A TRILLION Dollars in New Taxes!

A TRILLION!

I am unconvinced that Americans – wanting to fell good about themselves and be optimistic and “hopeful” in 2008 – really thought this was the change they were voting for:

1) On people making more than $250,000.

* $338 billion – Bush tax cuts expire
* $179 billlion – eliminate itemized deduction
* $118 billion – capital gains tax hike

The business tax hikes are even worse. Obama will increase taxes on existing American oil production starting in 2011. Do we have massive amounts of alternative energy capacity ready to replace the energy production and usage that this will discourage? A growing economy has to have a reliable energy supply. Energy producers get hit on several fronts in this plan, and those costs will either result in lower energy production or increased cost to the consumers.

This is going to “create or save” millions of jobs? Hog-tying and hyper-regulating small businesses (a small business doing $250,000 a year is a VERY small business, not a fat-cat enterprise) will not create jobs. It will inspire businesses to close down.

Pssssssst:
President Obama – revitalizing the economy and creating jobs; you’re doin’ it wrong!

Here’s what you actually mean to be doing, right?

…if you take about 400 Billion of spending out of that bill – just chuck it for now, and bring it up later, when we’re back on our feet – and then maybe spread 200 billion around to the taxpayers by way of payroll tax reductions, tax-holidays and temporary tax-relief programs, and spend some money on job-creation and vo-tech educational programs and ummm…oh, yeah, open ANWR and most of our coastal oil reserves up for drilling, reinstate the Bush executive order allowing drilling contracts in Utah and start investigating the feasibility of refining oil shale, you could actually create good-paying jobs, which will contribute to the tax-base.

No?

Wassamatta, President Obama, you no like America? You no want her working, and dreaming, anymore?

Kudlow calls Obama’s strategy Obama Declares War on Investors, Entrepreneurs, Businesses, And More

Arghghgh. I need to go bake some Irish Soda Bread. Don’t have the head for anything else.

HOWEVER: Maxed Out Mama is going gangbusters now that she has finally stopped laughing at Tuesday’s speech. Go see.

BizzyBlog says Welcome to the Punk Presidency

Glenn Reynolds is hearing from today’s tea-partiers across the nation. Lots of people out protesting in cold weather. But unless we learn how to get some professional agitators on board to help organize, I fear the protests will never impress…or get coverage.

Shrinkwrapped: Is collecting opinions; go leave yours Also, he writes:

The consequences for our economy of a President who refuses to recognize the limits of reality will be painful and difficult for all of us.

It’s a valid point: if she were a GOP First Lady, they’d be savaging her. Some of the comments are a bit over-the-top, offensive, and tasteless, so be warned.

Details pending

About Elizabeth Scalia
  • tim maguire

    Was Hot Air including the tens or hundreds of billions (nobody really knows) in new taxes for Obama’s new carbon tax scheme?

  • http://www.madtasty.com Misogynist

    I’m not sure where you got the impression that tax cuts are expiring on small businesses? Unless I’ve been incredibly misinformed by every media outlet on the planet, the tax cuts only expire on couples making over $250,000.

  • Gayle Miller

    Misogynist – you BELIEVE media outlets?

    More astonishing, you BELIEVE our president?

    I have a 67th birthday looming. I’m glad. I figure I’ve maybe got another 5-10 years before I kick and there will be enough destruction of this once-beautiful nation to depress me until then! Don’t want any more, thank you so much.

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  • http://vita-nostra-in-ecclesia.blogspot.com/ Bender B. Rodriguez

    Part of the problem is that Dems, libs, leftists, Marxists, Obamaists, etc. seem to think that businesses, employers, and “the rich” get their money the same way that government does — they either (1) steal it from others or (2) they simply print it.

    As a result, (1) it is only “fair” to disgorge them of their ill-gotten gains, or (2) it causes them no harm since they can simply go print whatever money needs to be paid in taxes (or in additional minimum wages or regulatory costs). I don’t know how many times you need to go up to them and knock them on the head saying, “Hello? McFly?” before they begin to understand that businesses, employers, and “the rich” actually have to get their money from somewhere, and if they have to pay it to the government or have extra costs imposed by government, then that leaves less money to hire employees, and less money to invest in companies that hire people, and less money to buy things from businesses that employ people.

    This will cost jobs.

    Moreover, the Dems, libs, leftists, Marxists, Obamaists, etc. seem to think that businesses, employers, and “the rich” are as brain dead as their entitlement-mentality constituency is, and that they will simply bend over and take it. Actually, what is going to happen is that government will take in far less than the numbers quoted as a result of these tax rate hikes. The affected people will simply work less and produce less, resulting in less tax revenues, not more.

    For example, in my own business, I have worked less and less over the last couple of years because, over a certain amount (a measly $32,550), I have to pay about half of what I earn to the government. Every dollar over that amount is subject to 25 percent federal income tax, plus 15.3 self-employment tax (Social Security, etc.), plus about 5 percent state income tax equals an over-45 percent tax rate. Then, if I actually spend that dollar, add in sales taxes of 5 to 10 percent. So, for every extra dollar I earn, I have to give 50-55 percent to the government.

    Stated another way, I am forced to labor nearly an hour for the government for every hour I am allowed to work for myself. Screw that! It ain’t worth it. I live a simple life. Extra money is nice, but I don’t need it (at present), so why the hell should I put in all that extra work only to give half to the government? My time is worth more to me than the money. As a result, I have reduced my workload, thus reducing the taxes actually received by the government.

    Millions of others have figured it out as well, and they will do the same thing — they will simply work less and the expected revenues will not be seen.

    I repeat my prediction from a few days ago — we could very well see the economy naturally pick up by the end of the year. But then, when the Obama spend-a-thon really kicks in, it will strangle the infant recovery in the crib. We will see a little uptick, only to be followed by crash and burn.

    Then we will see what Osama, Al Qaeda, Ahmadinejad, Putin, Chavez, et al. have in store for us.

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