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Newt Gingrich just stated that Obama has delivered the largest permanent tax cut in history. Is that what socialists do, or is Gingrich lying?
Newt Gingrich just stated that Obama has delivered the largest permanent tax cut in history. Is that what socialists do, or is Gingrich lying?
Are We All Europeans Now?
You mean the Bush Tax Cuts? The current rates that DID NOT FUCKING CHANGE???
http://images.starpulse.com/Photos/pv/Prince-11.JPG
They're so cute when they try to be clever...
How will we fund the government?
Larry Kudlow, NROLet’s start with no spending cuts. The spending sequester was thrown out the window. And I have zero confidence that much if any of it will be restored in the next couple of months. The well-publicized ratio of 41-to-1 — tax hikes over spending cuts — is deplorable.
We’ll see during the upcoming debt-ceiling battle whether Congress, including the Republicans, has a real appetite to cut spending. There will be talk about shutting down the government, and even worse talk of a debt default. But right now it’s hard to expect any consensus on real entitlement reform and spending restraint that would limit the federal share of the economy to 20 percent, which is where it belongs.
And that brings me back to the tax problem. The president is going to want another $600 billion or $700 billion in tax hikes. The recent bill already curbs high-end exemptions and deductions. But get ready — more is on the way from Team Obama. More deduction caps. Maybe a value-added tax. Maybe a carbon tax. Or maybe they just keep taxing the rich.
And don’t forget the Obamacare tax hikes, which are estimated to be roughly $1 trillion over the next ten years. That includes a 3.8 percent surtax on investment income above $250,000 per family, a 0.9 percent hike in the Medicare payroll tax (also a $250,000 threshold), a 2.3 percent medical-device tax, new caps on flexible health accounts, and an Obamacare haircut for medical itemized deductions.
In rough terms, when you add the Obamacare tax hikes on successful investors, earners, and small-business owners to the new fiscal-cliff bill, you’re looking at a roughly 12 percent decline of incentive rewards from lower profitability and less take-home pay.
Of course this is anti-growth. Of course this will reduce the long-term growth potential of the U.S. economy. And of course the added revenues will be spent, bloating the budget and reducing the economy’s potential to grow.
It’s a European economic model. And it’s the exact reverse of supply-side economics. You can’t tax your way into prosperity or a balanced budget. The economic pie grows smaller. Government grows bigger. Redistribution and government dependency grow more powerful and pervasive.
And make no mistake about this: Economic growth is the key to reducing the spending, deficit, and debt share of the economy. Specifically, grow the GDP denominator with real personal and corporate tax-rate reform and reduce the demand for government dependency. That’s the solution to our problem. A 20 percent spending rule would cure the problem even faster.
Unfortunately, we’re going in the wrong direction right now.
They were never permanent until right now, professor![]()
I hope so.
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Did he give us anything that we did not have before jackass?
Plus a permanent tax increase...
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We, the little people, are paying more thanks to the permanent Obama tax "cuts" the Mr. Newt (so recently villified by ya'll) has lavished so much high praise upon in your opinion...
What part of getting fucked don't you get???
Another Gump thread full of dead peoples' ideas. Ho hum.
All of this is necessary background to understand what is today beyond understanding: Why would the Obama administration want to borrow trouble over the Falklands?
While we join with others in praying for her speedy recovery, we nonetheless must point out Sec. Hillary Clinton's earlier dangerous statements. She needlessly referred to the Falklands by their Argentine name -- las Malvinas.
President Obama went further, in a way. He referred to the Falklands as "The Maldives." Wrong island group. Wrong hemisphere. And nobody's talking about invading the Maldives... yet.
But Argentina's embattled president, Cristina Fernández de Kirchner, is reacting to the economic turmoil in her country the same way the military junta did thirty years ago.
President Kirchner is saber rattling again, writing directly to British Prime Minister David Cameron to demand "talks" to settle the question of sovereignty over "las Malvinas." Argentina's economy is in perpetual crisis, exacerbated by the demagogic policies pursued by Kirchner. She is the latest in a succession of disciples of the late dictators Juan and Evita Peron.
Mr. Obama's State Department spokeswoman, Victoria Nuland, further muddied the clear waters by saying the U.S. would remain "neutral" pending a referendum by Falkland Islanders later this spring. The 1,200 Falklanders have made their allegiance known -- over and over again -- since 1833. Why even tempt the Argentines to invade prior to the referendum?
Did the Obama " permanent tax cuts" in fact raise all of our taxes?
This mode has, in such cases, vastly the advantage of elections by the people in their collective capacity, where the activity of party zeal, taking the advantage of the supineness, the ignorance, and the hopes and fears of the unwary and interested, often places men in office by the votes of a small proportion of the electors.
Jay Federalist 64.
According to KO and crew it simply can't exist anywhere.![]()