About Those Taxes Obama Didn't Raise on the Middle Class

yeah, not so much.  He lied, Nanny Pelosi lied, they all lied.  This is now even bigger than taxmaggedon.  Well, yeeha.  

Things that make you say hmm - Income Tax Edition

Fiscal year 2008 7.75 billion hours spent filling out tax forms

$31.5 billion spent on tax software, photo copies, accounting services and other tax related services

For the fiscal year 2009, 1909 forms listed on IRS.Gov

$159.4 billion - the amount that corporations spent on tax compliance in 2008

24,000 - The amount of pages needed for General Electric to file its 2008 tax return

In 2009 45 countries streamlined or lowered coporate tax rates.  The U.S. was not among them

In 2009 it is estimated that 47% of U.S. households will pay no federal income tax

The top 5% of taxpayers contribute 60% of revenue

The top 10% of taxpayers contribute 75% of all revenue

Hmm, if this doesn't make someone to take a serious look at the flat tax I don't know what will. 

Also, Mr. President, exactly how is it that the "rich" are not paying their fair share? 

New York Small Business Owner

Here is a scenario for you:

A man with a family of four lives in Westchester County New York. He is self-employed with an office in Manhattan. He has a masters degree. His education took 7 years and cost $200,000.

His yearly income from his business is $450,000
Federal Income Tax $177,750
Social Security Taxes $15,000 (since he is self-employed he pays full 15%)
New York State tax $65,120 (New York is considering raising this rate for 2009)
New York City tax $18,000

Total Income after taxes $174,130

Property taxes in Westchester NY are expensive, so you need to figure about $10,000 for those; that will bring income down to $164,000 per year.


He is keeping 36% of his income. Is he really rich? He now has to pay for food, clothing, transportation, utilities, student loans, and other necessities. Yes, he still makes a decent living, but he is not "rich".

The health care plan that is in the house right now will take an additional 3% of his income. Would you want to work for .30 on the dollar? It would behoove this man to take several months off during the year to lower his yearly income. He will actually have more money for working less.

***These are raw numbers. Tax rates are based on 2009 federal rate and 2008 NY rates.

Cap & Trade Transparency

Congressman Jason Chaffetz (Utah) has put forth legislation in the house to have transparency in all utility taxes passed unto the consumer from Cap & Trade legislation. Since utility companies are just entities of the government, all taxes are passed directly to consumers. This law will require a line item amount of the tax we are paying.
The cap & trade policy that the President is trying to pass is nothing more than a hidden tax that will affect every American. These taxes will affect lower income families more profoundly, as the percentage of income that they pay towards utilities is higher for them than it is for middle and higher income families.
If the American people are going to pay for these taxes than it seems only “fair” that we understand exactly what it is costing us on a monthly basis. Especially since the reality is that consumers will not be able to figure out how much we are actually paying for this tax. The businesses and retailers will be passing this along to consumers through higher rates for goods and services, and where that is not possible they will be saving additional funds to cover the taxes by lowering wages and benefits. This will also affect shareholders with publically traded companies by lower stock values.
The President’s budget has estimated that this tax will cost American taxpayers $646 billion over ten years. Since the release of the budget, the office of the President has admitted that this estimate is too low.
Even if you are apt to believe that this legislation is necessary to combat climate change, you should still feel that all consumers have the right to know how much it is costing them. I urge all people to contact you representative to sign onto this piece of legislation. President Obama promised us transparency; so please take a stand & demand he keep that promise.