The founding fathers of our fledgling nation put it succinctly in this 'preamble to the Declaration of Independence'. The rights named therein which a government can guarantee are life, liberty, and the pursuit of happiness.
In the United States, this has become:
- life defined by man and not his Creator
- equality instead of liberty, and
- the guarantee of happiness as declared by the present generation without any effort or responsibility on their part.
When we were married, it was a shock to both my husband and myself that our new 'home' lacked the comfort and homeyness we were accustomed to in our parents' homes. My husband joked that maybe we thought we were entitled to what they had worked 20 or more years to build together. Such is the state of America today. While my husband and I accepted the fact that we would have to work to attain a better 'standard of living', spoiled Americans don't accept this fact and demand it be given to them in the spirit of 'equality.'
Entitlement is nowhere in the founding documents of this nation.
The United States of America was not founded on equality, either. It was founded on the principle that if you are born poor, you are not condemned to remain in that social position or class for life - if you want to work hard. We laud those who have risen from poverty to success, but Progressives want everyone to be made financially equal. What is the incentive to work hard if you are forced to give it away? None! We have history (recent history) as our guide.
Since our educational system no longer teaches about the class system of European history our youth does not realize that they were fortunate to be born in a wonderful nation! The class system still exists in many regions of the world, such as India, the far east and Pacific island nations such as Indonesia,
I suppose they will have to experience Socialism in order to figure this out. (I am heartbroken for those who will bear this burden without having desired it.)
Enter the new Socialism which is called 'Progressive'. The United States is a few years behind Great Britain in its Progressivism. Great Britain had national healthcare and is now trying to undo the debacle. Its citizens came to the United States for the healthcare they couldn't access at home.
Great Britain has recently experienced an exodus. More than 16,000 Great Britons declared an annual income of more than £1 million in the 2009-10 tax year, the height of the recession and financial crisis. After Chancellor Gordon Brown introduced a top tax rate of 50% shortly before the last general election, this number fell to 6,000. This is a 38% drop in the number of people and families who give the greatest amount to the national budget. Rich Britons either left the country or reduced their taxable income to avoid paying the higher tax rates. (The 'rich' always find the loophole.)
Fact: Increasing the tax rates of those who can afford to leave the 'party' leads to a loss in revenues for the government.
Those who can live off what they have without earning more have no incentive to continue doing so.
Once Chancellor Osborne announced earlier this year that the reduction of the top tax rate by a mere 5%, those declaring annual incomes greater than 1 million pounds has risen to 10,000. Great Britain has still lost 6,000 million-pound earners.
Now, the United States:
Over the last four years, Obama stated he wanted to raise taxes on the top one percent of taxpayers. Now, this figure has been revised to the top two marginal income tax rates. This doesn't just affect millionaires. It affects the middle-income people like my husband and myself. We are not, nor have we ever been millionaires - or even close to it. We don't live extravagantly - we haven't had a vacation since my family reunion years ago. (And, my parents paid for that. Thank you!)
According to the IRS, a clear majority of small business employers will see their total tax burden increase from 38% to 43% in 2013. That extra 5% might not sound like much, but look what happened in Great Britain!
Therefore, Obama is imposing taxes on those whom he said he would not! Obama is anti-small business and against middle-income tax-payers.
President Obama and congressional Democrats claim they are raising taxes on “millionaires and billionaires” but the facts prove this is a LIE.
An Ernst and Young study projects that these tax rate hikes will eliminate 710,000 existing small business jobs. This isn't potential new jobs. There will be even more Americans on unemployment.
The day after Obama was re-elected, the medical industry as a whole announced significant cuts in jobs due to the burdens of Obamacare and other tax increases imposed during this administration due to take effect in 2013.
Medical devices include any non-pharmaceutical instrument, implant, in vitro reagent, etc., used to diagnose, prevent, or treat disease or other conditions, such as prosthetics, operating tables, pacemakers, and needles. Companies making medical devices employ approximately 409,000 Americans in 12,000 plants in the U.S. Eighty percent employ fewer than 50 people (Medical Device Manufacturers Association). In 2013 these companies, regardless of size, will pay taxes on gross sales, even if the respective company doesn’t earn a profit in a given year. Many companies incur a loss for several years as they develop new of life-improving devices.
What effect will this tax increase have on research and development? Those who need it most, lose!
The Congressional Budget Office reported that the U.S. economy would slide into a 'significant recession' as a result of the tax increases and spending cuts. (CBS News)
This $20 billion tax increase has already resulted in cuts to existing jobs and research and development budgets. Massachusetts Senator, Elizabeth Warren, Democrat: “When Congress taxes the sale of a specific product through an excise tax, as the Affordable Care Act does with medical devices, it too often disproportionately impacts the small companies with the narrowest financial margins and the broadest innovative potential. It also pushes companies of all sizes to cut back on research and development for life-saving product.”
Also taking effect in 2013 is the ObamaCare Investment Surtax that captures those who are presently exempt from self-employment tax: Subchapter-S corporations and limited partnerships. ObamaCare imposes a 3.8 percentage point tax as an “investor surtax.”
Beginning in 2014, small businesses also face the ObamaCare employer mandate tax penalty . This tax provision will force small businesses with more than 50 employees to purchase “qualifying” health insurance, or else face another tax penalty of up to $2,000 per employee.
Even with all these destructive taxes, the additional $82 billion won't touch our debt - or the interest thereon.
How many individual 'millionaires', companies and jobs are going to leave the United States as has occurred in Great Britain?
One more observation: Why would Hollywood actors (an example group) be behind Obama and this tax increase? Do they know something we don't?
Do you want to see your new tax rate? See below. (This doesn't include sales, real estate, and personal property taxes.) THIS IS FOR THE MIDDLE CLASS!
FYI: The U.S. was not debt-free under Bill Clinton. Click here for proof.