Get Out Your Wallets

The first paychecks for those of us working for a living will begin arriving any day now. With those checks will come changes to the "withholding" column of your detailed paycheck report. Sure, most of the increases apply to those making over $250,000 per year, but folks those are the people, by and large, that are running small businesses throughout this land. That fact does not bode well for increased employment, not at all.

In addition, these "soak the rich" increases were fought for, tooth and nail, because they would help to balance the awful, one-sided, overspending of tax receipts by the federal government. HA! Do the math; this won't even begin to right the lopsided, deficit-laden expenditures by this bunch in D.C.

We're in trouble and our esteemed President seems dead set on continuing down the same road to eventual financial ruin. Look at Greece, look at Spain and see what type of malaise is in store for our own United States. It's coming...maybe not tomorrow, this year or next, but it is really coming soon to send all of us into financial Armageddon.

The Heritage Foundation's "Morning Bell" report this morning (1/8/13) detailed 13 tax increases that took effect on January first of this new near. Here they are in brief:

13 Tax Increases That Started January 1, 2013 

Tax increases in the fiscal cliff deal:

1. Payroll tax: increase in the Social Security portion of the payroll tax from 4.2 percent to 6.2 percent for workers. This hits all Americans earning a paycheck—not just the “wealthy.” For example, The Wall Street Journal calculated that the “typical U.S. family earning $50,000 a year” will lose “an annual income boost of $1,000.”

2. Top marginal tax rate: increase from 35 percent to 39.6 percent for taxable incomes over $450,000 ($400,000 for single filers).

3. Phase out of personal exemptions for adjusted gross income (AGI) over $300,000 ($250,000 for single filers).

4. Phase down of itemized deductions for AGI over $300,000 ($250,000 for single filers).

5. Tax rates on investment: increase in the rate on dividends and capital gains from 15 percent to 20 percent for taxable incomes over $450,000 ($400,000 for single filers).

6. Death tax: increase in the rate (on estates larger than $5 million) from 35 percent to 40 percent.

7. Taxes on business investment: expiration of full expensing—the immediate deduction of capital purchases by businesses.

Obamacare tax increases that took effect:

8. Another investment tax increase: 3.8 percent surtax on investment income for taxpayers with taxable income exceeding $250,000 ($200,000 for singles).

9. Another payroll tax hike: 0.9 percent increase in the Hospital Insurance portion of the payroll tax for incomes over $250,000 ($200,000 for single filers).

10. Medical device tax: 2.3 percent excise tax paid by medical device manufacturers and importers on all their sales.

11. Reducing the income tax deduction for individuals’ medical expenses.

12. Elimination of the corporate income tax deduction for expenses related to the Medicare Part D subsidy.

13. Limitation of the corporate income tax deduction for compensation that health insurance companies pay to their executives.
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We're in trouble, my friends. Hang on to your hats; we're in for a wild and terrible ride.

America a Dictatorship?

From the film Borat, via The Big Picture by Barry Ritholtz:

"Why are you guys so anti-dictators? Imagine if America was a dictatorship. You could let 1 percent of the people have all the nation’s wealth. You could help your rich friends get richer by cutting their taxes and bailing them out when they gamble and lose. You could ignore the needs of the poor for health care and education. Your media would appear free, but would secretly be controlled by one person and his family. You could wiretap phones. You could torture foreign prisoners. You could have rigged elections. You could lie about why you go to war. You could fill your prisons with one particular racial group and no one would complain. You could use the media to scare the people into supporting policies that are against their interests.” 

Satire at its best...or is it??? Just saying', hopin' it will give rise to some thoughts about where we've come. Are we where we should be? Not that I necessarily agree with all the points above, but some are very close to hitting the mark.

We find ourselves on very shaky, very concern-filled ground in many areas. What can be done to turn things around?

Bringing Trillions Down to My Level

The good folks at the Heritage Foundation published this chart and accompanying comparison, with the help of the Congressional Budget Office and the Census Bureau. Billions, trillions...bring it down to a level I can relate to and it really helps to make it understandable, and unbelievable.

So, tell me:  how in the world can we keep this up without joining Greece, Spain, Ireland and unfortunate others in total economic meltdown? Things can get ugly, very ugly, without difficult changes taking place and soon.

Is The American Dream a Nightmare?

Are those Wall Streeters, bankers, movers and shakers really in charge of all that matters in these United States? Does our vote or that letter to your Representative really amount to a hill of beans? Is corporate profit some nasty plan to beat down the middle class?

Being a child of the sixties, I find the Occupy Wall Street movement somewhat interesting. Personally, I can dismiss the whining about college tuition debt and the inability to get a job...no one promised a job to the holder of a BS in (you name the course of study). On the other hand, does 1% of the population control all legislation coming at us from Washington? Did you see the 60 Minutes piece on lobbying and corruption at the federal level of government a couple weeks ago? It was both amazing and disgusting. 

How many elected officials are there because of some inner desire to serve their country? How many are there to line their pockets and insure their own financial security? 

On those angles, I side with the OWS crowd. Things need to change and they must change soon. Change how? There's the question folks. Honestly, it seems rather fruitless to think about or try to do anything about this lack of real patriot leaders. How will we turn this ship 180° after so many years of sailing in the wrong direction? I know, lots of questions and no real answers. 

Below, I'd like to share two videos presenting views that are somewhat different, yet similar. Take ten minutes, watch each of them and comment your agreement or disagreement below. It could be quite interesting and I promise I won't use one of my many pepper spray containers on you if I don't agree. 

> the following video is not suitable for minor children or those with tender ears! <

We're Mad as Hell

I just watched this five minute video and had to get it up here for others to watch. The guy, whether really a small business owner or an actor, took the words right out of my mouth.

Congress:  grow up, cut the crap, drop the politics and make the right decisions for the citizens of this country...NOW!