`Obama Misrepresenting My Work` ~ Princeton Professor Harvey Rosen (Plus: Eulogizing Killers)

…the United States is actually more dependent on rich people to pay taxes than even many of the more socialized economies of Europe. According to the Tax Foundation, the United States gets 45 percent of its total taxes from the top 10 percent of tax filers, whereas the international average in industrialized nations is 32 percent. America’s rich carry a larger share of the tax burden than do the rich in Belgium (25 percent), Germany (31 percent), France (28 percent), and even Sweden (27 percent). ~ Washington Times

To set the stage for lowering taxes and Mitt Romney’s tax plan — the rich… the American rich specifically, pay the most taxes when compared to the rest of the world

This lack of understanding by the left leads to how they fight and lie and misrepresent what Mitt Romney says and will even twist other peoples work to win the day:

Here is the Weekly Standard’s “blurb” of the Obama Campaign lie:

Last night, the Obama campaign blasted out another email claiming that Mitt Romney’s tax plan would either require raising taxes on the middle class or blowing a hole in the deficit. “Even the studies that Romney has cited to claim his plan adds up still show he would need to raise middle-class taxes,” said the Obama campaign press release. “In fact, Harvard economist Martin Feldstein and Princeton economist Harvey Rosen both concede that paying for Romney’s tax cuts would require large tax increases on families making between $100,000 and $200,000.”

But that’s not true. Princeton professor Harvey Rosen tells THE WEEKLY STANDARD in an email that the Obama campaign is misrepresenting his paper on Romney’s tax plan:

I can’t tell exactly how the Obama campaign reached that characterization of my work.  It might be that they assume that Governor Romney wants to keep the taxes from the Affordable Care Act in place, despite the fact that the Governor has called for its complete repeal.  The main conclusion of my study is that  under plausible assumptions, a proposal along the lines suggested by Governor Romney can both be revenue neutral and keep the net tax burden on taxpayers with incomes above $200,000 about the same.  That is, an increase in the tax burden on lower and middle income individuals is not required in order to make the overall plan revenue neutral.

Dennis Prager touched on the “wonderful eulogy” the New York Times gave the Marxist historian Eric Hobsbawm, and how the left loves killers, dictators, and Communists. Here is the Wall Street Journals take on all this:

In 1987, Jean-Marie Le Pen called the gas chambers of Nazi concentration camps “just a detail in the history of World War II.” Explaining himself a few years later, the head of France’s National Front said: “If you take a 1,000-page book on World War II, the concentration camps take up only two pages and the gas chambers 10 to 15 lines. This is what one calls a detail.”

Such remarks cemented Mr. Le Pen’s reputation as Europe’s leading fascist. So what was one to make of the reception accorded the publication, in 1994, of “The Age of Extremes,” by the Marxist historian Eric Hobsbawm?

The book—subtitled “a history of the world, 1914-1991″—was hailed as “bracing and magisterial” by the New York Times. “Facts roll off Hobsbawm’s pages like thunderbolts,” gushed the New Republic. But search the index, and the words “Holocaust” and “Auschwitz” never appear. Nazi concentration camps get about 10 or 15 lines. As for the Soviet gulags, Hobsbawm devoted exactly two paragraphs to them.

Hobsbawm, who died in London Monday at age 95, was no Holocaust denier. Nor was he ignorant of the human toll imposed by communism, the ideology to which he remained faithful nearly his whole life. He acknowledged that the victims of Stalin’s tyranny “must be measured in eight rather than seven digits,” adding that the numbers are “shameful and beyond palliation, let alone justification.”

Yet Hobsbawm did justify them. “Like military enterprises which have genuine popular moral legitimacy, the breakneck industrialization of [Stalin’s] first Five-Year Plans (1929-41) generated support by the very ‘blood, toil, tears and sweat’ it imposed on the people,” he wrote. “Difficult though it may be to believe, the Stalinist system . . . almost certainly enjoyed substantial support.”

The rest of the book is shot through with similar rationalizations. That included the observation that “for most Soviet citizens the Brezhnev era spelled not ‘stagnation’ but the best times they and their parents, or even grandparents, had ever known.” As for Soviet dissidents, they were “anti-plebeian” elitists who “found themselves up against Soviet humanity as well as Soviet bureaucracy.”

None of this should have been surprising coming from a man who, over the years, gave his political assent to everything from the Nazi-Soviet Pact to the Soviet invasion of Hungary. Asked by the BBC whether the achievement of a communist utopia would have justified “the loss of fifteen, twenty million people,” he answered “Yes.”

Yet what are we to make of the warmth with which Hobsbawm is now being eulogized? Only this: That the world is far from recognizing that the crimes of communism were no less monstrous than those of Nazism. In treating the gulag as a detail of his history, Hobsbawm proved himself to be the moral equivalent of Mr. Le Pen. And in treating Hobsbawm as a paragon among historians, his admirers prove they’ve learned nothing from history itself.

Plug and Play Scam ~ When Government Chooses Winners, We ALL Lose!

(Reuters) – General Motors Co sold a record number of Chevrolet Volt sedans in August — but that probably isn’t a good thing for the automaker’s bottom line.

Nearly two years after the introduction of the path-breaking plug-in hybrid, GM is still losing as much as $49,000 on each Volt it builds, according to estimates provided to Reuters by industry analysts and manufacturing experts.

Cheap Volt lease offers meant to drive more customers to Chevy showrooms this summer may have pushed that loss even higher. There are some Americans paying just $5,050 to drive around for two years in a vehicle that cost as much as $89,000 to produce….

…read more…

Breitbart has this update on Obama’s ambitious, tax payer funded, plan to put electric cars on the road:

In 2011, President Barack Obama set a goal of putting one million electric cars on American roads by 2015.  Currently, there are just 30,000 electric cars on U.S. roads.

The abysmal numbers are even more surprising considering the government’s efforts to prop up “green car” manufacturing.  Electric luxury car manufacturer Fisker, for example, was approved for a $529 million taxpayer-funded government loan; the federal government cut off the funds at $193 million after sales fell woefully short of required targets.  The struggling electric car maker recently recalled 2,400 of its Karma vehicles when one caught fire due to problems with its cooling fan.

In June, a CBS News report calculated projected electric car sales by Mr. Obama’s 2015 date at 310,663.  That figure, while still less than a third of Mr. Obama’s goal, may still be overly optimistic.  Reuters says industry experts predict that less than 200,000 electric vehicles will be on U.S. roads by 2015.

Further exacerbating the challenge of meeting Mr. Obama’s goal is the fact that taxpayer-funded electric car battery companies continue to flounder.  Last month, for example, struggling U.S. electric battery maker A123 Systems, which received a $249 million taxpayer-funded government loan, announced its plans to sell a controlling stake to Wanxiang, a Chinese company, for $450 million.

Similarly, lithium-ion battery manufacturer Ener1, Inc., which received a $118.5 million taxpayer-funded grant, filed for bankruptcy.  And Aptera Motors has already folded.

…read more…

Our Energy Policy ~ Bankrupt

“Here at this site, Solyndra expects to make enough solar panels each year to generate 500 megawatts of electricity. And over the lifetime of this expanded facility, that could be like replacing as many as eight coal-fired power plants.” ~ Barack Obama

From video description:

This is pretty lame. I wonder how many people think this power just comes out of the ground? Perhaps these greentards think this is magic solar power that is leached from the sun and stored in invisible floating Tesla flywheels. Bet that went right over most heads. Anyway this is a real problem for shoppers at WalGREENS. Weather they are asked or not they are subsidizing this climate hoax and paying for the fuel that is getting these FARCE-CARS from point “a” to point “b.”

California Tax Revenue Plunges by 22% ~ Top 10 reasons Companies Are Leaving California

Via Big Government:

State Controller John Chaing continues to uphold the California Great Seal Motto of “Eureka”, i.e., ‘I have found it’. But what Chaing is finding as Controller is that California’s economy as measured by tax revenues is still tanking. Compared to last year, State tax collections for February shriveled by $1.2 billion or 22%. The deterioration is more than double the shocking $535 million reported decline for last month. The cumulative fiscal year decline is $6.1 billion or down 11% versus this period in 2011.

While California Governor Brown promises strong economic growth is just around the corner, Chaing proves that the best way for Sacramento politicians to hurt the economy and thereby generate lower tax revenue, is to have the highest tax rates in the nation.

California politicians seem delusional in their continued delusion that high taxes have not savaged the State’s economy. Each month’s disappointment is written off as due to some one-time event.

The State Controller’s office did acknowledge that higher than normal tax refunds for February might have reduced the collection of some personal income taxes. Given that 2012 has an extra day in February for leap year, there might have been one day more of tax refunds sent out. But the Controller’s report shows personal income tax collections fell by $325 million, or 16% versus last year. Furthermore, leap year would have added another day for retail sales and use tax collection, but those revenues also fell during February-by an even larger $813 million, 25% decline from 2011.

The more likely reason tax collections continue falling is that businesses and successful people are leaving California for the better tax rates available in more pro-business states.

Derisively referred to as “Taxifornia” by the independent Pacific Research Institute, California wins the booby prize for the highest personal income taxes in the nation and higher sales tax rates than all but four other states. Though Californians benefit from Proposition 13 restrictions on how much their property tax can increase in one year, the state still has the worst state tax burden in the U.S.

Spectrum Locations Consultants recorded 254 California companies moved some or all of their work and jobs out of state in 2011, 26% more than in 2010 and five times as many as in 2009. According SLC President, Joe Vranich: the “top ten reasons companies are leaving California: 1) Poor rankings in surveys 2) More adversarial toward business 3) Uncontrollable public spending 4) Unfriendly business climate 5) Provable savings elsewhere 6) Most expensive business locations 7) Unfriendly legal environment for business 8) Worst regulatory burden 9) Severe tax treatment 10) Unprecedented energy costs.

…read more…

Al `not so sharp` Sharpton Showing His Lack of Knowledge on MSNBC (Plus: Congressman John Campbell)

Forbes explains the gig

…[Romney’s] low rate is due to the fact that almost all of his income was in the form of dividends and capital gains, which are currently taxed at only 15%.  (As he pointed out in the last debate, he would have paid almost nothing under his opponent Newt Gingrich’s proposal to not tax investment income at all.) He then used large charitable contributions and other deductions to further reduce his taxable income.

While this doesn’t apply much to those of us with earned income (which is taxed at higher ordinary income tax rates plus the FICA tax), there are lessons for how we can similarly minimize our taxes on our investments. Specifically, we can take advantage of the differences in how various investments are taxed. Qualified dividends and long-term capital gains are taxed at a maximum 15% rate while cash and bond interest are taxed at ordinary income tax rates, which can be as high as 35%. By keeping as many of our tax-inefficient investments like bonds and cash in retirement accounts as possible, we can pay more of our investment taxes at the 15% capital gains and dividend rate and less at the higher ordinary income tax rate.

Let’s take an example. Imagine you have a total investment portfolio of $500k and you want to have $300k of that in stocks and $200k in bonds and cash. Let’s say that you have a pre-tax 401(k) with $300k. To minimize your taxes, you would have the entire $200k of bonds and cash in the 401(k) plus an additional $100k of the money in the stocks. The remaining $200k in taxable investments would all be in stock so that most of your taxable investment income would be at the 15% rate for long-term capital gains and qualified dividends.

There’s another advantage of having stocks and stock funds outside of retirement plans. In this case, you can actually make the volatility of the stock market work for you. That’s because when we have an investment that loses value (and who didn’t have at least one over these last few years) we can sell it at the end of the year and write the loss off of our taxes. These capital gain losses can offset gains we have that year or even better, up to $3k of regular income tax if we don’t have any capital gains. You can carry losses over $3k to future years.

…read more…

Sen. John Campbell explains the issue with how the press twists Romney’s tax return info to suit their needs:

American Crossroads ad features Bill Clinton and Obama Standing Firm Against Obama`s Tax Increases

Oct. 3 (Bloomberg) — President Barack Obama “absolutely” considers himself to be the underdog in the 2012 presidential campaign “given the economy” and said voters aren’t doing better economically than they were four years ago.

“They’re not better off” than “before the financial crisis, before this extraordinary recession that we’re going through [Sept-Oct 2011],” Obama said in an interview with ABC News and Yahoo….