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This will cure an ailing economy

Like death cures a cold.

Read it and weep.

We're screwed.

H/T The Anchoress by email.


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Comments (27)

You sorry ass S.O.B. Barry... (Below threshold)
914:

You sorry ass S.O.B. Barry!! Go straight to hell!

Rick ,No worries com... (Below threshold)
hcddbz:

Rick ,
No worries comrade.
Party leader Obama will pay for your Mortgage and Gas
http://www.youtube.com/watch?v=P36x8rTb3jI

He will then Give us the money for Disposable income.
http://www.vidoemo.com/yvideo.phpi=Zk9aLUV0cWuRpYjBrMFE&obama-money-where-did-it-e-from

So why do you need the fruits of your labor?
Party Leader Obama know's what to do with money that belongs to the government. Your serfs and slaves and your life belongs to the government.

I guess he's given up on th... (Below threshold)
jim m:

I guess he's given up on the "I'd rather be a good one-term President" goal as being too lofty to reach.

Really, the taxes won't seem so bad once we start comparing them to the damage that will be done when barry starts monetizing the debt.

Good lord, are we fucked.</... (Below threshold)

Good lord, are we fucked.

J.

And the FUNNY part is that ... (Below threshold)
GarandFan:

And the FUNNY part is that when the economy tanks under all these new taxes, the Democrats will blame it on George Bush.

Next tax will be on the int... (Below threshold)
Stan:

Next tax will be on the internet. This one will be advanced during the lame duck after the election.

The American Taxpayer, whic... (Below threshold)
Gmac:

The American Taxpayer, which is only ~50% of working adults, are the one's who are screwed. Yes, there is pain for everyone involved but the people who are really screwed are the one's that actually pay taxes.

Look for a large decrease in employment as small businesses just say "Fuck it, it's not worth the trouble anymore" and close their doors permanently. All this is going to do is lengthen and deepen the Dempression we are currently in.

Its just one more step in the Endarkenment.

Preventing the implementati... (Below threshold)
DaveD:

Preventing the implementation of these onerous taxes is exactly the type of platform each and every Republican should be running on at this time. Speaking of taxes, I know this is very wrong-headed of me, but I want to revisit the no taxation without representation thing from our founding. I figure if you pay federal taxes, personal or through your business, you get to vote. If you don't pay any federal taxes consider that your luck but since you have no skin in the game you cannot vote for national offices. My guess is public policy would change pretty quickly. And we'd have a very vibrant economy to boot.

The American Taxpa... (Below threshold)
jim m:
The American Taxpayer, which is only ~50% of working adults, are the one's who are screwed. Yes, there is pain for everyone involved but the people who are really screwed are the one's that actually pay taxes.

Just wait until the government can't come through with all that entitlement spending they've been promising. Then, just like we have seen in place like Venezuela, the entitlement class will rise up in riots and acts of violence against those who earn income and pay taxes.

Oh, this can get loads worse.

preventing the imp... (Below threshold)
hcddbz:
preventing the implementation of these onerous taxes is exactly the type of platform each and every Republican should be running on at this time.

MCcain lead the fight year after year against making The Bush Tax cut permeant . RHINO SUCK!

Deferring income, hiding in... (Below threshold)
Justrand:

Deferring income, hiding income or simply avoiding income (yup, cutting back on work!) will become paramount.

Federal income will FALL dramatically...just in time for the 2012 election. And yes, Obama will blame Bush.

We are VERY screwed, but not COMPLETELY screwed as long as we have the 2nd Amendment. If you're not stocking up...why not?

Like I said before, when Fe... (Below threshold)
jim m:

Like I said before, when Federal income falls they will monetize the debt. They are already planning to do just that. What do you think happens when nobody wants our bonds anymore? Don't expect Barry to stop spending. He'd suspend Congress before he even considered that.

Converting my 401k to .45 a... (Below threshold)
liberalnitemare:

Converting my 401k to .45 ammo as we speak.

Jim M"Like I said ... (Below threshold)
retired military:

Jim M

"Like I said before, when Federal income falls they will monetize the debt"

Personally I think (especially if Dems are still in control of the House next year which I doubt or it could go in a lame duck session) the following:

The govt will just take all the 401k money and put them into a govt paid 401k system. You will have a 401k "investment" (that is liberalese for tax) 5% deduction from your paycheck no matter how much you make. 5% off the top plus all the 401k money you had sunk will go into a govt "gaurenteed annutities" fund (read that as something that will pay a whole stead 2% year after year and safe from "bumps and valleys in the stock market"

In short, we will be paying another 5% of our income into a 401k Social security plan that Congress will immediately start spending and writing IOUs to cover. "Hey it is in a trust fund just like social security. Everyone still gets their social security check dont they? Trust us. We are from the govt and we are here to help"

Behold the fruits of the De... (Below threshold)
Jay Guevara:

Behold the fruits of the Democrat Party.

And I'm not talking about Barney Frank.

Did you really expect anyth... (Below threshold)
Caesar Augustus:

Did you really expect anything different from a collection of socialists who despise America?

It's not really the income ... (Below threshold)
Weegie:

It's not really the income tax increase that will affect the economy so much as the increased tax rates on capital gains and on dividends and businesses.

If just the income tax rates raised to pre-Bush levels, there would be a small, almost unnoticeable dip in the economy that would be very short lived.

But the business and investment taxes will hit this weak economy very hard. And when you throw in the triple combination of the health care destruction taxes, the proposed cap & trade taxes and the destructive financial "reform", we will have the 1930's all over again.

Obama and the Congressional Democrats are like Thelm & Louise, and they're driving off the economic cliff with us locked in the trunk.

I remember Lee crowing on t... (Below threshold)
JLawson:

I remember Lee crowing on the Blue about how the Dems taking control and Obama being elected was a swing of the pendulum from the horrible excesses of the Right to the sensible and rational policies of the Left.

I mentioned, I think, that it'd be smart not to forget that the political pendulum is always swinging, and that the more it's pushed in one direction, the harder the swing back is in the other.

The left is trying to see just how far they can shove the pendulum, apparently thinking they'll be able to tie it up so that it can never swing again. The only way they'll be able to do that is to suspend elections - but that's something that the people (yeah, us puny little bastards that Washington's trying hard to ignore) will not stand for - short of alien (flying saucer type) invasion.

Obama's been doubling down on a losing hand economy-wise ever since he was elected. If he were smart, he'd announce the tax cuts were going to be permanent, and that Cap & Tax is permanently off the table. And then he could go play golf for the remainder of his term.

It would give employers badly needed confidence that what they do now won't come back to bite 'em later, and give a stable regulatory environment - which is something business always appreciates.

If you know the laws, know the codes, know the taxes, you can plan for the future. If you don't - you can't.

But... that requires Obama to actually care if the country is functional after the end of his term. And I'm not sure he does.

He may pull a Hitler - since we are obviously not appreciative of his superlative management skills and not deserving of his genius for running a country (and we're sure not deserving of what he's done so far!) then we are not worthy and must be destroyed so something new and wonderful and unicorn-powered will rise from the ashes.

But you know, I can't imagine if he WERE trying to fuck things up just what he'd be doing different. Everything's being done with the BEST of intentions - it's not HIS fault things aren't going as they should... is it?

The tax hikes are just one ... (Below threshold)
Jim Addison:

The tax hikes are just one of the mountain-sized obstacles we are heading for at full speed.

The Euro=peon fiscal crises have hardly been averted; temporarily postponed is the proper term, and guaranteed to be even more difficult to deal with. How long will the frugal Germans suffer under austerity budgets in their own country, knowing they are fully on the hook for the wild spending which has gone on in Greece, Portugal, Italy, Spain, and Ireland? The EU itself will likely collapse, with consequences difficult to predict clearly, but "dire" seems an appropriate term.

We have our own debt problems coming, too. The enormous amounts of paper we must sell to pay for Obama's big party is, in his favorite word, "unprecedented." There aren't really enough buyers out there to sell it at the low rates we've enjoyed in recent decades. Interest rates will have to rise to find takers to lend us the money Obama has already committed us to spend on his cronies.

Then again, how can we recover when businesses are afraid to invest and expand? Our corporations have tightened their belts for the last couple of years, and made profits which they retain. Normally, this would either be passed on to shareholders as dividends or invested in new expansion. But the tax hikes will make dividends less attractive, and Obama's anti-business Administration makes businesses hesitant to invest, because they never know what new confiscatory scheme the neo-Marxists will come up with next.

Fasten your seat belts - it's going to be a bumpy ride (and yes, I know that's a misquote).

Why dont we all join togeth... (Below threshold)
914:

Why dont we all join together and file a lawsuit for damage's caused by this administration and sue Barry's traitorous ass back to Kenya?

By the way, that hole plugged yet?

Anyone know some good sites... (Below threshold)
Son Of The Godfather:

Anyone know some good sites about how to prepare for what's ahead?

This will end... ugly.

<a href="http://www.surviva... (Below threshold)
Gmac:
Weggie,The tax rat... (Below threshold)
hcddbz:

Weggie,

The tax rate will hurt people as well as Capital gains. If we were in static times then going back to the old rates would not matter. However property Taxes have increased as well as transportation and other expenses to where a 5% reduction in what you take home plus higher health care cost will hurt people.

Also many families are helping other members in this time and when they start to take home less pay it gonna hurt.

The other part of this that people say is that it gonna back to Clinton era well it not start looking at the breaks in income.
Then there the fact that BHO also wants to increase the level at which SS is taken out further reducing take home pay.

It is gonna hurt people.
What am I saying if you don't make over 250K your taxes will not go up.
HOPE and Change

Small businesses are alread... (Below threshold)
John S:

Small businesses are already cutting staff in anticipation of increased costs. And those layoffs will accelerate in the fall. What few jobs that are being created are being filled with temp workers with no benefits.

DaveD #8: "I figure if y... (Below threshold)
P. Bunyan:

DaveD #8: "I figure if you pay federal taxes, personal or through your business, you get to vote."

No representation without taxation? Interesting idea.

It would essentially eliminate the Democrat party and of course we'd be so much better off if the debate was between Republicans (mild socialists) and Libertarians rather than between Communists (Democrats) and Republicans as it is now.

"Like I said before, when F... (Below threshold)
wtfo:

"Like I said before, when Federal income falls they will monetize the debt"

They already did, officially, to the tune of a trillion or two, and they're continuing to do so under the table. Unless, of course, you really believe the Fed when they tell you that random small retail investors lumped into what is essentially the "misc." category of reporting bought $900 billion MORE bonds this year.

They will keep the monetization under the table as long as possible, and rely on inflation (largely hidden by the now useless CPI) as long as possible.

The wheels will fall off before the end of 2011.

RM: "The govt will just tak... (Below threshold)
Les Nessman:

RM: "The govt will just take all the 401k money..."

Stop right there.

If that occurs, ALL bets are off. I think even the Pols realize that would put their lives in danger.

They're going to try to do it sneakily; a new 401k tax or fee or somesuch. Or they'll do something to artificially depress the values of 401k's and make "gov't 401k's" more attractive. (and a good 40% of the parasites in the country will cheer them on.)

A shitstorm is coming our way.




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