TheJOTUS

The Jim of the United States

Archive for the ‘Taxes’ Category

Unemployment, By Month, Over The Past 3 Years

Posted by TheJOTUS on August 23, 2010

Have you ever stopped to think just how bad our economy has become in the last 3 years?  Well take a look at this:

Here is a snapshot of what the unemployment picture looked like just prior to President 3 wood taking office:

Now check out the last map in this video:

So when Sheriff Joe calls the stimulus an “absolute success”, well, he doesn’t know what the hell he is talking about.  The stimulus failed.  Miserably.  It did nothing to help American jobs and everything to allow the democrats in Congress to help itself to even more fantasy money.  All the while increasing the deficit and raising taxes.

Posted in Economy, Taxes | Leave a Comment »

What Happens When The Bush Tax Cuts Expire?

Posted by TheJOTUS on August 22, 2010

Basically everyone will have their taxes increase.  And married couples and families will be the hardest hit:

Taxes will soar in a number of critical areas, read below to see just how our bloated government plans to take more and more from all of us:

First Wave: Expiration of 2001 and 2003 Tax Relief

In 2001 and 2003, Congress enacted several tax cuts for investors, small business owners, and families. These are all currently set to expire on January 1, 2011:

Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The full list of marginal rate hikes is below:

– The 10% bracket rises to an expanded 15%
– The 25% bracket rises to 28%
– The 28% bracket rises to 31%
– The 33% bracket rises to 36%
– The 35% bracket rises to 39.6%

This will affect people of all income levels!

Higher taxes on marriage and family. The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of income. The child tax credit will be cut in half from $1000 to $500 per child. The standard deduction will no longer be doubled for married couples relative to the single level. The dependent care and adoption tax credits will be cut. This will affect all people who are married and/or have children.

It was the democrats in both 2001 and 2003, that allowed those bills cutting the tax rates require hard-and-fast provisions creating an expiration date without any other action. We are now just a few short months away from that expiration date after seven years of seeing it coming.   Including more than 3 years of democratic control of Congress and almost 2 years of President 3 iron’s administration.

If nothing is done soon, then we are going to see the ‘murican people burdened with a nearly $4 trillion tax hike.

Posted in B. Hussein Obama, Conservatives in the Know, Taxes, Tea Party | Leave a Comment »

An Economic Tidbit On Corporate Taxes

Posted by TheJOTUS on August 22, 2010

Another piece from Uncle Curtis.  I am thinking you guys are going to like him:

America has the 2nd highest corporate tax rate in the world.  I wonder who has the first?  Japan has the highest corporate tax rate in the world at 39.5%.   America has the second highest corporate tax rate at 39.3%.

First off, corporations do not pay taxes, consumers do. If you raise the property tax of a local utility that provides you energy, who do you think ultimately pays the taxes, you, or that energy company?

If you answer that the cost of those taxes are passed on to you, the consumer, in the form of a higher utility bill, you can move to the head of Dr. Williams’ class.

It matters not what the taxes are or in what form, when you tax a corporation, your cost for those goods and services are going to increase.

With the USA having a corporate tax rate of 39.3%, it is no wonder that our goods and services do not sell well. It also explains why the cost of imported goods (like at Wal-Mart) are less expensive than American made products.

Here is another way of looking at this.

If you don’t think that the customer pays the taxes, then you must think that the owner of the corporations (the shareholders) are paying the taxes, but the company is simply paying those taxes on their behalf.

So let’s go with this thought. Well, the corporation IS owned by shareholders. After the corporation has paid taxes on what they earned, they pay dividends on those earnings to the shareholder. The Shareholder, then pays taxes on the dividends, which they, as shareholders of the corporation have already paid taxes on those earnings. In this analogy, someone that owns a company (shareholder) is still going to have to raise the cost of goods and services to make the same amount of money that companies from other countries make, because they have been “double-taxed” that companies (owners) from other countries are not.

Bottom line, corporate taxes are what are called, “Hidden taxes”. But these “Hidden Taxes” are the most punitive taxes because they secretly cause prices to rise, reducing American production, while promoting the import of foreign goods and services.

THAT is why America is losing jobs to foreign countries.

—Uncle Curtis

Posted in Economy, Taxes | Leave a Comment »

A Few Points On Wind Power

Posted by TheJOTUS on August 22, 2010

I’ve said before that I have always had conservative beliefs–even as a kid.  But when looking back on it, I think it was my Uncle Curtis that really solidified where I was on the political spectrum.  I don’t think he has any idea how influential he was on me.

With that said, I will be posting some various thoughts from Uncle Curtis.  At least until he figures out how to post on here himself.  I joke, I joke.  At any rate, here is a piece on the benefits of wind power, or lack thereof:

Regarding wind power generation (wind turbines), time to back up the facts with sources.  Below are the facts.  The following is the truth about wind power.

First, it takes a minimum wind speed to generate electricity from a wind turbine. The environmentalists like to use the “8 MPH” wind speed as their number, but that is TOTALLY misleading, because the amount of electricity generated at an 8 MPH wind is insignificant. It really takes 25 MPH wind to generate real power.

“Cut-in Speed – Cut-in speed is the minimum wind speed at which the wind turbine will generate usable power. This wind speed is typically between 7 and 10 mph for most turbines. A 10 kilowatt wind turbine may not generate 10 kilowatts until wind speeds reach 25 mph. Rated speed for most machines is in the range of 25 to 35 mph.”

So where is this this “reliable wind”?

This graphic shows where the wind is reliable enough to generate electricity. The source I used is from a government web site that advocates wind power!  Note that for about 75% of the continental United States, the reliable wind source for power generation just does not exist!

So now you start to see the problem of where the reliable wind exists, as well as how to get the power to the nation. As you can clearly see from that chart, that is a very serious problem. When you look at the chart, you can also see why there were so many wind farms in upper Iowa (because that was a hot spot for reliable wind). But that is one of the very few spots at least “GOOD” on that map (and Iowa isn’t even “Excellent”).

So, let’s assume for a moment we do have that wind to generate that power. How much does it cost to build the power turbines versus the cost of the coal plants to operate? From their own “pro-wind” web site, the costs per KWH are:

Gas Turbine: 13.9¢
Coal: 4.5¢
Nuclear: 4.6¢
Wind: 7.5¢

Yes, wind is MORE expensive than coal! That is because it takes hundreds of wind turbines (with VERY high costs) to equal the power generated from one coal generated power plant!

But here is the little hidden secret that I have kept talking about. Even with having reliable wind power and those wind turbines, guess what? You still need a power plant up and running 24/7. So you still have that additional cost! (which they do not include in their “per kwh” cost of wind power!

“Since the grid or control area must be kept in balance at all times (supply and demand, frequency, voltage), some generating unit(s) must be immediately available at all times to provide backup service (or balance) for the electricity (if any) coming from the wind turbines. This means that the unit(s) providing the backup service may be operating in an automatic generation control mode, running at less than peak capacity, and/or running in spinning reserve mode.”

But when these whacko environmentalists talk about the cost of wind power, they always exclude that cost! They only want to talk about the cost of the wind turbines alone!

Ok, so now is the funny part. You will hear the pro-wind advocates keep using the phrase, “FREE, IT’S FREE! IT’S FREE” (sounding like Michael Moore in the movie “Sicko” talking about nationalized health care).

“How Expensive is Wind-Generated Electricity?

Once a wind-turbine is built and paid for, it generates electricity almost for free. Once your house is built and paid for, it provides housing almost for free. What really matters is the cost to society. With current subsidy methods, it costs around 3¢/kWh of subsidy to get wind turbines built.”

You see, that is the funny part. Oh, once we build it, it is free! Or, (as in the case of “free subsidies”) it is cheaper because it is subsidized….by our taxes!

—Uncle Curtis

Posted in Economy, Energy, Taxes | Leave a Comment »

The Obama Tax Hike Exemption Card: Don’t Leave Home Without It

Posted by TheJOTUS on July 3, 2010

What taxes might you ask?  Well here are just a few:

The Tax on Indoor Tanning Services takes effect July 1, 2010

The “Medicine Cabinet Tax” takes effect Jan. 1, 2011

The “Special Needs Kids Tax” takes effect Jan. 1, 2011

The HSA Withdrawal Tax Hike takes effect Jan. 1, 2011

TheMedical Itemized Deductions Cap takes effect Jan. 1, 2013

The Obamacare Individual Mandate Excise Tax takes effect Jan. 1, 2014

The Obama 156%  Tobacco Tax Hike took effect April 1, 2009

Remember folks:  “No family making less than 250k per year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.”

Again…You.  Lie.

Posted in B. Hussein Obama, Taxes | Leave a Comment »

April 15 – Tax Day

Posted by TheJOTUS on April 15, 2010

Better get ’em done folks.  Cause the taxman, he’s a comin’.  But not to worry.  The IRS has a YouTube channel!  Yayyy!  It posts helpful tips regarding taxes including top mistakes, help with record keeping, charitable contributions, etc, etc.  There are also other helpful sections like learning to make an appeal or how to get tax breaks to get back on your feet.

You might also be able to find out how to apply K-Y® lubricating jelly.  Not sure if it is tax deductible though.  My suggestion is depending on your pain threshold, a good rule of thumb is to apply as necessary.

In related news, anyone who’s not a libtard couldn’t possibly be surprised by this headline:  Healthcare law to sock middle class with a $3.9 billion tax increase in 2019.  I’ll save you the click though.  People making under 200k a year will pay more in taxes.  But I thought “no family making less than $250,000 per year will see any form of tax increase”?  Well, you were lied to.  Duped, bamboozled and hoodwinked. 

In other words:  You lied Mr. president.  You.  Lied.

Posted in B. Hussein Obama, Taxes | Leave a Comment »

No Healthcare? No Freedom

Posted by TheJOTUS on November 6, 2009

Well, it looks like Stretch Pelosi’s scheduling of the PelosiCare/ObamaCare vote this weekend has taken a bit of a hit.  At least for a few days anyway.  She apparently doesn’t have the votes needed to carry it through.  So she gets a little more time to send Dominic and Guido out to rough up a few more people votes.

The delay might have to do with the fact it is a 2000 page bill and nobody has actually read it.  Including Mcbotox Pelosi.  Or the 2 trillion plus price tag.  Or maybe the 10% unemployment.  But I am guessing mostly it is because it’s just a shitty bill.

But then we get this little nugget of potpourri:

Today, Ranking Member of the House Ways and Means Committee Dave Camp (R-MI) released a letter from the non-partisan Joint Committee on Taxation (JCT) confirming that the failure to comply with the individual mandate to buy health insurance contained in the Pelosi health care bill (H.R. 3962, as amended) could land people in jail. The JCT letter makes clear that Americans who do not maintain “acceptable health insurance coverage” and who choose not to pay the bill’s new individual mandate tax (generally 2.5% of income), are subject to numerous civil and criminal penalties, including criminal fines of up to $250,000 and imprisonment of up to five years.

I don’t see a problem with that……do you?  How about a few excerpts:

“H.R. 3962 provides that an individual (or a husband and wife in the case of a joint return) who does not, at any time during the taxable year, maintain acceptable health insurance coverage for himself or herself and each of his or her qualifying children is subject to an additional tax.” [page 1]

“If the government determines that the taxpayer’s unpaid tax liability results from willful behavior, the following penalties could apply…” [page 2]

Hmmmmm.  How about a few more:

“Criminal penalties

Prosecution is authorized under the Code for a variety of offenses. Depending on the level of the noncompliance, the following penalties could apply to an individual:

• Section 7203 – misdemeanor willful failure to pay is punishable by a fine of up to $25,000 and/or imprisonment of up to one year.
• Section 7201 – felony willful evasion is punishable by a fine of up to $250,000 and/or imprisonment of up to five years.” [page 3]

Interesting.  I seem to remember someone saying something about no taxes…or whatever:

Everyone in America…everyone…will pay lower taxes

I can make a firm pledge.  Under my plan, no family making less than $250,000 a year will see any form of tax increase.  Not your income tax, not your payroll tax, not your capitol gains tax, not any of your taxes

You.  Lie.

You know, several years into the future, I expect historians to write a fairly dismal account of the Obama era, with specific emphasis on the seemingly bottomless incompetence and remarkable tone deafness of a congressional leadership that couldn’t read a newspaper let alone the mood of the electorate.

Posted in B. Hussein Obama, Healthcare, Taxes | Leave a Comment »

Biggest Hitter For 2008? ExxonMobile

Posted by TheJOTUS on April 29, 2009

Yep, ExxonMobile topped the Fortune 500 for 2008:

……big hitter, the Lama – hits it long, into a ten-thousand foot crevasse, right at the base of this glacier. Do you know what the Lama says? Gunga galunga… gunga, gunga-galunga. So we finish the eighteenth and he’s gonna stiff me. And I say, “Hey, Lama, hey, how about a little something, you know, for the effort, you know.” And he says, “Oh, uh, there won’t be any money, but when you die, on your deathbed, you will receive total consciousness.” So I got that goin’ for me, which is nice.”

Man I love that movie.  At any rate, back to XOM:  Roughly 45 billion in profits on 442 billion in revenue, or basically 10% if my trusty Abacus ain’t lying (It ain’t.  Although it is a shit load of beads).

Wal-Mart, with slightly tighter margins…ahem…, followed up with a 3% profit of 13.4 billion on 405 billion in revenue.  Slackers:

Chevron (8%)
ConocoPhillips ( -7 %, dude.  Who the hell is running this?)
GE (9%)
GM, Ford (Ouch)

Actually with roughly 55% (per gallon) going to refining, distributing and delivering costs, not to mention the crushing environmental regulations, that is a pretty fair margin.  Plus, keep in mind the crippling taxes as well (Although not allocated in the profits, it is still note worthy on the price per gallon).  You can read more of my thoughts on this here.

There is an old saying:  If you don’t like the price, stop buying the product.  That is how capitalism works. 

Close.  But in the case of gasoline, where you need the product whether you like it or not, you should be finding ways to buy less of it.  The price will revert to what the market will bear.

Posted in Energy, Taxes | 1 Comment »

Obama Officially Puts The Crap Sandwich On The Menu

Posted by TheJOTUS on February 17, 2009

Today B. Hussein Obama signed the stimulus bill, or crap sandwich, into law four days after Congress passed it.  Ooops, President B. Hussein Obama.

Four days.  Four……days.

Obama spent all last week – including a primetime presser – spreading doom and gloom and telling the American people “Our economic crisis could become a national catastrophe” if this bill isn’t passed swiftly.  Republicans practically begged for more time so that Congress…hello!!…and the American people could learn what was actually in this trillion dollar boondoggle.

But nooooooooooo.  Buh, buh, buh, buh Barry and the ‘crats would have none of that.  This was emergency legislation and needed to be passed now!  Pronto!  Immediately!  El mucho fasto!

So important was the legislation that dingy Harry Reid took the extra step of extending the vote for several hours (quite unheard of I hear).  When dingy knew he didn’t have the 60 votes necessary to move forward, he held it open until 11pm so that Ohio Sen. Sherrod Brown -who was attending a wake for his mother, who had died a few days earlier, could make it back to cast his vote.  Priorities, democrat style. 

So did Obama sign this emergency piece of legislation when it passed on Friday night?  Nope.  He was on vacation.  How about Saturday?  Nope.  Still on vacation.  Sunday?  Nooooope.  Vacation.  He waited until Monday……err……wait, he was still on vacation.

It wasn’t until Tuesday – today – four days later, that Obama headed to Denver for his photo-op.  That is how much this legislation meant to Barry.

Before his publicity stunt today his staff went live with the latest campaign tool, a misleading website, that will allow people to track where the money is being spent.  Here is a little graph to show where the cash monies is supposed to be going:

moneychart

Oh, with the asterisk you get this explanation:

* Tax Relief – includes $15 B for Infrastructure and Science, $61 B for Protecting the Vulnerable, $25 B for Education and Training and $22 B for Energy, so total funds are $126 B for Infrastructure and Science, $142 B for Protecting the Vulnerable, $78 B for Education and Training, and $65 B for Energy.

What?  What the hell does that mean?  And what the hell is “Protecting the Vulnerable?”

Posted in B. Hussein Obama, Politically Speaking, Taxes | 1 Comment »

Sarah Palin Says 500 Million Jobs Lost Every Month

Posted by TheJOTUS on February 8, 2009

Oh wait, that wasn’t Sarah Palin?  Oh that’s right, it was uber boob, House Speaker Nancy Pelosi, who clearly has no idea how many people are in America.  Not to mention, work, in America.

Perhaps she was including the people in the eight additional states we have……

According to Pelosi, if we don’t get some sort of economic recovery soon, we are on pace to lose 6 billion jobs this year.  Just shy of  the total population on planet Earth.  Man, that is what I call a Depression.  Oh, I forgot about the 3 million jobs the current proposed spending bill will create.  Soooooo, we are not as bad as I thought.

Whew!

You would think this was just a slip of the tongue; however, knowing the democrats ability to fear monger one can’t be too sure. 

But one thing is certain: When you have a politician unable to differentiate between “thousands” and “millions,” you have a problem.

Posted in Nuggets of Potpourri, Photo Of The Moment, Quote Of The Day, Taxes | Leave a Comment »