Friday, July 30, 2010

Here is some information that should make your blood boil. Now I didn't write this it was put out by the Wall Street Journal and I have provided the link. Too bad if you don't like it!

So back to the Wall Street Journal's summary: Tax revenues are smaller, spending is greater, and the deficits are thus larger than the White House has been saying. Tax revenues will continue to be small so long as Obama maintains his sick Marxist fascination with taxing the achievers and redistributing the wealth. Remember that the government actually collects MORE revenue when taxes decline. So we have less revenue and increased spending under Obama. For 2008, when Obama was elected, our federal outlays were an astounding $2.9. But Barack Obama took that number and managed to EXPAND it by 33% in just three years. That expansion will grow exponentially under Obama's plans for our future. So we have less tax revenue, higher taxes, higher unemployment and higher government spending. Sounds like a bright future to me!

--All small businesses. There were 30 million tax returns reporting small business income in 2008. On net (profits reduced by losses), these owners reported business profits of $981 billion. A large chunk of this net profit--$488 billion--faced taxation in households making more than $200,000 per year. A majority of small business profits will face a tax rate hike under the Obama-Pelosi-Reid plan.

--Sole proprietors. There were 22 million tax returns reporting sole proprietor income in 2008. On net (profits reduced by losses), these owners reported business profits of $264 billion. A large chunk of this net profit--$90 billion--faced taxation in households making more than $200,000 per year. 34 percent of sole proprietor profits will face a tax rate hike under the Obama-Pelosi-Reid tax hike plan.

--S-corporations and partnerships. There were 8 million partners and S-corporation shareholders in 2008. On net (profits reduced by losses), these owners reported business profits of $717 billion. A majority of this profit--$398 billion--faced taxation in households making more than $200,000 per year. 55 percent of S-corporation and partnership profits will face a tax rate hike under the Obama-Pelosi-Reid tax hike plan.

http://online.wsj.com/article/SB10001424052748703995104575389430430274968.html?mod=WSJ_Opinion_LEADTop

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