Tag: taxes

The Top 40% Pay 106% of Taxes

~ Pharmer ~ 1 Comment

Rush Limbaugh has announced another “random act of journalism” coming from CNBC.

The Congressional Budget office found from the 2010 census that the top 40 percent of wage earners paid 106 percent of income taxes.  The bottom 40 percent of wage earners contributed NEGATIVE 9 percent.  In other words they got federal money that they didn’t earn, which comes from those of us who fund this debacle of a government.

Find the data in table 3 on page 13 of the CBO Report.

Should the leftie media be apologizing to Mitt Romney for his comment about 47 percent of people who are on the take???  Should he sue them, redistribute their wealth, and feed some starving  lawyers?    Pharmer grants an  exceptional line to CNBC  because of the priceless headline : “The rich do not pay the most taxes, they pay ALL the taxes.”

The Alinsky-ites have been hard at work training  people to hate the rich for this, and so far they’ve been pretty effective.

 

Sneak Attack Tax on Savings to Bail out Cyprus Banks

~ Pharmer ~ 1 Comment

Alert denizens of the Eurozone might take action after learning what’s in store for ordinary savers in Cyprus, after this weekend.  A tax, ranging from 6.5% to 9.9% will be levied on all deposits.   The money is intended to bail out the banks, as well as the government.

Cyprus, up until this time attracted a good deal of international banking business.   Things might change after depositors from elsewhere discover that they will be ‘receiving’  significant NEGATIVE interest on their savings.

The prospect of negative interest, and the example of Cyprus might increase the popularity of stuffing money into mattresses, throughout Europe.

UPDATE 3/19:    Amid the threat of a bank run, (which caused banks to be closed until Thursday),  legislators in Cyprus rejected the plan to tax bank savings up to 10 percent.   This leaves the nation to search for a more palatable way out of their financial woes.

The Main Reason That Raising Taxes Does Not Raise Revenue

~ Pharmer

As the Global Economy Falls, the Black Market Rises | TheBlaze.com.

As the above ground businesses are taxed / regulated out of existence or forced to migrate elsewhere,  the Black Market Grows.

The article linked at the top assures us that the underground economy is the second largest economy,  with a GDP well in excess of 10 trillion dollars yearly.

A map at the site displays the portion of economies around the world which are underground.  A new euphemism for black markets,  System D, for debrouillard, has been coined by Robert Neuworth, to convey his impression of  the self reliant sorts of people who make their living in the black  markets.  Excluding gun running, drugs, and slavery,  Neuwirth does not see an inherent moral problem with the underground economy.

House May Block Food Safety Bill Over Senate Error : Roll Call

~ Pharmer

via House May Block Food Safety Bill Over Senate Error : Roll Call.

Senate Bill 510, the Food Safety bill which gives the  FDA more authority over food regulation, and putting  small food producers out of business,   is hung up due to a violation of congressional authority.   The Senate bill has tax in it.  Taxes are supposed to be initiated in the House.  Whupsie,  Harry Reid screwed up  again.

The house will throw it back to the Senate, and they’ll have to rework it.  This would normally require the cooperation of the republicans.

Maybe the bill will DIE this year.  One can only hope.

YouTube – SO IT STARTS – Senate Bill 510 – Organic Farmer Fined 5000 For Growing Crops On Own Land