So Phil Mickelson wins two tournaments in a row. What does Government do to him? They punish his success with taxes. Click this link to read the story from CBS Los Angeles. Wow.
Essentially, if you make less than $30K a year, you took a bigger hit from the recent fiscal cliff deal than those making over $500K a year.
Via The Daily Mail
Middle-class workers will take a bigger hit to their income proportionately than those earning between $200,000 and $500,000 under the new fiscal cliff deal, according to the nonpartisan Tax Policy Center.
Earners in the latter group will pay an average 1.3 percent more – or an additional $2,711 – in taxes this year, while workers making between $30,000 and $200,000 will see their paychecks shrink by as much as 1.7 percent – or up to $1,784 – the D.C.-based think tank reported.
Overall, nearly 80 percent of households will pay more money to the federal government as a result of the fiscal cliff deal.
‘The economy needs a stimulus, but under the agreement, taxes will go up in 2013 relative to 2012 – not only on high-income households, as widely discussed, but also on every working man and woman in the country, via the end of the payroll tax cut,’ said William G. Gale, co-director of the Tax Policy Center.
‘For most households, the payroll tax takes a far bigger bite than the income tax does, and the payroll tax cut therefore – as [the Congressional Budget Office] and others have shown – was a more effective stimulus than income tax cuts were, because the payroll tax cuts hit lower in the income distribution and hence were more likely to be spent,’ he added.
(Cross posted @ The Alexandrian)
Via CNSNews.com (audio at link)
On his radio program Wednesday, Levin said:
“[President Obama] says he wants to take – and this is his starting point – $1.6 trillion dollars out of the hands of the private sector. And the private sector is what hires and employs most people in this country, and creates wealth in this country. Not Obama.
“$1.6 trillion dollars over 10 years out of the private sector and give it to the government. In addition to the every year, almost $1 trillion dollars in that stimulus bill that just goes on each year. In addition to the increases across the budgets- the nonexistent budgets, but the budgets for the different departments- every single year.“We’re gonna collapse. We won’t have to worry about the rich; we won’t have to worry about the middle-class. There’ll be no class, because there’ll be no wealth.
The great Marc Faber has come out and said the global markets are going to collapse in 5-10 years. If you care at all about your kids future, you better wake up.
See the lengthy list of fees and taxes a Maryland woman has to pay. Amazing. Click this link to view it.
Michael Ramirez, the Pulitzer Prize winning cartoonist from Investor’s Business Daily hits the nail on the head when it comes to Senator Harry Reid’s accusations that Mitt Romney hasn’t paid taxes in ten (10) years. Put up or shut up ‘Dingy’ Harry!
If you like political cartoons, be sure to check Michael Ramirez’s work in his book titled ‘Everyone Has the Right to My Opinion.’ It’s awesome.
This is an excellent read on how President Obama misused biblical references to justify tax hikes via Erick Erickson at RedState. You won’t be disappointed.
Chris Rock, interviewed at the Sundance Film Festival, says he wants to pay higher taxes.
Actor Chris Rock doesn’t mind paying more in taxes. The way he sees it — in the end he’ll have to spend the money anyway.“I’ll pay higher taxes. I look at it this way I can pay higher taxes and people can have jobs or I can pay lower taxes and I have my kid’s teacher asking me for a loan, which is true,” said Rock to the Associated Press. “So I’m going to lose the money no matter what.”
Mr. Rock, the Government already has a way for you to pay more in tax and it is by donating. You can donate to the U.S. Treasury to help pay down the debt at this link.
Exit question: Will he be willing to donate to the U.S. Treasury or will he wimp out like these ‘Patriotic Millionaires?‘