Leslie Carbone, on tomorrow’s Stimulus anti-Stimulus vote in the House, that is.
Congress, Economy, Fleecing the Taxpayers, government bailouts, Government Spending, Taxation / No Comments
Balanced Budgets, Congress, Economy, Government Spending, Taxation / 3 Comments
As an alternative to drinking yourself into a stupor and sobbing dejectedly as the D.C. Democrats embark on a major spendfest, how about this:
The Republican Study Committee has introduced the Economic Recovery and Middle-Class Relief Act of 2009 as an alternative to the Democrats’ big-spending stimulus plan. Click through for either the full text or highlights as well as letters of support from Americans for Tax Reform and the National Taxpayers Union. It includes:
- A 5% across the board income tax cut (all six federal rates would be cut)
- An increase in the child tax credit from $1,000 to $5,000
- Permanently lowering capital gains tax to 15% (the rate cuts from 2003 expire in 2010)
- Repeal of the Alternate Minimium Tax on individuals
- Permanently repeal required distributions on retirement accounts (suspended for 2009, but goes back into effect in 2010)
- Making all withdrawals from IRAs tax and penalty free in 2009
- Increasing by 50% the tax deduction on student loans and qualified higher education costs
- Full, immediate expensing for businesses all costs of assets (uncaps and accelerates exepensing which will encourage capital spending)
- Reduction of the corporate tax rate from 35% to 25% (for all you contintental types, that would align our rate with the average rate in the EU)
- End capital gains tax on inflation and simplify the capital gains rate structure
- Make the R&D tax credit permanent (originally enacted as part of Reagan’s Economic Recovery Tax Act of 1981)
- Extend the carryback period for net operating losses to seven years
This bill contains NO NEW SPENDING, unlike the “stimulus” bill the Dems are pushing which will put us at an unprecedented peacetime deficit (about 8.3% of the GDP). The bill also contains a one percent reduction to Fiscal Year 2009 discretionary spending, excepting Defense and Military Construction, which is a step toward further spending restraint.
All fiscal conservatives should contact their congressman and support this bill. It is a no-brainer.
Capitalism, Congress, Down With Political Correctness, Fleecing the Taxpayers, government bailouts, Government Spending / 7 Comments
I was recently encouraged, by the executives of an organization that shall go unnamed so I can keep my day job, to write a letter to my Congressman touting the benefits of the Fix Housing First Proposal.
Here’s my letter.
Dear Congressman (or woman)(or Dina Titus):
Rumor has it that you are considering additional action in re: to the housing market. As I understand it, the Fix Housing First proposal consists of the following:
1. The federal government will offer a gi-normous and historically unprecedented supercalifrajalistic tax credit to anyone buying a house in 2009, and anyone who took last year’s lesser tax credit or bought their house prior that can bite the proverbial Big One because they aren’t getting doodleley squat. In essence, those retards who had the poor sense to purchase a domicile before you and your Wall Street pals f***cked the economy into a coma are SOL: too bad, so sad, cry me a Hudson River, etc.
2. In addition – and again, this is only for those bless’d and priveleged few who choose to buy homes in 2009 – the federal government will guarantee a super-sweet taxpayer-subsidized loan at a low, Low market rate of 2.99 or 3.99. Those who were short-sighted enough to finance their homes at 5, 6, or 7% – what a bunch of losers!! – will just have to continue at those rates and hope that sometime in this millenium, they or their unfortunate descendants can break even…or at least not have to file bankruptcy and sell special personal favors out behind the local WalMart.
Naturally, as someone who enjoys being regularly screwed over by my elected officials, I support the Fix Housing First proposal. In addition to priveleging a few citizens over the vast majority and attempting to artificially stimulate an entire industry with the taxpayer dollars OF that majority, it will effectively grind into dust my last vestiges of faith in fairness, equity, and the American Way.
I now realize that virtues such as these are for fools and idealists, and I thank you for freeing me from the naïve weltanschauung that has enslaved me for the better part of my life. Now instead of wasting my time aspiring to liberty and justice for all – what crack-smoking maniac thought up THAT ridiculous concept? – I can now embark on a life filled with bitterness, vitriol and rage and go to my grave cursing both man and God, as is only befitting of an enlightened person of the twenty-first century.
Congratulations on your confirmation into Congress.
The sky’s been falling on Wall Street, and now hell is officially freezing over: Harry Reid is defending the same tax cuts that he once opposed and blasted as being “for the rich.”
So says Susan Jones of CNS News, who is reporting on the Senate debates of the “rescue bill” (still an Obama-ism, still smacks of false victimology, still hate it).
In an attempt to grease the Senate wheels on this bill, Reid now says he supports an Alternative Minimum Tax relief: $8 billion for natural disaster victims, and $78 billion in renewable energy incentives and extended tax breaks.
Reid’s commentary included statements like “we’ve got to get this done” and “it would be a blight on this Congress not to pass these tax extenders” and “tens of thousands of jobs will be created.”
How wonderful that liberal Democrat Harry Reid has finally admitted that tax cuts help businesses and create middle class jobs.
Pigs, commence flight.
Update: George reminds us that Obama had a revelation on taxation also: when he said that as president he would delay rolling back the Bush tax cuts if the economy was weak…essentially acknowledging that tax hikes hurt the economy.
Congress, Corruption and Greed, Corruption in Politics, Down With Political Correctness, Fleecing the Taxpayers, Giant Egos, government bailouts, Government Spending, Moral Bankruptcy, Washington D.C. / No Comments
I’m borrowing my post header from P.J. O’Rourke. (VERY funny book if you have never enjoyed it.)
I do wish names would be Named, no matter the party affiliation: who started and voted for all of the federal legislation, who harassed the lenders to conform, which lenders not only conformed but went above and beyond the call, and who made big bucks.
It won’t happen, of course, because they are all in bed together to some degree.
As Anne of Idaho quipped, “Someone needs to go to Washington and Wall Street and close down the whorehouses.”
Roll Call is reporting that the House “voted 228-205 to reject the financial sector bailout bill crafted over the weekend by a bipartisan group of House and Senate negotiators. Speaker Nancy Pelosi (D-Calif.), Majority Leader Steny Hoyer (D-Md.) and Minority Leader John Boehner (R-Ohio) all had urged Members to support the bill. But House Republicans rejected it by a 2-1 margin, and more than 90 Democrats voted no.”