taxes

Oklahoma Senate Bill 3 has passed the Senate 45-2 according to Oklahoma Watchdog. A floor amendment was submitted by Senator Tom Adelson (D-Tulsa) which provided a repealer for the state income tax. That amendment passed 39-8, with Adelson ironically voting against it.

SB3 is now headed to the House. Because the title was stricken, though, it will have to return to the Senate.

It's a bit of political games, but hey, what better way to get Republicans to "walk the walk".

The Oklahoma State Board of Equalization has determined that state revenue collections have grown by more than 4%. Pursuant to 68 O.S. § 2355.1A, the state income tax rate is to drop from 5.5% to 5.25% for 2012.

I have a feeling that the Republicans are going to start touting this as an example of them cutting taxes this session some time between now and November 2012. In fact, I guarantee that they will, even though this is an automatic trigger from a bill they passed in 2007.

Only in America can a single mother of three working a full-time minimum wage job have more disposable income than a family of four earning $50K/yr. In fact, that $50K for a family of four is about the cut off for living on the government dole. Depending on the size of their mortgage and if they had enough medical expenses to itemize, they can actually still come out a couple hundred dollars ahead in their refund vs. what they actually paid in. By the way, if that single mother of two earned $60K, or $30/hr, she'd still pay no federal income taxes.

The American Dream is supposed to be success, but when I look at being successful, I see how much of a larger percentage of my income that is being forced to go some place else. The average household in America earns about $50K/yr. That comes out to approximately $12.50/hr if both parents work and make the same wage. At that point, they pay 15% of their income in federal taxes (before deductions).

That's according to former U.S. officials.

The CIA agreed to cover at least $5 million in legal fees for two contractors who were the architects of the agency's interrogation program and personally conducted dozens of waterboarding sessions on terror detainees, former U.S. officials said.

The secret agreement means taxpayers are paying to defend the men in a federal investigation over an interrogation tactic the U.S. now says is torture. The deal is even more generous than the protections the agency typically provides its own officers, giving the two men access to more money to finance their defense.

I mean, that's what the Left calls anyone who opposes President Barack Obama, right? Seriously, nearly anytime a person publicly opposes Obama they get called a "racist" or a "bigot" or both.

Well folks, it looks like the racists have infiltrated the Democrats. In fact, it seems that most of the Democrats on Capitol Hill must be racists. From Roll Call:

The frustration with President Barack Obama over his tax cut compromise was palpable and even profane at Thursday’s House Democratic Caucus meeting.

One unidentified lawmaker went so far as to mutter “f--- the president” while Rep. Shelley Berkley was defending the package the president negotiated with Republicans. Berkley confirmed the incident, although she declined to name the specific lawmaker.

From CNBC:

The UK's tax collection agency is putting forth a proposal that all employers send employee paychecks to the government, after which the government would deduct what it deems as the appropriate tax and pay the employees by bank transfer.

Oh yeah... that sounds like it will work out just fine for their subjects. That type of system has holes all through it that would allow the opportunity for the British government to make mistakes.

One has to wonder if the British have been neutered enough to just roll over for this.

From MSN:

The Inspector General for Tax Administration (pdf) reports that of the 1.8 million taxpayers who claimed the [homebuyer] tax credit in 2009, more than 950,000 of them will have to pay back their share of the $12.5 million doled out that calendar year.

Turns out those recipients actually bought their homes in 2008, when the tax credit worked like a no-interest loan worth 10% of your home's purchase price, or up to $7,500. Recipients are required to pay back the loan over 15 years.

Remember when Obama assured the American public that there would be no tax increases for those making under $250K?  Well, not only did the new healthcare law prove that to be a lie, but the American Jobs and Closing Tax Loopholes Bill of 2010 contains a provision that increases taxes for self-employed business owners who make under $250K per year.

This bill's purpose is not to "close tax loopholes" like Obama, Pelosi, and Reid want you to think; this bill is necessary to help offset the $1.1 trillion deficit created by the healthcare law.  It is necessary to help offset the trillion dollar deficit created by the spendulus package.  This is a permanent tax increase as a "solution" to a deficit "problem" that was intentionally created by Congress and the President.

According to USA Today, you have no reason to complain about high taxes because tax revenues were at their lowest since 1950.  I bet this is used as justification in the near future to raise taxes dramatically.

Federal, state and local taxes — including income, property, sales and other taxes — consumed 9.2% of all personal income in 2009, the lowest rate since 1950, the Bureau of Economic Analysis reports.

Well, yeah.  That makes total sense.  For more than two years, we've been in an economic recession.  When we are in a recession, our incomes go down.  When incomes go down, taxes go down.  Now here's how they really try to get you to think that we need higher taxes:

Here's a laugh.  According to a CBS News poll, 50% of Americans feel that they pay their fair share of income taxes.  Why is this funny?  Because nearly 50% of Americans pay no income tax at all.

The poll also found that more people who make under $50K per year feel that they pay their fair amount than people who make more.  However, if you're doing your taxes with a little common sense and no tax shelters, then a "typical" American family of four actually gets a larger check than what was withheld if they make $50K or less per year.