Coming to a predatory government near you: Ireland taxes private pensions

Some of you maybe wondering what does Ireland's politics have to do with us? Well consider this a glimpse into our possible future.

Business Insider: The Irish government plans to institute a tax on private pensions to drive jobs growth, according to its jobs program strategy, delivered today.

Without the ability sell debt due to soaring interest rates, and with severe spending rules in place due to its EU-IMF bailout, Ireland has few ways of spending to stimulate the economy. Today's jobs program includes specific tax increases, including the tax on pensions, aimed at keeping government jobs spending from adding to the national debt.

The tax on private pensions will be 0.6%, and last for four years, according to the report.

From the jobs initiative release:

The various tax reduction and additional expenditure measures which I am announcing today will be funded by way of a temporary levy on funded pension schemes and personal pension plans. I propose that the levy will apply at a rate of 0.6% to the capital value of assets under management in pension funds established in the State.

It will apply for a period of 4 years commencing this year and is intended to raise about €470 million in each of those years. The levy will not apply to pension funds established here and providing services and benefits solely to non-resident employers and members. Further details regarding the proposed application of the levy are set out in the Summary of Initiative Measures. [MORE]

I know some of you might be tempted to think that .6% isn't a whole lot, but remember these are pension funds. Calculate the amount taken in taxes over 20 or 30 years and you will see just how much the government robbed you.

Ireland's move is basically what happens when a government cannot come to grips with spending. When starving for revenue the so called "benevolent" government that was out to save every citizen from any and all struggles in life morphs into a predator. This predatory government no longer sees bright red lines that should not be crossed, instead it only sees untapped sources of revenue. Tax private pension - no problem, tax the middle class - no problem, outright confiscate private wealth - you betcha.

So as you watch Republicans and Democrats fuss and fight over cutting a few billion here and there while our debt just piles up, know this: sooner or later they WILL be coming for whatever you got.

Via: Memeorandum
Via: Business Insider

UPDATED: Obama to speak on long term deficit reduction this week

Get ready for the next big farce from the Obama administration.  After submitting another $3 trillion + budget for 2012 and then haggling over a minuscule $38 billion in cuts, Obama is now ready to get "serious" debt reduction.

The Hill:  President Obama will give a speech this week that lays out his plan for handling the nation's fiscal management, White House senior advisor David Plouffe said Sunday.

"Later this week the president is going to speak about his approach to long-term deficit reduction," Plouffe said on CNN's "State of the Union."

"He's going to be clear about the type of deficit reduction we need in terms of dollar amounts, over what period of years," Plouffe said.

The White House advisor did not offer specifics of the president's plan, but he said that all options were on the table. [MORE]

Truth be told, all options will not be on the table. Obama's plan is going to be what it was always was meant to be ... raise taxes to pay for all the wild spending. Sure there will be some cuts here and there, but they won't even come close to anything Paul Ryan is talking about. Instead, Obama will do the socialist thing and try to soak the rich to pay for the gains in spending the Democrats have made.

Expect Obama's plan to look something like the "The People's Budget" I told you about last week. David Plouffe pretty much confirms this with this line:

Plouffe said that Ryan's budget proposal had some good ideas in it, but that it put too much of the economic burden of debt reduction on economically vulnerable portions of the population.

"Seniors, the poor, the middle class in the congressional Republican plan are asked to bear most of the burden," Plouffe said. "If you weren't giving enormous tax cuts to millionaires, you wouldn't have to do that."

This plan will fail miserably, because the rich do not just sit around and wait to gorged like cash cows (case in point, G.E.'s amazing tax returns). So if the rich can dodge the bullet of higher taxes, who do you think will be the suckers ending up with the tab? Why the middle class of course. 


UPDATE: Told ya so!

Wall Street Journal: President Barack Obama will lay out his plan for reducing the nation's deficit Wednesday, belatedly entering a fight over the nation's long-term financial future. But in addition to suggesting cuts—the current focus of debate—the White House looks set to aim its firepower on a more divisive topic: taxes.

In a speech Wednesday, Mr. Obama will propose cuts to entitlement programs, including Medicare and Medicaid, and changes to Social Security, a discussion he has largely left to Democrats and Republicans in Congress. He also will call for tax increases for people making over $250,000 a year, a proposal contained in his 2012 budget, and changing parts of the tax code he thinks benefit the wealthy. [MORE]

There are no new tricks in Obama's hat. All the man has are the same old tired lefty schemes from the 1970's. 


Obama will no doubt use class warfare to try to sell Americans on the idea that they can still have their cake and eat it too. This is where Republicans will rue the day they did not immediately start educating the America people on just how bad our financial picture is.  Instead, Republicans squandered the time haggling with Democrats over puny cuts that are now being touted as "historic". 

Via: Memeorandum
Via: The Hill
Via: The Wall Street Journal

Washington adds another $165 billion to deficit in July alone

Remember Obama’s big talk about Pay-Go?

Perhaps some ninny in the Lamestream Media will ask The Won how he can reconcile his previous words with this: 

Wall Street Journal: The U.S. government spent itself deeper into the red last month, paying nearly $20 billion in interest on debt and an additional $9.8 billion to help unemployed Americans.

Federal spending eclipsed revenue for the 22nd straight time, the Treasury Department said Wednesday. The $165.04 billion deficit, while a bit smaller than the $169.5 billion shortfall expected by economists polled by Dow Jones Newswires, was the second highest for the month on record. The highest was $180.68 billion in July 2009.

The government usually runs a deficit during July, which is the 10th month of the fiscal year. So far in fiscal 2010, the government spent $1.169 trillion more than it made. That figure is about $98 billion lower than during the comparable period a year earlier.

For all of fiscal 2009, the U.S. ran a record $1.42 trillion deficit. Fiscal 2010 might run a little higher—the Obama administration sees $1.47 trillion.

Gateway Pundit correctly points out that July’s $165 billion in new debt is greater that all the debt George Bush racked up in all of 2007. This is why I am completely floor when idiots ask, why wasn't anyone complaining when Bush was racking up deficits?  It's the magnitude, stupid!

Via: Memeorandum

Via: The Wall Street Journal

Via: Gateway Pundit

Video: Business Owner to Joe Biden, “Lower Our Taxes”

Reality is a bitch. You can try to ignore it, try to duck it and even try to avoid it, but sooner or later reality will have its way. This administration loves to go around pretending that the stimulus has worked and that they “saved” or created jobs. That is all well and good, but don’t expect real people to buy into the BS.  Notice, old Gaffe-O-Matic Joe did not have an immediate answer for the business owner. But later he told the guy: “Say something nice instead of being a smarta$$ all the time.”

To that I say Bite me Joe Biden, bite me!

Via: Memeorandum

Via: Gateway Pundit

New Anti-Obama Billboard: Who Will Pay The Piper?

It doesn’t take a rocket scientist to answer this question. For the answer, simply look into your children’s eyes. 

CNS News: Thanks to an advertiser who wishes to remain anonymous, cars and trucks on Arizona Highway 260 in East Central Arizona are driving by a billboard advertisement that recently went up, bearing President Obama’s face on what appears to be a mock U.S. $100,000,000,000,000 (One-Hundred Trillion Dollar) bill.  

The billboard’s caption: “But Who Will Pay the Piper?” 

Chuck Perrine of Jones Outdoor advertising in Tucson, Ariz., confirmed to CNSNews.com that his company created the 10 ft- by-40 ft. billboard, which he said “went up within the last month.” 

Perrine said the sign is located “near Linden (Ariz.),” but said that the advertiser is “not interested” in disclosing any further information about his identity--or his reason for purchasing the ad.   

I am a little surprised that this billboard in Arizona has an economic message rather than an illegal immigration message. Something tells me that some enterprising Arizonan will remedy that shortly.

Via: Memeorandum

Via: CNS News 

Chris “Two Stones” Cristie vetoes Millionaire Tax in 2 minutes flat

If you heard a large clanging sound coming from New Jersey, it was Governor Chris “Two Stones” Cristie throwing down his first veto. 

New Jersey Online: TRENTON — It took about two minutes from the time Senate President Steve Sweeney certified the passage of the millionaires tax package for Gov. Chris Christie to veto the bills at his desk.

"While I have little doubt that the sponsors and supporters of this bill sincerely believe that the state can tax its way out of this financial crisis, I believe that this bill does nothing more than repeat the failed, irresponsible and unsustainable fiscal policies of the past," wrote Christie in his veto statement. "Now is not the time for more of the same. Ultimately, another tax increase will punish the state’s struggling small businesses and set our economy further back from recovery."

After the state Senate passed the bill, which had already passed the Assembly, Sweeney walked the bills down the hallways of the Statehouse, from the state Senate chambers to the governor's office. Once inside, he handed the bills to Christie, who was waiting. 

"What took you so long ?" asked Christie spokesman Michael Drewniak.

Christie sat at a wooden desk emblazoned with the seal of the state of New Jersey and swiftly signed vetoes.

"We'll be back, governor," said Sweeney.

"Alright, we'll see," said Christie. 

Democrats would need two-thirds majority in both houses of the Legislature to override the veto. 

"This is something we're not going away on," said Sweeney. "This isn't theater, this isn't a gimmick." 

Yes, this is theater and it is a gimmick. The Democrats do not have the votes to override his vetoes, so they simply go though this drama so that they can make campaign commercials saying Cristie sides with the rich.

This will give you some idea of the madness here, New Jersey use to be the number one state with the most millionaires. Not anymore, many have used their money to flee to tax friendlier states and along with their money go opportunity for private sector employment.

Less than a year ago, Trenton tried to balance the budget with almost $1 billion in new taxes, yet here they are again looking for more. At some point the light bulb must come on and NJ lawmakers must realize that they cannot spend forever. 

'Millionaires tax' bills pass both houses, but is vetoed by Gov. Christie

Via: Memeorandum

Via: New Jersey Online

Via: The New York Times

What is wrong with this picture?

First we have this report out by the Wall Street Journal:

Personal income in 42 states fell in 2009, the Commerce Department said Thursday.

Nevada's 4.8% plunge was the steepest, as construction and tourism industries took a beating. Also hit hard: Wyoming, where incomes fell 3.9%.

Incomes stayed flat in two states and rose in six and the District of Columbia. …

As you think about that, watch this video from Politico:

There is something terribly wrong when the people who actually make the money are doing worse than the people who collect and spend the money. The left is very fond of selling their agenda with hard luck sob stories. I think it is high time we start telling some hard luck sob stories from the Tax Payer's point of view.

Via: Memeorandum

Via: The Wall Street Journal

Via: Politico

CBO: Debt to rise to 90% of GDP

As everyone on the left rejoices over socialize medicine, I wonder if any of them are taking the time to think about the price tag? 

From The Washington Times: President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

[SNIP]

The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today, and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates. 

We all know that the Democrats gave the CBO ridiculous assumptions to bring the price tag of ObamaCare in under $1 trillion. So, you just know that this figure is going to have to be revised upwards. Charles Krauthammer believes that Obama’s Deficit Commission is just a rouse to introduce the Value Added Tax (VAT) in order to pay for all of this. If that hideous tax is enacted, even Peggy The Moocher will feel the pinch.

The Jawa Report offers us a little reminder of the early days of Hope and Change:

Enjoy this trip down memory lane, and try not to laugh (emphasis on "smarter government"): 

I cannot wait to vote out these irresponsible spendaholics.

Via: Memeorandum

Via: The Washington Times

Obama is getting “agnostic” about raising taxes on the middle class

You will recall that during the campaign in 2008 you heard Obama repeatedly say he would not raise taxes on those making less than $250k a year. The media dutifully repeated this phrase for him any and everywhere they could.

Today, Obama is singing a different tune: 

Feb. 11 (Bloomberg) -- President Barack Obama said he is “agnostic” about raising taxes on households making less than $250,000 as part of a broad effort to rein in the budget deficit.

Obama, in a Feb. 9 Oval Office interview, said that a presidential commission on the budget needs to consider all options for reducing the deficit, including tax increases and cuts in spending on entitlement programs such as Social Security and Medicare.

“The whole point of it is to make sure that all ideas are on the table,” the president said in the interview with Bloomberg BusinessWeek, which will appear on newsstands Friday. “So what I want to do is to be completely agnostic, in terms of solutions.”

[SNIP]

“What I can’t do is to set the thing up where a whole bunch of things are off the table,” Obama said. “Some would say we can’t look at entitlements. There are going to be some that say we can’t look at taxes, and pretty soon, you just can’t solve the problem.”

“Agnostic” is a sly way of saying he is open minded to raising taxes on those Hope Dopes making less than $250k. Anyone with half a brain who has been keeping track of the spending and spending proposals would know there simply isn’t enough money in the $250k+ crowd to pay for everything.

You will also recall that just the other day, the administration had Reuters pull a story about Obama raising taxes on the middle class. It may very well be that the story was pulled because it was an early warning of the truth.

So again we ask “how's that Hopey Changey stuff working out for ya”?

Via: Memeorandum

Via: Business Week 

UPDATED: Reuters removes story about backdoor taxes on the middle class

This morning The Drudge Report had a link to a Reuters story detailing all the backdoor taxes hidden in Obama’s budget.  Shortly after getting attention, the story was pulled by Reuters and replaced with the following message: 

The story Backdoor taxes to hit middle class has been withdrawn. A replacement story will run later in the week. 

Humm? I guess someone told them that pointing to tax hikes on the middle class is a no-no. Never fear, the blog PowerLine captured all the important stuff before the story went bye-bye.

From PowerLine: 

The Obama administration's plan to cut more than $1 trillion from the deficit over the next decade relies heavily on so-called backdoor tax increases that will result in a bigger tax bill for middle-class families.

In the 2010 budget tabled by President Barack Obama on Monday, the White House wants to let billions of dollars in tax breaks expire by the end of the year -- effectively a tax hike by stealth.

While the administration is focusing its proposal on eliminating tax breaks for individuals who earn $250,000 a year or more, middle-class families will face a slew of these backdoor increases.

The targeted tax provisions were enacted under the Bush administration's Economic Growth and Tax Relief Reconciliation Act of 2001. Among other things, the law lowered individual tax rates, slashed taxes on capital gains and dividends, and steadily scaled back the estate tax to zero in 2010.

If the provisions are allowed to expire on December 31, the top-tier personal income tax rate will rise to 39.6 percent from 35 percent. But lower-income families will pay more as well: the 25 percent tax bracket will revert back to 28 percent; the 28 percent bracket will increase to 31 percent; and the 33 percent bracket will increase to 36 percent. The special 10 percent bracket is eliminated.

Investors will pay more on their earnings next year as well, with the tax on dividends jumping to 39.6 percent from 15 percent and the capital-gains tax increasing to 20 percent from 15 percent. The estate tax is eliminated this year, but it will return in 2011 -- though there has been talk about reinstating the death tax sooner.

Millions of middle-class households already may be facing higher taxes in 2010 because Congress has failed to extend tax breaks that expired on January 1, most notably a "patch" that limited the impact of the alternative minimum tax. The AMT, initially designed to prevent the very rich from avoiding income taxes, was never indexed for inflation. Now the tax is affecting millions of middle-income households, but lawmakers have been reluctant to repeal it because it has become a key source of revenue.

Without annual legislation to renew the patch this year, the AMT could affect an estimated 25 million taxpayers with incomes as low as $33,750 (or $45,000 for joint filers). Even if the patch is extended to last year's levels, the tax will hit American families that can hardly be considered wealthy -- the AMT exemption for 2009 was $46,700 for singles and $70,950 for married couples filing jointly.

The Reuters story then sets forth a hodgepodge of tax breaks that are set to expire:

Middle-class families also will find fewer tax breaks available to them in 2010 if other popular tax provisions are allowed to expire. Among them:

* Taxpayers who itemize will lose the option to deduct state sales-tax payments instead of state and local income taxes;

* The $250 teacher tax credit for classroom supplies;

* The tax deduction for up to $4,000 of college tuition and expenses;

* Individuals who don't itemize will no longer be able to increase their standard deduction by up to $1,000 for property taxes paid;

The first $2,400 of unemployment benefits are taxable, in 2009 that amount was tax-free. 

So there you have it folks, the true price of Hope and Change. Any more Obama voters feeling suckered right about now?

UPDATE: White House gets Reuters to pull "backdoor middle class tax hike" story

Talking Points Memo details how the White House contacted Reuters to remove the story due to inaccuracies.

From TPM: 

The news service Reuters withdrew a story last night titled "Backdoor taxes to hit middle class" after the White House reached out and pointed out "errors of fact."

The story, which claimed the White House's deficit reduction plan relies on raising taxes against the middle class by allowing tax cuts to expire, was withdrawn at about 8 p.m. Monday, according to Yahoo timestamps. The original story ran at 4 p.m. The withdrawal promises a replacement story later this week.

"The story went out, and it shouldn't have gone out," said Courtney Dolan, a spokeswoman for Reuters. "It had significant errors of fact." 

She would not elaborate on the specific errors, but said Reuters will "address those specific points that were incorrect." 

"The White House did contact us and point out errors of fact," she added.

Via: Memeorandum

Via: The Drudge Report

Via: Reuters

Via: PowerLine
Via: Talking Points Memo

What’s $2 Trillion between friends?

WASHINGTON (Reuters) - The Obama administration will raise its 10-year budget deficit projection to approximately $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday…

Well lets see, Obama underestimated how high unemployment would rise, he underestimated the severity of the recession and now he has underestimated the 10 year budget deficit projection by $2 trillion. Despite this extremely poor track record, Obama wants us to believe him when he tells us that his health care overhaul will help cut our future deficits with all the savings it will generate.

Yeah, right!

To believe Obama at this point one would have to be a certified sucker or one of those “retard adults” skanky Garofalo has been yammering about.

God help us, these are going to be four very long years.

Via: Reuters
Via: Memeorandum

Obama's New Scam: Pay As You Go

WASHINGTON, June 9 (Reuters) - President Barack Obama sought on Tuesday to show he was serious about improving the U.S. budget picture as he called on Congress to pass new limits on tax cuts and spending programs to avoid adding to deficits.

Obama urged passage of "pay-as-you-go" legislation that would require any new tax cut or automatic spending program to be paid for within the budget.

Clearly Sarah Palin has gotten into Obama's head again! No sooner did Palin's remarks splashed across the news, here comes Obama as Mr. Fiscal Responsibility! Obama was out there calling on Congress to pass Pay As You Go (Pay Go) legislation. Does anyone in that administration realize how empty this sounds after Obama has already wasted trillions on Porkulus, bailout and TARP? Not to mention the trillions he is still looking to spend on health care? To make matters worse, Pay Go is probably one of the oldest of Washington's broken promises, hope and change my foot!

Obama said "The 'pay as you go' principle is very simple. Congress can only spend a dollar if it saves a dollar elsewhere," . Yes, it all sounds so nice, transparent and Hopeychangey. However, we all know how this game is played in Washington.

What Congress does is either raise taxes all over the place to pay for the new spending or they play that crazy shell game of "savings" to hide the fact that they are really deficit spending. The Obama administration loves the savings game! You know like those jobs saved by the stimulus money.

I can see it now, Obama in his sternest look and best teleprompter form, telling us how he has found $1.5 trillion dollars in "savings", by cutting military spending by 1% over the next 175 years and that "savings" of $1.5 trillion will fund his new socialized heath care program! Meanwhile, Turbo Tax Timmy is putting in a call to China, "Psst, guys got another trillion or two we can borrow"?

April 15, 2009: Get Your Tea On!

Today is tax day. Today is last day to fire up the Turbo Tax and submit your forms to the IRS. No doubt you will be feeling the usually anxiety, the usual disgust and this year the unusual irony that the IRS is now in the hands of a Tax Cheat!

Before sealing those envelopes and mailing them out, take a long hard look at those forms. Do you see what you are forking over to Uncle Sam this year? Ask yourself, what could you do with a good portion of that money? Would you pay off a credit card or cut the balance in half? Would you add it to your bank account as a safety net as the job market continues to sour? Perhaps, there are some home repairs that you just have to put off until whenever. Maybe you could take that vacation you could not afford last summer. Whatever, your want or need would be, know this… it ain’t gonna happen!

Instead, that money is now destined to pay for the $20 billion we threw away on the auto industry that is now going to bankruptcy anyway. That money is now going to pay for the $100 billion AIG paid to foreign banks! That money is now going to pay for the $210 million in bonuses at Fannie and Freddie, despite the fact they are part of ground zero of our economy’s woes. Your dreams of a summer vacation is up in smokes because $1.7 million is urgently needed to find out why pigs stink in Iowa!

If you are offended by the waste of your hard earned money, be you Democrat, Republican or Independent, then do something about it! Attend a tea party today! Can’t make one because of work? Fine, rip the string and tag off a tea bag and include it with your tax return! Let Washington know that you, your children and your children’s children are not cash cows! You work hard for your dreams and your children’s futures. You do not drag yourself out of bed everyday to slave away paying for failed businesses, incompetent borrowers, lazy freeloaders or cornball pork projects!

Let Washington know in no uncertain terms STOP THE TAXING AND STOP THE SPENDING!