IT Workers Being Converted into Teachers: http://bit.ly/BEMVv # RT @Aimee_B_Loved: I try to hide my disappointment when I drop the soap in the shower and nothing happens. But Rubber Ducky sees my shame. # RT @Lileks: Modern-day Sartre: hell is other people's ringtones. # @bjsrestaurants My favorite Deep Dish Pizza is the Great White! in reply to bjsrestaurants # WSJ.com – Group Tied to Obama Urges Tax Increase http://bit.ly/V1s6X #stopthepresses # Read more →
EppsNet Archive: Taxes
Income Tax Fact of the Day
IRS data shows that in 2007 — the most recent data available — the top 1 percent of taxpayers paid 40.4 percent of the total income taxes collected by the federal government. This is the highest percentage in modern history. By contrast, the top 1 percent paid 24.8 percent of the income tax burden in 1987, the year following the 1986 tax reform act. Remarkably, the share of the tax burden borne by the top 1 percent now exceeds the share paid by the bottom 95 percent of taxpayers combined. — The Tax Foundation Read more →
Taxes Make People Nuts
One of the post offices here in Irvine is a best-kept secret . . . it’s off Culver Drive, down a side street and around a corner, basically in a residential area. It’s never busy because, unlike the post office on Sand Canyon, it’s not visible from a major street and most people don’t know it’s there. My wife emailed me at work yesterday morning to say that she went to that post office and tons of cars were lined up to get in, which reminded her that it was April 15. Not to worry though. We mailed our taxes on the 14th — to beat that last-minute rush. Twenty years or so ago, I was living in Hollywood and — on the evening of April 15 — filling up at a gas station just south of the freeway from Union Station. Beyond Union Station on Alameda St. is the… Read more →
Promises, Promises
WASHINGTON — One of President Barack Obama’s campaign pledges on taxes went up in puffs of smoke Wednesday. The largest increase in tobacco taxes took effect despite Obama’s promise not to raise taxes of any kind on families earning under $250,000 or individuals under $200,000. This is one tax that disproportionately affects the poor, who are more likely to smoke than the rich. — Associated Press Read more →
Why Spending Stimulus Plans Fail
Congress doesn’t have its own stash [of money]. Every dollar it injects into the economy must first be taxed or borrowed out of the economy. No new spending power is created. It’s merely redistributed from one group of people to another. — Brian Reidl, The Wall Street Journal As you probably learned in school, we founded this country as a free-market economy and viewed government intervention in the market with the greatest skepticism. The above article is the clearest explanation I’ve seen for why bailouts and “stimulus plans” involving government spending never work. The latest failed companies hoping for a bailout are General Motors and Ford. I hope Henry Ford — a great American like myself, who is currently whirling like a lathe in his Detroit grave — will pardon me for saying so, but these companies are nothing but engines of mass financial destruction. According to the WSJ, GM… Read more →
Thomas Jefferson’s Election Blog
Firstly, I’d like to thank Paul Epps for giving me this space on his web site to express my humble views. He is a real American. What concerns me today is that a candidate for president, Barack Obama, has said that he wants to “spread the wealth around” in America. It was a long time ago, but let me remind those of you who didn’t pay attention in history class that we founded this country as a rebellion against a too-powerful government. We believed in — and fought for — self-reliance and freedom, including the economic freedom to earn a dollar and spend it any way you want to. When someone tells you that he is going to decide how much money you can earn before he starts taking it away from you and giving it to someone else, that man is a scoundrel. And when Americans — the descendants… Read more →
Depression 2.0
Mr. Obama is proposing to raise taxes on capital gains and dividends by a staggering two-thirds, moving the rate up 10 percentage points to 25%, which could curtail investment and business on Wall Street, a backbone of the city’s and state’s economy. — New York Sun OK, let me get this straight . . . the stock market’s dropping, banks are failing from lack of liquidity, no one wants to invest in American companies, and Obama’s solution is to raise the capital gains tax?! In the event of an Obama presidency, I will taking a long position in blankets, canned goods and shotgun shells . . . Read more →
Often-Repeated Lies
A lie repeated often enough becomes truth. — Lenin As the GOP drifts further to the right, and becomes more starkly the party of the wealthy, it is gaining support among the working class. I have never seen a wholly satisfactory explanation for this trend, which now spans two generations. . . . Republicans, of course, will argue that it’s simply the working man’s understanding that the GOP has the better argument, i.e., that the best way to help the working class is to shower the rich with tax breaks. But the Bush administration has been showering the rich with tax breaks for more than four years, and the working class has nothing to show for it. — Timothy Noah, “Conservatism As Pathology” Read more →