Tuesday, April 10, 2012

Economy - Taxes - #3795 - Beware the Taxmageddon - Heritage Foundation (2) U.S. Has Highest Corporate Tax Rate in the World - Heritage Foundation (3) No, You're Not Imagining it; Your Grocery Bill is Going up Fast - American Thinker (4) U.S. Stocks Dive in Delayed Jobs Report Reaction (5) Home Prices Hit 10 Year Low - Yahoo Finance

ALL THESE ARTICLES DETAIL WHY OBAMA MUST BE DEFEATED IN NOVEMBER:
Brace yourself. In a mere 271 days, you and your fellow Americans will be hit with a tax hike the likes of which this country has never seen. The Washington Post aptly called the unprecedented $494 billion tax hike “Taxmageddon,” and Federal Reserve Chairman Ben Bernanke described it as a “massive fiscal cliff. Whatever your preferred imagery, it’s a really big deal.  Despite all the warnings, President Barack Obama has kept his silence while Congress has made no apparent effort to prevent this impending calamity to families and the economy. The prevailing wisdom is that “something will get done” in a lame duck session of Congress after the election. But why wait? And why after the election?  Here’s why you should be worried. For starters, remember that this is the same President who in 2009 promised, “if your family earns less than $250,000 a year, you will not see your taxes increased a single dime.” That’s a vow he’s broken, and in 2013, things are going to get even worse if this year Obama doesn’t lead and Congress doesn’t act. Katy, bar the door, there’s big trouble in store.  The tax man won’t draw his billions from the American taxpayer with just one big needle — the massive tax increase will be the product of tax policies expiring in seven different categories, on top of five new Obamacare tax hikes taking effect. In a new paper, Taxmageddon: Massive Tax Increase Coming in 2013, Heritage’s Curtis Dubay details the tax hikes that will occur if President Obama and Congress do not act before the end of the year:  Almost 34 percent of the tax increase from Taxmageddon comes from the expiration of the 2001 and 2003 Bush tax cuts. These cuts are best known for reducing marginal income tax rates, but they also reduced the marriage penalty, increased the Child Tax Credit and the adoption credit, and increased tax breaks for education costs and dependent care costs.  Read more........

U.S. Has Highest Corporate Tax Rate in the World - Heritage Foundation - There aren’t many American-owned companies more iconic than Anheuser-Busch, the famous producer of Budweiser beer based in St. Louis, Missouri. That was true up until 2008, when the Brazilian-Belgian company InBev executed a hostile takeover of the historic brewer, leading to layoffs of more than 1,800 workers. Unfortunately, conditions in the United States are growing ripe for even more takeovers like these to occur, especially now that the nation’s corporate tax rate is officially the highest in the world.  As of yesterday, the U.S. corporate tax rate of 39.2 percent claimed the world’s top spot, edging out Japan which recently lowered its rate from 39.5 percent to 36.8 percent. (The U.S. rate includes the 35 percent federal rate plus the average rate the states add on.) That’s well above the 25 percent average of other developed nations. Heritage’s Curtis Dubay explains the impact on companies based in the United States:  Read more.......

No, You're Not Imagining It; your Grocery Bill is Going Up Fast - American Thinker .......What possible relevance does the "official" rate of inflation of 2.1% have when the necessities of life are going up 5 times that fast? Obama isn't talking about it. GOP candidates barely mention it. The true cost of living is getting out of control and no one seems to care much about it in official Washington.  Fifty bucks to fill your tank? A trip to the grocery store that used to cost $100 last year now climbing to $125 and still going up?  This is the reality of life in America at the moment. And politicians - most of whom do not shop in grocery stores or fill their own gas tanks - haven't a clue about the pain ordinary Americans are feeling.  Read entire article.......

U.S. Stocks Dive in Delayed Jobs Report Reaction - US stocks sank in opening trade Monday, reacting for the first time to disappointing job market data released Friday when the markets were closed.  In the first five minutes of trade, the Dow Jones Industrial Average dived 137.51 points (1.05 percent) to 12,922.63.  The broad-market S&P 500 shed 17.15 points (1.23 percent) to 1,380.93, while the tech-heavy Nasdaq tumbled 39.24 points (1.27 percent) to 3,041.26.  The sell-off "is understandable" after the government reported Friday the economy created a meagre 120,000 jobs in March, well below analyst forecasts of 200,000, said Dick Green at Briefing.com.  Read more........

Home Prices Hit 10 Year Low - Yahoo Finance - The housing market started off the new year with a thud. Home prices dropped for the fifth consecutive month in January, reaching their lowest point since the end of 2002.  The average home sold in that month lost 0.8% of its value, compared with a month earlier, and prices were down 3.8% from 12 months earlier, according to the S&P/Case-Shiller home price index of 20 major markets.  Home prices have fallen a whopping 34.4% from the peak set in July, 2006.  "Despite some positive economic signs, home prices continued to drop," said David Blitzer, spokesman for S&P. "Eight cities -- Atlanta, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa -- made new lows."  Read more.....

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