For 32 days in a row, gas prices have risen across America. 32 consecutive days where the same exact gas cost more that day than it did the day before. That is a record! President Obama keeps getting closer to his goal of $5.00 a gallon gas. Can you afford it?
And yesterday Obama announced that he wants to raise taxes AGAIN! On January 1, Obama said he was only raising taxes on millionaires, and EVERYONE IN AMERICA’S PAYCHECK GOT SMALLER! Makes you wonder what economic pain for working Americans he has planned this time around?
And all the while, we continue hearing reports that Obamacare is running out of money before it even gets started? I know I have, and it’s brought smiles to a lot of people’s faces, ’cause they think that means Obamacare is dead. Well, I got some bad news for you, Save Jerseyans. Obama has a choice to either kill Obamacare because it has no money or raise taxes to get Obamacare money. What do you think he is gonna choose?
The tax deal that Congress and Mr. Obama reached in early January cut taxes overall but let them rise on individuals making more than $250,000 a year and families with income of more than $300,000. Those increases brought the government somewhere on the order of about $40 billion for fiscal year 2013.
The spending bill for storm recovery costs $50 billion and, coupled with an additional $9.7 billion in flood insurance money Congress passed this month, brings the total tab for Sandy to $60 billion.”
Many of you worked hard today, picked up your paycheck from human resources and noticed something disconcerting…
Why am I missed $30? $40? $50 of my usual total net pay?
The answer: November 6, 2012.
The technical explanation? Last week’s fiscal cliff deal did not include an extension of the federal payroll tax holiday, allowing the payroll tax rate to rise 4.2% to 6.2%. That means an employee earning $50,000 annually will now fork over approximately $1,000 more per year to Uncle Sam. Go ahead, liberals: try to tell me that WON’T carry negative repercussions for the economy next Christmas…
Bloomberg Businessweek ran an interesting piece Wednesday, arguing that Republicans should happily embrace Tuesday’s fiscal cliff deal since “[i]t locks in virtually all the Bush-era income tax cuts, establishes a generous-to-the-wealthy inheritance tax, and maintains low capital gains and dividend taxes,” in addition to generating much less revenue for Washington’s spending addiction than the President previously wanted.
Assuming, of course, that that’s what President Obama really wanted.
I’m not so sure, Save Jerseyans, nor is my favorite conservative pundit Charles Krauthammer, who told Bill O’Reilly last night on FOX that he recognizes a totally different (and completely political) method to the White House’s fiscal madness:
Here’s the key part of Krauthammer’s commentary if you can’t play the video…
The fiscal cliff bill is headed to President Obama after receiving late Tuesday evening approval from the House of Representatives. At roll call, 85 Republicans and 172 Democrats voted YEA; 151 Republicans and 16 Democrats voted NO.
Eric Cantor appeared to lead the opposition from the Right (which represented a majority of House Republicans); Paul Ryan was among those voting YEA, as was New Jersey’s Jon Runyan (NJ-03) who shared the following explanation with his Facebook fans:
Given the choices on the table, I ultimately decided to support the compromise to spare my constituents and 99% of American taxpayers an income tax hike that neither they nor our economy can afford. Unfortunately, this legislation is merely another Washington-generated band-aid that does little more than kick the can down the road again, while failing to address the federal government’s unhealthy addiction to spending. I am hopeful the President and members of both the House and Senate can do more problem-solving and less finger-pointing in the next Congress and address the very serious fiscal problems we face.”
Runyan was joined by Chris Smith, Rodney Frelinghuysen, Frank LoBiondo and Leonard Lance. Only Scott Garrett voted NO out of the entire state delegation.
What does tonight’s vote mean? Tax rates won’t go up (for now) on most medium and low income earners, but in real terms, 77% of U.S. households (115-120 million) will still pay more taxes for 2013 as a direct result. That’s a big price to pay for a bill that’s merely a detour to the fiscal cliff, Save Jerseyans. But you already knew that…
It’s an auspicious day to celebrate the Emancipation Proclamation’s 150th Anniversary, Save Jerseyans.
The late great Civil War historian Shelby Foote liked to argue that “the genius of American politics is compromise,” and that the Civil War came about through the nation’s failure to do what it had previously done best.
There’s also the question of whether the current generation of leadership has done anything to advance the American vision of liberty conceived by the Declaration of Independence, mapped-out by the Constitution and developed over two centuries through blood, innovation, but mostly well-chosen applications of ink and sentiment.
Revisit a transcript of this great document below the fold… and say a prayer for your country:
It’s a “deal” in the strictest sense of the word, Save Jerseyans, because there appears to be enough votes to get it through the House a little later today after the Senate adopted a fiscal cliff compromise package early New Year’s morning.
A Save Jersey reader sent us this cool “fiscal cliff” tax calculator; users can enter their filing status, allowances and income to guesstimate how much their federal income tax burden will increase beginning in 2013. Of course it’s not exact, folks, and only a tax expert could assess your true liability. Still scary!
Soclick here to give it a try… but first, you may want to keep some tissues handy. Again, it’s not pretty.
Yesterday morning, Save Jerseyans, I awoke to dismal online deals and discounts at my favorite online retailer websites. Primarily, I was hoping to find a deal on the Chloe handbag I’ve been coveting (not a justifiable full-priced purchase for a fiscally conservative blogger).
Unfortunately, neither Neiman Marcus nor Saks fulfilled my day-after-Christmas wish.
Stocks typically rise from Christmas Eve into the new year (the aforementioned “Santa rally”). But bah humbug to that this year!
Considering the fact that holiday sales numbers fell short of expectations, perhaps upscale retailers may have been able to improve upon their year-end performance by satisfying the desires of accessory junkies such as myself…
There are a number of ideas being bandied about Capitol Hill these days for finding new ways to confiscate taxpayers’ money in order to feed our grossly overweight federal government. Some are bad and some are worse than bad.
In fact, they flat out stink.
Let’s be clear from the beginning: the federal government doesn’t have a revenue problem; it has a spending one.
Washington reminds me of someone trying to lose weight without reducing their caloric intake. It’s virtually impossible.
Yes, when it comes to consuming tax dollars, our federal government is morbidly obese and has no intention of changing its eating habits.
And so, it appears that the career politicians in Congress – aided and abetted by President Obama – are dead set on increasing the amount of money that flows into the federal coffers. As Mr. Obama has repeated ad nauseam, “Elections have consequences”, and the #1 consequence of the recent presidential election will be higher taxes for nearly everyone.
The only question that remains is if these across the board tax hikes will stand alone or be joined by the closing of certain tax loopholes. My best guess is that Congress will settle on a combination of the two.
But as damaging as tax hikes will be to a struggling economy, closing some of the aforementioned loopholes would be even more problematic.
Apparently talks between the White House and House Republicans have broken down, and Speaker Boehner is telling folks he’ll go with his plan and only his plan.
The Speaker will post “Plan B” for a vote tomorrow, legislation which would allow taxes to rise on only those earning more than $1M (not those grossing $250k+ as the President demands).
The Club for Growth is opposed to Plan B. ATR’s Grover Norquist is reportedly OK with it. Obama would veto it but Plan B won’t clear the Senate… assuming it passes the GOP House which is a topic of much discussion right now…
Speaker John Boehner is getting a lot of heat from his Right at the moment, Save Jerseyans.
And I’m going to catch some hell from many of you for saying what I’m about to say:
I feel bad for Boehner. I really, truly do.
Imagine for a moment that you’re a good family man, businessman, and pillar of the local community from a humble background. You eventually decide to run for Congress in a primary against an incumbent accused of gross moral failings (allegedly paying a teenage prostitute) and, having won that primary, rise through the ranks of the House through skill and strength of character. Your efforts eventually help catalyze a “Republican Revolution” in 2010 and, even when your party blows the presidential race AND several winnable senate contests in 2012, your House majority remains largely undisturbed.
Most folks would call that a job well done.
Like it or not, Speaker Boehner is fighting a battle that we lost when polls closed on November 6th.
So why is John Boehner being treated like a failure?