Tax the rich? Guess what, we already are, big time!

Posted by Steve Adcock

Although the rich are often criticized for exploiting loopholes in our tax system to reduce their tax burden (which does happen), the top 10% in this country also holds the mark for shouldering a widely disproportionately big percentage of federal income taxes every tax year. Although the top 10% collect about 45% of our nation’s total income, they are responsible for paying over 70% of the nation’s income tax.

I suppose it is clear to see why states with the highest tax burden, like California, New York and New Jersey, have seen a net loss in domestic migration of its residents, while states with lower tax burdens like Arizona, Florida and Texas have seen a rise in migrations. Combined with state income taxes, many residents in the more heavily taxed states pay more than half of their income straight to the government.

Empirical evidence is clear that taxes effect inter-country migrations, and the states that confiscate more from residents are always on the losing end. When the rich leave, who is left footing the tax bill? The bill does not simply go away.

Even Bill Maher, hardly a source for right-wing or conservative commentary, has lamented on his program just this year that taxes are getting more and more outrageous. ”Liberals, you could actually lose me,” Maher said. “It’s outrageous what we’re paying [in taxes]. Over 50 percent. I’m willing to pay my share, but yeah, it’s ridiculous.”

California is often cited as an example of negative inter-country migration, and why not? Californians recently passed Proposition 30, which not only raises sales taxes from 7.25% up to 7.5%, but also creates new and higher tax brackets for the state’s more successful residents. Folks making between $250,000 and $300,000 are now forced to fork over 10.3% of their income to the state, up from 9.3%. The richest people, those earning more than $1 million a year, will pay 13.3%, up from 10.3% (a whopping 3% increase). Combine that with federal income tax rates and people’s tax burdens in California easily extend past 50%.

In terms of making the rich “pay their fair share”, I agree. Let’s lower the income tax rate, encourage further innovation, hiring and spending, and keep our nation’s rich people (and their money) happily settled into the United States and our bank accounts rather than in Cayman Island accounts to avoid our nation’s punitive system of taxation.

Even unions are fighting back against ObamaCare

Posted by Steve Adcock

If you want something laughably ironic, read on: According to the Washington Examiner, even one of Obama’s biggest supporters, the United Union of Roofers, Waterproofers and Allied Workers, are starting to fight back against the turmoil that the new ObamaCare legislation is bringing to their, as well as those of many others, workforce.

Believing that the union has been completely ignored in the rush to pass the health care monstrosity last year (and they were, along with hundreds of others), the union is arguing that the law will not only cause their staff significant work and resources to properly conform to the new regulations, but it creates “an unfair bidding advantage for those contractors who do not provide health coverage to their workers, and in the worst case, may cause our members and their families to lose the benefits they currently enjoy as participants in multi-employer health plans.”

I hate to say “I told you so”, but hell, I’ll say it anyway: “I told you so”. Whenever government involves itself in the business of private enterprise, costs NEVER decrease. Despite the name “Affordable Healthcare Act”, the miles-long list of regulations wind up costing companies and workers significant time and money (millions, in many cases) as they scramble to comply with Washington’s feel-gooderies.

But this was no secret. Even a cursory view into history provides ample evidence of this phenomenon. Why would this union – or any other union or business, support such a bill anyway? The fact is they did originally support it (God only knows why). Now that reality has finally set in, they now get to feel what so many others have already felt, and why more and more companies and most clear-thinking individuals are running away from this incomprehensible behemoth.

Regal theaters newest casualty of ObamaCare

Posted by Steve Adcock

Regal Entertainment Group, the company that owns and operates the largest chain of movie theaters in the nation, announced to its workforce that it will be cutting back the hours of thousands of workers in response to the new standards set by ObamaCare and how the new health legislation defines a full time worker.

Due to the increase costs of complying with ObamaCare, the company wrote in a letter to be distributed to those effected, employees will be “scheduled in accord with business needs and in a manner that will not negatively impact our health care budget”. In other words, hours will be cut back to 30 in order to put them under the new threshold established by the federal government that now requires companies to provide health coverage.

Once again, government regulations end up costing the American people. Ironically, ObamaCare actually targets lower-income workers because, as hourly employees, it is this workforce that naturally feels the largest burden of working hour cutbacks. Big government strikes again, and the American people are left shouldering the burden.

Ron Paul to start small government think tank

Posted by Steve Adcock

Ron Paul has kept quite busy since his retirement from Congress. Recently, I reported on a new home schooling curriculum spearheaded by Dr. Paul that promises to better prepare students for college and the real world. Now, the Libertarian-minded ex-Congressman will announce plans this week to start a new think tank that he promises will promote small government ideals and a reduced role of federal government in the lives of the American people.

Called the “Ron Paul Institute for Peace and Prosperity”, it will “serve as the focal point of a new coalition that crosses political, ideological, and party lines”, according to Paul’s Facebook page. The think tank will focus on two main issues, education and the coming generation – our nation’s future leaders. ”The neo-conservative era is dead,” Paul wrote, citing the chaos and turmoil at the hands of irresponsible politics and unaccountable leaders.

During his announcement on Wednesday, Paul will be joined by a couple of big-named Libertarian-minded individuals like Judge Andrew Napolitano and Lew Rockwell of the Ludwig von Mises Institute.

NY gun registrations, magazine limits begin today

Posted by Steve Adcock

In another ominous sign of what “tax day” in America really means, the state of New York’s new gun registration requirement and limits on magazines goes into effect today, leaving law-abiding New Yorkers less safe and less prepared to defend themselves and their families against violent attacks from the United States’ criminal element.

After a well-publicized incident of New York wrongly confiscating a state resident’s firearms enabled by just this kind of registration, only time will tell how many New Yorkers will willingly give up their constitutional rights by registering their firearms with the state. This case clearly indicates the state’s desire to heavily regulate who it deems worthy of gun ownership and personal protection. Moreover, the state evidently feels little obligation to doing even the slightest modicum of due diligence before removing a law-abiding citizen’s ability to protect him or herself with a firearm.

Magazine limits also go into effect today, making it that much easier for home invaders – especially those who choose to break into homes in groups – to successfully rob state residents of their possessions and, in some cases, their lives. Law-abiding state residents are now required to take care of the situation using no more than 7 shots. Criminals’ magazine capacities, of course, are not required to abide by the law.

Today, New Yorkers are less safe than yesterday. The state legislature systematically removed law-abiding people’s ability to protect themselves and positioned the state to be the supreme ruler of firearms in the state, which is home to one of the bloodiest cities in the union – New York City.

To say the state of New York did its citizens a disservice is an understatement. This is flat out criminal.