Democrats will try to take credit for this report and no doubt, Odummer must be totally giddy; but I say not so fast Ohdumbone. If you recall, the right had to kick the shellacked one in the butt to get him to come along nicely with the Bush tax extensions. The fact is that even after the shellacking, Ohdumbone fought the Bush tax extensions tooth and nail.
“….here’s the sublime irony. The wake-up in job creation is a function of Republican policy. After all, for two years the Obama Democrats spent themselves into oblivion, with over $1 trillion of so-called big-government stimulus. Didn’t work. By the end of last year, that failed stimulus wore off, and it was replaced by Republican tax cuts.
Remember that in mid-December, after his election shellacking, President Obama signed a deal that extended the Bush tax rates across the board. The top marginal rate stayed at 35 percent. Investment tax rates for cap-gains and dividends held at 15 percent. Most business people I know — folks who work in both large and small companies — welcomed the tax-rate freeze as a sign that maybe the war against growth, capital formation, and small business was either coming to an end or at least a two-year truce.
So, presto, the jobs numbers start jumping in the new low-tax year….”
Moreover, in spite of the gains, Democrats are still trying to force those earning the highest income in the country to foot the bill.
In the meantime, the liar in chief will credit his less than brilliant mind for the slight turnaround.
“The GOP also should be on the warpath for full-fledged corporate-tax-rate reduction. Get rid of the GE loopholes and knock the rate down to 15 percent. As they continue to advance on the spending-cut front, Republicans should balance out their message with strong pro-growth tax cuts.”
No one is arguing that we should not get rid of the federal income tax and abolish the IRS. The IRS is worst than banks. They are government run loan sharks.
However, I am not sold on the Fair Tax.
For starters, some politicians are talking a big game when it comes to the Fair Tax, but the feds are not about to give up their golden egg (the IRS loan sharks).
Secondly, a Fair Tax would put countless federal workers out of jobs, which I, of course, do not find a problem.
Third, tax lawyers, accountants and their lobbyists would never stand for it. Passage of a fair tax would all but put tax lawyers out of business.
Fourth, the Fair Tax would at first have to be implemented at an extremely higher rate than the 23% dream number being touted to begin dealing with our debt and then it would increase from there as time went on.
While not implying that the Fair Tax would get that high (can it???), I know what it is to have 55 to 60% of my paycheck go to taxes and having to work an additional fifteen hours to make up for those taxes in order to meet my monthly bills.
We would be in effect creating a monster.
It sounds to me like Americans would be jumping from the frying pan into the fire. No thank you.