Obama’s Jobs Plan Will Guarantee Full Employment--For Lawyers

As a CPA you should know that taxes are an expense to a company, just like material, overhead, etc. So someone please explain to me how raising taxes is going to help us be more competitive, when we have one of the highest corporate tax rates in the world. And as far as our economic idiot in chief’s constant tax millionaire and billionaires, I have posted this before, but here I go one more time: The truth about rising taxes on the rich is it will do nothing for the debt; it will only make the wealth envy crowd feel better. There were about 350,000 tax returns over a million dollars, and of those about 8250 were over ten million. Guess what, if you tax the 8250 that made over 10,000,000 at a full $10,000,000 each you will raise 82,500,000,000, around 10% of our economic idiot in chief’s first stimulus. Then tax the rest of the 350,000 tax returns (341,750 returns) at a full $1,000,000 each, then you have raised $341,750,000,000. Now add the two together, and you will get $424,250,000,000,not even enough to pay for the new stimulus (which will be as much of a waste of money as the last one). To put this in perspective, our total debt is 14.5 trillion, so this added revenue will have the same effect as paying $29 on your $1,000 credit card balance. Once again, it does nothing for the debt, it only makes the petty jealous little class warfare crowd feel good.

Now concerning the “Buffett tax” that makes the wealth envy crowd get an erection, DeeToo as a CPA you should know that the reason Buffett is paying a lower tax rate is that he pays himself by dividends. Dividends are taxed to the individual at a lower rate than a salary. This is done to help encourage investment, and wages paid are a tax deduction to a company, dividends are not, so the corporation has paid taxes on the money, then the person receiving the dividend pays taxes on the money. So if Buffett owns the corporation he has paid taxes on the money twice. This gets totally misrepresented by the gimme all the taxes you can Democrats. Also, as a CPA you should realize that in a sense, the customer of the corporation pay for the taxes in the price of the product. So raising taxes on a corporation only means the consumers will just have to bear a higher price. The real question is not why are taxes on dividends less than on a salary, but why isn’t the taxes on a salary as low as the dividend tax rate?

Also our economic idiot job killer in chief is using the EPA to kill additional jobs. The new CO2 rules are estimated to kill another 2.4 million jobs. I read today the EPA is getting ready to hire over 200,000 people just for the added paperwork the new regulations are going to require. Just think of the expense this is going to add to business, which will once again just move to a country that actually wants something other than government jobs. The Obama appointee over the EPA has even made hay a pollutant; you know dried grass that cows eat. This is one of the stupidest things I have ever heard. Large farms now have to spend thousands to store hay the way the EPA requires. The only way this useless administration could kill more jobs is to make private sector jobs illegal. I have a feeling he is working on it. And then people like DeeToo say the tea party is wrong because they believe business are over regulated. I have to ask, do you work for the Federal Government or the State Government?

kewaal of GA 9:57PM September 27, 2011