Charlie Rangel's new tax plan would add 4% surtax (that's a lot worse than increasing the taxable income rate by 4%) to incomes above $150,000 and raise the capital gains tax for all investors. That means the rich get soaked the most, but the middle class and pension plans all take hits too. If you couple this with the tax increase Democrats plan by letting the Bush tax cuts expire, this will raise taxes by $1 trillion over 10 years. This trial run for '09 would be the largest income tax hike in history. It will raise the top US tax rate from 35% to 44% while the median for developed nations is just over 35%. Where do you think money will flow to in that situation? What idiot would leave his money here to get taxed at 44% when he could move it to another developed nation with an income tax less than 35%?
The rest of the world figured out that low taxes promote strong economic growth, and have lowered taxes over the last decade. That's why money and jobs are flowing out of the US to the rest of the world and the dollar is falling like a rock. Democrats pretend they didn't get the memo so they can exacerbate the problem. But Democrats know damn good and well that raising taxes is bad for the country. They're just trying to use class warfare to buy votes because their power is more important to them than the country. And Republicans just keep playing the game because it's a wedge issue. Both parties use the income tax as a wedge issue, and we all lose.
Let's end this stupid class warfare and remove this wedge issue by adopting a tax policy that's good for the people, good for the country, brings jobs back to the country, transfers power from Washington to the people where it belongs, and gives people a 30% or so pay raise. Adopt the FairTax.
China passes Germany as world's leading exporter. Chinese economy grows at 11.5%. Meanwhile Democrats plan to flush our fragile economy into the crapper with their tax hikes and Republicans keep promoting the myth that our economy is strong. A soap bubble appears strong too. Right up until it pops. We need dramatic reduction in the size and scope of government coupled with adopting the FairTax to out-compete the Chinese.
Kansas citizens petition and successfully impanel a grand jury to investigate abortion doctor. The 5th amendment guarantees the right of the people to form grand juries. I wonder if this is what the founding fathers envisioned. I think it's a powerful tool that the people should have in their hands as a check against government malfeasance.
6 Mexican illegal aliens caught stealing food and water meant for evacuees at Qualcomm Stadium. It's easy to cherry-pick stories to make illegal aliens look bad, and this could well have been done by American gang members or other idiots, but it's still worth noting, imo.
US imposes unilateral sanctions on Iran's QUDs force and Revolutionary Guards. The effectiveness of unilateral sanctions are severely limited. We need Europe to be grown-ups and follow our lead.
Israel to cut power to Gaza every time terrorists fire a rocket into Israel. This won't work. Why are the Israelis risking the lives of their people by putting off the only solution - invading and rooting out, capturing, or killing the terrorists until they are no longer capable of firing rockets?
Because nobody owns resources such as fisheries, forests and fresh water supplies, we're destroying them. Ownership and private property rights is the best system humans have developed to sustain renewable resources. No organization, no government, no treaty, no law will be effective. Private ownership will.
Global warming idiots are tying to blame Bush for the fires in California. They'll stoop to anything.
Smog in Beijing may affect Olympics.
School bans Harry Potter series. That was even before Rowling reported that Dumbledore was gay.
DNA pioneer James Watson retires in wake of unwarranted racial comments.
Geography of the ocean floor affects claims to the arctic.
Loony left protester with blood red hands assails Sec. of State Rice. She needs better security.
Reason exposes the waste of farm subsidies.
Reason acknowledges Comcast's need to limit some web access in order to continue to provide reliable service. Competition would improve this situation, not government interference.
Obama promises Gore high level post. Note to self: don't vote for Obama.
Expose of the Clinton propaganda machine.
Both the ISS and the current space shuttle mission are commanded by women. Good for those women.
Microsoft Windows Update forcing desktop search feature even on computers that have it turned off.
Boortz on Democrats' tax plans.
States plan to sue the Bush administration over global warming. This is absurd. Any competent judge would throw this case out, but we have many incompetent judges.
Thursday, October 25, 2007
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