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.

And They Vote, Too!

Jimmy Kimmel Live did their "Man On the Street" interviews this week, asking who people felt won the second Presidential Debate. But, there's a catch:  they were asking "who won last night's debate" FOUR HOURS prior to the debate taking place!

Is it the camera and microphone? On camera, no one wants to look uninformed, so they ad lib? I don't know, but it is scary to think that these folks may be helping to select our next President in just a couple weeks.

Enough Already

I can no longer tolerate the nasty tone, the accusations, the negative barbs, and the criticism of all things political—on one side or the other—heard on talk radio. For years, I've tuned in to Limbaugh, Hannity, Beck, Savage, et al, but I simply can't stomach any of it any longer.

Now, anyone who knows a bit about me knows I'm a libertarian-leaning dude, which puts me a long, long way from being a fan of the current occupant of the Oval Office. But really, how different will the next four years turn out with someone else at the helm? Simply stated, the next President, no matter who will be as much on the take from big money as anyone else has been in recent memory.

C'mon, we all know that money runs the show. The candidates need multi-millions to run a winning campaign and there are those groups out there that will gladly ante up...with great expectations for a nice return of investment.

So, where does that leave little ol' you 'n' me? What difference do our likes, dislikes, and favorite causes make in the direction these candidates take? Until someone, maybe, someday, somehow has the guts to change the way of American politics, we will not see change for the better. Those that must make the changes are those most benefiting from the way things currently flow; who wants to rock that boat?

Therefore, I'm switching off talk radio in favor of podcasting, by and large. There are podcasts available, free, for just about any subject you could name. Astronomy, tech news and advice, cooking, survival prep, business, education, science...name your interest. For me, time is much better spent on things that I truly enjoy and may benefit from hearing.

I'm looking forward to a refreshing, positive change—a change in how I productively spend some of my spare time, not in how things work in politics or the negativity of talk radio.

On Who's Behalf?

Yesterday's announcement by the Obama Administration in favor of same-sex marriage really didn't surprise me, considering the source. What did strike a sour chord was a phrase within the comments by the President.

"When I think about those soldiers or airmen or Marines or sailors who are out there fighting on my behalf and yet feel constrained, even now that 'don't ask, don't tell' is gone, because they are not able to commit themselves in a marriage, at a certain point I've just concluded that for me personally it is important for me to go ahead and affirm that I think same-sex couples should be able to get married," he told ABC.

"Fighting on YOUR behalf"? Don't kid yourself, and try not to be such a pompous ass while you're at it. Back in the late 60s and early 70s, I spent four years in the U.S. Air Force supporting and defending the Constitution of the United States. In no way was I fighting on behalf of Lyndon Johnson or Richard Nixon!

The Oath of Enlistment that I swore in December 1967 is as follows:

"I, _____, do solemnly swear (or affirm) that I will support and defend the Constitution of the United States against all enemies, foreign and domestic; that I will bear true faith and allegiance to the same; and that I will obey the orders of the President of the United States and the orders of the officers appointed over me, according to regulations and the Uniform Code of Military Justice. So help me God."

There, just had to get that little "itch" scratched.

A Timely Thought For The Day

As registered Floridian voters head to the polls to vote for their favorite Republican today, I bring you this very wise observation from George Bernard Shaw:

He knows nothing, and he thinks he knows everything. 

That points clearly to a political career. 

Friends in Florida report they've had to run screaming from their TV sets over the past week or two, suffering from political ad overload. Unfortunately, Michigan's turn is coming at month-end—I can't wait!

Decisions Decisions

Have you picked your guy for President yet ("guy" now that Bachman dropped out)? I haven't, but maybe the coolest bumper sticker will help steer each of us in the right direction. I'm not sure that's a worse method than listening to and believing in campaign promises.

late addendum:  I'll have to close my eyes and hold my nose to vote for either of the Repub front-runners, but I just read the following on PJ Media and it gives me reason to keep thinking—it is a long time until November 6th after all and maybe it's the best path to follow, because:

Whatever Romney is, in his heart of hearts, 

here's what he isn't:  he isn't Barack Obama. 

Never Thought I'd See This

Imagine my surprise (and joy!) when I saw this story headline this morning:

Ron Paul Is Now the Republican Frontrunner

Of course, this only refers to the upcoming caucuses (cauci?)  in Iowa. See the full story here: http://www.ritholtz.com/blog/2011/12/ron-paul-is-now-the-republican-frontrunner/

Remember 2008? The most exciting thing about the Republican campaign for the presidency was John McCain announcing his running mate, Sarah Palin, and we all remember how well that turned out. My how things have changed...or have they? 

I'm fed up with the Romney/Gingrich/Perry non-choice, same old-same old, fat cat, nice-haired, smooth-talking Republican presidential front-runners. Our country needs change—real, difficult, hard to swallow, affecting all of us change—to avoid catastrophic economic times. What's being shoved down our collective throats are career politicians who bend to the wishes of the highest-paying lobbyist. 

Oh, I won't kid myself into thinking Ron Paul will be the party's nominee. He doesn't have "good hair", first of all. He doesn't look polished in a suit. And, can you believe it, he wants to limit or totally abolish the Federal Reserve! Oh...my...God! The man is way off the deep end!

Or is he? 

I won't be blindly pulling the "R" straight ticket lever this time. Can't do it and won't do it. Tell me I'm wasting my vote or whatever, but the Libertarian Party may receive a new member into the fold. I know, too many of us doing that may throw the results in favor of that other guy, but I can't in good conscience blindly keep on keepin' on in the same disastrous direction. We need much more than a change of tune; we need a change of the entire orchestra. 

The Anointed One

I hope I'm not the only one to take this from the following photo, but is the media attempting to make our esteemed President look like an angel? The Holy One? The Anointed One?

AP Photo/Charles Dharapak

I've seen photos with Obama framed in this way before and formed the same opinion then. Actually, the photo sickens me because of the blatant attempt at glorifying the one holding the office of President of these United States. Gimme a break, Washington Press Corps; it'll take much more than an angelic-looking photo to make this guy holy, in my humble opinion. 

During eight years of the most recent Bush presidency, I don't recall ever seeing such a framing of his likeness, do you? Hmm...just an oversight by the press, I suppose. 

If there are good reasons to respect the President, he will certainly have my respect. Photos such as this will do just the opposite—I see it as a poor attempt to make the old silk purse out of a sow's ear. It just doesn't wash and I'm not buying it.