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Archive for February, 2009

President Obama’s budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.

1) On people making more than $250,000.

$338 billion – Bush tax cuts expire

$179 billlion – eliminate itemized deduction

$118 billion – capital gains tax hike

Total: $636 billion/10 years

2) Businesses:

$17 billion – Reinstate Superfund taxes

$24 billion – tax carried-interest as income

$5 billion – codify “economic substance doctrine”

$61 billion – repeal LIFO

$210 billion – international enforcement, reform deferral, other tax reform

$4 billion – information reporting for rental payments

$5.3 billion – excise tax on Gulf of Mexico oil and gas

$3.4 billion – repeal expensing of tangible drilling costs

$62 million – repeal deduction for tertiary injectants

$49 million – repeal passive loss exception for working interests in oil and natural gas properties

$13 billion – repeal manufacturing tax deduction for oil and natural gas companies

$1 billion – increase to 7 years geological and geophysical amortization period for independent producers

$882 million – eliminate advanced earned income tax credit

Total: $353 billion/10 years

via Political Punch: Obama’s Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011.

How many people will lose jobs because the small business owners in the first group and the large businesses in the second group will have to cut payrolls to fork over more tax money? Hundreds of thousands? Millions?

And forget getting independent of foreign oil. When Obama is through with the domestic petroleum producers, no one will be drilling for new oil in the USA.

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“Liberals claim to want to give a hearing to other views, but then are shocked and offended to discover that there are other views.” –commentator, author and founder of National Review William F. Buckley Jr. (1925-2008)

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Congress went on a pork-a-palooza yesterday, approving a massive spending bill with big bucks for Hawaiian canoe trips, research into pig smells, and tattoo removal – all while the nation faces an economic crisis.

Among the recipients of federal largesse is the Polynesian Voyaging Society of Honolulu, which got a $238,000 “earmark” in the bill.

The group organizes sea voyages in ancient-style sailing canoes like the ones that first brought settlers to Hawaii.

The sailing club has a powerful wind at its back in the person of Sen. Daniel Inouye (D-Hawaii), the chairman of the Senate Appropriations Committee.

The bill also has a whopping 8 percent increase over last year for the numerous federal agencies it funds.

New York got its share of earmarks, among them $475,000 to “improve and expand” the Italian American Museum in Little Italy.

The project was pushed by New York Reps. Gary Ackerman and Jerrold Nadler. The latter touted it, among other earmarks, on his Web site.

Nadler also announced $4.5 million for new park development in Manhattan.

via CONGRESS’ PORKY POLS PIG OUT ON FINE $WINE – New York Post.

This is what happens when the fox takes over control of the henhouse. It will take 2 presidential eight year cycles of conservative presidents to repair what this one socialist and his cronies are going to do to our country. When will the American people learn you can’t trust anything out of  a Democrat politicians mouth, or out of a mainstream media news outlet as well!!!

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Seven-hundred eighty-seven billion dollars apparently doesn’t go as far as it used to. Even before the ink was dry on the stimulus bill, the president and his deputies were hinting it may not work as promised.

Last week, when President Obama was in Peoria, Ill., selling the stimulus bill, he heaped praise on the spending plan, calling it a “once-in-a-generation chance to act boldly” that would “be a major step forward on our path to economic prosperity.”

He predicted that “once Congress passes this plan and I sign it into law, a new wave of innovation, activity and construction will be unleashed all across America.”

Now with the $787 billion on the books — an amount greater than the entire federal budget in 1982 — the administration is suddenly in full expectation-lowering mode, throwing out strong hints that it may have to go back for second helpings in a matter of months.

“Signing Stimulus, Obama Doesn’t Rule Out More,” is how the New York Times put it. And, indeed, Obama sounded almost dour about the bill he had so aggressively pushed to get passed.

Gone was all the bold talk of unleashing innovation and activity. Now it’s just “the beginning of what we need to do.”

Obama deputies were even more downbeat. Last weekend, after the bill was safely through Congress, administration press secretary Robert Gibbs predicted that the “economy is going to get worse before it gets better.”

via IBDeditorials.com: Editorials, Political Cartoons, and Polls from Investor’s Business Daily — Just A Beginning?.

Geez, talk about your self-fulfilling prophecy!

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“The idea that even the brightest person or group of bright people, much less the U.S. Congress, can wisely manage an economy has to be the height of arrogance and conceit. Why? It is impossible for anyone to possess the knowledge that would be necessary for such an undertaking.” –economist Walter E. Williams

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“The principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.” –Thomas Jefferson

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The economic stimulus signed by President Barack Obama will spread billions of dollars across the country to spruce up aging roads and bridges. But there’s not a dime specifically dedicated to fixing leftover damage from Hurricane Katrina.

And there’s no outrage about it.

Democrats who routinely criticized President George W. Bush for not sending more money to the Gulf Coast appear to be giving Obama the benefit of the doubt in his first major spending initiative. Even the Gulf’s fiercest advocates say they’re happy with the stimulus package, and their states have enough money for now to address their needs.

“I’m not saying there won’t be a need in the future, but right now the focus is not on more money, it’s on using what we have,” said Sen. Mary Landrieu, D-La., who has criticized Democrats and Republicans alike over Katrina funding.

It’s a significant change in tone from the Bush years, when any perceived slight of Katrina victims was met with charges that the Republican president who bungled the initial response to the disaster continued to callously ignore the Gulf’s needs years later.

Just last summer, Democrats accused Bush of putting Iraq before New Orleans when he sought to block Gulf Coast reconstruction money from a $162 billion war spending bill. Bush was pilloried for not mentioning the disaster in back-to-back State of the Union addresses.

Former Rep. Jim McCrery, R-La., who helped lead the fight for Gulf aid before retiring last year, said he was surprised over the lack of Katrina money in the bill, but figures lawmakers may be granting Obama leniency due to the magnitude of the country’s current economic challenges.

“Any new president is going to have a little honeymoon,” said McCrery, who is now a lobbyist. “I’d like to think that the tone would have been the same with any new president.”

via The Associated Press: Democrats strike different tone on Katrina.

The hypocrisy level is growing to noticeable proportions in Washington DC now. The disaster that Katrina was, is nothing in comparison to the destruction the President’s stimulus bill is going to elicit.

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