Check the War Surtax HERE
Two top Democrats say they want to impose a new tax on the wealthy to finance any increase in U.S. troops for the Afghanistan war.
Rep. David Obey, D-Wis., chairman of the purse string-controlling House Appropriations Committee, is calling the idea a "war surtax." He said that just as the federal government is expected to pay for its proposed intervention in the health care sector with new taxes, any escalated involvement in Afghanistan should come with a payment plan.
"If we have to pay for the health care bill, we should pay for the war as well ... by having a war surtax," Obey told ABC News in an interview that aired Monday. "The problem in this country with this issue is that the only people that has to sacrifice are military families and they've had to go to the well again and again and again and again, and everybody else is blithely unaffected by the war."
Sen. Carl Levin, chairman of the Senate Armed Services Committee, is making a similar demand.
Now, readers of any duration know I’m vehemently opposed to the doomed adventure in Afghanistan. On that front alone, the idea of a war tax is like a shard of glass in my eye.
But it’s even worse than that. It shows just how degraded this country has become – picking the pockets of the productive is now pretty much the only remaining source of funding the administration and its allies can imagine.
Just to be sure we keep this in perspective: At this moment, if you earn more than $250,000 a year (which isn’t what it used to be, given the steady erosion of inflation over the last 30 years), you will pay federal income taxes of about 35%, no estate taxes, and a 15% capital gains tax should the money you put at risk in the market return a profit.
As soon as next year – should the government move up the expiration of the Bush tax cuts, as I very much expect them to – the top tax bracket will go to 39%. On top of that, the current healthcare legislation will add a 5.4% surcharge. Then, add in the Democrats’ proposed 5% war tax. Okay, so straight up we’re talking 49%.
Then there’s a near doubling of capital gains taxes, from 15% to as high as 28%. And, of course, the return of the estate tax.
LINK HERE
Prepare for the Great Depression.
Survival Seeds
People cannot manage higher taxes; everything now goes for bills, food, etc. Since the rich are being taxed more why aren't they protesting? They are too self absorbed with their bizz, golf, social life to care..and they will go down with the rest of us when this country collapses into a civil war, when only a small number really understand why it's happening and then it will be too late
ReplyDeleteLet's not call what is going on in Afghanistan war. It is no more a war than Iraq. It is an invasion and occupation. All for drugs and oil. To further empower the clandestine empire.
ReplyDeleteTerrorists; what a crock of shit. The real terrorists wear suits on Wall St. No wait. The real ones are way up the ladder from them. Way up.
ReplyDeleteI am itching and a scratching to make a donation but I haven't seen a video from Gerald Celente, Peter Schiff in a while. This make me angry. When I get angry Mr Bigglesworth gets upset.
ReplyDeleteIs it just my PC or did something change? I like the layout a lot better! Not sure if it is the blog or the fact I just upgraded to Windows 7.
ReplyDeleteIt looks less depressing.
ReplyDeleteTax rates have been coming down for decades. Strange but true. If it was me I'd shrink the military by 70%, but then you'd have the problem of lots of unemployed young men with military training.
ReplyDeletehttp://en.wikipedia.org/wiki/Income_tax_in_the_United_States
This Justifiable Tax is going to bring on a Justifiable Nationwide Tax Protest complete with Tax Dodgers from coast to coast including Hawaii and Alaska!
ReplyDeleteBring it on big daddy and get ready to smoke the consequences..
Forcing Socialism on armed Capitalists is going to cause a major accident...
Rather then invading countries in the middle east lets just put the troops on our sothern border. We are being invaded and we are to busy invading other countries. Cut the defense/offense budget in half.
ReplyDeleteTHANKS FOR FINALLY CHANGING THAT OBNOXIOUS FLOURO GREEN BACKGROUND COLOR FOR THIS BLOG..... IT WAS HIDEOUS..... HAPPY THANKSGIVING... JOYOUS THANKS TO OUR FATHER GOD FOR THE GIFT OF HIS SON IS THE MOST IMPORTANT BLESSING TO BE THANKFUL FOR....
ReplyDeleteThreats of violence aside, this tax problem is real. Consider the Estate Tax. This tax kills jobs by destroying small businesses, gives life insurance companies $12 Billion a year in corporate welfare, and for all that has never produced more than 1.5% of the federal budget. This tax needs to go, now. Visit www.estatetaxtruth.org to learn all the facts. Congress is set to vote on it before the end of the year.
ReplyDelete