My Own Political Party » Taxes

Business Tax Cuts in New Tax Law

admin — Sat, 25 Dec 2010 15:38:37 +0000

The law signed by President Obama a few days ago, does not only extend the Bush tax cuts but also includes new business tax cuts. Now might be a good time to start a small business such as a franchise like a vending machine business) or a small mom and pop type operation.

There are about 50 tax breaks in all. Some of these expired in 2009 when lawmakers couldn’t decide how to pay for them. These tax cuts will expire each year unless extended.

Furniture is Not A Write Off

admin — Wed, 15 Dec 2010 16:05:29 +0000

We will try anything to get a tax write off. But you need to be very careful. I recently had a discussion with someone who wanted to write off the new modern sofa they bought for their house. I explained that this was NOT a write off. However, they could write off the fair value of their old sofa if they chose to donate the sofa to charity.

Always check with a certified public accountant or tax specialist before writing anything off on your taxes!

Is Obama Raising Taxes?

admin — Fri, 16 Apr 2010 13:27:12 +0000

There are many Americans who believe that Obama is NOT raising taxes. They are sadly misinformed. The mix up, I believe, has to do with INDIVIDUAL income tax. They thought is “if my individual taxes are not being raised, than taxes are not being raised.” This is wrong. I found this interesting video and if you pause it long enough, you can read about all the new taxes that have or will take place under the Obama Presidency.

Tea Party Signs

admin — Thu, 15 Apr 2010 16:54:22 +0000

You don’t have to be a member of the Tea Party group to realize that spending money we don’t have will come back to bite us. When the government finally figures out that the revenue is just not there, our taxes will rise accordingly. And, as I was reminded when paying my term life insurance bill, there are only two things you can count on in life: death and taxes. Here are some signs that I found interesting:

Tax Day and Tea Parties

admin — Thu, 15 Apr 2010 16:44:18 +0000

It is not surprising that the Tea Party movement chose April 15, 2010 to hold rallies since TEA stands for Taxed Enough Already. Friends of mine (not they are not extremists or left wing plants) are headed down to Washington DC for the rally. I am sure, as in the past, the numbers will be under reported.

I turned on my Samsung HDTV hoping to see some coverage. I was treated to coverage of Larry King’s divorce on MSNBC, Tax Day tips on Fox News and Soccer Advice on CNN. I probably just tuned in at the wrong time!

Austin Suicide Blamed on Tea Party Movement

admin — Fri, 19 Feb 2010 14:30:34 +0000

Some people in the media have a love affair with the left. These media types are longing to make a connection between the Austin man who flew his plane into a building that contained IRS office and the Tea Party movement. Joseph Andrew Stack III, who left a suicide note naming the IRS as big brother, made no mention of the tea party movement. Yet, this is the reporting that resulted (reported by Newsmax):

BusinessInsider.com ran a headline titled: “The Austin Texas Bombing Is A HUGE Image Blow To The ‘Tea Party.’ The story reported “we’re not saying Stack was a tea partier” and predicted the media would “use this as a chance to smear” tea partier organizations.

The most egregious example may have come from Washington Post editorial board writer Jonathan Capehart, who wrote: “There’s no information yet on whether [Stack] was involved in any anti-government groups or whether he was a lone wolf. But after reading his 34-paragraph screed, I am struck by how his alienation is similar to that we’re hearing from the extreme elements of the Tea Party movement.”

Joe The Plumber

admin — Wed, 29 Oct 2008 15:27:17 +0000

Are you sick of hearing about Joe The Plumber? I’m not. I think it really drives home an issue. If you make over $250,000 in your business, no matter what your expenses, you will be paying more in taxes under Obama’s plan. A business bringing in that amount of money also has plenty of expenses. They need to pay salaries to their workers, buy supplies such as spring plungers, snakes and wrenches, pay for advertising and vehicles.

Don’t forget that Obama’s tax credits are simply a redistribution of wealth. Obama is a socialist and don’t be surprised if your tax money goes to those who pay no taxes at all and with a Democratic House and Senate, Obama’s plan will be realized.

Will You Get a Tax Cut Under Obama?

admin — Sat, 18 Oct 2008 19:57:16 +0000

Obama likes to claim that 95% of Americans will see a tax cut under his administration. Don’t hold your breathe. If you think that you will actually get more money in your pocket from your paycheck, you may have to think again. Obama’s plan involves “tax credits”. Here are the credits he plans to give:

- A $500 tax credit ($1,000 a couple) to “make work pay” that phases out at income of $75,000 for individuals and $150,000 per couple.

- A $4,000 tax credit for college tuition.

- A 10% mortgage interest tax credit (on top of the existing mortgage interest deduction and other housing subsidies).

- A “savings” tax credit of 50% up to $1,000.

- An expansion of the earned-income tax credit that would allow single workers to receive as much as $555 a year, up from $175 now, and give these workers up to $1,110 if they are paying child support.

- A child care credit of 50% up to $6,000 of expenses a year.

- A “clean car” tax credit of up to $7,000 on the purchase of certain vehicles.

Now here is the catch. You can earn these “credits” even is you pay NO INCOME TAX! So, if you are currently paying ZERO income tax, these rebates can be yours. Obama is simply redistributing your hard earned money. Even if you get some of the “credits” other taxes that you pay will be given to those that pay NO TAXES at all.

Take a look at this graph from the Wall Street Journal. Think your taxes will go down. Think again.

Economy Slipping?

admin — Mon, 25 Feb 2008 18:40:21 +0000

It is so hard to tell if the economy is really slipping or if it is just the media telling us the economy is slipping. What I really think the problem is – debt. Personal debt in this country is staggering. It reached $2.46 trillion in June 2007 (and this does NOT include mortgage debt). We like to spend more than we make. Instead of cutting down on purchases using Amazon and Lillian Vernon coupons when we can, we tend to “put it on credit.” Unfortunately, we don’t realize that we eventually have to pay this credit off.

Fifteen percent of Americans carry over $10,000 of debt on their credit cards and the average family has 5% of their income in debt.

We see this carry over to the government as well. Here in New Jersey we are in a budget crises. We are over 38 million in debt and the solution? Raise taxes. An average consumer, when in debt, does not get the benefit of taxing his neighbors to bring in more cash. Instead he must cut spending. And that is exactly what government must do now. Instead of spending and taxing, but big government.

New Jersey Gas Tax Proposal

admin — Thu, 21 Feb 2008 15:30:26 +0000

If you are not from New Jersey, you might not have heard the latest news. The State is in debt. Not a big surprise, I know, since New Jersey is probably the most corrupt state in the Nation. New Jersey is in debt a whopping $32 billion dollars.

What do you do when you have a mortgage and bills to pay and kids to feed? You cut down on spending. That’s right. No more going to the movies and buying popcorn. No lavish spending sprees on clothes and shoes. Maybe you even cut off your cable and cell phones. Why? Because it is more important to have a roof over your head and food in your mouth.

Our New Jersey politicians just don’t think the same way we do. Tell them we are in debt and their bright idea is to tax, tax, tax. First it was the toll hike proposal. Governor Corzine insists that raising the tolls 50% from 2010 to 2022 would pay off half of the debt. The citizens of New Jersey didn’t agree.

Next, some bright legislator decides that raising the gas tax and motor vehicle fees would be a good idea. Again, citizens are not happy with this plan.

Unless the New Jersey politicians can come up with a plan that DOES NOT include raising taxes, but does include CUTTING SPENDING, we will not be happy. Remember, last year the sales tax was raised to 7% and this year I can bet you that your property taxes will be going up (mine are scheduled to be increased 14%).

SEND A MESSAGE! Unfortunately, we as citizens, have very short memories in November. If we truly want change, we must VOTE OUT all incumbents. That’s right. I don’t care if you think they are doing a good job or not. A clear message will not be sent unless EVERYONE up for election is given the boot. Do you truly want change in New Jersey, than do what is necessary to make the change!