THE NEXT STEP FOR PROGRESSIVE TAXATION?

Consider the following excerpt from Were your parents rich? Maybe you should pay more in taxes, published in the Washington Post on March 28, 2014, and written by Yo Jeremijenko-Conley, a freshman at Stuyvesant High School in New York City, and Dalton Conley, a professor at New York University:

...We need a tax policy that accounts for how economic benefits and disparities are passed down from generation to generation. To do that, we could calculate tax rates based not just on what people earn now — as traditional progressive taxation does — but also on the income their families brought in during their critical childhood years....

Let’s introduce the Great Gatsby tax rebate for upward mobility....

Read the entire essay HERE.

I can hear Obama now in his preacher's lilt: "It's the right thing to do!"

The Left will not be satisfied until taxation penalizes and thereby subjugates and impoverishes the wealthy in a collective manner — that is, by family.  The Left despises the very concept of the individual.

Also, remember this: who is "wealthy" is subject to interpretation, particularly when the word is interpreted on a global basis. Even the poorest in America are wealthy in comparison to most living in certain Third World countries.

Of course, the ruling elite will keep their wealth and live like kings while trampling everyone else into serfdom.

THE BIZARRE U.S. TAX CODE

As you file your 2012 tax return, remember the mind-boggling information below (hat tip to Asylum Watch, citing this source):


As Asylum Watch points out:

US tax laws allow illegal immigrants to claim tax credits for children who DO NOT LIVE in America.

To the tune of $4.2 billion a year.

Meanwhile, Tax Freedom Day 2013 is April 18, five days later than Tax Freedom Day 2012. Furthermore:

Americans will spend more on taxes than they will on food, housing, and clothing combined in 2013.

More information HERE.

COMPREHENSIVE LIST OF OBAMA'S TAX HIKES

Read it and weep. The list shows 21 items.

OBAMACARE'S PITFALLS: THEY WILL TOUCH EVERY AMERICAN

These pitfalls proliferate in the Health Care Reform Act, the bill that Pelosi so glibly told us would eventually reveal its specifics after it became law:



The specifics below will touch the vast majority of Americans in one way or another.

From Red State (hat tip to Conservatives on Fire):

Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income, including the sale of single family homes, townhouses, co-ops, condominiums, and even rental income.

[...]

Like a lot of the poorly-designed, economic programs of this administration, this program will destroy more wealth than it ever gets around to actually transferring. The negative externalities of this proposal will be legion.....

Read the rest HERE. The specifics are disheartening, particularly for the middle class, as cited here:

This will also have a knock-on unemployment multiplier effect on the people who pave roads to new subdivisions. It will require fewer realtors and settlement attorneys to handle the decreased sales volume. Home values will adjust downward in reaction to the penalty tax that a homeowner has to pay to escape a current residence. This will lead to a downward pressure on tax assessments for residential property which will further complicate the efforts of state and local governments to run organizations such as schools.

According to GOP.gov:

This new ObamaCare tax is the first time the government will apply a 3.8 percent tax on unearned income. This new tax on home sales and unearned income and other Medicare taxes raise taxes more than $210 billion to pay for ObamaCare. The National Association of Realtors called this new Medicare tax on unearned income “destructive” and “ill-advised” and warned it would hurt job creation.

Under the Obama administration, middle-class America is well on the way to serfdom!

THE LOOMING TAX INCREASES

Spotted at Feed Your ADHD....

Get ready for the tax increases in 2010 (from The Heritage Foundation):

While millions of Americans are more than ready to put 2009 behind them, they should know that Congress failed to reauthorize dozens of tax breaks for individuals and businesses before the Members scurried home for the Holidays. These “expiring provisions” affect every American in one way or another as individuals or businesses. By allowing them to lapse, Congress has enacted tax increases at time when these taxpayers can least afford it.

Among the items allowed to expire at midnight on December 31, 2009:

* Deduction of state and local general sales taxes (section 164) (Personal Tax Incentives)

* Additional standard deduction, up to $500 for individuals and $1,000 for couples, for state and local property taxes (section 63) (Personal Tax Incentives)

* Research tax credit and alternative simplified credit (section 41) (General Business Tax Incentives)

* New markets tax credit (section 45D) (Community Assistance Provisions)

* Empowerment zone incentives (sections 1391 and 1202) (Community Assistance Provisions)

* Renewal community tax incentives (sections 1400E, 1400F, 1400I, and 1400J) (Community Assistance Provisions)

* District of Columbia Investment Incentives (sections 1400, 1400A, 1400B, and 1400C) (Community Assistance Provisions)

* Net disaster loss designation and $500 limit per casualty for personal casualty losses attributed to federally declared natural disasters (section 165) (General Disaster Relief Provisions)

* Expensing for qualified disaster expenses (section 198A) (General Disaster Relief Provisions)

* Biodiesel and renewable diesel incentives (section 40A) (Energy Incentives)

* Alternative motor vehicle credit for heavy hybrids (section 30B) (Energy Incentives)

Although the House has acted and passed its version of the Tax Extenders Act of 2009, the Senate failed to act on similar legislation, as a result the following additional key tax provisions will expire:

* Increased exemption levels for the individual alternative minimum tax (section 55) and personal tax credits allowed against the AMT (section 26)

* Exclusion of unemployment compensation benefits from gross income (section 85)

* Alternative fuel mixture tax credit (section 6426(e))

* Reduced estimated tax payments for small businesses (section 6654(d)(1)(D))

BHO's campaign promises about no tax increases for most Americans were lies, and those lies are going to hit each and every one of us in the pocketbook.

American Taxpayer’s Ode: ‘Where’d My Money Go?’

After reading a report in The Wall Street Journal this morning about the IRS considering a tax on company-issued cell phones, I was inspired to write “Where’d My Money Go?” as an ode to the American taxpayer.

Click here to read the lyrics, then feel free to put music to it and produce it as a song and/or YouTube music video if you have the means and the know-how.

RANGEL RULES

Hat Tip: Black and Right