It would not be possible for the Democrat leader of the US Senate, Harry Reid, to make bold and unsubstantiated accusations about a Presidential candidate without the willing cooperation of the mainstream press. Not only has he repeated the false allegation that Mitt Romney has not paid his taxes but now the Democrat minority leader in the House Nancy Pelosi is touting those allegations as “the truth”. There is no doubt that if Mitt Romney ever failed to pay his taxes the IRS would be all over him. For the press to let this go on shows the level of corruption in the main stream media outlets today.
This is no more than a desperate attempt by the Obama campaign to have something to use against Romney. Since Harry Reid and Nancy Pelosi have no integrity they prove to be useful pawns to do the President’s dirty work. They really don’t have to find anything; they will just create a lie about it and repeat it over and over again. When the press runs interference for you the truth is a victim left far behind.
There are several bills being introduced that would eliminate the tax on medal winners in the Olympics. Americans who medal at the games are paid $25,000 for a gold medal victory, $15,000 for a silver win and $10,000 for a bronze finish. The bonuses are paid by the U.S. Olympic Committee. This can result in tax bills of nearly $9,000 for each gold medal, $5,400 for each silver and $3,500 for each bronze.
Harry, we need you to stop this non-sense. Kill these bills just as you have killed budget bills for three years. President Obama, remind Americans that we all must pay our fair share. These selfish athletes have the belief that their hard work and sacrifice lead them to winning a medal. They forget all the help they received along the way. Perhaps we should even take the medals and put them on display in Washington for all to enjoy and to remind us that without the government there would be no medals.
Today the Senate will vote on extending the Bush tax cuts. The Democrats will present a cherry picking bill that would let the cuts on the so-called wealthy expire. They do this is spite of the fact that Obama, in a rare moment of truth, said that the last thing we need to do in a recession is to raise taxes. The Democrats know that they will not get 60 votes and it will fail. This is what is called a safe vote, the Democrats can vote on it for their constituents knowing that it will fail. It is a very cynical part of daily politics. Mitch McConnell, Senate Minority Leader, is making it interesting because he may allow a vote to take place with a simple majority rather than requiring 60 votes to pass. This will put some Democrat Senators in tight races in a position of raising taxes on farmers and small businesses. The Republicans will also present a bill to extend most or all of the cuts and will fail as well.
This is ridiculous. These cuts go back to 2001. They have been used as a political weapon by both parties for years. The vast majority of both Democrats and Republicans know that letting the cuts on the “upper income levels” expire will have a devastating effect on the economy. Even if they are extended businesses will not have the confidence that they will stick to really start investing their capital. These cuts should be made permanent until a fundamental re-write of the tax code is made. In the long run we need a much simpler tax system with permanently low rates to sustain a good environment for a strong economy.
Below, see a list of the most well-known tax increases that could occur on January 1, 2013. These are several others that will expire as well.
- The 10% tax bracket will expire, reverting to 15%
- The 25% tax rate would rise to 28%
- The 28% rate would rise to 31%
- The 33% rate would rise to 36%
- The 35% rate would rise to 39.6%
Marriage Penalty Provisions:
- The standard deduction for married couples will fall, no longer double what it is for single filers;
- The ceiling of the 15% bracket for married couples will fall; no longer double what it is for single filers
- The child tax credit will fall from $1,000 to $500
- The tax rate on long-term capital gains earned by middle and upper-income people would rise from 15% to 20%
- The tax rate on qualified dividends earned by middle and upper-income people would rise from 15% to ordinary wage tax rates
- The PEP (personal exemptions phase-outs) and Pease provisions (overall limitation on itemized deductions) would be restored, rescinding from high-income people the value of some exemptions and deductions.
- Dependent care credit — increase of dollar limit on creditable expenses from $2,400 to $3,000 ($4,800 to $6,000 for two or more children), increase of applicable credit percentage from 30 to 35 percent, increase of beginning point of phase-out range from $10,000 to $15,000.
- Education IRAs (Coverdell education savings accounts) — increase of maximum annual contribution from $500 to $2,000, expansion of definition of qualified education expenses, increase in the size of the phase-out range for married filers to double that of unmarried filers, provision of special needs beneficiary rules, contributions by corporations and other entities, and contributions until April 15th, permitted.