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Old Jan 14, 2010, 11:29 AM
Alarm Bells Continuing!
Big Foot 48's Avatar
Arizona
Joined Oct 2001
276 Posts
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The Obama Tax Era Begins

Oh wait, it's not a tax, in ObamaSpeak it's a "financial crisis responsibility fee". It's not surprising that the tax increases are coming, as we have seen Obama and the Democrats creating an unprecedented (Obama's favorite term) deficit in the last 12 months.

And as usual, we have class warfare, with statements like "My determination to achieve this goal is only heightened when I see reports of massive profits and obscene bonuses at the very firms who owe their continued existence to the American people who have not been made whole, and who continue to face real hardship in this recession."

Uh, the "real hardships" have yet to be addressed by world-traveler Obama.

And then there's the fact that firms that have repaid their TARP loans will get taxed, and firms that aren't paying back their Obama gifts will not be repaying the "American people".

Quote:
The president is proposing a levy of 15 basis points, or 0.15 percent, on the liabilities of large financial institutions. The tax, which officials are calling a "financial crisis responsibility fee," would apply only to financial companies with assets of more than $50 billion. Those firms — estimated to amount to about 50 institutions — would have to pay the fee even though many did not accept any taxpayer assistance and most others already paid back the government lent to them.

Insurance conglomerate American International Group, the largest beneficiary with nearly $70 billion in bailouts, would have to pay the tax. But General Motors Co. and Chrysler Group LLC, whose $66 billion in government loans are not expected to be fully repaid, would not be subject to a tax.

http://www.msnbc.msn.com/id/34833757...ss-us_business
My recommendation? STOP SPENDING ON UNNECESSARY PROJECTS! Stop increasing discretionary spending budgets by 8% - 10% when inflation is 0%!

BTW, the Obama Team is also talking about using the TARP funds for Stimulus II. No mention of how that's going to be "repaid" today.

This is Part One of this topic, part of what looks like will be a continuing series for 2010's fun and enjoyment. Look for more in the weeks to come!
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Old Jan 14, 2010, 11:31 AM
It's 5 O'clock Somewhere
RumRunner_1492's Avatar
Dayton, OH
Joined Feb 2006
417 Posts
I think this is perfect! Is anyone really surprised?

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Old Jan 14, 2010, 11:55 AM
Targeted and... FIRING !
D B Cooper's Avatar
United States, MI, Eastpointe
Joined Aug 2007
670 Posts
Hugo Jr.....
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Old Jan 14, 2010, 12:11 PM
St. Boondock
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Joined Aug 2008
731 Posts
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Originally Posted by RumRunner_1492 View Post
I think this is perfect! Is anyone really surprised?

Now THAT is Quality!!

It used to be the Karl Rove/Dick Cheney piloted WTC and NOLA levee destroyer, I guess it's been converted for more peaceful use??
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Old Jan 14, 2010, 12:13 PM
Out of Time
United States, TX
Joined Jul 2003
1,092 Posts
This is more of the "Chains" that was part of his campaign pledge.
"I am going to Chain America!... and you're a Dope if you think I won't!"

People only thought he said "Change" and "Hope".

Doesn't matter, though, because it's all Bush's fault anyway. It always will be, especially during the run-up to the 2010 and 2012 elections.
Obama's bigger challenge in 2012, however, will be trying to make people to even remember the name "Bush" before he can continue to put the blame on him.
Maybe Obama is hoping that he won't have to "own" the responsibility of his own presidency until after 2016... in his wildest dreams.
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Old Jan 14, 2010, 02:43 PM
56S
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Well, I got my first paycheck of the year and it is short $6.00 from last year. Thi check is for one week in '09 and one week in '10. The difference is in Federal tax. Great.
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Old Jan 14, 2010, 03:22 PM
is it flying time?
Jerry Combs's Avatar
Wyandotte Oklahoma
Joined Oct 2004
2,777 Posts
Quote:
Originally Posted by Big Foot 48 View Post
Stop increasing discretionary spending budgets by 8% - 10% when inflation is 0%!
If you believe that there is no inflation, start keeping track of your grocery bill etc. BTW, I am not aiming this at BF but at the wonderful people in government who tell us that there is no inflation. I do not believe their numbers.
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Old Jan 14, 2010, 04:20 PM
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Originally Posted by 56S View Post
Well, I got my first paycheck of the year and it is short $6.00 from last year. Thi check is for one week in '09 and one week in '10. The difference is in Federal tax. Great.
That's what happens to you folks who make over two hundred and fifty thousand dollars a year!
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Old Jan 14, 2010, 04:49 PM
Alarm Bells Continuing!
Big Foot 48's Avatar
Arizona
Joined Oct 2001
276 Posts
Quote:
Originally Posted by 56S View Post
Well, I got my first paycheck of the year and it is short $6.00 from last year. Thi check is for one week in '09 and one week in '10. The difference is in Federal tax. Great.
Withholding rates have been revised for 2010, and it looks like it's in the up direction for you. Hmmm, I wonder why the government would do that when tax rates haven't changed? It wouldn't have anything to do with the D word, would it? As in less hide the real Deficit for a year by increasing withholding rates.

Everyone should adjust their withholding so you will owe the government less than $100 in April 2011. Don't let them use your money for free!

BTW, Turbotax offers a free Fed tax online program with free filing! www.turbotax.com
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Old Jan 14, 2010, 05:21 PM
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mikefast's Avatar
Houston Intercont, Texas, United States
Joined Jun 2001
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Quote:
Originally Posted by 56S View Post
Well, I got my first paycheck of the year and it is short $6.00 from last year. Thi check is for one week in '09 and one week in '10. The difference is in Federal tax. Great.
Gosh, you are doing great. That proves that you must be making over $250.000.00 per year doesn't it? Isn't that what "THE CHOSEN ONE" promised?
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Old Jan 14, 2010, 05:39 PM
Low, slow and dirty
maine
Joined Jan 2008
427 Posts
Quote:
Originally Posted by Highflight View Post
This is more of the "Chains" that was part of his campaign pledge.
"I am going to Chain America!... and you're a Dope if you think I won't!"

People only thought he said "Change" and "Hope".

Doesn't matter, though, because it's all Bush's fault anyway. It always will be, especially during the run-up to the 2010 and 2012 elections.
Obama's bigger challenge in 2012, however, will be trying to make people to even remember the name "Bush" before he can continue to put the blame on him.
Maybe Obama is hoping that he won't have to "own" the responsibility of his own presidency until after 2016... in his wildest dreams.


This made me laugh!! Well put HF! (Chain/dope)
I do believe bush has his role on how we ended up in the ditch. Now that Obama got behind the wheel, he just buried the car up to all four fender wells,
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Old Jan 14, 2010, 05:43 PM
Lavishly Winged Dork
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Miami, Fl
Joined Feb 2004
316 Posts
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Originally Posted by jumpinjo View Post
This made me laugh!! Well put HF! (Chain/dope)
I do believe bush has his role on how we ended up in the ditch. Now that Obama got behind the wheel, he just buried the car up to all four fender wells,
...in 1/8 the time!!
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Old Jan 14, 2010, 06:09 PM
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Originally Posted by Big Foot 48 View Post
Uh, the "real hardships" have yet to be addressed by world-traveler Obama.
He's not done with his golf game...

So impatient, not like its important.
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Old Jan 14, 2010, 06:16 PM
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No, he meant change.
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Old Jan 15, 2010, 05:24 AM
Out of Time
United States, TX
Joined Jul 2003
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Quote:
Originally Posted by 56S View Post
Well, I got my first paycheck of the year and it is short $6.00 from last year. Thi check is for one week in '09 and one week in '10. The difference is in Federal tax. Great.
You know, guys, that any thread about taxation often (but not yet here) gets into how people are in tax brackets of "only" 30% or 40%, but that the rest we get to keep is plenty to live on.

So this is a good time to remind everyone that if you're in a 30% tax "bracket", you're being misled becasue your real tax bracket is more in the range of 60% for the following reasons:

Building Permit Tax
CDL License Tax
Cigarette Tax
Corporate Income Tax
Dog License Tax
Federal Income Tax (Fed)
Federal Unemployment Tax (FU TA)
Fishing License Tax
Food License Tax
Fuel Permit Tax
Gasoline Tax
Hunting License Tax
Inheritance Tax
Inventory Tax
IRS Interest Charges (tax on top of tax)
IRS Penalties (tax on top of tax)
Liquor Tax
Luxury Tax
Marriage License Tax
Medicare Tax
Property Tax
Real Estate Tax
Service charge taxes
Social Security Tax
Road Usage Tax (Truckers)
Sales Taxes
Recreational Vehicle Tax
School Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone Federal Excise Tax
Telephone Federal Universal Service Fee Tax
Telephone Federal, State and Local Surcharge Tax
Telephone Minimum Usage Surcharge Tax
Telephone Recurring and Non-recurring Charges Tax
Telephone State and Local Tax
Telephone Usage Charge Tax
Utility Tax
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers Compensation Tax
and the list goes on and on and on....

Additionally, there's the higher prices you pay on many things because the corporations that produce or provide them are being taxed at ever higher rates, so you're paying taxes on things that you may never know existed.
The most recent push on your income is already being talked about, and don't for a minute think that anyone but YOU are going to end up paying for it:
http://apnews.myway.com/article/20100114/D9D7FIMG0.html
What the Despot in Chief wants to do here is to tax the money that YOU provided in the first place so that he can collect taxes on your tax money.

We don't need no more stinkin' tea parties, we need a national time out so that all the morons in the country can be taught how (this) government really works.
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