$5 Trillion Tax Hike Coming Bob Adelman thenewamerican.com April 9, 2012 Back in February when the Congress voted to extend the payroll tax “holiday” to the end of the year, the Washington Post was the first to notice the tsunami of tax increases coming next year. But then Lori Montgomery began to add up all the other taxes that will increase on January 1, 2013, and called it “Taxmageddon.” Here is a partial list of taxes that will increase unless Congress intervenes: The 2001 and 2003 Bush “tax cuts” expire Taxes on investment income Estate and gift taxes Income taxes Marriage penalty returns Child credit drops Taxes on first $8700 of wages increase by 50 percent Payroll taxes go from 4.2 percent back to 6.2 percent But that is only a start. The Heritage Foundation did an in-depth analysis of all the tax increases scheduled for next year and found that Lori forgot some: The Alternative Minimum Tax (AMT) will increase in size and reach Five new Obamacare taxes will start Some 50 “tax extenders” will go away Small business owners can no longer write off business equipment purchases immediately Adding them all together, the total is $500 billion. And that’s just in 2013. Over the next decade, the tax increases will exceed $5 trillion.
The effect of this tidal wave is already having a dampening effect on the economy. Curtis Dubay, the author of the Heritage study, wrote: Families, businesses, and investors need to know how much tax they will pay in the future before making important economic decisions. The uncertainty caused by Taxmageddon means they are stuck in neutral while they wait for President Obama and Congress to act. This is slowing job creation and stopping many of the millions of unemployed Americans from going back to work. Sucking half a trillion dollars out of the economy is going to have a severe negative impact on growth. Mark Zandi of Moody’s Analytics estimates that the nation’s GDP (Gross Domestic Product) would be reduced by at least three percent. Considering that current estimates of growth are less than that, these tax hikes could push the economy back into recession. And then there’s the IRS and its problems. If Congress changes nothing, the IRS is fully prepared with the new rules and rates and forms. But if Congress waits until the last possible moment to address the issue, then, according to IRS Commissioner Douglas Shulman, “you could have a real disaster in the filing season where there’s total confusion.” Few have much sympathy for any problems the IRS might have, but it’s possible that the tax filing date scheduled for April of 2013 might have to be pushed back, exacerbating the deficit because of the delay in collecting the taxes. Politically, President Obama thinks he is holding the ace of spades: He has said he will veto any bill that extends the Bush tax cuts unless those cuts are eliminated for the highest income earners. White House Deputy Press Secretary Amy Brundage said, “The president has made clear that he will veto any bill that extends the Bush-era tax rates for the wealthiest 2 percent of individuals.” Liberal Senator Charles Shumer (D-N.Y.) said that “politically it’s going to be very harmful [for the Republicans] to say, ‘I’m not for something like the Buffet Rule’, when even 60 percent of Republicans are for it.” And then there’s the debt ceiling, currently at $16.4 trillion. With government spending continuing out of control, that limit could be reached before November, forcing Congress to address the issue. The last time Congress extended the debt ceiling it almost shut down the government before a spending-cut compromise was enacted at the last minute. If the issue can be delayed until after the election, then a “lame duck” Congress will be forced to deal with it. And if the President is reelected, then he holds all the cards: no more pressure from citizens to get in his way and a Congress stymied in its ability to bring sanity and respect for the Constitution back into play. If the President isn’t reelected, he has little motivation to make things easier for the incoming Congress or for the taxpayer.
New Black Panthers and Nazis Hijack Trayvon Martin Case Kurt Nimmo Infowars.com April 9, 2012 The establishment media is all over a story about members of a crackpot “National Socialist movement” from Detroit “occupying” Sanford, Florida, where Trayvon Martin was killed. And yet they do not talk about violent racist threats by the New Black Panther Party (NBPP). New Black Panthers Calling for Race War http://www.youtube.com/watch?v=41ck8dlivs8
Both groups represent the lunatic fringe of American politics. “We are not advocating any type of violence or attacks on anybody, but we are prepared for it,” Nazi Commander Jeff Schoep told the Miami New Times. The NBPP, on the other hand, have called for bloodshed, violence against “crackers,” and the end of capitalism. The NBPP has teamed up with “Million Hoodies for Trayvon Martin Coalition,” as the flyer taken
from their website below reveals. A crosshair on a photo of George Zimmerman – who has yet to be arrested and is in hiding fearing for his life – demonstrates the sort of vigilante justice the New Black Panthers have in mind: taking Zimmerman “dead or alive,” as the diatribe by NBPP Chief of Staff Michelle Williams makes clear in the above video. The National Chairman of the New Black Panther Party, Malik Zulu Shabazz, has called for a national “day of action” scheduled for April 9, a day before a grand jury is scheduled to begin hearing the Trayvon Martin case. “[Then] On Monday, April 9 we have teamed up with over 300 organizations in a national and international coalition and are calling for a national strike…and a day of absence, where there is no work, no school, and no shopping in the cause of justice for Trayvon and the immediate arrest of Zimmerman and charging him with the appropriate charges,” Shabazz said on April 1. A transcript from the video: Williams: I just want to say to all the listeners on this phone call, that if you are having any doubt about getting suited, booted, and armed up for this race war that we’re in that has never ended, let me tell you somethin…the thing that’s about to happen these honkies, these crackers, these pigs, these people, these motherf*er…it has been long overdue.” Kweli: ”Ya, what she said was right- we got to suit up and boot up…and get prepared for the war that we’re in…this stuff got to boil over, and all your great’s talked about that happened to be bloodshed involved with revolution- true revolution means some bloodshed, so there’s blood being spilled because there’s a new life that is beyond this bloodshed. There is a new reality that is built upon your original African principles and spiritualities and values and norms that is beyond this bloodshed. But we gotta go do it. Williams: ”I say to everyone that is on this call right now, I’m comin’ out of the gate…my prize right now this evening is going to be the bounty, the arrest- dead or alive- for George Zimmerman. You feel me? To every brother, to every female, I am for violence if non-violence means we continue postponing a solution to the American black man’s problem just to avoid violence. You feel me? It’s time to wake up, I don’t know how else...It’s in me to fight. It’s in me to raise up soldiers. It’s in me that every time my feet touch the ground the state of Florida- these crackers- they scared. “I’m kinda pissed off right now that the state of Florida ain’t on fire. This could not have happened in L.A. because them brothers up there are not scared to riot. This could not have happened in St. Petersburg Florida, where the black man over there are ain’t scared to kill a cracker.” Kweli: ”This is real. We’re attacked anywhere in the world and we would defend ourselves by any means necessary…You starve capitalism, since this racism that’s being perpetuated and this brutality that’s being perpetuated, and this murder that’s being perpetuated, is built on the table legs of capitalism, you’ve got to starve capitalism. http://www.infowars.com/
Published on Apr 9, 2012
Published on Apr 9, 2012
Back in February when the Congress voted to extend the payroll tax “holiday” to the end of the year, the Washington Post was the first to no...