How much of the Bush Tax Cuts Did Obama Allow to Expire?

If there was ever a reason why we should believe that President Obama is a corporate drone that represents a faction of the 1 percent, just look at the figures below. That tells us all we need to know about the man. The vast majority of Americans wanted those tax cuts to expire on those people with incomes above $250,000. As usual, Obama couldn’t pull the trigger.

Read Full Post »

Four Key Tax Provisions that Expire at the End of the Year

The payroll tax cut will expire at the end of the year. According to ThinkProgress, “A two point hike in the payroll tax — which affects every working American — would deliver one of the fiscal cliff’s biggest hits to economic growth. The Economic Policy Institute estimated that allowing the payroll tax cut to expire will lessen GDP by nearly one full percentage point.” That may be true, but eliminating this tax cut will strengthen the social security trust fund.

Click below for more on the story.

http://thinkprogress.org/economy/2012/12/18/1355631/expiring-tax-provisions/?mobile=nc

Read Full Post »

Warren Buffett Again Writes “Tax the UltraRich!”

Warren Buffett wrote on November 25, 2012 in the New York Times, “Between 1951 and 1954, when the capital gains rate was 25 percent and marginal rates on dividends reached 91 percent in extreme cases, I sold securities and did pretty well. In the years from 1956 to 1969, the top marginal rate fell modestly, but was still a lofty 70 percent — and the tax rate on capital gains inched up to 27.5 percent. I was managing funds for investors then. Never did anyone mention taxes as a reason to forgo an investment opportunity that I offered.

Under those burdensome rates, moreover, both employment and the gross domestic product (a measure of the nation’s economic output) increased at a rapid clip. The middle class and the rich alike gained ground.

So let’s forget about the rich and ultrarich going on strike and stuffing their ample funds under their mattresses if — gasp — capital gains rates and ordinary income rates are increased. The ultrarich, including me, will forever pursue investment opportunities.”

Buffett doesn’t suggest what is obvious. Tax cuts for the rich destroy jobs, which I’ve shown how in numerous articles in this blog and in my book, The Rigged Game.

Click below for the full op-ed by Warren Buffett.

Warren Buffett Writes "Tax the Ultra Rich." New York Times

Read Full Post »

Cutbacks in the Phoney Fiscal Cliff: What the Majority Americans want

Eighty-four percent of American citizens think the income tax rate should be increased on people who earn over $250,000 a year. The majority of Americans also want to reduce spending on the corporate welfare program known as military spending, and they want to raise the tax rate on investment income. All of these proposals would result in the creation of jobs and a more robust economy, although it’s not really enough. Look for Obama to backtrack on letting some or all of the Bush tax cuts expire, which would disappoint the vast majority of Americans who voted for him, but why should he care? He is a lame duck president.

The Pew Research Center has surveyed the American people. The Graphs show what the people want and what the rich folks who run the Republican party want. The American people are in blue, the Republicons are in red.

Read Full Post »

The Alleged Fiscal Cliff: Navigating-fiscal-obstacle-supporting-job-creation

If President Obama wanted to, he could easily navigate the made up (phoney) fiscal cliff and support job growth at the same time. First of all, we should understand that Obama is not interested in job growth at all, or else he wouldn’t be negotiating another jobs destroying, “free income redistribution trade treaty” called the Trans Pacific Partnership. That alleged trade treaty is the biggest of them all, which the Guardian newspaper of the UK calls NAFTA on steroids.” It will decimate jobs and the constitution and redistribute a massive amount of income from the 99 to the 1 percent. So don’t take Obama serious when he says he wants to create jobs. However, it did make for good political theater during the presidential campaign.

All of that to the side, the Economic Policy Institute has come up with a proposal that would use the revenue from the expiring and economically disastrous Bush tax cuts to spur job growth.

“Of all the major provisions within the fiscal obstacle course (fiscal cliff), the upper-income Bush-era tax cuts and the recently modified estate and gift tax cuts1 are the least supportive of jobs. Ending these tax cuts would reduce real gross domestic product (GDP) growth by a negligible 0.1 percentage point and employment by only 102,000 jobs in 2013, relative to current policy (Bivens and Fieldhouse 2012a). Their opportunity cost for extension is a hefty $1.2 trillion in revenue loss over the next decade. Therefore, policymakers should allow these provisions to expire on schedule at the end of 2012 and dedicate much of their savings to policies supporting greater economic growth and job creation over the near term.”

That says it in a nutshell. The government could use the $1.2 trillion to create a ton of jobs. Just let the tax cuts expire. Any jobs lost will probably be Wall Street traders and managers and others whose purpose is to destroy the economy by redistributing income from the 99 to the 1 percent.

Check out the link below for their entire proposal.

Navigating the Fiscal Obastacle Course of the Fiscal Cliff–Economic Policy Institute

Read Full Post »

Let the Bush Tax Cuts Expire Since the Republicans Refuse to Compromise

Read Full Post »

Message to President Obama; Save the US Economy. End the Bush Tax Cuts Now!

The Bush tax have not created any jobs. In fact, they’ve destroyed them. They are a big reason why there has been virtually no private sector job growth since the cuts were enacted a decade ago. There’s a reason for this.

When tax cuts for the rich occur, CEO’s attempt to entice investors to purchase shares of their stocks with their newly available cash before investors purchase the stocks of competitors. It’s a dog eat dog race as jobs are cut in thousands of publicly traded corporations, or the jobs are shipped off to other countries. Wages and salaries are held stagnant or reduced. In this way, wages and salaries are eliminated or reduced to push up profits and dividends. if this tactic works, investors buy shares and push share prices higher. The new investors are happy, old shareholders are happy, the board of directors are happy, and the CEOs gets a big bonuses for destroying jobs and redistributing income from working people to the one percent.

This is why Obama should end the Bush tax cuts now. That’s something he has announced today. But he’s not going to eliminate them until after the election, which means he could be playing us again. Expect it.

See the link below for more information on Obama’s alleged desire to end the destructive Bush tax cuts.

from Politico.com–Obama: Limit Bush tax cuts to those under $250K

Read Full Post »

Fed Chairman Bernanke Lies and Says Bush Tax Cuts Shouldn’t Be Allowed to Expire

Bernanke, puppet of Wall Street, testified to congress that allowing the Bush tax cuts to expire would jeopardize the economy. That’s B.S. Those tax cuts helped get us in this mess in the first place.

Click here for the complete story

Read Full Post »