What Economic Recovery? It’s A Recession Stupid!
Things just keep getting worse for the American worker, and by implication US economy, where as we have shown many times before, it pays just as well to sit back and collect disability and various welfare and entitlement checks, than to work.
The best manifestation of this: the number of people not in the labor force which in March soared by a massive 663,000 to a record 90 million Americans who are no longer even looking for work. This was the biggest monthly increase in people dropping out of the labor force since January 2012, when the BLS did its census recast of the labor numbers.
And even worse, the labor force participation rate plunged from an already abysmal 63.5% to 63.3% - the lowest since 1979! But at least it helped with the now painfully grotesque propaganda that the US unemployment rate is "improving."
People not in labor force:
Labor participation rate:
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Categories: Business, Economics, Govt. Regulation, Investing, Labor, Politics, Retirement, Social Security Tags: Economic Recovery, jobs, Recession, Unemployment
Your Taxes Are Going UP
So the Obama administration won the first round of their war on the rich with the help of Republicans in the House and Senate.
However, that war on the so-called rich and wealthy is also a war on everyone earning a living, receiving a paycheck or operating a small business.
YES, YOUR TAXES ARE GOING UP!
1. Payroll tax: increase in the Social Security portion of the payroll tax from 4.2 percent to 6.2 percent for workers. This hits all Americans earning a paycheck—not just the “wealthy.” For example, The Wall Street Journal calculated that the “typical U.S. family earning $50,000 a year” will lose “an annual income boost of $1,000.”
2. Top marginal tax rate: increase from 35 percent to 39.6 percent for taxable incomes over $450,000 ($400,000 for single filers).
3. Phase out of personal exemptions for adjusted gross income (AGI) over $300,000 ($250,000 for single filers).
4. Phase down of itemized deductions for AGI over $300,000 ($250,000 for single filers).
5. Tax rates on investment: increase in the rate on dividends and capital gains from 15 percent to 20 percent for taxable incomes over $450,000 ($400,000 for single filers).
6. Death tax: increase in the rate (on estates larger than $5 million) from 35 percent to 40 percent.
7. Taxes on business investment: expiration of full expensing—the immediate deduction of capital purchases by businesses.
Obamacare tax increases that took effect:
8. Another investment tax increase: 3.8 percent surtax on investment income for taxpayers with taxable income exceeding $250,000 ($200,000 for singles).
9. Another payroll tax hike: 0.9 percent increase in the Hospital Insurance portion of the payroll tax for incomes over $250,000 ($200,000 for single filers).
10. Medical device tax: 2.3 percent excise tax paid by medical device manufacturers and importers on all their sales.
11. Reducing the income tax deduction for individuals’ medical expenses.
12. Elimination of the corporate income tax deduction for expenses related to the Medicare Part D subsidy.
13. Limitation of the corporate income tax deduction for compensation that health insurance companies pay to their executives.
Barack Obama promised America a "balanced approach" of tax increases and spending cuts. We haven't seen any spending cuts yet and that fight will be very tough for the capitulating Republicans who are afraid of being blamed for something and sticking to Conservative principles.
We watched how House Speaker John Boehner (R-OH) and Senate Minority Leader Mitch McConnell (R-OH) promised they would not support tax rate increases then led their minions to vote for tax rate increases.
We're now being promised a fight on the debt ceiling with tough talk on the Sunday shows by the same two "leaders" of the Republicans in Congress. They've failed miserably in the past so what should we expect now?
Source: Hertitage.org.
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Categories: Business, Economics, Health Care, Investing, Politics, Social Security, Taxes Tags: barack obama, capital gains, death tax, deductions, dividends, estate tax, excise tax, fiscal cliff, investment, investment income, jobs, marginal tax rate, medical device tax, Medicare Part D, obamacare, payroll tax
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