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Posts Tagged ‘Fiscal Cliff’

Hollywood gets a tax cut in Fiscal Cliff deal

by Phantom Ace ( 112 Comments › )
Filed under Democratic Party, Entertainment, Progressives at January 2nd, 2013 - 11:30 am

The Fiscal Cliff was a political disaster for Republicans. They sabotaged John Boehner’s Plan B, which raised taxes on people making over a million dollars. This strengthened Obama’s hand and the compromise was tilted in his favor.  But there’s a caveat in this bill that Republicans should have resisted. There is a special tax break for television and movie producers. The very same Hollywood Marxists who rail about tax cuts for the rich get a tax cut!

Section 317 of the freshly approved legislation includes an extension for “special expensing rules for certain film and television productions.” Congress first enacted production tax incentives favorable to the domestic entertainment industry in 2004, and extended them in 2008, but the deal was meant to expire in 2011. 

The fiscal cliff deal extends the tax incentives through 2013–even as payroll taxes rise on ordinary Americans.

The original tax incentive applied to productions costing less than $15 million to make ($20 million in low-income areas). The 2008 extension applies to all films, up to a deduction of $15 million (or $20 million in low-income areas). The incentive is especially generous to television series; it applies to each TV episode.

Hollywood players routinely beg the government to raise their taxes so they can pay their “fair share.”

Why didn’t Republicans call out Obama for giving Hollywood a tax cut? Many Republican politicians rail about Hollywood, yet they do nothing to financially do damage to Hollywood. This is crazy and it shows me the GOP should not be taken serious next time they fuss about how evil Hollywood is.

I support a 30% tax on all Entertainment profits. This would hit the Hollywood profits. I rather do them economic damage than rail about how evil they are. Actions speak louder than words and the GOP is just all talk.

Obama and Democrats are not serious about the budget negotiations

by Phantom Ace ( 197 Comments › )
Filed under Barack Obama, Economy, Progressives, Republican Party at November 28th, 2012 - 3:31 pm

The new lord and savior of America, the almighty god-king Obama has not stop campaigning. He is making daily appearances demonizing Republicans over the fiscal cliff. The only item Obama even mentions is raising taxes on those making $250,000. As with the election, Obama is winning the argument. Over 60% of Americans support raising taxes on those making over $250,000 a year. The truth is raising rates on that segment of tax payers will only bring in an extra 80 billion a year. Personally, I think the Republicans should counter propose an call for raising rates on those making over 1 million a year, a 30% Entertainment industry excise tax and eliminate state income tax deductions. This will hit the affluent Democratic voters.

The Republicans lacking imagination have not counter propose. Instead they are offering to eliminate some tax deductions to raise revenues. This is not good enough for Obama, who continues to demagogue the issue and has not come up with any concessions of his own.

House Republican leaders said Wednesday they’ve done their job in negotiations to solve the looming fiscal crisis, while President Obama is returning to the campaign trail to sell tax hikes that studies show won’t have much, if any, effect on solving the problem.

“We have done our part by putting revenue on the table,” said House Majority Leader Eric Cantor.  

Cantor and fellow House leaders have agreed to close tax loopholes to generate revenue to reduce the $1.1 trillion annual deficit. But they argue the president has yet to say publicly what cuts he will make to the federal budget — specifically to costly entitlement programs such as Medicare, Medicaid and Social Security —  to reduce the deficit.

They also say the president’s plan to extend tax cuts only to middle-class Americans will not generate enough revenue to significantly reduce the deficit.

Jamie Foxx’s lord and savior is not serious about the budget deficit. He honestly could care less about it and just wants to raise taxes on people making over 250,000 to make people feel better. The Obama regime is about feelings and not concrete results. The almighty philosophizer king  has a combination of a incompetent opposition and an adoring media, which allows him to get away with it. 51% of Americans love this man and don’t care about any results.

Obama continues his campaign

by Phantom Ace Comments Off on Obama continues his campaign
Filed under Barack Obama, Democratic Party, Progressives, Republican Party, Special Report at November 27th, 2012 - 11:54 pm

The election maybe over, but our new Lord and Savior, Barack Obama is still campaigning. He has not dismantled his campaign apparatus. Instead he is using his organization to fight for tax increases on incomes over $250,000. He is not negotiating with Republican leaders on a budget deal. Instead he is on the campaign trail demonizing Republicans using demagogue language.

Amid conflicting polls about which political faction will be blamed by voters for Washington’s paralysis, President Barack Obama is going back on the campaign trail to pressure the GOP into approving tax increases.

The president will meet with small business executives on Tuesday, two panels of picked “middle class Americans” and cooperative business leaders on Wednesday, and will travel to Pennsylvania on Friday to give a speech at a toy factory in Hatfield.

GOP leaders decried the Friday flight to Pennsylvania as politics rather than negotiation. ”The time for campaigning is over. It’s time to act,” said  Sen. Mitch McConnell, the Republican leader in the Senate. “Rather than sitting down with lawmakers… [and] working out an agreement, he’s back out on the campaign trail,” McConnell said.

This what Obama is good at doing. He love the thrill of the crowd and not being responsible for anything.  This is the permanent campaign strategy that community organizers do.

The Fiscal Cliff Is Really A Slope, And Going Over It Is The Right Thing To Do.

by Flyovercountry ( 232 Comments › )
Filed under Economy, taxation at November 15th, 2012 - 5:07 pm

Political Cartoons by Jerry Holbert

Yesterday, I attended an economic summit. I left somewhat more concerned for America’s future than when I arrived. Not so much because of the deals that probably will not be made during the lame duck session of Congress, which is something that should not be allowed anyhow, but because of our insistence in swallowing the snake oil that is Socialism. We continue to swallow this snake oil, no matter how bad the taste from our last dosage is. We have continued to swallow the snake oil, even though that taste still lingers in our collective, (pun intended,) mouths. Our nation really has become two nations. One is made up of large Urban areas that will always vote for allowing the government to take on an ever growing role as the ultimate authority and provider of everything from A to Z. The other America is the flyover country, those knuckle dragging rubes who seem to feel that outdated ideals such as a constrained government that is not permitted to intrude itself upon the daily lives of those who make up the citizenry is what’s best for America.

We have reached a tipping point, where the two populations are almost equal in size, with very little in common. The result is that compromise is fast becoming a thing of the past, and now means, “your side should just capitulate already.” Know this going into the next couple of months. The people who voted for Barack Obama, and voted for a Senate to be controlled by Democrats, voted for increased government largess and a larger more intrusive government. Those who voted for Republicans to control the House voted for the opposite. In short, Americans got together again this year and voted for gridlock. For those of us who are conservative in nature, gridlock is the best that we can hope for. The Republican controlled House is our cease and desist order for the Obama agenda, and it is still in force. The Tea Party movement in the House is the only Republican contingent not to lose any seats in the shrinking Republican majority in the lower chamber, and has now become a larger voting block in terms of the percentage of the GOP makeup in that chamber. In a world where the Senate has shifted to the left in dramatic fashion, and a President who’s own lame duck term in office will take any centrist constraints placed upon him with the specter of facing an election, the pressure to hold strong will be wielded by a stronger Tea Party movement in a weaker Republican House coalition. In short, don’t look for a deal concerning the supposed fiscal cliff, embrace the self imposed defacto balanced budget amendment, for the two months that it will last.

Economic hardship is coming, and it will not be the sequestration and discontinuation of idiotic and wasteful spending that brings it. If anything, the fiscal slope will be something that softens the blow. The reason that I refer to the events about to unfold as a slope is that it’s effects will not be felt all at once. It will take a period of about 6 months to fully unfold, and the result will be the government not spending more than what it it takes in, in terms of revenue. The ill effects of Obamacare on the other hand, those will be severe, and will begin to be felt almost immediately from today forward. We have already seen several dozen businesses announce layoffs, cuts in employee hours, hikes in prices, movements to foreign markets, etc. directly attributed to Obamacare. We have also seen reports of Doctors, already retiring early, starting other professions, and giving up the practice of medicine, directly attributed to Obamacare. So enjoy your second dosage of that Marxist snake oil America, too bad it will taste no better than the first dosage. Thank goodness that there’s a Tea Party controlled majority in the House to keep us somewhat tethered to reality, how ever loosely.

There is a mistaken belief that people have that says our spending is greater than our taxation, which results in deficit spending. So, here it is. Government spending is taxation. That form that we all think of as taxation is really just the revenue portion of the taxes we pay, the rest is made up of quantitative easing, and debt. After all, the tooth fairy is not waiting somewhere with a bag full of cashed in lost teeth just waiting to make us whole again. While your 401k’s might very well still be reflective of values that have larger numbers in them than when we first elected this President, the purchasing power is most probably less or possibly only the same. In other words, their values were eaten in the quantitative easing tax that nobody actually voted on but was imposed none the less.

Long story short, if you keep stealing money from the private sector in order to continue the Santa Claus fantasy of your promises of free crap to be gifted from the public sector, eventually the private sector will quit trying to produce so much that people see them as a ripe target for theft. They’ll take their toys and leave. Mexico, China, India, or Columbia will become even more attractive places to conduct commerce. When that happens, it won’t matter what the promises were, there will be nothing left to hand out.

Our debt limit is a ridiculous notion at best. Those who lend our government $4 Billion each and every day could care less what our self imposed idea of our limitations are. The debt limit that does matter is our creditor’s willingness to continue this farce. When they begin to worry about the risk of loaning us money, (falling credit ratings should be ringing some bells,) or when they feel the sting of being ripped off due to being paid interest in devalued currency, that limitation will hurt a hell of a lot more.

Economic pain is a necessary part of any economic system, capitalism and socialism included. It is a signal that people need to change their methods and products of production. If left alone, the free markets have allowed those changes to take place with very tolerable signals, that has not ended in whole sale misery. On the other hand, promises to be able to remove all economic pain from the equation has only delayed said pain and always served to amplify the ill effects of ignoring those market signals. The great Depression was a failure of bad government policy, and history has shown that increased government intervention did far more harm than good. There are not solutions, just trade offs.

At what point in our national discussion will we notice that the areas of Urban blight that continually vote for more government control are the areas where misery is experienced in its greatest amount. Likewise, flyover country is where the economic conditions are still relatively strong. At what point will we notice that we should be implementing the economics of success in those places where misery is prevalent rather than the other way around. After all, there is only so much of other people’s money that can be stolen before they are tapped as well.

Cross Posted from Musings of a Mad Conservative.