If you pay attention to the news, you have heard Warren Buffet claim that he pays a lower tax rate than his secretary. This pronouncement has prompted President Barack Hussein Obama to propose new taxes, affectionately nicknamed “Buffet taxes” or the “Buffet Rule.”
The “Buffet Rule” is going to get a lot of press attention in the coming weeks and it will get more attention if Mitt Romney successfully wins the nomination of the Republican Party.
At this writing, Mitt Romney is running for the Republican nomination and at some time he is probably going to have to divulge his finances more fully than he has already. Mr. Romney doesn’t appear to have a wage-earning job, therefore, his daily spending on clothes, food, mortgage, and hair-styling products comes from interest, capital gains, or dividend income from his earned fortune. It appears that Mr. Romney paid less than 15% on his income where a wage earner would pay a much higher rate.
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I really love this line:
Consumers Energy, a Michigan gas and electric company with 2.9 million customers, said it will not take a big first-quarter charge because, like most utility companies, it can try to recover the added costs from its customers through rate hikes.
I am sure the state with the highest unemployment in the country will LOVE having their energy rates increased to pay for medical costs!
I get it, health costs will go down because it will get subsidized by the taxes on energy! We can just rob Peter to pay Paul because Peter is too stupid to realize he got robbed.
The really good news in all that is we may get some more new jobs – the bill gives the IRS $1B a year to hire new employees to collect all of these new taxes – that is about 12,000 new jobs for the IRS! Obama has finally come up with a solution to unemployment – hire the entire US population so that no one is unemployed!
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First, let me be clear, I think that Rep. Wilson of South Carolina should be censured for his outburst while President Barack Hussein Obama was speaking in a joint session of Congress. He reminds of irresponsible brats such as Kanye West. Public outbursts while the President is speaking are simply unacceptable in any format and definitely not allowed in a joint session of Congress.
I do think that it is interesting that the rude outburst occurred due to a statement from BHO regarding healthcare for illegal aliens. There is a reasonable argument that BHO, while perhaps not lying, was not telling the complete truth. Check out this interesting video below and then read the rest of my comments.
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As I write this, George W. Bush is only a few days away from the end of his 8 year Presidency. Earlier, I had graded Mr. Bush on a variety of major factors but I felt that I left off a huge number of things that he and his administration did or did not do. This list is the result of trying to be more inclusive. Many items on this list are actions by the Mr. Bush and his administration and some of them are inactions.
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For the last 2 posts, I have explained that social security is in real trouble and should be euthanized. Now I will explain how to do it in the most fair and compassionate way possible.
Our current generation of retirees (and soon-to-be retirees) needs to be protected in this whole process. Therefore my plan doesn’t require them to make any sacrifices. They had a contract with the US government and we need to keep that contract. So the first step of the process is that anyone 58 and over receives all of the benefits that they are currently supposed to receive.
The second step of the process is that since everyone that is 57 today has ten years to prepare for the change, they will receive 10% less than what they were supposed to receive as of today. They need to start saving to prepare for that day and stop looking to the government for a complete handout that is not going to happen. Besides, 10% is not that big of a sacrifice.
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My last post talked about our wimpy politicians and their fear of trying to fix the social security system. It won’t be easy and it is a little complicated so please read carefully:
WE NEED TO ELIMINATE SOCIAL SECURITY!
That is the hardest thing to accept. Once we accept that, the question becomes how to eliminate it.
You ask why we should eliminate social security. Did you read my last post? If no, please do so now then come back (click here). Don’t worry, I will wait.
…….. long pause
Now that you’re back, it should be obvious that the biggest curse that Franklin Roosevelt did was to setup a system that violates reason. FDR’s system only works if there are more workers today than yesterday and more workers tomorrow than today. Since that equation cannot continue indefinitely, the system was bound to fail eventually. Now is the time of failure and we need to face it.
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