Taxing The Rich Won’t Do It

What is the Democrats’ answer to solving our national debt and deficit problem? Tax the rich of course. It’s really that simple. Or is it?

Revealing Democrats for the class warfare and wealth envy pimps that they are, the truth about tackling the debt problem is that it isn’t going to happen without the help and pain from the middle class too. And too bad for Democrats in Washington when ‘working people’ figure this out.

The debt and deficit are not a product of too little taxation. They were created by the government spending more than it has. The solution is not going to come from raising taxes. It will come from paring back government programs (aka spending) to a sustainable level.

Steve McCann at the American Thinker Blog explains why we can’t tax ourselves out of the deficit problem.

In a nutshell, if everyone in the highest tax bracket, now 35%, was taxed 100% of their AGI (adjusted Gross Income) over $357,700.00, we would be $1,260.0 Billion (or 1.26 Trillion) short for the year. Below is his research on the numbers . . .

The data is contained on the following IRS site: Section: Tax Generated; subsection; Tax rate and size of Adjusted Gross Income (2008): Table 3.5 (The table is here)

The tax year of 2008 was the last to date that the IRS has done this kind of analysis. In 2008 the highest marginal tax rate of 35% applied to all AGI above $357,700.00. In that year the total amount of AGI subject to the highest rate was $622.8 Billion. The government collected in taxes $218.0 Billion (35%).

In 2011 the annual budget deficit will be nearly $1,665.0 Billion and in 2012: $1,100.0 Billion. If the Liberal Democrats in league with the Socialists, the Unions and the Communists, succeed in raising the highest marginal rate, how much more would Washington D.C. receive, assuming no change in behavior and a general eagerness to pay more?

If the highest rate of 35% were raised by a factor of 20% to 42%, then the additional tax revenue would be $43.5 Billion, not much of a dent in $1,665.0 Billion. So, let’s raise the rate by a factor of 50% to 52.5%; the additional revenue would be $108.9 Billion. Still nowhere near enough, so let’s just tax it at a rate of 100%, bringing in an additional $404.8 Billion. Unfortunately the country is still $1,260.0 Billion in the hole for the year.

Obviously by confiscating at 100% of all the income of the so-called rich above a predetermined level, there would never again be an incentive to earn above the highest tax rate threshold. So where will the Left have to turn next: where the money is, the middle class.

The Left knows the gullible among us easily fall for centuries-old class warfare rhetoric that demonizes the wealthy, yet they persist in doing the unconscionable, as it keeps them in power despite the fact that it enflames passions and in some cases, violence.

Link: Why we can’t tax ourselves out of the deficit problem

G.E. to Build Largest U.S. Solar Panel Factory, In NW Florida?

Dateline San Francisco –  In a move that could shake up the American solar industry, General Electric plans to announce on Thursday that it will build the nation’s largest photovoltaic panel factory, with the goal of becoming a major player in the market.

The plant, whose location has not been determined, will employ 400 workers and create 600 related jobs, according to G.E. The factory would annually produce solar panels that would generate 400 megawatts of energy, the company said, and would begin manufacturing thin-film photovoltaic panels made of a material called cadmium telluride in 2013

With one big G.E. investment in wind energy already in Pensacola, seems like a solar panel factory here too would be a good move. G.E. said it was not applying for a loan guarantee but was exploring applying for state and federal manufacturing tax credits.

Here’s a new project for City, County, and state officials. Go after that business and the jobs that go with it.

Link: G.E. to Build Largest U.S. Solar Panel Factory

Georgia Company Rescues TastyKake

Good news for the Tasty Baking Company and TastyKake lovers all over this land. Three months ago the company was facing bankruptcy. Late on their mortgage payment and $133 million in debt. The state of Pennsylvania loaned them about $40 million in one way or the other just to keep them going until a buyer could be found.

They found one. Flowers Foods, Thomasville, Georgia, bought the company for $4 a share. More than double what it was worth yesterday, and more than three dollars lower than the $7.73 per share high in the trailing 12 months. Too bad you didn’t buy any shares at the end of last month when it was at the low of $1.58. But at $4 now, it’s still a good buy now that they gain the distribution system of Flowers.

It looks like a good purchase. Flowers gains a popular and quality snack food line, and has the distribution system in the South that Tasty Baking Co. lacked. And Flowers picks up a northeast distribution system that they lacked.

Hopefully soon, I’ll be able to get my TastyKakes from the local Flowers distributor instead of having them shipped to me from Philadelphia. A three-week ordeal.

As a TastyKake lover myself, here’s hoping it all works out. Under the right management, it seems like a sure thing.

Link:  Tastykake sale: Plants stay open; buyer to repay PA

Budget Battle, It’s All Political

You have to laugh at Sen. Harry Reid (D-NV) when he says that Republicans’ spending cuts are “political.” As if Democrats’ spending, bailouts, and takeovers are not.

Once we get past the part that the government spending is, was and always will be politically motivated, it makes the hard choices much easier. It is the administration’s plan to use the current spending level as the baseline from which their spending is based. A baseline inflated by stimulus spending. So from that standpoint, the budget battle is not only about money, it is routed in ideology. A big government limiting freedom and liberty vs a limited government that protects freedom and liberty.

It is the Republican’s idea to recognize that all that stimulus spending was temporary, and to revert back to spending levels of the 2006-2008 range. A place that, compared to 2011 standards, represents real and fiscally responsible spending levels and, coupled with entitlement program reforms, puts the country on the path to reducing and eventually paying off the debt. Leaving future generations of Americans a country they can be free in and proud of.

Link: Deficit Commission And Debt Ceiling Sleight Of Hand

 

aSide Order

While the economy is paramount in everyone’s mind, it’s time to get back to the basics for some guidance.  And Karl Denninger from The Market Ticker will show you exactly what that means in this video.

 

A look at life before (or without) video games.

A guy walked into the local welfare office to pick up his check. He marched straight up to the counter and said, “Hi. You know…., I just HATE drawing welfare. I’d really rather have a job.”

The social worker behind the counter said, “Your timing is excellent. We just got a job opening from a very wealthy old man who wants a Chauffeur and body guard for his beautiful daughter. You’ll have to drive around in his 2011 Mercedes-Benz CL, and he will supply all of your clothes. Because of the long hours, meals will be provided. You’ll also be expected to escort the daughter on her overseas holiday trips. This is rather awkward to say but you will also have as part of your job assignment to satisfy her sexual urges as the daughter is in her mid-20’s and has a rather strong sex drive.”

The guy, just plain wide-eyed, said, “You’re bullshittin’ me!”

The social worker said, “Yeah, well … You started it.”

And in the “you gotta be kidding” department, try this from Philadelphia. Man shot 16 times and survives.

Liberals don’t love big government because they think it’s efficient, compassionate, fair or even remotely useful. They support big government because they are guaranteed the support of nearly everyone who works for the government.

H/T Ann Coulter

Undocumented Christians Rounded Up In Beijing

We know of the danger and threats to a country that undocumented aliens can cause. But did you know that in communist China undocumented Christian churches are too!

“I think this reflects the overall panic mood of the government leadership over what’s happening in the Middle East and north Africa,” said Bob Fu of the China Aid Association, a Texas-based group critical of China’s controls on religion, which has monitored the Shouwang Church dispute.

Is it really anything new? China has suppressed religion all along. And Tiananmen Square proved that they don’t like public displays of anything that is contrary to, or not approved by, the government.

Link:  Chinese police break up planned service by evicted church

Town Hall Metting Tomorrow With Mayor Hayward

“It’s Your City, Come Join the Discussion!” That’s the message from Mayor Ashton Hayward who will be hosting a town hall-style meeting Monday, April 11, 2011 from 6pm-7:30pm at the Gull Point Recreation Center on the corner of Spanish Trail and Creighton roads.

Mayor Hayward and the unelected and infamous “Pensacola City Staff will be on hand to take your questions, address your concerns, and listen to your comments and feedback.”

Election Result Changes In Wisconsin

Through what is believed to be ‘human error,’ the incumbent Wisconsin Supreme Court justice David Prosser beat out challenger Joanne Kloppenburg by over 7,000 votes instead of Kloppenburg by 204 as was initially reported.

The problem was that the votes in Brookfield, Wisconsin were not counted. And Brookfield had a 55 percent voter turnout that went 3 to 1 for Prosser.

Link: Waukesha County Clerk Failed To Send In City’s 14,000 Votes

Health Department Closes Bayou Texar, Again

The Health Department has again closed Bayou Texar because of unsafe levels of fecal bacteria. Only now, they’re not even using the F word. Apparently it has become trivial enough to just call it ‘bacteria.’

The alert was issued after weekly sampling revealed the level of bacteria has exceeded the level established by state guidelines.

Additionally, a health alert remains in effect for Bayou Chico at Lakewood Park.

The Heath Department advises against any water-related activities in these locations.

I’d say that having shitty water ranks right up there with tar balls wouldn’t you? Especially since the Health Department closes Bayou Texar several times a year. For decades now. Yet, for whatever reason, the political class in Pensacola doesn’t seem to mind. And the environmental groups like the Emerald Coastkeepers and the Riverkeepers don’t care either.

Let’s be sure to put that in the ads to lure vacationers down here. “Visit Pensacola, You’ll like our shit!”

The department will continue to monitor the water quality in these areas weekly. For more information, call the Escambia County Health Department at 595-6786.

OK, so we know the Health Department is doing its job by telling us when we should not go in the water. But what are the politicians for?

Link: Health alert for Bayou Texar

Slim Lead By Challenger In Wisconsin Supreme Court Election

Assistant Attorney General JoAnne Kloppenburg holds a 204-vote lead over Justice David Prosser, according the unofficial Associated Press tally. 204 votes is well within cheating range. A recount is expected.

Kloppenburg is running for the Wisconsin Supreme Court to unseat Justice David Prosser. Her platform is to repeal Gov. Scott Walker’s reform bill. That’s the one that Democrat Senators fled the state to halt its passage.

So we have a candidate for the Supreme Court who has decided a case that has not been presented before her. That’s blind justice, social/union-justice style.

Unofficial Wis. results show challenger leads by 204 votes in court race -.