Tag Archives: Fiscal Cliff

Has Obama Finally Gone Too Far?

By Floyd Brown

Obama Feeds America SC Has Obama Finally Gone Too Far?

Obama is having great political success by opposing wealth accumulation.

He’s doing it by attacking the rich. You might be a victim yourself!

According to the president, it’s unfair that some Americans have been able to stash away more money than others.

Now, based on information obtained by Capitol Hill Daily, President Obama’s latest move is likely to infuriate you.

His fiscal year 2014 budget – to be released this week – will target tax deductions associated with popular Individual Retirement Accounts, or IRAs.

These accounts are used by millions of Americans to reduce current taxes and augment retirement savings.

Under Obama’s proposed changes, a tax-preferred retirement account shouldn’t produce more than $205,000 per year.

Obama also wants to heap other major tax increases on the wealthy. (To him, the significant tax increases that were passed as part of the Fiscal Cliff deal in January weren’t steep enough.)

He’s demanding that Congress raise additional taxes and stop people from stashing away (what he considers to be) too much money.

Of course, this is just the beginning of the government’s latest actions to swipe money out from under us…

They’re Robbing Grandma, Too

The budget also includes significant cuts in Social Security benefits.

The cuts to Social Security include a sly reform called a “chained CPI.” This would change the numbers used to calculate the annual cost-of-living adjustment.

You see, the government currently uses the Consumer Price Index (CPI) to measure inflation. According to the Department of Labor, the CPI measures how much the cost of a “market basket of consumer goods” changes over time. That basket includes things like food, clothing, computers, and other consumer goods.

The new chained CPI adjusts the traditional CPI for potential changes in goods purchased as a result of price increases.

For example, with a chained CPI, the Labor Department would suppose that – if the cost of fish increases – you’ll likely choose to eat chicken instead. And when chicken prices go up, these all-knowing federal employees speculate that you might (again) choose a less expensive alternative.

As a result, they’re constantly changing the basket of goods to minimize the appearance and effects of inflation on government finances.

Yet this same deceitful move proliferates the impact of price increases on grandma’s social security check.

It Gets Worse: The Buried Taxes of Inflation

If you use U.S. dollars, then your money is taxed by inflation.

Here’s how…

If inflation is running at 3% – and you don’t get a 3% raise – you’re making less money in real terms by the end of the year.

Your money buys you less food, less gas, less real estate, and less anything than it did at the start of the year.

Translation? You’re literally poorer.

And not only are you paying more in prices, but you’re paying higher taxes on these goods, too…

That’s because inflation relentlessly pushes taxes up. When prices increase, the sales tax on all goods sold goes up as well.

When real estate prices rise, real estate taxes go up. When prices on imported goods increase, the duties and fees on these goods grow, too.

Makes sense, right? Well, it gets more complicated than that…

What most Americans

Source: FULL ARTICLE at Western Journalism

Entrepreneurs: Deduct $5,250 Per Year Of Your Kid's Tuition Expenses

By Troy Onink, Contributor

You can deduct part of your kid’s college tuition as a business expense with an IRS section 127 plan. Employer-provided tuition reimbursement plans offering up to $5,250 per year are alive and well thanks to the Fiscal Cliff deal. These plans are used as an incentive for continuing education and employee retention at large companies, but entrepreneurs can use them to help pay for college tuition for their own children too, so long as they meet all of the rules. …read more
Source: FULL ARTICLE at Forbes Latest

Hello, Fiscal Cliff, My Old Friend, Sequester Edition: Seven And A Half Things To Know

By The Huffington Post News Editors

Science has determined that people need to know 7.5 things per day, on average, about the world of business. You can’t argue with science. Lucky for you, The Huffington Post has an email newsletter, delivered first thing every weekday morning, boiling down the day’s biggest business news into the 7.5 things you absolutely need to know. And we’re giving it away free, because we love you, and also science. Here you go:

Thing One: Sequester Watch! Remember earlier this year how we supposedly “avoided” that thing called the fiscal cliff, that act of congressionally-mandated stupidity that threatened to wreck the economy with a $600 billion hit of austerity? Well, it turns out, not so much.

Instead, what we did was blow up the ginormous chunk of austerity into several little pieces. Some of its parts were vaporized, never to bother us again. But large chunks of the austerity asteroid — austeroid? — made it through to hit the economy anyway. The payroll tax cut expired, for example, contributing to a hit to economic growth of 1.5 percent from the fiscal-cliff “solution” everybody cheered. For an economy bumping along at 2 percent growth, that is a significant blow. And now another chunk of the austeroid is about to slam into the economy, a series of deep automatic spending cuts called, for dumb Washington reasons, the “sequester,” to take effect on March 1. This could cut another 0.6 percent from growth, according to one estimate by Macroeconomic Advisers.

Read More…
More on Mark Gongloff on Money

…read more
Source: FULL ARTICLE at Huffington Post

Socialist Framework Espoused By Barack Obama

By Dan DeRoeck

Angry Obama SC Socialist Framework Espoused by Barack Obama

You can count on Barack Obama having a clear vision of how the United States should look, entering into (what we think is) his final term. The narcissistic perception of success will obviously be antipodal to the conservative, clear-thinking American; but he is hell-bent on turning this country into a socialist cesspool nevertheless.

Indeed, we are stuck with the Kenyan-in-Chief for another term, thanks to liberal ignorance, a cold and calculating anti-American mainstream media, and a pinch of voter fraud for good measure.

This is not hyperbole — the damages that we have seen and continue to see in the wake of this administration is unfathomable and certainly threaten our children’s future, so take note.

The best opportunity to slow Obama’s destruction is an impeachment process, which clearly is in order even if you base it solely on the Fast and Furious atrocity (let alone the latest Benghazi cataclysm, which incidentally went largely unnoticed thanks to the Lame Stream Media.) Obama’s deluge of treasonous policies are far-reaching and will only increase now that he has more “flexibility” to execute them.

We can only pray the Republican party will suddenly grow the kahunas needed to take Barry to task, but I have serious doubts — there’s simply not the leadership in place to take down this Terrorist-in-Chief and his gang of ruffian handlers. The fact remains we are now staring back at the contemptuous aftermath of Obama’s bellicose policies and looking forward to the future that looks even bleaker and more tyrannical.

Obama’s past Marxist-influenced policies, including Obamacare, incessant entitlement programs, historical debt levels, classless economics, and now the contemptible “Fiscal Cliff” plan (or lack thereof) have weighed heavily on an already distressed economy.

We can calibrate the damage and possibly even counter imminent future vexatious policies if we understand his philosophies and framework from which he draws from — at the risk of sounding obstinate and callous, we must know the enemy. He has clearly displayed to the American people over the past four years that he is indeed the “enemy within.”

So what critical information can we glean from history? What philosophies has he leaned on to deliver assault after assault on the U.S. economy and foreign policies? Can we counter and even circumvent any of his future stratagem? This blogger thinks so and will attempt to lay out this Marxist-in-Chief foundation and principles.

Influencers — The Early Years and Beyond

Obama’s early years were strongly influenced by a number of certified nut jobs. Many of his so-called mentors instilled a strong sense of racial bigotry and anti-colonialism, including his own father, Barack Obama Sr., and communist extraordinaire Frank Marshall Davis. In fact, the characters Obama has been palling around with throughout his career have been nothing short of astonishing, including the anti-American domestic terrorist-turned university professor confidant Bill Ayers, the “audacity to hope” hate monger Jeremiah Wright, slum-lord Tony Ruzko, and much more. The list is endless and staggering.

Do liberals really believe these facts and relationships do not exist or never occurred? Do liberals really believe Obama …read more
Source: FULL ARTICLE at Western Journalism

Busy People and Their Autographs

By Nathan Raab, Contributor This month, we have twice run into the evolving American signature.  First, President Barack Obama used an autopen to sign into law the “Fiscal Cliff” bill.  The autopen is a machine that uses a template to re-create an autograph that is nearly identical to the authentic signature.  Second, the Internet convulsed with confusion and apprehension over Jack Lew‘s autograph, which would grace our currency if he is confirmed as Treasury Secretary, but which is really just an illegible scribble.  Mr. Lew’s scrawl seems like an adaptation made by a busy man with little care for the form of his signature and a need for speed.  One supposes that were he to fill out a form with his name he would use actual letters.
Source: FULL ARTICLE at Forbes Latest

Reports: Obama Will Name Jack Lew to Replace Geithner at Treasury

By Dan Bigman, Forbes Staff Lew in 2010. (Image credit: Getty Images North America via @daylife) Bloomberg News and The Wall Street Journal are both reporting that President Obama will nominate his chief of staff and Fiscal Cliff point man Jacob (Jack) Lew to replace Timothy Geithner as Treasury Secretary. Citing an unnamed source, Bloomberg reports that […]
Source: FULL ARTICLE at Forbes Latest

It Isn't the Fiscal Cliff; It's Limited Access to Capital that's Crippling Small Business

By Ty Kiisel, Contributor Bank (Photo credit: 401(K) 2013) The House of Representatives Small Business Committee sponsors an interactive website, Small Biz Open Mic, where earlier this year they asked the question, “What burdens does your small business face?” Access to capital was identified as the universal challenge faced by small business owners across the […]
Source: FULL ARTICLE at Forbes Latest

A Closer Look At The Fiscal Cliff Deal's Impact On The Built-In-Gains Recognition Period For S Corporations

By Tony Nitti, Contributor Last week, in a post titled “Secrets of the Fiscal Cliff,” I set about identifying six of the lesser publicized tax aspects of the American Taxpayer Relief Act of 2012 (ATRA). In the final item, I wrote the following: Ask a C corporation shareholder why he hasn’t converted to an S […]
Source: FULL ARTICLE at Forbes Latest

“House Stiffs Sandy’s Victims”

By Gerald Todd

Chris Christie House Stiffs Sandy’s Victims

That was the almost pornographic headline in my local “progressive” paper. It also carried a huge photo of an enraged Gov. Chris Christie railing over the House failure to pass a relief bill for the needy victims of Superstorm Sandy. True enough, but as much as I’m disappointed with the Republican leadership, you have to give them credit for splitting this pork bloated bill into two parts – putting off the inevitable pork fest for a few months. The Sandy victims will finally get some help, but the Republicans will have assured credit go to the totalitarian-in-chief.

My friend, Dr. Kevin Collins, who posts on his blog www.coachisright.com and allows me an occasional post, forestalled a trip to his Florida second home to stay and help run relief efforts on Staten Island with a local Knights of Columbus chapter. He’s in great health, a member of MENSA, but no spring chicken. The man, alongside hundreds of others giving their time and treasure have worked to exhaustion to help these folks. The Feds have a role, albeit a generous and short-termed one (subsidiarity, you know!)

Gov. Christie must be among those legions of elected officials who only read Democratic (nauseating) talking points duly echoed by a complicit media. The bill was not just for Superstorm Sandy relief, but our ubiquitous elected representatives stuffed it with pork. With all due respect to my Muslim and Jewish brothers, this is even unacceptable to little old Catholic me who loves pork chops and apple sauce. Little old Catholic Boehner saw right through Ms. Nancy and Dirty Harry’s Luciferian plans and squashed them – for now.

Stuffing bills with pork is a time-honored political habit that will be hard to break. It might go a long way to restoring constitutional law and reduce our children’s burden if we did. The rest of this article is just about that idea, so read on….

When Chief Justice John Roberts asked if the defenders of Obamacare expected SCOTUS to review all 2,700 pages of this overreaching law, he posed a question that should have been asked 100 years ago during countless other deliberations. It made no more sense to the Court than it did to Charlie Rangel – or any well-intentioned lawmaker or bureaucrat. Tea Partiers formed committees to take on 20 pages each among them. It wasn’t pretty! Ms. Nancy still claims her Congress took the Constitution into consideration. Lesson 1: Always listen to your local Tea Partier!

Lawmakers have their overpaid fun for a while, but bureaucrats make careers out of draconian rules, harassment, and fines to justify their existence. So much for term limits!

If things are ever to turn around, lawmaking and bureaucracy must incorporate “Subsoil” – personal responsibility, and “e pluribus unum” into the wonderful Chaos of human interaction and proper government oversight. Then there is a chance to preserve the American Way of Life in our Constitutional Republic..

Five important questions should be consistently asked, truthfully answered, and applied with integrity when writing legislation and running any resulting bureaucracy:

  • Will this new law help or hurt initiative or personal responsibility?
  • Does the legislation or the bureaucracy it authorizes equally benefit the wider community?
  • Will this legislation put people or regions in a creative or entrepreneurial strait jacket?
  • Will the legislation encourage and maximize private enterprise and employment without requiring major government oversight?
  • Is the legislation less than 100 pages in length, devoid of selective privileges and unrelated attachments and riders?

Entitlements discourage individuals from challenging and motivating themselves. Are the people allowed to do their best when challenged? There will always be hard-to-define needs of the helpless that should largely be handled locally, especially in the long term. We’re all needy – we’re not all helpless!

Individual and community initiative and uniqueness must never be subordinated to a rigid plan for central control through taxes, financial manipulations, or bureaucratic overreach. Challenges and competitions between communities would be far more productive by exhorting beauty and quality rather than harassment and fines. Unexpected opportunities in the chaos of daily pursuits lead to the development of individual gifts and talents (and from these, new technologies, industries, and services.)

Draconian bills of great length are by definition what the Founders called “pretended legislation” filled with taxpayer poison pills and bureaucratic license. We must no longer pass bills so we can see what’s in them. If a bill is too long, it becomes impossible to analyze and critique its veracity and constitutionality before the damage is done. SCOTUS brought that home loud and clear in the Obamacare preliminary hearings. The Congress voted on the 150+ page “Fiscal Cliff” bill within 15 minutes of receiving it. I’m no speed reader, but this is an awesome feat of gross misfeasance of office that we and our children will pay for.

©2013 Gerald V. Todd – PO Box 1578, Bakersfield, CA 93302-1578 toddyo1935@att.net


Photo credit: Bob Jagendorf (Creative Commons)

Source: FULL ARTICLE at Western Journalism

Fiscal Cliff, Dairy Cliff, What about the Payroll Tax Cliff?

By Robert W. Wood, Contributor It is easy to get bogged down in the byzantine detail of the tax laws and forget to look up. You might overlook basic details like whether you are filing on paper or electronically, joint or separate or must itemize. There is much one can overlook, including huge issues. Some people […]
Source: FULL ARTICLE at Forbes Latest

Unusual Twitter Interactions and Other Digital Observations From The Edge of the Fiscal Cliff

By Alex Kantrowitz, Contributor The Capitol The fiscal cliff deal is done. It took all of New Year’s Eve, and most of New Year’s Day, but Congress finally passed a bill to avoid the massive concurrent tax increases and spending cuts that threatened to send this country back into a recession. We at Voted Up watched the […]
Source: Forbes Latest