RWNJ » Taxes

Health Care Tanning Tax Starting

admin — Wed, 24 Mar 2010 00:02:07 +0000

Yay! It’s here! The first new tax for health care is finally here! It only took about 36 hours from the time Congress passed the health care bill before the first new tax was enacted. This one is a 10% tax on tanning beds.

But that’s not all, let me tell you what else you’ve won. You also get increased taxes on insurers (don’t worry, they’ll pass the cost on to you), increased taxes on drugmakers (oh, fear not, that cost will be passed on to your prescriptions, it won’t bother them), increased taxes on medical device companies (again, they’ll just pass the taxes along to you for your new pacemaker), and new taxes on Americans making more than $200,000 a year (you know, those people that own small businesses and provide over half of all private sector jobs, so they’ll just lower wages or cut employees, no big deal).

Isn’t this new health care program just great? I know I’m excited that I will no longer be able to do something as simple as decide to take high-deductable insurance. It’s hard to wait until the “Cadillac” policy tax goes into effect. All this for the 47 million… huh? 30 million? really? I thought he said… ok… 30 million new people… Maybe that’s ObamaMath (like 57 states?).

Head over to John John Goodman’s Health Policy blog for some real facts. There could be 33 million lose medicare coverage alone thanks to the cuts. Throw in higher health care costs, additional taxation, potential for rationing of care, increased IRS investigation, and you need a considerable amount of ObamaMath in to spin this into a positive thing!

The “Rich” are So Undertaxed

admin — Fri, 19 Mar 2010 23:28:37 +0000

Great commentary over at the Washington Times by Michael Whalen. He owns properties under Subchapter S, and thus falls into the “rich” category. Using 2008 numbers, he lists out a handful of the taxes he pays on a 100-room (limited service) hotel in Iowa. It is amazing how fast it adds up. Hard data makes it clear how ignorant a lot of the public is when it comes to taxation.

I’m still finding it amazing how many people don’t even realize how much they are taxed on a normal basis. Most people think of taxes and they think of the ones that are out in the open (income tax and sales tax). A lot of people I talk to in daily life don’t remember that they pay property taxes (it is hidden in escrow on their mortgage or imbedded in their rent payments). Many don’t even take the time to look at their paycheck and see the obscene amount of money put into Social Security and Medicare (let alone the fact most don’t realize that their employer matches). It is nearly impossible to explain to people how taxes “trickle down” from the top (through raised product and service prices)

Continue reading: The “Rich” are So Undertaxed

The Government Can

admin — Thu, 03 Sep 2009 21:26:18 +0000

Another thing that speaks for itself. Enjoy!

Unintended Consequences of Social Engineering

admin — Mon, 13 Apr 2009 16:29:10 +0000

According to The Nation, the U.S. Government is going to give $8 billion this year to the nation’s 10 largest paper companies. The reason is an odd bit of green legislation that gives a 50 cent a gallon tax credit for using fuel mixtures that are a combination of taxable fuels (such as diesel) with alternative fuels.

The process of making paper involves placing wood into a chemical mixture to separate out the cellulose fibers. The leftover material forms what is termed black liquor and it is a good fuel due to its large carbon content. Paper companies use black liquor to produce the heat and energy they need to manufacture paper.

They discovered that they can take advantage of this tax credit by simply adding diesel fuel to the mixture. It is totally unnecessary and far from green, but it allows them to make a handsome profit off of the tax credit. The attempt to engineer green behaviour has actually resulted in the exact opposite. It is amazing how every year our tax code continues to get more complex yet continues to get less and less effective.

Republicans to Offer Budget Alternative

admin — Thu, 26 Mar 2009 19:14:21 +0000

The House Republicans gave an outline of proposals for an alternative budget plan today. Specifics on how much the budget would cost and what affect it would have on the deficit are due to be released next week. Among the proposals are spending cuts on everything except defense and lowering the top tax rate from 36% to 25%. A tax cut of that magnitude would free up money used by those in a position to hire workers and would likely be a huge shot in the arm to the economy.

Senate Republicans will be introducing a series of amendments to the budget next week in an attempt to cut spending from the budget. House Democrats are able to restrict the number of amendments that can be offered, so House Republicans are opting to present their complete budget alternative when it is finished.

The big question at this point is if the Democrats will be willing to listen to alternatives or if they will continue to press their agendas forward in a unilateral fashion.

WSJ: Public Confidence in Obama Dropping

admin — Fri, 13 Mar 2009 14:46:51 +0000

The Wall Street Journal is reporting that confidence in Obama is rapidly dropping. Obama’s numbers have now dropped to the point that they are lower than President Bush in this point in 2001. His net approval rating was as low as +6% this week according to Rasmussen. The article points out multiple signs of trouble in the polling data:

A third strongly disapprove of Obama’s performance.
Obama has lost nearly all Republican support and a large portion of Independant support.
Support is dropping more rapidly than other Presidents of the 20th and 21st centuries.
83% are concerned Obama’s policies will not improve the economy.
82% are worried about the growing deficit.
78% are concerned about inflation.
69% are worried about Government’s increasing role in the economy.
Less should have been spent on the stimulus according to a 3-to-1 margin.
Obama’s budget is opposed by a 46% to 41% margin.
Voters reject Pelosi’s idea of a second stimulus by a 2-to-1 margin.
The feeling is that the mortgage bailout will unfairly benefit the irresponsible by 48% to 36%.
45% do not have confidence in the direction Obama is taking.
Less than half suport increasing taxes for expanded health-insurance (17% less support than 1993).
Only 20% support the most recent bank bailout.

Cincinnati Tea Party Update

admin — Mon, 09 Mar 2009 14:30:24 +0000

The Cincinnati Tea Party is only 6 days away and I thought I’d give a few updates.

Over 4000 people have registered to attend (as of Sunday night)
The speaker list has grown as well:
Cincinnati Tea Party Founder Mike Wilson
Former Congressman Steve Chabot
Cincinnati City Councilman Chris Monzel
Hamilton Township Trustee Michael Munoz
Small Business Owner Harald Zieger
Secretary – UC College Republicans David Watkins
Concerned Taxpayer Théa Shoemake
Financial Planner Tom O’Brien
Media Consultant Mike Brenner
Those looking for parking, it is available directly underneath Fountain Square via entry from Vine Street and Walnut Street.
An official flyer is available for posting or handing out to friends.

Let’s hope for a big turnout and have our voices heard. Hope to see many of you there!

Jim Cramer: Followup on “Wealth Destruction”

admin — Thu, 05 Mar 2009 12:44:31 +0000

I found this followup from Jim Cramer (on his “Mad Money” show) regarding his comments that Obama is presiding over the “greatest wealth destruction by a President.” Cramer came out punching, making comments such as “Obama’s the one who knocked the whole darn thing down” and that Obama “might have some inside information that he’s done enough damage for now.” He even threw a shot mentioning “President Pelosi” when talking about the class warfare strategy that is in play.

This is typical Jim Cramer, full of enthusiasm and passion. If the White House wants another battle front (beyond Limbaugh), they’ve got a willing combatant in Cramer.

Cramer also has a written response available here.

Jim Cramer: “Greatest Wealth Destruction By a President”

admin — Wed, 04 Mar 2009 14:01:17 +0000

In an interview with Matt Lauer on NBC, CNBC Analyst Jim Cramer (who, I should point out, is not a Conservative) regarded Obama’s policies as an advancement of a “radical agenda” and pointed out that this was the “greatest wealth destruction by a President” that he’s seen.

Obama has shrugged off the steep decline in the stock market. He said, “What I am looking for is not the day-to-day gyrations of the stock market … but the long-term.” Apparently, he has missed the continued stock market slide (25% reduction since he was elected). He also stated, “The stock market is sort of like a tracking poll.” The Wall Street “poll” is speaking volumes on its opinion of the way the economy is heading. Given that the economy usually lags the market by 6 months, our economic future does look grim.

Perhaps we should move away from the agenda of restributing wealth, hiking taxes, and burying ourselves in even more debt. We need to do what is right for the economy. That includes business-friendly policies, lower taxes for all economic classes, and long-term job promotion. This new administration has had the opportunity to implement these types of policies, but instead has moved from one set of bad policies to another. In the end, it is the country that pays for this mistake.

WSJ: Obama Running Out of People To Blame

admin — Tue, 03 Mar 2009 19:31:05 +0000

The Wall Street Journal posted an opinion article today pointing out that President Obama is implementing policies that are slowing down, or even stopping, our recovery from this recession. After falling 4.24% yesterday, the Dow is now down over 25% since Obama was elected, its lowest level since 1997. The new administration’s policies of punishing business and rewarding failure is clearly having a detrimental effect.

The average length of a recession during the past fifty years is 11 months. The current recession has existed now for 15 months. Instead of focusing on promoting growth, Obama has focused on income transfers (tax credits to those who don’t pay taxes, mortgage bailout, etc). Now, there is even mention of reforming healthcare. While I can agree with Obama’s statement “There are times when you can afford to decorate your house, then there are times when you need to refocus on building its foundation,” I cannot understand why his actions are in direct opposition.

When the recovery occurs, it will not be because of Obama’s policies… it will be in spite of them. The market showed its opinion of the President’s proposed budget plan when it took a nose dive. It unfortunately seems that every time the administration mentions an action the market drops even further. Just today Orszag defended raising taxes in the middle of the recession. As those who make hiring decisions have less money, less people are hired. It is a fantastic way to stagnate the economy further.

Rush Limbaugh’s CPAC Speech

admin — Mon, 02 Mar 2009 17:42:37 +0000

I really wasn’t planning on making a deal about Limbaugh’s speech at CPAC, but it’s really been making rounds around the newswires. A complete transcript is available here. Video is embedded below (about an hour and a half, cut into 10 parts):

Neal Boortz Explaining Fair Tax

admin — Sun, 01 Mar 2009 18:35:55 +0000

First off, a hat tip to Verbal Thermite, where I first saw this posted. I will preface this by saying I don’t believe the fair tax will solve every issue in the US. I do believe that consumption-based (as opposed to income-based) is a much less complex, less expensive, and (forgive the term) fair system.

Cincinnati Tea Party

admin — Fri, 27 Feb 2009 16:36:47 +0000

ARTICLE SET STICKY UNTIL EVENT:

I am getting a lot of traffic from search engines regarding this event. I want to be sure that anyone that is searching for this can find it easily.

Welcome to all of you that searched for the Cincinnati Tea Party info and came to this site. Stick around, check out the articles, post some comments, and come back! This is one of a small handful of political blogs in our area.

I have been informed that the Cincinnati Tea Party is planned for Sunday, March 15, 3PM – 5PM at Fountain Square. Check out the official website for more details. Former Congressman Steve Chabot will be speaking.

Take the opportunity to be vocal. Being a member of the silent majority is not enough. We need to show our compassion, state our case, and make it clear that we are unhappy with the path the Government is taking.

If you are a reader from outside the area, check out the American Tea Party list and participate in your local tea party.

Jindal’s Response to Obama

admin — Wed, 25 Feb 2009 13:58:22 +0000

It seems clear that the Republicans are trying to position Jindal to be the new face for the party. Though many on the left regard him as an Uncle Tom, Jindal clearly has a Conservative philosophy. My issue with him is that he badly needs to work on his delivery. For one, I wish someone would tie Jindal’s hands. He talks with his hands so much that it is distracting! He also needs to learn the art of the “dramatic pause” and use more vocal inflection.

It seems recent Republicans are horrible at speech delivery, especially when you consider that Reagan was an expert. In this day of style over substance (*cough* Obama *cough*), this is going to be a big problem for Republicans. His writers could also provide overwhelming examples of where similar proposals to the ones he mentions have worked in the past. The opportunity is there to charismatically and powerfully deliver the message, we just need someone to do it! Jindal needs to move away from the dry and monotone delivery and writing.

Focusing on content (which given the delivery was difficult to do), I am glad that Jindal admitted that the Republican Party screwed up and moved away from Conservative principles. He has kept a consistent message, now it is up to the Republicans to act according to that message. Reagan Conservatism was both successful and popular, why the Republicans moved away from that philosophy is anyone’s guess. The 2006 and 2008 elections were hopefully a wake up call that Jindal is stepping forward to answer.

If Jindal wants to make a run for President in 2012 (and I hope he does), he MUST work on his speech abilities. A well-delivered speech drives home the points in a memorable way. Honestly, this speech was difficult to concentrate on, let alone remember.

Republican response embedded below:

Obama Addresses Congress

admin — Wed, 25 Feb 2009 13:33:19 +0000

In a turnaround from the doom and gloom that Obama has spreading since taking office, he switched back to a more “hope” inspired speech. Unfortunately, it appears he is still going to push towards a Government-based solution. As a Conservative, I believe strongly that America is best when its citizens learn self-reliance. Government should strengthen its citizens, not itself.

Obama stated that he has identified $2 Trillion in savings over the next 10 years. Though the ten year forecast seems popular in Government, Obama truly only has control over his own term (4 years, possibly 8). Even so, $2 Trillion isn’t much more than the stimulus and mortgage bailout (well over $1 Trillion) which he’s spent in only his first month in office. Furthermore, Obama’s budget proposal seems to heavily depend upon tax increases on both corporations and business owners that will heavily affect the job market. Some in Congress will have the foresight to see the ill effects to the economy and will fight hard to prevent this mistake from occurring.

I am still concerned that he continues to push that his plans will “save or create 3.5 million jobs” as if it is a fact. His own economists stated: “It should be understood that all of the estimates presented in this memo are subject to significant margins of error…. Our estimates of economic relationships and rules of thumb are derived from historical experience and so will not apply exactly in any given episode. Furthermore, the uncertainty is surely higher than normal now because the current recession is unusual both in its fundamental causes and its severity.” It’s nice to have predictions, but the expectations are set high. Ideas similar to Obama’s that have been tried in the past have come up well short of their predicted values.

Obama’s Address in full is embedded below: