and the fact both were negative is a good sign that he is on his way out the door, thank God!

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  12. There are far too many idiots out there who really do think that the state is entitled to their money, that the state can decide how much of what we make we get to keep.

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  13. AOW,

    Apparently, the bloom is off the Obama rose, huh?

    I think the rose is beginning to stink. His bounce from his much heralded speech in Tucson and now the SOTU is about 2-3 points on the RCP average.

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  14. The President is speaking out of both sides of his mouth. On the one hand he wants modest cuts, but on the other he is calling for yet more spending coded as "investment." While he was not as strident as last years SOTU address, he still doesn't get it.

    We don't need to trim the budget. We need a meat cleaver approach. Obama and company has grown the Federal budget to titanic proportions that is currently unsustainable regardless of taxation. The GOP has made a bid for 2.5 trillion in cuts. That is a good beginning, but only a beginning. More, and deeper, cuts need to follow.

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  15. I loved how he talked about growth in the economy, and then talked about all of the ways he was going to kill growth in the economy.

    Oops! Did I just use inflammatory speech?? :D

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  16. MK said: There are far too many idiots out there who really do think that the state is entitled to their money, that the state can decide how much of what we make we get to keep.

    I say: The public education system is teaching students to think that way!

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  17. Bob Mack said: The progressive income tax is one of the key elements of the Communist Manifesto.

    I say: Most Americans have accepted progressive income tax as a-okay. Thus, since the time of the approval of the 16th Amendment, America has been on a slide into Leftist philosophy. Americans do, in general, think that it's social justice to tax the wealthy at a higher rate.

    BTW, at the time of the approval of the 16th Amendment, people were told that the highest tax bracket would never exceed 1%. See how THAT worked out. Ugh.

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  18. Debbie mentioned BHO's Sputnik reference.

    Well, Sputnik led to a burgeoning of sci-fi novels and movies, including horror films of that genre.

    We've got a "horror film" going on right now with the Obama administration in power.

    Frankly, Obama's use of Sputnik as a hook in his speech was not worthy of someone with a law degree from Harvard. Too elementary, too simplistic. Furthermore, the reference to Sputnik didn't resonate with younger voters; for them, Sputnik is ancient history.

    In my view, the Sputnik reference was Obama's attempt to take advantage of this year being the 50th anniversary of JFK's inauguration. Like BHO's attempts at humor in the SOTU Address, the Sputnik reference fell flat.

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  19. Layla,
    I'm not convinced that BHO will be a one-term President. **sigh**

    But I do hope you're correct in your assessment. Another term under the BHO regime would be a further disaster for America!

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  20. Fleece Me has an excellent analysis of Obama's Sputnik moment. Check it out!

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  21. And this just in....deficit projected to be 1.5 trillion....makes you wish we had those "huge" deficits of 400-600 billion under Bush

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  22. Our government, and especially its unelected bureaucrats, regards the rest of us as their serfs or slaves.

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