As of yesterday's Barack Obama's miraculous tax credits began showing up in people's paychecks. How are you enjoying that extra $10? Are you going to use it to buy a pack of cigarettes? Or some new wheels for your house? With an extra $10 a week .. I'm sure that a lot of entrepreneurs are going to go out there and start creating jobs and businesses to get our economy going again.
For some people these are actually tax cuts. For SOME. For most of the people, however, they are handouts. When the final accounting is done this will be money that was taken away from one worker - who actually paid federal income taxes --- and given to another --- who pays none. This is ObamaTalk for a "tax cut."
Today is officially the first day of the G20 meeting. As I pointed out yesterday, world leaders have very different ideas on how to properly stabilize the world economy. The most dangerous proposals comes from the leaders of France and Germany. Nicolas Sarkozy and Angela Merkel are insisting that the world impose tighter financial regulations of banks, executive bonuses, hedge funds and offshore tax havens. And they say that these regulations are "non-negotiable." They are willing to discuss other things, so long as these issues are resolved.
Think forward ... consider the implications. How long before you hear from your boss that they are going to have to tweak your compensation to bring your salary, bonuses and benefits in line with some world standard. These leaders say they want to use international regulation to "rein in financial market excesses." That's just the half of it. This is really about international financial competition. France has what we would basically call a social welfare state. For example .. in 2000 France adopted a mandatory 35-hour work week. The idea was that if they could limit the number of hours that someone could work, employers would be forced to hire more workers to fill in the gaps. France actually had their work Gestapo cruising parking lots after hours taking down license numbers. They would then check on the owners of those cars to see if they were working too many hours. Now how's that for freedom? The law was relaxed in 2005 to allow workers to work more hours if employers would pay them more. Duhhhhh.
We could go on and on about the French work ethic. These people will strike at the drop of a hat. A farmer gets too little for his broccoli crop and suddenly hundreds of tractors are blocking major roads. And we haven't even mentioned the 5 to 8 weeks of mandatory vacation for French workers. While France carries on this way, the last thing they need is a country competing with them by allowing workers the freedom to work the hours they want to work and passing laws that hold strikers and unions in check.
Countries with high tax rates (like France) also don't like it all that much when other countries compete for their executive talent, their workers and their employers with lower tax rates. Sarkozy and Markel would like for some world body to regulate tax rates - at a high level of course - so that high-tax countries don't have to compete with these low-tax nations.
Our sovereignty is under attack in London. Do you care? No? Well, maybe this next Nuze bit will help you some:
Yup .. the tattooed lady is off American Idol. Maybe she can find another way to make a good living with that arm full of graffiti. Gawd - if you woke up with that arm around you in the middle of the night you might think you had just done a trucker.
There .. now you have your American Idol news. Can we get back to something that might actually make a difference in your life?
Now let's take a moment to reflect on the socialist/anarchist/ignoranus protesting taking place in London. These people are clearly the underbelly of an unproductive segment of society. Pond scum. If they lived in the ocean shrimp would eat them. To the people gathered in protest in London, capitalism is a disgusting notion that only leads to corruption, greed and personal success, rather than achievement for the "common good."
"If people don't protest, if people don't have a voice, it means that they are complicit with corruption"
"The death of capitalism"
"Consumers suck"
"No third runway" (Huh?)
"One currency, one country, one world"
"Put people first"
"Capitalism isn't in crisis, capitalism is the crisis - money is immoral"
"I think we need to share the resources, power to the people and that"
This is wealth-envy, folks. Pure and simple. These are people who simply don't like the idea of having to get up every morning and actually work to provide for themselves. Society should be structured so as to provide for their every want.
Here are some facts about these protestors you may not know. First of all, the numbers of true anarchists and other worthies in these protests are rather small compared to the number of protestors. They entice aimless kids to come to town and have a big time making news during the economic conference. The organizers are generally in the back of the crowd urging people on. The organizers are armed in London with marbles and other items. They toss the marbles on the roads to harm police horses. They even have razors for slashing horses flanks should they get too close.
Imagine a world economy organized by these idiots.
Nancy Pelosi is really excited about passage of the Democrat budget today. But just in case you weren't aware .. the Republicans did put forth their own alternative to the budget. Though its too little, too late ... here are the details of the Republican alternative.
To start with, the Republicans want spending in the economic stimulus package to be rescinded starting in 2010.
They want a freeze on non-defense spending and a moratorium on earmarks for Congress.
The Republicans want .. wait for this .. changes to the tax code! They want to allow taxpayers to choose how they can file their taxes - the current system or a more simple option: Individuals earning $50,000 or less, and couples earning $100,000 or less, would be taxed at 10%. Anyone making more than that would be taxed at 25%.
Changes to Medicare: workers under 55 would enroll in private plans and receive premium subsidies equal to the average Medicare benefit when they retire. Benefits would not be changed for people in the program or people older than 55.
OK ... this is all very special. But the obvious question is "Where the hell were these ideas when you were in charge?" Sorry .. but the Republicans still have not done nearly enough to atone for the mess they created when they controlled every branch of government. Many of the problems we're facing today ... including the problem of a U.S. government now controlled by anti-capitalists ... can be laid at the failures of the Republican party over the past eight years.
As for their idea on taxes? Give me a break. We've tried that flat-tax idea before .. back in 1986. There were two flat tax rates back them, just as the Republicans are proposing now .. and the tax code has been modified nearly 10,000 times since then. The Republican alternative isn't making news .. but things would have been quite different if they had proposed something like the FairTax. If the Republicans want a piece of the news pie they are going to have to go bold. A repeat of the 1986 flat tax idea isn't bold.
Bring me to Washington to talk to the Republican caucus. I'll get them fired up.
The mainstream media is up in arms ... Obama broke a campaign promise! Well, this wouldn't be the first time. But this one is a biggie in the eyes of many. During the campaign and even as president, Obama has promised not to raise taxes of any kind on families earning under $250,000 or individuals under $200,000.
But guess what? The tobacco tax increase went into effect yesterday, raising the tobacco tax nearly 62 cents on a pack of cigarettes to $1.01. And guess who is more likely to smoke: poor people. People making less than $200,000 a year. People who are government educated. Barack Obama supporters.
I love it. If the Obama administration is going to increase taxes to pay for government healthcare, at least let the poor and the ignorant people pay for it. They are the ones, after all, who put Barack Obama in the White House. They can afford to fund his dreams and schemes, one puff at a time.
By the way ... just why are poor people more likely to smoke? Because, generally speaking, they're dumber. As much as you might hate to admit it, intelligence translates into wealth in a free economy. Ignorant people just don't usually make the big bucks. Well ... there are athletes and entertainers ... but that's another story. The tests are out there ... smoking is a habit for the ignorant. Deal with it.
I've told you that Senator Max Baucus wants to raise taxes on the evil rich, and he wants to do it now. But it turns out that Baucus' bill will actually increase the income tax rate for some Americans who earn as little as $104,425 a year.
According to the Heritage Foundation, the legislation would raise rates on the top two income brackets from 33% to 36% and from 35% to 39.6%. These rates will affect all taxpayers who fall into these brackets, regardless of their filing status. In other words, taxpayers who earn as little as $104,425 would see their tax rates increase.
According to the IRS, "the second highest income bracket kicks in at an income level of $104,425 for a married person filing separately; $171,550 for someone filing as a single person; $190,200 for someone filing as a head of household; and $208,850 for a married couple filing jointly. Under Baucus' proposal, the tax rates for all these people would jump to 36 percent."
The highest income bracket kicks in at an income level of $186,475 for a married person filing separately; and $372,950 for all other filing statuses.
Unless Congress changes the income levels at which the top two tax rates kick in .. there are a lot of Americans who are going to see their income taxes increase. Big time.
I'm waiting for some Democrat to just go ahead and propose a confiscatory tax of somewhere around 90% on all Americans who are evil enough to earn over $500,000 a year. As soon as they can figure out a way to exempt Bono and Barbra they'll give it a go.
I don't usually do this .. but I just wanted to give you a taste of an excellent column by Victor Davis Hanson. Read this and this click on the link below so that you can read the entire thing. I've interviewed Hanson on the show before .. .and quickly found out that I simply am not smart enough to handle him. So I'll just share his thoughts with you here. Hanson explains the mindset behind America's new approach to domestic and foreign policy, under an Obama administration:
If you believed that the story of the United States is more a narrative of gender, race, and class oppression than of brave souls promoting liberty and trying to reify the promise of the Constitution, then you would have empathy for fellow victims of such endemic Western oppression .......
If you believed that the traditions and customs of the United States are largely a story of the oppressed overcoming the perniciousness of the privileged, rather than the collective efforts of the many to stop tyranny, then you would talk about past oppression, past victimization, and past unfairness far more than you would evoke Shiloh, the Meuse-Argonne, or Iwo Jima.
If you believed that the United States is hardly exceptional, but merely one nation not all that different from others, then you would have confidence in the aggregate wisdom of the United Nations, and the cultural and economic paradigms provided by the nations of the European Union .......
In other words, if you believed as President Obama and many of his advisors do, then you would do what Obama and his advisors are now doing.
Like I said, folks ... read the whole thing. Particularly for those of you who are government educated. I think you might learn something. Me? I had to read it twice. Some of you may get it on the first pass.
House Majority Leader Steny Hoyer says that he doesn't know where Obama gained legal authority to oversee a restructuring of General Motors and Chrysler. The rest of the story is that Hoyer isn't protesting Obama's move .. he just doesn't know where the authority came from.
General Petraeus says that Israel may choose to attack Iran in order to prevent it from developing a nuclear bomb. A country with guts. Used to be us.
The Social Security system is bogged down with disability claims. It can take years to get a hearing. And you want these people to be in charge of your healthcare?
If you enjoy Neal's daily chat with Jamie Dupree, you'll love Jamie's Blog! Check it out for analysis of the campaigns and goings on in Washington D.C.
Belinda Skelton, Cristina Gonzalez and Laura Nunemaker assist in the daily preparation of Nealz Nuze!
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The mainstream media is up in arms ... Obama broke a campaign promise! Well, this wouldn't be the first time. But this one is a biggie in the eyes of many. During the campaign and even as president, Obama has promised not to raise taxes of any kind on families earning under $250,000 or individuals under $200,000.
I've told you that Senator Max Baucus wants to raise taxes on the evil rich, and he wants to do it now. But it turns out that Baucus' bill will actually increase the income tax rate for some Americans 