Fiscal Cliff

A Country Founded By Geniuses But Run By Idiots!

Published by Papa Giorgio

(First posted in March 2013) You Might Live In A Country Founded By Geniuses But Run By Idiots, If…

If you can get arrested for hunting or fishing without a license, but not for being in the country illegally …you might live in a country founded by geniuses but run by idiots.

If you have to get your parents’ permission to go on a field trip or take an aspirin in school, but not to get an abortion … you might live in a country founded by geniuses but run by idiots.

[….]

If the government wants to ban stable, law-abiding citizens from owning gun magazines with more than ten rounds, but gives 20 F-16 fighter jets to the crazy new leaders in Egypt … you might live in a country founded by geniuses but run by idiots.

If, in the largest city, you can buy two 16-ounce sodas, but not a 24-ounce soda because 24-ounces of a sugary drink might make you fat … you might live in a country founded by geniuses but run by idiots.

[….]

If an 80-year-old woman can be stripped searched by the TSA but a woman in a hijab is only subject to having her neck and head searched … you might live in a country founded by geniuses but run by idiots.

If your government believes that the best way to eradicate trillions of dollars of debt is to spend trillions more … you might live in a country founded by geniuses but run by idiots.

[….]

If hard work and success are met with higher taxes and more government intrusion, while not working is rewarded with EBT cards, WIC checks, Medicaid, subsidized housing and free cell phones … you might live in a country founded by geniuses but run by idiots.

If the government’s plan for getting people back to work is to incentivize NOT working with 99 weeks of unemployment checks and no requirement to prove they applied but can’t find work … you might live in a country founded by geniuses but run by idiots.

If being stripped of the ability to defend yourself makes you more “safe” according to the government … you might live in a country founded by geniuses but run by idiots.

…read more…

California’s Real Debt Is $1.3-Trillion (PragerU Update)

Published by Papa Giorgio

John and Ken speak to Marc Joffe of the CALIFORNIA POLICY CENTER in regard to these recent articles on the subject of California’s fiscal emergency:

➤ California’s Total State and Local Debt Totals $1.3 Trillion
➤ Can California’s Economy Withstand $1.3 Trillion of Government Debt?

One aspect Marc Joffe mentioned would be a way to overcome this “debt” is to increase California’s population… however, we see through some recent stories…

★ California Won’t Fall Into The Sea — It’s Moving To Texas Instead
★ The Exodus of People Moving Away From California Is Becoming an Avalanche

…this is not a viable option… nor will it be as long as Democrats are in charge:

✦ California Regression – Eco Craziness
✦ John & Ken Discuss CalPERS Ponzi Scheme

In other words, Californians are doomed if remaining on this course.

Who cares about public pension liability? Well, you should – after all, it’s the reason entire cities and even states are facing bankruptcy. Joshua Rauh, professor of finance at Stanford and Senior Fellow at the Hoover Institution, paints a startling picture of just how broken the public pension system really is, and what will happen if we continue to ignore it.

13 Obama Tax Hikes that Took Effect in 2013 (Flashback: `Your Taxes Will Not Go Up One Dime` ~ Obama)

Published by Papa Giorgio

1. Payroll tax: increase in the Social Security portion of the payroll tax from 4.2 percent to 6.2 percent for workers. This hits all Americans earning a paycheck—not just the “wealthy.” For example, The Wall Street Journal calculated that the “typical U.S. family earning $50,000 a year” will lose “an annual income boost of $1,000.”

2. Top marginal tax rate: increase from 35 percent to 39.6 percent for taxable incomes over $450,000 ($400,000 for single filers).

3. Phase out of personal exemptions for adjusted gross income (AGI) over $300,000 ($250,000 for single filers).

4. Phase down of itemized deductions for AGI over $300,000 ($250,000 for single filers).

5. Tax rates on investment: increase in the rate on dividends and capital gains from 15 percent to 20 percent for taxable incomes over $450,000 ($400,000 for single filers).

6. Death tax: increase in the rate (on estates larger than $5 million) from 35 percent to 40 percent.

7. Taxes on business investment: expiration of full expensing—the immediate deduction of capital purchases by businesses.

Obamacare tax increases that took effect:

8. Another investment tax increase: 3.8 percent surtax on investment income for taxpayers with taxable income exceeding $250,000 ($200,000 for singles).

9. Another payroll tax hike: 0.9 percent increase in the Hospital Insurance portion of the payroll tax for incomes over $250,000 ($200,000 for single filers).

10. Medical device tax: 2.3 percent excise tax paid by medical device manufacturers and importers on all their sales.

11. Reducing the income tax deduction for individuals’ medical expenses.

12. Elimination of the corporate income tax deduction for expenses related to theMedicare Part D subsidy.

13. Limitation of the corporate income tax deduction for compensation that health insurance companies pay to their executives.

(Heritage)