Nearly Half of US Households Pay No Income Taxes

Yahoo.com reported from Associated Press claiming that the super rich saw their federal taxes drop dramatically. The article is trying to support Obama's new tax increase for the rich saying that they don't pay enough. While the article states that more than half of the nation's tax revenue came from the top 10 percent of earners in 2007 and more than 44 percent came from the top 5 percent, it misses one more important thing. The taxes collected doesn't belong to the government, but to us, who worked hard to earn it. If Obama thinks the tax code favor for the middle class and the rich since 50% of Americans don't pay in federal income tax, then why not be fair and tax everybody. This is a class warfare tactic coming from the Democrat playbook.

Honestly, no American can say they don't pay enough in taxes. Yes, there are a lot of tax break from everybody. In fact, the people who don't pay in federal income tax get a tax credit or a tax refund. That is the intent of the government; to make us dependent on them. Since these tax breaks help create jobs and promote consumer spending, which stimulates the economy, the cause in the drop of revenues for the past 2 years was due to the recession and the downturn of the markets. That is why the federal government isn't raising enough revenues to satisfy their appetite. Instead, the government should cut spending and stimulate the economy. By increasing a job created by government, it will take away one job from the private sector and lessen the revenue the government can take in form of taxes. Therefore, the government responsibility is not to create jobs.

Liberals shouldn't punish success and make the rich look selfish. Class envy is not an attribute that Americans should follow.

(YAHOO) WASHINGTON – As millions of procrastinators scramble to meet Monday's tax filing deadline, ponder this: The super rich pay a lot less taxes than they did a couple of decades ago, and nearly half of U.S. households pay no income taxes at all.

The Internal Revenue Service tracks the tax returns with the 400 highest adjusted gross incomes each year. The average income on those returns in 2007, the latest year for IRS data, was nearly $345 million. Their average federal income tax rate was 17 percent, down from 26 percent in 1992.

Over the same period, the average federal income tax rate for all taxpayers declined to 9.3 percent from 9.9 percent.

The top income tax rate is 35 percent, so how can people who make so much pay so little in taxes? The nation's tax laws are packed with breaks for people at every income level. There are breaks for having children, paying a mortgage, going to college, and even for paying other taxes. Plus, the top rate on capital gains is only 15 percent.

There are so many breaks that 45 percent of U.S. households will pay no federal income tax for 2010, according to estimates by the Tax Policy Center, a Washington think tank.

President Barack Obama said last week he wants to do away with tax breaks to lower the rates and to reduce government borrowing. Obama's proposal would result in $1 trillion in tax increases over the next 12 years. Neither proposal included many details, putting off hard choices about which tax breaks to eliminate.

More than half of the nation's tax revenue came from the top 10 percent of earners in 2007. More than 44 percent came from the top 5 percent. Still, the wealthy have access to much more lucrative tax breaks than people with lower incomes.

Shoenberg, who now teaches a business class at Columbia University, said his income is usually "north of half a million a year." But 2009 was a bad year for investments, so his income dropped to a little over $200,000. His federal income tax bill was a little more than $2,000.

"I simply point out to people, `Do you think this is reasonable, that somebody in my circumstances should only be paying 1 percent of their income in tax?'" Schoenberg said.

Sen. Orrin Hatch of Utah, the top Republican on the Senate Finance Committee, said he has a solution for rich people who want to pay more in taxes: Write a check to the IRS. There's nothing stopping you.

The share of people paying no federal income tax has dropped slightly the past two years. It was 47 percent for 2009. The main difference for 2010 was the expiration of a tax break that exempted the first $2,400 of unemployment benefits from taxation, Williams said.

In 2009, nearly 35 million taxpayers got a tax break for paying interest on their home mortgages, and nearly 36 million taxpayers took the $1,000-per-child tax credit. About 41 million households reduced their federal income taxes by deducting state and local income and sales taxes from their taxable income.

About 36 million families cut their taxes by nearly $35 billion by deducting charitable donations, and 28 million taxpayers saved a total of $24 billion because their income from Social Security and railroad pensions was untaxed.

Obama, Rich Can Afford To Give Back A Little Bit More

"It's a basic reflection of our belief that those who benefited most from our way of life can afford to give back a little bit more. Moreover, this belief hasn't hindered the success of those at the top of the income scale, they continue to do better and better with each passing year," President Obama said at an address about the budget at George Washington University.

Click Video: Obama: Rich "Can Afford To Give Back A Little Bit More"

Obama Speech is Weak and Has TOO Many Hole

Today, President Obama gave a speech on deficit reduction. Besides pandering to the Liberal base, the speech is nothing more than a class warfare tactic to increase the tax on the rich. America heard that cliché before many times and I think we are sick of the rhetoric. When Liberals and Democrats say tax the rich, they meant to tax everybody. Look at the price of food and other consumable goods. Look at the gas price we are currently paying. These are form of taxes that everybody pays.

Democrats had their chance when they took over in 2006. Since then, they didn't create a balance budget. In reality, they weren't serious about it. Initially, Obama created a Fiscal Commission and that was a façade. It was ceremonial pageantry. In fact, Obama ignored the commission’s recommendations and disregarded many of their suggestions from the budget. Now, Obama decides to play leadership. In the speech today, Obama wants to put another commission to solve the problem he refuses to confront. This is called "kicking the can" down the road. Obama is hoping a miracle that the deficit will fix itself.

(Weekly Standard) House Budget chairman Paul Ryan's office highlights "key facts" from Obama's speech:

· Counts unspecified savings over 12 years, not the 10-year window by which serious budget proposals are evaluated.

· Postpones all savings until 2013 – after his reelection campaign.

· Runs away from the Fiscal Commission’s recommendations on Social Security – puts forward no specific ideas or even a process to force action.

Calls for the appointment of another commission, after mostly omitting from his Fiscal Year 2012 Budget any of proposals submitted by the commission he appointed last year.

· Non-specific framework fails to meet his Fiscal Commission's own deficit-reduction goals.

Taxes:
· Proposes to raise taxes on the American people by more than $1 trillion, devastating our fragile economy and stifling job creation.

· Endorsed the Fiscal Commission’s ideas on taxes, which specifically called for lower tax rates and a broader base, but then called for higher tax rates. Which is it?

· Government health and retirement programs are growing at more than twice the speed of the economy. At the current rate of spending, revenue would have to rise “by more than 50 percent” just to keep debt at its current level, according to the Government Accountability Office. That means tax increases across-the-board, now and in the future.

Medicare:
Instead of proposing structural reforms that would actually reduce health care costs, the President proposed across-the-board cuts to current seniors’ care.
· Strictly limits the amount of health care seniors can receive within the existing structure of unsustainable government health care programs.

· Gives more power to unelected bureaucrats in Washington to determine what treatments seniors should or shouldn’t get, against a backdrop of costs that continue to rise.

· Conceded that the relentlessly rising cost of health care is the primary reason why the nation is threatened by debt, and implicitly conceded that his health care law failed to solve the problem.

· Eviscerates the only competitive element anywhere in health-care entitlement programs – the competition amongst Part D prescription-drug plans – which allowed the drug benefit to come in 41 percent under budget.

Medicaid:
Acknowledges that the open-ended financing of Medicaid is a crippling financial burden to both states and the federal government, but explicitly rejected the only solution to this problem, which is to give states the freedom they need to design systems that work for the unique needs of their own populations.

Defense:
Proposes more cuts on top of $78 billion in cuts included in his own defense budget, which he proposed just two months ago – all at a time when he continues to task the military with new missions.

Obama: Corporate Profits "Have To Be Shared By American Workers"

Click Video Obama: Corporate Profits "Have To Be Shared By American Workers"

Sounds like redistribution of wealth to me..................

"If we're fighting to reform the tax code and increase exports, the benefits cannot just translate into greater profits and bonuses for those at the top. They have to be shared by American workers, who need to know that opening markets will lift their standard of living as well as your bottom line," President Obama told the Chamber of Commerce on Monday morning.

Its not Global Warming, We are Entering in a Mini Ice Age

As a young boy, my seventh-grade science teacher said that we are entering in a global cooling phase. It is that statement that stuck in my mind. It wasn't until the year 2000, global warming became a hot issue. Without conclusive evidence, society became engross to kill carbon dioxide emission. Currently, the narrative from the global warming mongers are saying as global temperatures have warmed (due to CO2) and as Arctic sea ice has melted over the past two and a half decades, more moisture has become available to fall as snow over the continents. That statement is true, but the global warming idiots forgot a very important fact. Greenhouse gases make up no more than 2 percent of the Earth’s atmosphere. Of that 2 percent, 3.64% of the Greenhouse Gases in the Atmosphere is Carbon Dioxide (CO2). Humans are responsible for about one-quarter of 1 percent of the greenhouse effect. Therefore, if carbon dioxide was the cause of global warming, it can be safe to assume that the cause was of natural source of CO2 (degradation of organic materials) than man-made.

(Investor Business Daily) Climate: Nothing makes fools of more people than trying to predict the weather. Whether in Los Angeles or London, recent predictions have gone crazily awry. Global warming? How about mini ice age?

A cautionary tale? You bet. Prognosticators who wrote the U.N.'s Intergovernmental Panel on Climate Change, or IPCC, global warming report in 2007 predicted an inevitable, century-long rise in global temperatures of two degrees or more. Only higher temperatures were foreseen. Moderate or even lower temperatures, as we're experiencing now, weren't even listed as a possibility.

Since at least 1998, however, no significant warming trend has been noticeable. Unfortunately, none of the 24 models used by the IPCC views that as possible. They are at odds with reality.

Unfortunately, the prophets of climate doom violate this idea. No matter what happens, it always confirms their basic premise that the world is getting hotter. The weather turns cold and wet? It's global warming, they say. Weather turns hot? Global warming. No change? Global warming. More hurricanes? Global warming. No hurricanes? You guessed it.

Got that? No matter what the weather, it's all due to warming. This isn't science; it's a kind of faith. Scientists go along and even stifle dissent because, frankly, hundreds of millions of dollars in research grants are at stake. But for the believers, global warming is the god that failed.

This is what global warming is really about — wealth redistribution by people whose beliefs are basically socialist. It has little or nothing to do with climate. If it did, we might pay more attention to Piers Corbyn, a little-known British meteorologist and astrophysicist who has a knack for correctly predicting weather changes. Indeed, as London's Mayor Boris Johnson recently noted, "He seems to get it right about 85% of the time."

How does he do it? Unlike the U.N. and government forecasters, Corbyn pays close attention to solar cycles that, as it turns out, correlate very closely to changes in climate. Not only are we not headed for global warming, Corbyn says, we may be entering a "mini ice age" similar to the one that took place from 1450 A.D. to 1850 A.D.

OBAMACARE IS UNCONSTITUTIONAL

This one paragraph says it all. Obamacare is UNCONSTITUTIONAL!!!!

(Bloomberg)The Obama administration’s requirement that most citizens maintain minimum health coverage as part of a broad overhaul of the industry is unconstitutional, a federal judge ruled, striking down the linchpin of the plan.