Tax Day Blues

The dreaded trip to pay the taxes. When you think about it, it’s a good problem to have. Paying taxes means you could be much worse off. It means that in the year that has crippled so many, you still have managed to have something to show for it. It means that you, at least to some degree, have helped others less fortunate. It means you just got screwed by the government too!

I pay my taxes quarterly and use the final quarter to “adjust.” I do this because one fat check is four times as painful as four smaller ones. This year I made less, but maintained the same tax bracket. OUCH! That hurt! How guys make in prison I’ll never be able to figure out because after that… I won’t be walking right for a few days!

Not that there is a problem paying taxes, like I have said before, it is a necessary evil. Really, where would we be as a nation without taxes? Then again comes the sobering aspect of what we must pay which does not always include the emotive response to why we must pay these taxes. On the drive back to the office I got to thinking about taxes and Obama’s ever sliding approval ratings. He thinks we are stupid. So stupid in fact that we cannot figure on our own accord what does and does not make sense. He promised no increased taxes to those making less than 250K a year which he followed with insisting on more and more tax cuts; while the whole time out spending Bush more than 7 to 1. He thought the American person would not figure out this would result in more taxes – regardless of their income level. As Terry says, “It’s just bad math.” We now know that 47% of Americans do not pay taxes. (Hold that thought while we compare who does not pay to what all people think).

66% of Americans feel the nation is over taxed.

Obama’s approval ratings on taxes dropped from 62% to 42%.

Obama’s disapproval rating is now 43%.

46% of voters feel their taxes will increase under the Obama watch of explicit economic fascism.

One cannot help but notice that even those NOT paying taxes are more than concerned. As well they should be!

Last year Americans paid 900 billion dollars in income taxes, but this is just the beginning of what Americans are paying. To comply with federal regulations, businesses and individuals forked over another 1.187 trillion dollars. Add to that the cost of federal enforcement and administration of 54.3 billion and we find Americans paying 1.24 trillion dollars. (The Canadian GDP last year was 1.32 trillion. That should serve as an indicator of the scope of our taxation. The 66% of Americans who feel the nation is over taxed are absolutely correct)! But, it gets better when you delve further into it.

The Code of Federal Regulations is now more than 157,000 pages long. Last year the Obama administration added an additional 3,503 new regulations which have all gone into effect. That would be one new regulation every two and a half hours! We all know who pays for these regulations, but the simple question is, how much do these regulations cost. Far easier asked than answered mind you.

The Office of Management and Budget selected 99 major regulations to do a cost analysis on. They estimated between 126 and 663 billion dollars. They essentially had no idea; other than who foots the bill – you and I. What the OMB could conclude was simple; such a burdensome regulatory system can stifle small business. How does that factor in to economic recovery? It stifles that too!

And then you have to add in the forgotten factor of Obama allowing the Bush tax cuts expire. To Make it simple, let’s break it down.

Bush:

Single making 30K – tax $4,500

Single making 40K – tax $12,500

Single making 50K – tax $18,750

Single making 60K – tax $9,000

Single making 75K – tax $18,750

Single making 125 K – tax $31,250

Obama revising the Bush cuts:

Single making 30K – tax $8,400

Single making 40K – tax $14,000

Single making 60K – tax $16,800

Single making 75K – tax $21,000

Single making 125K – tax $38,750

I suppose there is really no need to venture forth any further into income levels given the fact that all of these increases affect those making less the 250K. Again, his promise was to NOT increase these taxes, but because he is letting the Bush cuts expire – he can blame the increase on Bush! The problem for Obama is that people are not as stupid as he makes them out to be. They know he could have kept the cuts in place and they know that essentially makes him nothing more than a person misrepresenting events that are transpiring – A LIAR! And for this, we all pay and support wanes. It is safe to say that next year there will be far less than 47% not paying taxes and America knows that. America also knows these increases will be felt during difficult economic times and very possibly followed by a Value Added Tax and only worsens as health care reform kicks in – the whole time hoping Cap and Trade never gets passed. Economic Oppression is afoot and his name is Barak.

Suddenly I am wishing all I was paying was income taxes. It is going to get far, far worse!