Thursday, February 23, 2012

Economy and Barack Obama - #3678 - Obama's Divided Assault -WSJ (2) Nearly Half of All Americans Don't Pay Income Taxes - Heritage Foundation (3) Surtax on Wealthy in UK Results in Lower Revenue - Hot Air (4) Millennials Forced to Put Lives on Hold - Washington Times (5) For Boomers, It's a New Era of 'Work Til You Drop' - AP (6) US Motorists Drive Fewer Miles in 2011 - Detroit News

A plan to triple the tax rate would hurt all shareholders. President Obama's 2013 budget is the gift that keeps on giving—to government. One buried surprise is his proposal to triple the tax rate on corporate dividends, which believe it or not is higher than in his previous budgets. Mr. Obama is proposing to raise the dividend tax rate to the higher personal income tax rate of 39.6% that will kick in next year. Add in the planned phase-out of deductions and exemptions, and the rate hits 41%. Then add the 3.8% investment tax surcharge in ObamaCare, and the new dividend tax rate in 2013 would be 44.8%—nearly three times today's 15% rate. Keep in mind that dividends are paid to shareholders only after the corporation pays taxes on its profits. So assuming a maximum 35% corporate tax rate and a 44.8% dividend tax, the total tax on corporate earnings passed through as dividends would be 64.1%. Read more........

Nearly Half of all Americans Don't Pay Income Taxes - Heritage Foundation - This year’s Index of Dependence on Government presented startling findings about the sharp increase of Americans who rely on the federal government for housing, food, income, student aid or other assistance. (See last week’s chart.)  Another eye-popping number was the percentage of Americans who don’t pay income taxes, which now accounts for nearly half of the U.S. population. Meanwhile, most of that population receives generous federal benefits.  “One of the most worrying trends in the Index is the coinciding growth in the non-taxpaying public,” wrote Heritage authors Bill Beach and Patrick Tyrrell.The percentage of people who do not pay federal income taxes, and who are not claimed as dependents by someone who does pay them, jumped from 14.8 percent in 1984 to 49.5 percent in 2009.”  Read more..........

Surtax on Wealthy in UK Results in Lower Revenue - Hot Air - Speaking of reality, the UK did exactly what Obama and the Democrats propose to do here — pass a surtax on high-income earners. The new tax rate of 50%, which took effect at the beginning of the year, was expected to raise a billion pounds in extra revenue each month. So how did that work out? Tax revenues dropped by more than £500 million:


Millennials Forced to Put Lives on Hold - Washington Times - Joblessness among Americans ages 18 to 29, the Millennials, is at the highest levels since the U.S. Labor Department started keeping records.  The 15.8 percent unemployment rate for this group is nearly twice the national average. For those ages 16 to 19, the jobless rate is closer to 25 percent, and even for people 29 to 34, it’s closer to 10 percent — well above the 8.3 percent national unemployment rate.  Read more.........

For Boomers, It's a New Era of 'Work Til You Drop' - AP - ........Like 78 million other U.S. Baby Boomers, Symons and her husband had the misfortune of approaching retirement age at a time when stock market crashes diminished their 401(k) nest eggs, companies began eliminating defined benefit pensions in record numbers and previously unimagined technical advances all but eliminated entire job descriptions from travel agent to telephone operator.  At the same time, companies began moving other jobs overseas, to be filled by people willing to work for far less and still able to connect to the U.S. market in real time......."My advice is above all don't retire," he says. "If you like your job at all, hold onto it. Because getting back in in this era is essentially impossible."  Read more.........

U.S. Motorists Drive Fewer Miles in 2011 - The Detroit News -  Americans hit the brakes on travel in 2011, as travel on U.S. roads fell to its lowest level since 2003, government data shows. Last year, U.S. drivers logged 35.7 billion fewer miles over 2010 — down 1.2 percent — to 2.963 trillion miles, the Federal Highway Administration reported. That's the fewest number of miles since Americans drove 2.890 trillion miles in 2003.   Read more..........

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