Posts Tagged ‘tax rates’

Matt Damon and Taxes…

August 3, 2011

Apparently, Matt Damon (interview by Nicholas Ballasy) is upset that “rich” people, LIKE HIM, do not pay more in taxes.

“Matt Damon Calls for 50% Tax Rate & Says Nobody Who Earns Over $250,000 Starts Businesses if They Keep More of Their Own Money”

I would like to make a wager with Mr. Damon.  What if I told Mr. Damon that there are people in the USA making less than his $250,000/year income, that pay MORE than 50%!!  Would he say that does not happen??

You can visit a posting I did a few years ago here.  If we include ALL of the taxes paid by citizens, I would wager that most income tax payers in New Jersey are paying more than 50%.  And that does NOT include the self-employed.  Speaking of the self-employed, I would wager that if it is a small company (less than 20 employees), that the owners pay more than 50%.  I KNOW!  I have owned a small business.  My taxes were closer to 65%.  AND I did start that business with MY own money.  Seriously, Mr Damon??  Do you really believe that most of the small businesses started in this country, are started with someone else’s money??  Seriously??  I would wager that greater than 50% of the businesses started in ANY year in the USA, are started with the founder’s money, or family of the founder.

Pick the wager Mr. Damon, and let me know what you would like to wager.  I’m willing to back up the FACTS with MY OWN money, are you willing to back up your faulty opinions with your money??

A comment for Mr. Damon.  I have checked and there is NO law that prohibits Mr. Damon from sending more than the minimum to the IRS.  I think it would behoove Mr. Damon, if next April, he showed EVERYONE the check that he was sending to the IRS.  What say you Mr. Damon.  Please, quit being one of those standard “Hollywood Stars” that says “Do as I say, not as I do.”  Stand behind your convictions and lead by example.  Until then, I think you should stick to “acting”, your “real life” experiences are lacking!  If you really BELIEVE what you are saying, send the money, then you can “lecture” the rest of us.

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The Consumer Price Index or CPI…

June 22, 2011

Previously, I have mentioned that the Inflation number that the “government” uses is too low.  I have also said that the government has a VESTED interest in this number remaining low.  This post does not mean to single out one political party over another, as they BOTH do this manipulation.  I am merely using the current administration as an example, because they are the current administration.

Please read this article from Dow Jones as posted on the NASDAQ website.  And this one is a follow up from Zerohedge.  Below are a few quotes:

“Those talks involve Democratic and Republican lawmakers from both chambers and are led by Vice President Joe Biden.”  See, both sides are involved.  It appears as though Vice President “The new sheriff in town” Biden, the one that was over seeing TARP so that NO money was “misused”, is proposing the changes.

“Such a move is widely seen by economists as resulting in a slower rise in inflation. That would impact an array of federal programs that are linked to CPI including the Social Security program and income tax brackets set by the federal government.”  This means that two things WILL happen.  1)  Social Security payments will not rise as quickly, most likely TRAILING real inflation, and 2)  the changes in Income Tax Brackets will not rise with inflation (meaning when you tell your boss that you need more money to survive, and they give you a “raise” (LOL, sorry), that you will be paying more in taxes).  I call this a STEALTH TAX.

Lawmakers are considering changing how the Consumer Price Index is calculated, a move that could save perhaps $220 billion…”  This money comes from YOU!!  This comes from any “program” that is indexed to the CPI.  The main one being Social Security.  This is NOT a “tax on the RICH”!!  This is a tax on average America.  But the politicians are trying to get away with this “manipulation”, without calling it a TAX.  The Government is AGAIN attempting to manipulate the numbers, so that what they ARE doing looks better.

Here is some talk about the changes to the CPI calculation.  And here is an analysis that puts the current CPI well above 5% from Shadowstats

I will say it again, the Government has a VESTED interest in the “reported inflation rate” remaining low, not 0% or below.  The number that they “use” IS incorrect as it relates to average America, and the errors benefit the Government ALWAYS!  We need to remove this system from the control of corrupt/ignorant politicians.  Go back to the original formula.  Do not let them have the power to change it.  MAKE them live with the same Inflation that WE are experiencing!

Obama’s Sacrifice…

April 20, 2011

Recently, I heard one of “The One’s” diatribes.  He was saying something about how the “rich” should sacrifice and accept an increase in their taxes.  Note:  I am NOT one of the “rich”.  In fact, I am not even  close.  My wife and I are not even close to the “rich”, those making $200,000 per year (this definition from the President).  Unfortunately, I do not have the time to try and find the speech/interview.

He was saying how He wanted to increase the taxes on the “rich” to match the tax rates during President “I lied to the American public under oath” Clinton.

I’ll make a deal with “The One”,….. I’ll agree to let the tax rates INCREASE to the level during President “It depends on what the definition of the word is, is” Clinton, IF we can limit Government spending to the levels that it was during the SAME time!!!  If you will CUT government spending to 1999 levels, I will agree to 1999 tax rates!!

What say you Mr. President???

The “Cost” of Keeping Current Tax Rates…

December 17, 2010

Sometimes I find an article, from a respected source, that just makes me want to Scream!!!  Where do these “authors” come from?  How do they keep getting paid?

Normally, I enjoy reading Forbes, as I find that they provide differing view points on subjects, and try to explain complex situations.  The article by Brian Wingfield, “Congress Sends Tax Bill To Obama“, however, is NOT one of those articles.  Here is the quote that is obviously false (or a blatant attempt to mislead readers):

At a cost of of $858 billion over the next decade–none of it paid for–the bill is the single most damaging measure for the U.S. federal budget deficit that Congress has produced in years. (More so than either the 2008 TARP program, the 2009 economic stimulus bill or the health care reform act signed into law earlier this year.)”

Mr. Wingfield, are you kidding me??  Let me outline the mistakes in this quote:

     1.  No where in the article, do you reference where your numbers come from.  For this I will assume that the $858 Billion number is correct.

    2.  It would have been respectful of your readers if you had prefaced your opinion with something.  “I feel that this is the single most damaging measure passed by Congress…” would have been much better than presenting it as a fact.  To be honest, if you had done this, I probably would have let this opinion slide.  Also, it would have been more enlightening to your readers if you had finished the statement and said who/what the act was “damaging” to.  Was it damaging to the American Public? Tax payers? Government employees? Special Interests?  By leaving the subject open, the reader must assume what you mean.

     3.  To say that the continuation of the current tax code “costs” more than Obamacare, is provably incorrect.  Even the Democrats said, when they passed shoved it down our throats, that the “cost” would be $980 BILLION (UPDATE: $940 Billion) in the first decade.  But if you need more proof read the report from the CBO.  The Weekly Standard has a good summary.  The CBO estimates that Obamacare will cost more than $2 TRILLION, or more than double your “cost” of extending the current Tax rates.

     4.  Which brings me to your false argument that extending the current tax rates “costs” anything!!  IF you keep tax rates the same, it does not cost the Government ANYTHING!!  The definition of cost is the amount PAID for something.   As there is NO money leaving the governments hand, being received by the tax payers, it is NOT A COST to the government!!!  IF the government were to RAISE taxes, it would COST the American Tax payers money.  Lowering taxes does NOT cost the government money.  It merely reduces the government revenue.

Please, do at least some research before you attempt to sway your readers to your viewpoint.  Please, spend some time and learn the English language instead of parroting your favored mentors and spreading their poisonous falsehoods.

As for your “opinion” that extending the current tax rates is the most damaging act passed, Obamacare is far worse for the American public.  I also feel that the “cost” of the stimulus was much greater, as the $800+ Billion was expensed in a single year, as opposed to a full decade.  It would be nice if you would at least explore the other side of any argument.