Tuesday, September 20, 2011

Barack Obama - #3262 -What You're Not Hearing About the New Jobs Bill: It Overrides State's Rights - The Blaze (2) AP Fact Check: Secretaries Don't Pay More Taxes Than Their Bosses - Hot Air (3) Warren Buffet: The Multi-Billion Dollar Tax Dodger - Wall Street Journal

With the introduction of The American Jobs Act, Americans may soon witness a rerun of the Obama healthcare struggle. Much like its predecessor, president Obama’s newest bill contains certain provisions that would appear to benefit those who wrote the bill more than those for whom the bill was supposedly written. For instance, buried deep, deep on page 133 of the bill, it states: SEC. 376. FEDERAL AND STATE IMMUNITY. (a) Abrogation of State Immunity- A State shall not be immune under the 11th Amendment to the Constitution from a suit brought in a Federal court of competent jurisdiction for a violation of this Act. Come again? Under the bill’s authority, states are not immune from federal prosecution if they “violate” the act. In the event this bill passes, it will override a state’s sovereign authority as defined and protected under the 11th amendment: The Judicial power of the United States shall not be construed to extend to any suit in law or equity, commenced or prosecuted against one of the United States by Citizens of another State, or by Citizens or Subjects of any Foreign State. By what authority does a bill that seeks to “create jobs” and concern itself with things such as “payroll relief” and “teacher stabilization” have the right to override the 11th amendment?  Read more........

AP Fact Check: Secretaries Don't Pay More Taxes Than Their Bosses - Hot Air - Let’s hope that Warren Buffet is better at managing funds than he is at tax policy. After Buffett complained that his secretary pays a higher tax rate than he does, Barack Obama decided to call his new class-warfare taxes “the Buffett Rule” and emphasize that he wants to make taxes more “fair.” But was Buffett right? According to an AP fact check — and just about every ounce of common sense that exists outside of the class-warfare fever swamps of the White House these days — not at all:  “Middle-class families shouldn’t pay higher taxes than millionaires and billionaires,” Obama said Monday. “That’s pretty straightforward. It’s hard to argue against that.”  The data tell a different story. On average, the wealthiest people in America pay a lot more taxes than the middle class or the poor, according to private and government data. They pay at a higher rate, and as a group, they contribute a much larger share of the overall taxes collected by the federal government.  There may be individual millionaires who pay taxes at rates lower than middle-income workers. In 2009, 1,470 households filed tax returns with incomes above $1 million yet paid no federal income tax, according to the Internal Revenue Service. That, however, was less than 1 percent of the nearly 237,000 returns with incomes above $1 million.  Even when talking rates rather than aggregate payments, the claims made by Buffett and Obama are nothing more than an urban legend:
This year, households making more than $1 million will pay an average of 29.1 percent of their income in federal taxes, including income taxes and payroll taxes, according to the Tax Policy Center, a Washington think tank.  Households making between $50,000 and $75,000 will pay 15 percent of their income in federal taxes.  Read more.........

Warren Buffet: The Multi-Billion Dollar Tax Dodger - Wall Street Journal - Barney Kilgore, the man who made the Wall Street Journal into a national publication, was once asked why so many rich people favored higher taxes. That's easy, he replied. They already have their money.  That insight is worth recalling amid the latest political duet from President Obama and Warren Buffett demanding higher taxes on "millionaires and billionaires." Mr. Buffett is repeating his now familiar argument this week, coinciding with Mr. Obama's Midwestern road trip on the economy. Since the media are treating Mr. Buffett as a tax oracle, let's take a closer look at some of the billionaire's intellectual tax dodges. • The double tax oversight. The Berkshire Hathaway magnate makes much of the fact that he paid only 17.4% of his income in taxes, which he considers unfair when salaried workers often pay more. But Mr. Buffett makes most of his income from his investments, in particular from dividends and capital gains that are taxed at a rate of 15%.  Read more......... Steve Peters:  People like Warren Buffet are the ultimate rich liberal hypocrites. They minimize their exposure to taxes with cadres of lawyers, CPAs, financial advisors, and Wall Street wiz-kids, while at the same time yelling the rich are not paying their fair share. At this very moment, Mr. Buffet is locked in a long term battle with the government, in an attempt to avoid about $1,000,000,000 in taxes! Well Warren, fire all your tax avoidance advisors, dissolve all your trusts, turn in all of your off shore accounts, and write a big fat check to the U.S. Treasury. Warren, nor his liberal friends will do this, because they think they can better dispense THEIR money for their favorite causes, more effectively and efficiently than the government. They just really want the rest of us rubes trying to become rich to turn our hard earned money over to Uncle Sam. A tax on capital gains and investments is a barrier to those in the middle class trying to create wealth, not on the rich who have already "made their fortunes." The already rich choose, when and if to "expose" their investments to taxes, while the rest of us attempting to become well off, do not have that luxury.Taxing capitol is the quickest way to stop any job growth or wealth creation in America. The producers in this Country are already on strike, because of the class warfare policies and harsh regulatory environment coming out of this administration. Increasing the tax on capitol would only be another nail in the coffin for our struggling economy. Like FDR's government programs that protracted and deepened the Great Depression, Obama's Great Recession was cause by terrible policies coming out of the swamp of Washington D.C.. Funny how liberals preach that we must properly cultivate mother earth, but they do not have clue what it takes to cultivate a proper business environment to grow the economy.

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