Yesterday the Prez put his proposal on the table about what to do with the Fiscal Cliff the country faces at the end of the year. What Obama said is important. What he didn’t say is critical.
It should come as no surprise that Obama has proposed an extension of the Bush tax cuts for those workers earning $250,000 or less and a tax increase for those making above $250,000. The extension of the tax cut for those earning under $250k will have a cost of $150B according to the White House: The President’s proposal appears to be “tax progressive” in that it benefits workers on the middle to lower end of incomes.
The plan is clearly designed to get some votes in the key political states of Ohio and Pennsylvania. Who knows? Maybe some suckers will actually cast a vote for Obama as they think he’s standing up for those on the lower rungs of the income profile. Baloney!
What the President didn’t say in his speech yesterday is far more important than what he did say. He did not say word one about the 2% Social Security tax break that has been on the books the past few years. What this means is that the FICA tax break is going to expire. When it does, every worker’s paycheck is going to get hit by 2%. In the 2012 Social Security Trust Fund report to Congress the Trustees estimated that total FICA (SS taxes) would amount to $733.4B in 2013. The 2% increase in FICA taxes in 2013 will increase workers tax load by $120B. Therefore the combined effect of extending the sub-250k tax cut and the increase in FICA comes to a paltry $30B.
CONTINUED: http://www.zerohedge.com/contributed/2012-07-10/obama%E2%80%99s-middle-class-tax-scam
Showing posts with label Obama scams. Show all posts
Showing posts with label Obama scams. Show all posts
Tuesday, July 10, 2012
Monday, July 2, 2012
Will 'free' dinner with Obama bust your personal budget?
The raffles offered by the Obama campaign for dinner with the president may end up costing the winners far more than the $3 they paid to enter the contest. In an attempt to raise funds, the Obama campaign has taken the step of being the first president in U.S. history to hold a raffle to give ordinary Americans the opportunity to meet with him. The raffles on the Obama campaign site have asked for a minimum donation of $3 for a chance to have dinner with the president and first lady, Michelle Obama.
Those who win are given an all-expense paid trip, including airfare and hotel, to spend the evening with the Obamas. The most recent raffle dinner will take place on July 13. The campaign website says the total value of the prizes is $4,800, with each entire trip package being worth $1,600. The cost includes two round-trip coach tickets, ground transportation and a one-night stay in a hotel. While the raffle may initially appear to be a great deal for his supporters, they may be shocked to learn the “free” dinner is anything but. Winners are on the hook for federal, state and local taxes – which could equal up to one-third the cost of the prize.
William Jacobson, associate clinical professor with Cornell Law School, said, “Technically, these raffles are ‘sweepstakes’ because you can enter without paying anything, although at least a $3 donation is encouraged. This not only adds to Obama’s mailing list, it increases the number of donors and lowers the average donation, both of which figures are used in Obama campaign spin. “So, assuming you take Obama up on his offer to ‘cover’ airfare, your taxes could be several hundred dollars, depending on your federal marginal tax rate and any state income taxes.” Dennis Kneale, appearing on Fox Business, said the tax could end up being $560 in federal income taxes, depending on the person’s tax bracket. With politicians especially, there is no thing as a free lunch or a free dinner.”
CONTINUED: http://www.wnd.com/2012/07/free-dinner-with-obama-could-cost-you-560/
Those who win are given an all-expense paid trip, including airfare and hotel, to spend the evening with the Obamas. The most recent raffle dinner will take place on July 13. The campaign website says the total value of the prizes is $4,800, with each entire trip package being worth $1,600. The cost includes two round-trip coach tickets, ground transportation and a one-night stay in a hotel. While the raffle may initially appear to be a great deal for his supporters, they may be shocked to learn the “free” dinner is anything but. Winners are on the hook for federal, state and local taxes – which could equal up to one-third the cost of the prize.
William Jacobson, associate clinical professor with Cornell Law School, said, “Technically, these raffles are ‘sweepstakes’ because you can enter without paying anything, although at least a $3 donation is encouraged. This not only adds to Obama’s mailing list, it increases the number of donors and lowers the average donation, both of which figures are used in Obama campaign spin. “So, assuming you take Obama up on his offer to ‘cover’ airfare, your taxes could be several hundred dollars, depending on your federal marginal tax rate and any state income taxes.” Dennis Kneale, appearing on Fox Business, said the tax could end up being $560 in federal income taxes, depending on the person’s tax bracket. With politicians especially, there is no thing as a free lunch or a free dinner.”
CONTINUED: http://www.wnd.com/2012/07/free-dinner-with-obama-could-cost-you-560/
Monday, April 16, 2012
The Scandal That Could Sink Obama
Monday, April 16, 2012
CRONYISM SCANDAL
80% OF DEPARTMENT OF ENERGY GREEN LOANS WENT TO "OBAMA-RELATED COMPANIES"
Under the guise of "investing" in so-called green energy, the Obama Administration is perpetrating yet another massive scam on the American people. It has now been documented that Obama is using your hard-earned tax dollars to line the pockets of his biggest campaign donors.
But don't take our word for it...
According to research done by Hoover Institution Fellow Peter Schweitzer, the hundreds of millions of dollars in taxpayer-backed loans handed to Solyndra - the now bankrupt company that was run by Obama campaign bundler George Kaiser - is just the "tip of the iceberg."
In fact, a staggering 80% of the federal grants and loan guarantees made to green-tech firms by Obama's DOE since 2009 were made to companies whose chief executive or chief investors were major contributors and big money men to Obama's 2008 presidential campaign.
TELL CONGRESS - STOP THE "GREEN ENERGY" SCAMS - SELECT HERE
Schweitzer's research reveals a devastating picture of corruption in Washington, D.C. Democrats, Republicans, Congressmen, Senators, administration officials and bureaucrats - the corruption is widespread.
Billions upon billions of dollars literally have poured into the coffers of Obama's biggest campaign donors whose quasi-green products, like bankrupt Solyndra's solar panels or the exploding Finnish eco-car, were not only questionable, but very clearly doomed to failure from the beginning.
Given the number of reports warning the Obama Administration against many of the "green" loans and government handouts, it is now obvious that the money transfers were never meant to rescue the American economy or create jobs... Rather, the program from the very beginning was about nothing more than lining the pockets of loyal Obama supporters.
TELL CONGRESS - STOP THE "GREEN ENERGY" SCAMS - SELECT HERE
Even the non-partisan Government Accountability Office (GAO) has chastised the Obama Administration for the manner in which DOE loans and handouts were granted. According to GAO:
•Many of the loans lacked adequate documentation and performance measures.
•Obama's DOE granted many loans based on favoritism while denying or disadvantaging other equally and often more qualified potential borrowers.
And DOE's own inspector general, Gregory Friedman, has testified that many of the contracts have been steered to "friends and family."
Yet despite all this, Barack Obama wants to double down on the program. In fact, Obama's Department of Energy has announced its intention to issue even more "green energy" loans. How many major Obama 2012 donors do you think will be on the receiving end of those new loans and grants?
Let's not wait to find out. It's time to be proactive and demand that Congress - holder of the purse strings - immediately step in and STOP ALL "GREEN ENERGY" LOANS and HANDOUTS NOW! Furthermore, we must demand a more complete and full investigation into the Obama Administration's green scam.
We must act now, before yet another taxpayer dollar is flushed down the green scam toilet.
TELL CONGRESS - STOP THE "GREEN ENERGY" SCAMS - SELECT HERE
Yours In Freedom,
Jeff Mazzella, President
Center for Individual Freedom
917-B King Street, Alexandria, VA 22314
Phone: 703-535-5836 Fax: 703-535-5838
CRONYISM SCANDAL
80% OF DEPARTMENT OF ENERGY GREEN LOANS WENT TO "OBAMA-RELATED COMPANIES"
Under the guise of "investing" in so-called green energy, the Obama Administration is perpetrating yet another massive scam on the American people. It has now been documented that Obama is using your hard-earned tax dollars to line the pockets of his biggest campaign donors.
But don't take our word for it...
According to research done by Hoover Institution Fellow Peter Schweitzer, the hundreds of millions of dollars in taxpayer-backed loans handed to Solyndra - the now bankrupt company that was run by Obama campaign bundler George Kaiser - is just the "tip of the iceberg."
In fact, a staggering 80% of the federal grants and loan guarantees made to green-tech firms by Obama's DOE since 2009 were made to companies whose chief executive or chief investors were major contributors and big money men to Obama's 2008 presidential campaign.
TELL CONGRESS - STOP THE "GREEN ENERGY" SCAMS - SELECT HERE
Schweitzer's research reveals a devastating picture of corruption in Washington, D.C. Democrats, Republicans, Congressmen, Senators, administration officials and bureaucrats - the corruption is widespread.
Billions upon billions of dollars literally have poured into the coffers of Obama's biggest campaign donors whose quasi-green products, like bankrupt Solyndra's solar panels or the exploding Finnish eco-car, were not only questionable, but very clearly doomed to failure from the beginning.
Given the number of reports warning the Obama Administration against many of the "green" loans and government handouts, it is now obvious that the money transfers were never meant to rescue the American economy or create jobs... Rather, the program from the very beginning was about nothing more than lining the pockets of loyal Obama supporters.
TELL CONGRESS - STOP THE "GREEN ENERGY" SCAMS - SELECT HERE
Even the non-partisan Government Accountability Office (GAO) has chastised the Obama Administration for the manner in which DOE loans and handouts were granted. According to GAO:
•Many of the loans lacked adequate documentation and performance measures.
•Obama's DOE granted many loans based on favoritism while denying or disadvantaging other equally and often more qualified potential borrowers.
And DOE's own inspector general, Gregory Friedman, has testified that many of the contracts have been steered to "friends and family."
Yet despite all this, Barack Obama wants to double down on the program. In fact, Obama's Department of Energy has announced its intention to issue even more "green energy" loans. How many major Obama 2012 donors do you think will be on the receiving end of those new loans and grants?
Let's not wait to find out. It's time to be proactive and demand that Congress - holder of the purse strings - immediately step in and STOP ALL "GREEN ENERGY" LOANS and HANDOUTS NOW! Furthermore, we must demand a more complete and full investigation into the Obama Administration's green scam.
We must act now, before yet another taxpayer dollar is flushed down the green scam toilet.
TELL CONGRESS - STOP THE "GREEN ENERGY" SCAMS - SELECT HERE
Yours In Freedom,
Jeff Mazzella, President
Center for Individual Freedom
917-B King Street, Alexandria, VA 22314
Phone: 703-535-5836 Fax: 703-535-5838
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