That’s Right Nate

Thoughts from a right thinker.

Obama Tax Increase Will Hurt America

with 28 comments

The current Barack Obama plan to roll back the Bush tax cuts and increase taxes on people making over $250,000 per year could be devestating in this current economy.  With recent reports that both Ed McMann and former NBA star Vin Baker are in danger of getting their homes foreclosed on, do we really need to be raising taxes on ther wealthy at this time?

With the rising price of oil disproportionately hitting private jet and luxury car owners, a new round of tax cuts may send many of the wealthy into merely being upper class and could reduce many members of the upper class to merely upper-middle class status.  The food crisis has also disproportionately effected the wealthy with the price of kobe beef more than doubling in the last 18 months.

In a capitalistic society, the wealthy not only give us something to aspire to, but drive many of our industries.  Miniature poodles, high end jewelry, yachts, mansions, and over sized dining room tables will all see large sales drops in the event of a tax increase on the wealthy.

Furthermore, according to the Brookings Institute, nearly 2% of small businesses would also be affected by this plan  (http://www.taxpolicycenter.org/numbers/displayatab.cfm?Docid=1534&DocTypeID=7) . Fortunately, there are people willing to fight Obama on this.    Steve Forbes has joined McCain in opposing Obama’s tax on the wealthy, but we need more rich people to come forward before its too late.

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Written by thatsrightnate

July 12, 2008 at 9:20 am

Posted in Obama, Taxes, Wealthy

Tagged with , , , , ,

28 Responses

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  1. Another post about the economy? That’s all you put out there anymore. It’s like you are trying to pretend that McCain has no opinion on the great social questions of family and culture. Just because you don’t have family values, Natey, doesn’t mean McCain is a soulless economic animatron.

    steve

    July 12, 2008 at 9:11 pm

  2. i’m not sure ed mcmahon counts as “wealthy” anymore, considering he’s bankrupt. as such, he’ll avoid this obama tax. good fiscal move, ed!!! way to dodge that bullet!!!!

    thatswrongnate

    July 13, 2008 at 12:35 pm

  3. Did you take today off to celebrate the birth of Angelina’s twins, or are you having a donut hangover?

    steve

    July 13, 2008 at 8:01 pm

  4. totally took the day off. brangelina day only comes twice in a lifetime. kinda like haley’s comet. only more hollywoodier…

    thatswrongnate

    July 13, 2008 at 8:28 pm

  5. oops, my icon changed.

    whatever.

    thatswrongnate

    July 13, 2008 at 8:28 pm

  6. I am repulsed that Angelina Jolie would break up Brad Pitt’s relationship with Jennifer Anniston. That’s why the Hollywood elite supports the Obamas and not the family values platform of the McCains.

    thatsrightnate

    July 13, 2008 at 8:45 pm

  7. Could you explain, again, how John and Cindy are any different than Brad and Angelina? Your video of the McCain’s great love was touching, but where is Carol (Jen Aniston) in all of this?

    steve

    July 14, 2008 at 7:03 am

  8. oh SNAP!!!! score one for steve!!!

    thatswrongnate

    July 14, 2008 at 8:28 am

  9. Excuse me, but last time I checked Jennifer Anniston wasn’t disfigured in a horrible car accident that caused her to have a limp, lose 4 inches of height, and gain weight. John McCain married a beautiful model and unfortunately, Carol wasn’t that woman anymore.

    thatsrightnate

    July 14, 2008 at 8:43 am

  10. Yes, but Aniston was barren, which to a lot of men is a disfigurement.

    steve

    July 14, 2008 at 10:29 am

  11. so, what you’re saying is that if something terrible happens to your wife, it’s totally cool to kick her ass to the curb, but if you leave your hot, sexless, barren wife for an even hotter wife that’s a wildcat in the sack and pops out kids faster than walmart puts up stores, you’re a bad person? that about sum it up, natie?

    and who the hell are you to comment on family values? you got divorced, so you clearly don’t honor the sacred bond of marriage. and you call your own daughter fat and ugly (sorry, “not very attractive”) on your own blog. sounds like you’re as much of a hollywood elitist as the people you’re decrying. just keep the hypocracy coming, dude!!!

    thatswrongnate

    July 15, 2008 at 1:05 pm

  12. Let me clarify wrong. Nate didn’t divorce his wife, she divorced him. He didn’t break up a family, Kimberly did. Plus, after she left, she used her alimony for a personal trainer. She lost 50 pounds and doesn’t go to church anymore. She has “yoga” on Sunday mornings.

    steve

    July 15, 2008 at 2:19 pm

  13. no excuse. a sacred bond is a sacred bond. you can’t just pick and choose when to violate biblical doctrine.

    thatswrongnate

    July 15, 2008 at 8:45 pm

  14. Nate didn’t violate any biblical doctrine’s. he did everything he could to fight the divorce and force Kimberly to stay married to him.

    Well, he may have violated the one about gluttony. Hence, no posts today. Too many donuts.

    steve

    July 16, 2008 at 5:46 pm

  15. fiscalpolicyguy/wordpress.com says way to go.
    Education: MBA
    Status:Retired corporate financial executive. Educator
    Former advisor to Lloyd Bentsen Senator from Texas and Secretary of the tresury under Bill Clinton. served as Advisor for 20 years, 1974 to 1994
    Responsible for creating the first nation wide “Prncipal Home Tax Credit” 1974. Proposing the first Windfall Profits Tax (implemented 1980. Proposing the Income tax structure that resulted in the Income tax reforms of 1993.

    Here’s what you’ll see from the Democrats. And I can defend each one. this is what I proposed in April. watch as each comes to fruition.

    Some of these federal income tax policies need to be implemented retroactive to January 1, 2008.

    First, temporarily stop the purchase of crude oil for the Strategic National Oil Reserve ( this has been done since I originally sent this to CNBC back in April.) We will begin to purchase for the reserve again in January or When oil goes below $100. As an old oil man oil will be below $100/barrel by election day. Gasoline will be below $3.00 a gallon by January 20, 2009. If there is no worsening of the geopolitical situation, gasoline will be below 2.50 a gallon a year from now. It just the dynamics of the manipulation of futures contracts and oil companies getting $2.50 a gallon to sound like a bargain.

    The American Manufacturing Credit – 5% non refundable tax credit on all capital equipment purchases for new manufacturing, refining, and mining facilities built in the US or its possessions. An additional 5% Credit for all purchases of “American made” products for building or refurbishing closed facilities. ( sunset clause 2015) (this will benefit companies producing vehicles in US and provide jobs in auto industry, GM, Toyota in san Antonio) so they can convert to new fuels and more fuel efficient vehicles) A 50% write off the first year of “placed in service” equipment. Balance written off over next 2 years. A tax exemption for US companies that repatriate their profits to the US to benefit from this provision. This will also help stop the purchase of US companies by foreign interests.

    Global Warming Reduction Act. A 50% write off the first year of “placed in service” pollution control equipment. Balance written off over next 2 years. Upper limit subject to $50 million of pollution equipment per facility. Make interest tax exempt for bonds floated by states and or municipalities for funding private companies for pollution control improvements within their jurisdiction with federal guarantee to state and municipalities. (This is in addition to the AMC above, sunset clause 2014.)

    Check off this box its now law : Home Purchase Credit – The up to $5000 Home Buyer Tax Credit is provided as a federal income tax credit to first-time buyers who meet the maximum income limits. (This was made available to Washington DC Home Buyers through the Federal Tax Relief Act of 1997 and should be implemented throughout the nation.) This should have a sunset of December 2011. ( this is same type credit I created in 1974 to get credit worthy citizens to buy homes.)

    Iraq War Debt Reduction Act – 10% surtax on personal and corporate net taxable income over $250,000 and an additional 5% surtax on salary and exercised stock option income and non deferred compensation over 2 million per year. Sunset expiration 10 years after implementation. ( this has to be same for individuals Schedule c and Corporate to be fair to unincorporated business.) (those who benefit the most from a capitalistic system that fights for freedom with soldiers lifes and public funds should pay the most since they benefit the most)

    Savings and Investment Provision – The first $2000 of dividends and $2000 of interest annually will be exempt from federal income tax. For those over 65 it will increase to $4000. (Obviously to increase and sustain the savings rate in America)

    Capital Gains and Losses Equity Provision – 1) Capital gains tax would stay the same with a 19% tax on gains exceeding $250,000 annually. 2) Annual capital losses against other income would not be limited to the current $3000, but would be one million dollars. Capital losses on the sale of a principal residence would be allowed, but subject to a $10000 annual write off with carryover provisions. ( to assist those losing money when foreclosed on homes.

    Alternative Energy Development Provision – 3 year Phase out of the current provisions subsidizing ethanol. Allow purchase of “loss” from alternative Fuel companies, when profitable companies buy them out and continue alternative fuel research for at least 10 years. ( Solar, Fuel Cell, Electric,Wind, Geothermal). Elimination of all Tax credits/subsidies to Oil and Gas Exploration and Production companies but allow Oil companies to buy up these companies with losses. Expires 2025.

    Alternative vehicle fuels provision – Government will convert all vehicles weighing over 8000 pounds to propane. Business and individuals will get a 100% write off of conversion costs, State and municipalities will receive federal grants for 80% of the cost to convert or 10% of cost of new propane driven buses, garbage trucks, and like vehicles.Restore the expired tax credits relative to alternative fuel driven vehicles, ie hybrids, expires 2020.

    Oil and Gas Exploration provision – Allow the drilling on currently restricted offshore federal leases based on the usage of the existing federal leases currently idle. Allow 10 exploratory wells to be drilled on offshore restricted land for each successful completion of a new well (after 1/1/200 on existing federal leases. All new offshore oil produced must go to US refineries. Expires 2025.

    Sunset clauses are important to get capital to move to the targeted markets in a timely fashion, while other provisions provide tax revenue. With an expiration date that requires prompt planning and adequate time to implement moves capital where it is needed.

    This

    Jack

    August 8, 2008 at 2:04 pm

  16. I just hope Obama has the courage when the time comes to stand up and fight for the complete redistribution of wealth. I’m glad to hear he is already pushing for giving money to former soviet block countries to improve their economies. Imagine having no wealthy. Hopefully that’s not just a pipe dream.

    Mike

    October 9, 2008 at 7:19 am

  17. Obama has finally gotten onboard with rebuilding Georgia? I’m glad to hear that, but as for redistribution of wealth you won’t find a friendly audience for that here…I mean except for helping out corporations. Why should the rich be paying 60% of the country’s taxes when they only own 95% of the country’s assets?

    thatsrightnate

    October 9, 2008 at 8:35 am

  18. bless you nate for posting that wonderful photo of bill gates praying. i had the mistaken idea that he was one of the godless liberal elites. obviously that was just a vicious rumor spread by envious socialists, who don’t understand that such great wealth could only have been bestowed by the creator.

    gina

    October 23, 2008 at 11:05 pm

  19. He’s a very religious man who is praying very hard right now that Barack Obama loses.

    thatsrightnate

    October 24, 2008 at 5:07 am

  20. hey man, My brother and sister-in-law own a small buisness. There future in the buisness depends on a democratic government. Again, RATIONAL. It’s not a personal/emotional agenda like you guys over on the right. You guys have a lack of something, or someone, and are trying to compensate by fighting a battle with no weapons. It’s like the Aryans and Dravidians, The Right’s weapons are wooden and outdated. And our weapons are iron, young, and srong. Your losing battle should be over in atleast fifty to a hundred years. N+1= natural human progression

    brandon

    November 3, 2008 at 11:31 am

  21. And what does Capitalism have to do with Christianity. Capitalism is a system based on exploitation for profit. It goes against Christian ideals. I guess it must have something to do with the ingrained manifest destiny bull.

    brandon

    November 3, 2008 at 11:37 am

  22. Yeah, that’s all great until its you that has to fly commercial.

    thatsrightnate

    November 3, 2008 at 12:29 pm

  23. hey brandon, with your young “srong” weapons, know this: age and cunning trump youth and enthusiasm every time!

    gina

    November 3, 2008 at 12:59 pm

  24. “natural human progression”

    Wow! He’s an evolutionist too.

    thatsrightnate

    November 3, 2008 at 1:02 pm

  25. i think people making more than 75,000 should get a tax increase. i have been lokin for a job for 4 months now i liv in a small town this economy sux.. we need people that can afford to pay higher taxes pay them.. tru they might not be able to by their yacht this year but at least i can put food on the table for me and my wife

    bob

    March 30, 2009 at 1:53 pm

  26. I get what you’re saying Bob, but if we tax the rich so your children can eat, who will they be able to look up to?

    thatsrightnate

    March 30, 2009 at 8:26 pm

  27. The Most important challenge GM faces is to win back the trust of the tax payers. Giving away billions of tax payer money is not going to go under good sights of the consumers

    Alexandra

    June 15, 2009 at 9:03 am

  28. Dentists in Turkey seem to give the best service and improvements for your money.Dentistry and especially dental implants and orthodontics seems to be top class in Turkey.The dental clinics here us innovative equipment and employ young but very experienceddental practitioners .The locations are fantastic and the results match that.Turkey is truly becoming the destination for all dental procedures.In a country that has many other attributes it is easy to see why it is now a major player in cosmetic dental tourism

    Hisako Winchenbach

    April 15, 2012 at 2:54 am


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