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Spending, Taxes, And Deficits Are All Lower Today Than When Obama Took Office

Via: Thing Progress

SPENDING:

Via:Federal spending is lower now than it was when President Obama took office. I’ll pause to let you absorb the news.

In January 2009, before President Obama had even taken the oath of office, annual spending was set to total 24.9 percent of GDP.

Total spending this year, fiscal year 2012, is expected to top out at 23.4 percnt GDP.

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TAXES:

Here’s another interesting fact. Taxes today are lower than they were on inauguration day 2009. Back in January 2009, the CBO projected that total federal tax revenue that year would amount to 16.5 percent of GDP.

This year? 15.8 percent.

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DEFICIT:

One last nugget. The deficit this year is going to be lower than what it was on the day President Obama took office. Back then, the CBO said the 2009 deficit would be 8.3 percent of GDP.

This year’s deficit is expected to come in at 7.6 percent.

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BOTTOM LINE:

The fact is that Obama inherited a disaster of a federal budget.

Eight years prior, when President George W. Bush took the oath of office, there was a $281 billion SURPLUS. By the time Obama was sworn in, he was facing a $1.2 trillion DEFICIT.

Inconvenient though it may be for conservatives (especially those who are running for president), the truth is that spending, taxes and the deficit are all lower today than when President Obama took office.

http://thinkprogress.org/economy/2012/05/15/484767/obama-budget-chart/

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personal thought:

I hope when you hear the bull-sh*t from the GOP/teabagger/libertarian Party in the run-up to the election, you will remember these numbers.

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May 16, 2012 Posted by | 2012, GOP morons, President Obama, Romney, teabaggers | , , , , , , , , , , , | Leave a comment

“Quote of the Day”

Via: Think Progress

“The interesting thing about the corporate rate is that corporate profits, as a percentage of GDP last year were the highest or just about the highest in the last 50 years. They were ten and a fraction percent of GDP. That’s higher than we’ve seen in 50 years. The corporate taxes as a percentage of GDP were 1.2 percent, $180 billion. That’s just about the lowest we’ve seen.

So our corporate tax rate last year, effectively, in terms of taxes paid for the United States, was around 12 PERCENT, which is well below those existing in most of the industrialized countries around the world.

So it is a MYTH that American corporations are paying 35 PERCENT or anything like it…Corporate taxes are not strangling American competitiveness.”

– Warren ‘he ought to know’ Buffett

http://thinkprogress.org/economy/2012/02/27/432749/buffett-corporate-tax-myth/

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February 28, 2012 Posted by | Uncategorized | , , , , , | Leave a comment

Krugman – ‘Gingrich-Hemsley in 2012’

Via: New York Times

From the Tax Policy Center, the Gingrich tax plan:

Also, it would add $1.3 trillion to the annual deficit compared with current law.

For those too young to remember, Leona Helmsley famously declared that only the little people pay taxes.

http://krugman.blogs.nytimes.com/2011/12/13/gingrich-helmsley-2012/

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Leona Mindy Roberts Helmsley (July 4, 1920 – August 20, 2007) was an American businesswoman and real estate entrepreneur. She was a flamboyant personality and had a reputation for tyrannical behavior that earned her the nickname Queen of Mean. She was promoted by the Beber Silverstein Group and its co-founder Joyce Beber who persuaded her to call herself Queen of the Palace Hotel.

Following allegations by unpaid contractors that work done on her home had been charged to her company, she was investigated and convicted of federal income tax evasion and other crimes in 1989. Although having initially received a sentence of 16 years, Helmsley was required to serve only 19 months in prison and two months under house arrest.

Helmsley’s fate was sealed when a former housekeeper testified during the trial that she had heard Helmsley say: “We don’t pay taxes. Only the little people pay taxes…”, a saying that became notorious and was identified with her for the rest of her life.

http://en.wikipedia.org/wiki/Leona_Helmsley

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December 16, 2011 Posted by | 2012, Gingrich, GOP morons | , , , , , , , , , | Leave a comment

“Quote of the Day”

“This is the height of unfairness.  It is wrong that in the United States of America, a teacher or a nurse or a construction worker who earns $50,000 should pay a higher tax rate than somebody pulling in $50 million.  It is wrong for Warren Buffett’s secretary to pay a higher tax rate than Warren Buffett.  And he agrees with me.  So do most Americans – Democrats, Independents, and Republicans.  And I know that many of our wealthiest citizens would agree to contribute a little more if it meant reducing the deficit and strengthening the economy that made their success possible.    

This isn’t about class warfare.  This is about the nation’s welfare.  It’s about making choices that benefit not just the people who’ve done fantastically well over the last few decades, but that benefits the middle class, and those fighting to get to the middle class, and the economy as a whole.”

President Obama – Osawatomie, Kansas

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You can read the full text, HERE:

http://www.theatlanticwire.com/politics/2011/12/obamas-income-inequality-speech/45816/

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December 7, 2011 Posted by | President Obama, We Are the 99 Percent | , , , , , | Leave a comment

Hanauer: RAISE Taxes on Rich to Reward True Job Creators

Via: Bloomberg

It is a tenet of American economic beliefs, and an article of faith for Republicans that is seldom contested by Democrats: If taxes are raised on the rich, job creation will stop.

Trouble is, sometimes the things that we know to be true are dead wrong. For the larger part of human history, for example, people were sure that the sun circles the Earth and that we are at the center of the universe. It doesn’t, and we aren’t. The conventional wisdom that the rich and businesses are our nation’s “job creators” is every bit as false.

I’m a very rich person. As an entrepreneur and venture capitalist, I’ve started or helped get off the ground dozens of companies in industries including manufacturing, retail, medical services, the Internet and software. I founded the Internet media company aQuantive Inc., which was acquired by Microsoft Corp. in 2007 for $6.4 billion. I was also the first non-family investor in Amazon.com Inc.

Even so, I’ve never been a “job creator.” I can start a business based on a great idea, and initially hire dozens or hundreds of people. But if no one can afford to buy what I have to sell, my business will soon fail and all those jobs will evaporate.

That’s why I can say with confidence that rich people don’t create jobs, nor do businesses, large or small. What does lead to more employment is the feedback loop between customers and businesses. And only consumers can set in motion a virtuous cycle that allows companies to survive and thrive and business owners to hire. An ordinary middle-class consumer is far more of a job creator than I ever have been or ever will be.

Read more HERE:

http://www.businessweek.com/news/2011-12-01/raise-taxes-on-rich-to-reward-true-job-creators-nick-hanauer.html

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December 3, 2011 Posted by | Uncategorized | , , , , | Leave a comment

Where Pay for Chiefs Outstrips U.S. Taxes

Via: NYT – the NEW ‘Fair and Balance’

At least 25 top United States companies paid more to their chief executives in 2010 than they did to the federal government in taxes, according to a study released on Wednesday.

The companies — which include household names like eBay, Boeing, General Electric and Verizon — averaged $1.9 billion each in profits, according to the study by the Institute for Policy Studies, a liberal-leaning (that doesn’t mean the numbers are wrong, does it?) research group. But a variety of shelters, loopholes and tax reduction strategies allowed the companies to average $304 million each in tax benefits — which can be taken as a refund or used as write-off against earnings in future years.

The chief executives of those companies were paid an average of more than $16 million a year, the study found, a figure substantially higher than the $10.8 million average for all companies in the Standard & Poor’s 500-stock index.

The financial data in the report was taken from the companies’ regulatory filings, which can differ from what is actually filed on a corporate tax return. Even in a year when a company claims an overall tax benefit, it may pay some cash taxes while accumulating credits that can be redeemed in future years. For instance, General Electric reported a federal tax benefit of more than $3 billion in 2010, but company officials said they still expected to pay a SMALL AMOUNT of cash taxes (‘while accumulating credits that can be redeemed in future years’ – hey, that’s fair).

http://www.nytimes.com/2011/08/31/business/where-pay-for-chief-executives-tops-the-company-tax-burden.html?_r=1

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“Hey Citizen, you dropped the soap” – Republican/Tea/Libertarian Party

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September 1, 2011 Posted by | 2012, GOP morons, teabaggers | , , , , , , , , , , , | Leave a comment

‘STOP CODDLING the Super-Rich’ – by Warren E. Buffett

Via: NYT

OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.

While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate.

Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.

These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.

Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that’s
actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent.

If you make money with money, as some of my super-rich friends do, your percentage may be a bit lower than mine. But if you earn money from a job, your percentage will surely exceed mine — most likely by a lot.

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Please read the rest, HERE:

http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html?_r=1&smid=tw-nytimesbusiness&seid=auto

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personal thought:

I believe the teabaggers want to reduce the deficit by cutting costs, instead of equalizing the tax burden.

Why do they want to do that?

Because many believe they will, someday, win the POWERBALL.

Fucking, morons!

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August 15, 2011 Posted by | Uncategorized | , , , , , , , , , | Leave a comment

(2 of 2) McCain gets hammered from the left

Via: Think Progress

An overflowing town hall in Tuscon, Arizona quickly turned hostile yesterday when constituents confronted Sen. John McCain (R-AZ) on a range of issues from the debt ceiling deal to the war in Afghanistan. The event got off to a rocky start when many residents were turned away at the door because the room was not large enough. As McCain entered, he was greeted by sustained chanting of “Where are the jobs?”

“WHERE ARE THE JOBS?”

“WHERE ARE THE JOBS?”

“WHERE ARE THE JOBS?”

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One constituent demanded to know why McCain won’t support higher taxes on the wealthy.

A chorus of “no’s” greeted McCain’s response of “I think we all want to be rich.” (see photo)

“We have a group of people who don’t want to be rich. That’s fine,” said McCain. (see photo)

http://thinkprogress.org/economy/2011/08/10/292436/frustrated-constituents-jeer-sen-mccain-for-supporting-huge-corporate-tax-breaks/

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Taxes on the wealthy, it’s actually no longer the LEFT, but the MAJORITY.

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A new CNN poll finds that 63 PERCENT of AMERICANS want the fiscal super committee to raise the taxes on wealthy individuals and business.

http://thinkprogress.org/politics/2011/08/10/292416/majority-want-the-super-committee-raise-taxes/

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August 11, 2011 Posted by | 2012, GOP morons, McCain | , , , , , , | 1 Comment

Senator Orrin Hatch (R-UT) – ‘GOP Moron of the Day’

Via: TPM

The Democratic Senatorial Campaign Committee is going after Sen. Orrin Hatch for saying that the poor need to “share some of the responsibility” for shrinking the debt.

“The top 10 percent are paying 70 percent of all income taxes. The top 50 percent pay something like 98 percent of all income taxes. Fifty-one percent don’t pay anything,” Hatch said.

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“Republican priorities are completely out of whack and Orrin Hatch’s comments prove that point,” DSCC’s Shripal Shah told TPM.

“It’s bad enough that Republicans are doing everything they can to protect tax breaks for millionaires and special interests, but the fact that the Republican idea of shared sacrifice means going after the those who are struggling the most is completely reprehensible,” Shah said.

http://tpmdc.talkingpointsmemo.com/2011/07/dems-go-after-hatch-for-saying-poor-need-to-do-more-to-shrink-the-debt.php

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photo: Mother Teresa reportly said after receiving the Book of Mormon, “WTF!!”

July 8, 2011 Posted by | GOP morons | , , , , , , , , , | Leave a comment

(2 of 2) Santorum Is VERY UPSET With Obama For Attacking Private Jet Tax Owners

Via: Think Progress

“UGLY,” “DIVISIVE,” and “ACRIMON[ious]” — that’s how GOP presidential hopeful Rick Santorum described President Obama’s press conference yesterday, in which he called for ending a tax break for corporate jet purchases.

A visibly angry Santorum told Fox News host Greta Van Susteren that Obama’s targeting of corporate jet owners defies the candidate’s pledge to bring Americans together.

http://thinkprogress.org/politics/2011/06/30/258309/rick-santorum-jet-owners/

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personal thoughts:

‘Bring Americans together’ is a great idea:

1. Eliminate the $3B corporate jet tax break

and then,

2. Have the dicks fly Southwest

perfect

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July 1, 2011 Posted by | 2012, GOP morons, President Obama, Santorum | , , , , , , , , , , | Leave a comment