TheJOTUS

The Jim of the United States

Archive for the ‘Tea Party’ Category

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.

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

Some Sound Decent Advice

Posted by TheJOTUS on August 17, 2010

Because let’s face it, you gotta start somewhere. 

Gary North comes at it with some specific advice you won’t hear from the decepticons in the “big R” republican party.  Ten facts of American politics:

1. You can’t beat something with nothing.
2. 80% of politicians respond only to two things: (1) fear; (2) pain.
3. Bureaucrats (tenured) respond only to one thing: budget cuts.
4. Political reform never comes as long as the tax money flows in.
5. The #1 goal is to reduce the government’s funds, not re-direct them.
6. Congress’s club system sucks in 80% of new members by term #2.
7. Politicians listen to their peers, not to their constituents.
8. Money from the government buys off most voters.
9. Most citizens care little about politics and know less.
10. This gives influence to organized swing-vote blocs.

And eight rules of engagement:

1. Vote for a hard-core challenger on the other side against a squishy incumbent
2. Hold your newly elected politician’s feet to the fire the first time he breaks ranks on a key vote
3. Get him to sign a resignation letter
4. Track all of his votes on your #1 issue, and post them online
5. Find out who his largest campaign donors are
6. Instill fear
7. Inflict pain
8. Trust, but verify

Go ahead and click over.  It is a good read and worth the time.

Posted in Click of the Day, Conservatives in the Know, Nuggets of Potpourri, Politically Speaking, Tea Party | Leave a Comment »