“After President Bush in late May 2003 signed the largest tax cut since President Reagan . . . government receipts from individual income taxes rose from $793.7 billion to a peak of $1.16 trillion in 2007, when the mortgage crisis began, a 47% jump.”
by Paul Sperry
While President Obama insists the Bush tax cuts caused the recession and record deficits, his own economists say otherwise.
He might want to consult their data for the truth. Read more
by George Landrith
With a long history of federal overspending and the recent explosion of more federal debt, it is obvious that the federal budget must be cut back to a reasonable size. We need an intervention. But the Budget Control Act — which would force an “automatic sequester” of $500 billion in across-the-board defense spending cuts over the next decade, in addition to the $487 billion in defense cuts already scheduled — is not a good solution to our spending crisis. Read more
“The ability of the American people to watch the ['Fiscal Cliff'] sausage made and [to] read the contract before signing is a better guardian of our future than the hurried endorsements of the Washington establishment based on private assurances of politicians.”
by Grover Norquist
On January 1, 2013 three things happen:
First, the 2001 and 2003 tax cuts lapse along with a number of temporary tax reductions that have been extended so many times they are collectively known as “the extenders.” (Note to self: possible name for female rock band.) This collection of tax hikes total $500 billion in 2013. The $1,000 per child tax credit drops to $500. The Obama Social Security tax holiday ends again. The bottom tax rate jumps from 10 percent to 15 percent and the top personal income tax rate jumps from 35 to 39.6 percent — plus Obamacare’s new 3.8 percent surtax: total for top rate 43.4%. (Do be sure to add 10.3 percent for the state income tax if you live in California, 5.75 percent in Maryland or 8.82 percent in New York.) Read more
Some want you to believe spiritual leaders across the land are a bunch of cowards more afraid of the IRS than the Almighty.
For instance, Wayne Gruden, research professor of Theology and Biblical Studies at Phoenix Seminary, recently opined that since 1954 the IRS has forced churches to refrain from promoting or opposing any political candidate by name.
“The IRS has insists that any speech by churches that deals with candidates for political office, including a pastor’s sermon, could result in a church losing its non-profit, tax-exempt status,” Gruden says. “This law has suppressed the valuable moral guidance that American pulpits could be contributing to our political process.”
Wasn’t it the president’s former pastor, Jeremiah Wright, who preached, “God damn George Bush?” Haven’t blacks Baptists, Catholics and Jews used the pulpit for political change over the decades?
Was God truly kicked out of government schools that same year as some well-meaning, but ignorant, writers would have us believe? Students in my post-1954 generation prayed every time the words “pop quiz” or “test” were announced.
Like the previous myth, no church has ever lost its tax-exempt status. The only church to ever lose its IRS tax-exempt letter is the Church at Pierce Creek in Binghamton, N.Y.…