Going Galt: Tax hikes have consequences

By Michelle Malkin  •  March 2, 2009 06:22 PM


(Photo credit: Free Colorado)

There’s a new report on ABCNews.com about how upper-income business owners are looking for ways to reduce their earnings to deny the government their tax dollars. This is exactly what Dr. Helen was talking about in October and on our PJTV panel this weekend– the producers of this country choosing to “Go Galt.” It’s the sentiment you saw in the “Atlas Will Shrug” sign at the Denver anti-pork rally two weeks ago and at many of the Tea Party protests. And it’s the sentiment you see in the rise of Ayn Rand novel sales.

Tax hikes have consequences. Incentives matter. Only self-deluded wealth redistributors living in la-la-land believe otherwise.

Read:

President Barack Obama’s tax proposal  which promises to increase taxes for those families with incomes of $250,000 or more — has some Americans brainstorming ways to decrease their pay, even if it’s just by a dollar.

A 63-year-old attorney based in Lafayette, La., who asked not to be named, told ABCNews.com that she plans to cut back on her business to get her annual income under the quarter million mark should the Obama tax plan be passed by Congress and become law.

So far, Obama’s tax plan is being looked at skeptically by both Democrats and Republicans and therefore may not pass at all.

“We are going to try to figure out how to make our income $249,999.00,” she said.

“We have to find a way out where we can make just what we need to just under the line so we can benefit from Obama’s tax plan,” she added. “Why kill yourself working if you’re going to give it all away to people who aren’t working as hard?”

***

The nationwide Tax Day Tea Party is April 15. I’ve just signed on as a sponsor. Make your voices heard.

Posted in: Tea Party

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Trackbacks

  1. Atlas will Shrug - Going Galt - heres what Obama and the liberals didn’t think of with his tax hikes - Plus the nationwide Tax Day Tea Party on April 15th | Fire Andrea Mitchell!
  2. Rush, the Speech, liberals and Michael Steele « Jim Blazsik
  3. Going Galt « Right Minded Online
  4. The Learning Curve by Muckdog
  5. Bloodthirsty Liberal » Only Little People Pay Taxes
  6. John McCain Slaps Obama hard! Time for a Tea Party! « Goodtimepolitics
  7. Barack Obama: Change to the Economy and a Crunching Sound that No One Can Live With | Scared Monkeys
  8. Calling John Galt… « Curtis Lowe
  9. Tea Party Update: Nationwide Tax Day Tea Party - April 15th… « Moderate in the Middle
  10. Class warfare watch: Pushing back [Darleen Click]
  11. Living the Virtuous Life « Justbkuz
  12. Going Galt: “I Hope To Hasten The Inevitable Collapse” | Liberty Confidential
  13. Michigan Taxes Too Much » “A Republic If You Can Keep It..”
  14. Michigan Taxes Too Much » “A Republic If You Can Keep It..”
  15. Who is John Galt? « poplicola
  16. Michelle Malkin » “Going Galt” and the next Tea Party wave
  17. On Going Galt
  18. The Liberty Papers »Blog Archive » Will Atlas Shrug? An Compilation of Blogosphere Commentary about “Going Galt”
  19. Michelle Malkin » The “Going Galt” phenom spreads
  20. Who is John Galt? | Tom Snow’s Blog
  21. Golgafrincham Ark Fleet Ship B : Core Economics
  22. William K. Wolfrum Chronicles » Blog Archive » Missing: 332 billionaires - $1.4 trillion reward if found
  23. William K. Wolfrum Chronicles » Blog Archive » One-Liner: Corporations won’t “Go Galt”
  24. The Other Side of the Coin « The Daily Rum
  25. Going Galt - Atlas Shrugged # 27 on Amazon! Producers and small business working to reduce earnings to below the $250 mark to protest Obama’s tax plan. « The IUSB Vision Weblog
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  29. THOSE ODIOUS MISCREANTS AND DETESTABLE TOOLS | Passing Thru
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Comments


  1. #1
    On March 2nd, 2009 at 6:26 pm, jeffshultz said:

    I guess one positive effect is that all of Obabma’s future picks will be even more in the hole from unpaid taxes.

  2. #2
    On March 2nd, 2009 at 6:26 pm, usa_usa said:

    Once again, thank you congressional GOP and Bush for your incompetence. If you guys had not lost your way, we would not have these bunch of communists running the USA into the ground.

    Sad ..

  3. #3
    On March 2nd, 2009 at 6:31 pm, TXGator said:

    I’ve resigned from my job, and I’m selling my rental properties. After this, I’m moving to a rural little town and simplifying everything. I’ll be reading so many more books soon, if that sort of thing is still allowed.
    It’s time to put more focus on things other than making money.
    I truly am worried about America, but the path we’re on has been set to a certain degree. I choose to not be a part of it.

  4. #5
    On March 2nd, 2009 at 6:43 pm, txvet2 said:

    I’ll be reading so many more books soon, if that sort of thing is still allowed.

    Silly, of course it’s allowed – as long as you’re reading Obama’s books.

  5. #6
    On March 2nd, 2009 at 6:43 pm, usa_usa said:

    On March 2nd, 2009 at 6:31 pm, TXGator said:

    I’ve resigned from my job, and I’m selling my rental properties. After this, I’m moving to a rural little town and simplifying everything. I’ll be reading so many more books soon, if that sort of thing is still allowed.
    It’s time to put more focus on things other than making money.
    I truly am worried about America, but the path we’re on has been set to a certain degree. I choose to not be a part of it.

    Good for you. I am jealous.

  6. #7
    On March 2nd, 2009 at 6:44 pm, BlameAmericaLast said:

    There’s a new report on ABCNews.com about how upper-income business owners are looking for ways to reduce their earnings to deny the government their tax dollars.

    I’ve been talking about this since before Obama was elected.

    What motivation do we have to make more money? Only to have it confiscated by the Feds. Bad enough CA just increased a variety of taxes, including the income tax. That’s why I’m looking to move to NV. I was just there on Saturday. Won’t be too long now.

  7. #8
    On March 2nd, 2009 at 6:45 pm, Darwin Akbar said:

    I decided I will endeavor to take more business trips and continuing education classes at exotic places and try to reduce taxable income.

    Obama has decided to re-write the Constitution to create the “right” to a college education, the “right” to own a home you can’t afford, the “right” to health insurance and the “right” to pre-school (another attempt to suck money out of the private sector, create union jobs and give them another year to fill our kids’ heads with mush about global warming etc.)…all at my expense.

    …and exactly why should I work 70 hours a week to pay for it? Forget it…I’m heading to the beach.

  8. #9
    On March 2nd, 2009 at 6:49 pm, tarpon said:

    Yep, it’s happening. Several friends are shutting down to sustaining levels. Partly due to housing and the rest due to the tax hikes.

  9. #10
    On March 2nd, 2009 at 6:50 pm, txvet2 said:

    Obama has decided to re-write the Constitution to create the “right” to a college education, the “right” to own a home you can’t afford, the “right” to health insurance and the “right” to pre-school

    Yeah and don’t forget the “right” to die when some bureaucrat decides you don’t need medical care because you’re too old.

  10. #11
    On March 2nd, 2009 at 6:51 pm, katablog said:

    We also have “gone Galt”. Hubby decided to retire and start Medicare instead of our original plan of waiting two years.

    I’ve become more “selective” in the web jobs I take. And indeed, the new policy is to keep expenses as high as revenue.

  11. #12
    On March 2nd, 2009 at 6:55 pm, iamsaved said:

    We’re going to see a lot more bartering of goods and services under the table. It won’t be reported as income either. If cash is exchanged, it won’t be reported.

    Americans can avoid unfair taxes on their income in pretty ingenious ways.

    You go small business!

  12. #13
    On March 2nd, 2009 at 6:57 pm, Uplander said:

    I shut down my online businesses in early November, I don’t remember why. I’m now a net user of Obama Cheese. I may even apply for food stamps.

  13. #14
    On March 2nd, 2009 at 6:58 pm, right4life said:

    We’re going to see a lot more bartering of goods and services under the table. It won’t be reported as income either. If cash is exchanged, it won’t be reported

    and the next step is a cashless society…where you will something to identify people….ah perhaps a mark to buy and sell…

    I think I read a Book onetime that uh said something about this…. ;-)

  14. #15
    On March 2nd, 2009 at 6:58 pm, Darwin Akbar said:

    Unfortunately, it means my kids will suffer, as their own college opportunities will be fewer, as I won’t be able to afford a private school. We can’t count on a scholarship or anything else, as we are part of the Oppressor Class and not a preferred minority.

    ..oh, and the idea that I might be able to leave them a few dollars when I drop dead for lack of proper medical care? I guess I can forget that too.

  15. #16
    On March 2nd, 2009 at 6:59 pm, Uplander said:

    Good time to put in a larger garden and re-enter the ‘Underground Economy’.

  16. #17
    On March 2nd, 2009 at 7:05 pm, iamsaved said:

    right4life:You did read a Book and I’ll bet you read the end of it to see how it concludes.

    Who knows, maybe Obama is here to bring on a world wide financial catastrophe setting the stage for a global economy which has to happen before a global government and a global religion.

    Luk 21:25 And there shall be signs in the sun, and in the moon, and in the stars; and upon the earth distress of nations, with perplexity; the sea and the waves roaring;

    Luk 21:26 Men’s hearts failing them for fear, and for looking after those things which are coming on the earth: for the powers of heaven shall be shaken.

    Luk 21:27 And then shall they see the Son of man coming in a cloud with power and great glory.

    Luk 21:28 And when these things begin to come to pass, then look up, and lift up your heads; for your redemption draweth nigh.

  17. #18
    On March 2nd, 2009 at 7:11 pm, drfredc said:

    The more Obama acts,
    The more Atlas poops.

  18. #19
    On March 2nd, 2009 at 7:14 pm, JustAThought said:

    Barak Hussein Obama = Nicolae Jetty Carpathia anyone?

    More and more, more and more.

  19. #20
    On March 2nd, 2009 at 7:18 pm, BlameAmericaLast said:

    This is exactly what Obama wants. A nation of dependents so they can keep control and power in the hands of Democrats.

  20. #21
    On March 2nd, 2009 at 7:19 pm, letget said:

    Small businesses will lay off employees, and I hope the first to go are the ones that voted for bho. They wanted ‘hope and change’, well you got it. These bho voters have NO idea how much more taxes they are going to be paying. I just hope those bho voters have their IRA, 401k and stocks cratered as much as those who DID not vote for bho. Such it up kids!
    L

  21. #22
    On March 2nd, 2009 at 7:19 pm, LauraC said:

    I’m scaling my business WAY back. As it is, I already didn’t hire new people when I lost my staff after Hurricane Katrina; I’ve been using contractors. I stopped taking new clients last month, and I’m handing off existing clients. I’m NOT paying for all this pork; I’ve had ENOUGH. And the faster the system collapses, the happier I’ll be.

  22. #23
    On March 2nd, 2009 at 7:28 pm, englishqueen01 said:

    So how soon before Obama’s “civilian corps” (or whatver Orwellian term they come up with) is delegated with the task of MAKING sure people work to support his spending spree?

  23. #24
    On March 2nd, 2009 at 7:32 pm, chicagojedi said:

    You know how companies will reduce their taxes? Get the hell out of the US. How are the cheese eating leeches going to suckle from the teat of big government when all the taxpayers leave?

  24. #25
    On March 2nd, 2009 at 7:42 pm, Southpaw said:

    About to enter into my first barter agreement for professional services. Both sides benefit. No taxes.

    I like this new Obamanomics. A lot less paperwork, and since there’s nothing written down…no lawyers.

  25. #26
    On March 2nd, 2009 at 7:44 pm, Gabe said:

    What Congress is forgetting is that we are facing huge tax hikes at the local level too. These tax hikes are going to kill our economy.

    Hello, stupid liberals?! Econ 101: If you want to stimulate an economy, you LOWER taxes for everybody because people have more money to spend.

  26. #27
    On March 2nd, 2009 at 7:50 pm, katablog said:

    Plus apparently the O only considers “taxes” as that stuff you pay on April 15th. Look at all the “non-taxes” he’s throwing on cigarettes, fuel, energy – and now a dust penalty?

  27. #28
    On March 2nd, 2009 at 7:53 pm, Pulchritudinous Patriot said:

    I’m starting my victory garden this spring. My sister is expanding hers and in exchange for my helping with that I will be able to claim some of the produce. I’ve been couponing for over a year now and have a nice stockpile of food for when things get really, really bad. I can’t believe that my country is on this path. From Ronald Reagan to this Marxist in the span of one generation. Unbelievable.

  28. #29
    On March 2nd, 2009 at 7:53 pm, shooter said:

    “We are going to try to figure out how to make our income $249,999.00,” she said.

    Duh, it was the first thing I thought and it won’t be too difficult. Most of the over 250K are pretty smart folk.

    THANKS MICHELLE!!!
    Tea Party the 15th April!!!

    I’m going to Glenn Beck’s national “We Surround Them” party on 13th March in Denver and will recruit for the Tea Party while there.
    See where your state is holding a Beck Party

  29. #30
    On March 2nd, 2009 at 7:57 pm, torabora said:

    BlameAmericaLast…I don’t blame you for leaving Commiefornia but Nevada has dirty Harry Reid and he gets re-elected every time. Their Governor has lots of ethics problems too and their last Secretary of State was murdered by her own husband. The other US Senator, Ensign, is not a 100% reliable conservative vote. The culture of overspending is huge there, especially in Las Vegas where the Democratic gubernatorial runner up won.

    The do have US Rep Dean Heller…a good one.

    There are HUGE water issues looming there too.

    I live 40 miles from Nevada, but it’s not a good answer.

  30. #31
    On March 2nd, 2009 at 7:58 pm, publiuswarmac9999 said:

    There are a number of direct ways to reduce the money going to the government. You can take extra deductions or actually under pay quarterly taxes. It is not absolutely necessary to deny yourself money, but it is absolutely necessary to impact the flow of cash to the government in 2009. Let’s face it, cash flow has an impact on the government just as much as it does you or me.

  31. #33
    On March 2nd, 2009 at 8:05 pm, John Deaux said:

    Time to up the 401k contributions. I’d rather see it go up in smoke in the stock market than in the Treasury’s coffers.

  32. #34
    On March 2nd, 2009 at 8:08 pm, corona said:
  33. #35
    On March 2nd, 2009 at 8:29 pm, BlameAmericaLast said:

    I just hope those bho voters have their IRA, 401k and stocks cratered as much as those who DID not vote for bho.

    Are you kidding? You really think the people who voted for that fool actually work? Or have a real job that offers a 401K? Heck no. They just want what’s yours to be theirs. Remember? Obama’s going to pay their mortgage, their gas, etc.

  34. #36
    On March 2nd, 2009 at 8:30 pm, Tuesday said:

    On March 2nd, 2009 at 6:43 pm, txvet2 said:

    I’ll be reading so many more books soon, if that sort of thing is still allowed.

    Silly, of course it’s allowed – as long as you’re reading Obama’s books.

    You can find them under “Religion” too!

  35. #37
    On March 2nd, 2009 at 8:31 pm, BlameAmericaLast said:

    On March 2nd, 2009 at 8:05 pm, John Deaux said:

    Time to up the 401k contributions.

    If anything, to lower your income tax liability. The less you give to the Feds, the better.

    I wouldn’t be surprised if Obama didn’t just overhaul the 401K program, so that would be redistributed as well. Why not, he’s just about raped everything else.

  36. #38
    On March 2nd, 2009 at 8:39 pm, frontierguy said:

    Probably small businesses out there downsizing as well, laying off people in the process. Or businesses refusing to expand meaning loss of jobs too.

    I have a friend who is planning to not work overtime this year to stay well below the dangerous benchmark that is 250k. His point was that he might as well take some time off and enjoy and relax rather than work and give every dollar above 250 away. I don’t blame his reasoning and the loss is, he spends his money. This spending bill really is killing prosperity and destroying new wealth, before it is implemented. Hopefully, the people who voted in this fraud will remember when they were prosperous and finally see and understand how economics work. Obviously people who never understood the whole money doesn’t grow on trees adage.

  37. #39
    On March 2nd, 2009 at 8:42 pm, zyzzyg said:

    Cutting off your nose to spite your face.

    Well, if this is how one wishes to protest, so be it.

  38. #40
    On March 2nd, 2009 at 9:08 pm, jjmurphy said:

    Speaking of going John Galt. Just wait until the Carbon Tax hits. Then you will see major US corporations pulling production and jobs out of the USA as fast as possible.

  39. #41
    On March 2nd, 2009 at 9:18 pm, Davew128 said:

    I’m an Enrolled Agent and some of this is just comical. The season ticket stuff is foolish because it almost sounds like the administration is auditing the return and he couldn’t get the records. On the other hand, one does wonder how a politician meets the tests for ordinary and necessary for season tickets.

    The issue of deducting tax prep fees is one of judgement. It’s hard to second guess that.

    The last one is the egregious issue as any competent preparer should know how to deal with that. If course it also presumes correct facts were provided by Mr. Kirk.

  40. #42
    On March 2nd, 2009 at 9:21 pm, lottadawg said:

    I don’t know if it would be ethical to find a source of a good black market cigar.
    I sure wouldn’t want to hurt some 30 year old kid’s chances for health care.

  41. #43
    On March 2nd, 2009 at 9:27 pm, DiamondMair said:

    Via a retired LtCol of Marines friend ………………

    Actual ‘Letter to the Editor’ from the February 5th edition of the Wichita
    Falls, Texas Times Record News…

    Dear IRS,

    I am sorry to inform you that I will not be able to pay taxes owed April 15,
    but all is not lost.

    I have paid these taxes: accounts receivable tax, building permit tax, CDL
    tax, cigarette tax, corporate income tax, dog license tax, federal income
    tax, unemployment tax, gasoline tax, hunting license tax, fishing license
    tax, waterfowl stamp tax, inheritance tax, inventory tax, liquor tax, luxury
    tax, Medicare tax, city, school and county property tax (up 33 percent last
    4 years), real estate tax, social security tax, road usage tax, toll road
    tax, state and city sales tax, recreational vehicle tax, state franchise
    tax, state unemployment tax, telephone federal excise tax, telephone federal
    state and local surcharge tax, telephone minimum usage surcharge tax,
    telephone state and local tax, utility tax, vehicle license registration
    tax, capitol gains tax, lease severance tax, oil and gas assessment tax,
    Colorado property tax, Texas, Colorado, Wyoming, Oklahoma and New Mexico
    sales tax, and many more that I can’t recall but I have run out of space and
    money.

    When you do not receive my check April 15, just know that it is an honest
    mistake. Please treat me the same way you treated Congressmen Charles
    Rangle, Chris Dodd, Barney Frank and ex-Congressman Tom Dashelle and, of
    course, your boss Timothy Geithner. No penalties and no interest.

    P.S. I will make at least a partial payment as soon as I get my stimulus
    check.

    ;-)

    Semper Fi’
    DM

  42. #44
    On March 2nd, 2009 at 9:29 pm, happy2behere said:

    #18 – The real thing is better than that ol’ fiction.

  43. #45
    On March 2nd, 2009 at 9:34 pm, Valiant said:

    Starve the bastards. Decrease your withholding or quarterly payments to the IRS. Wait for the tax cheat to come after you and settle for pennies on the dollar.

  44. #46
    On March 2nd, 2009 at 9:34 pm, happy2behere said:

    davew128 – wrong thread sir – try the one about the Obama nominee with tax troubles.

  45. #47
    On March 2nd, 2009 at 9:35 pm, Kevin K. said:

    On March 2nd, 2009 at 6:57 pm, Uplander said: (#12)

    I shut down my online businesses in early November, I don’t remember why. I’m now a net user of Obama Cheese. I may even apply for food stamps.

    Let’s not throw out the baby with the bath water here! Some of us have no way of avoiding or particularly minimizing taxes short of being in Iraq or Afghanistan.

    My view on food stamps and relief programs is that they are for those who can not help themselves (to a sufficient degree), not for those who won’t.
    ————–
    On March 2nd, 2009 at 8:42 pm, zyzzyg said: (#37)

    Cutting off your nose to spite your face.

    Well, if this is how one wishes to protest, so be it.

    It’s an individual choice, but if one is going to have a lot more money taken out once one crosses a (likely to be) lowering threshold, it may not be worth the extra effort to earn the increased amount. My personal goal is to stay under the extra taxes limit–and hope that the point is not so low that I can’t live modestly, but comfortably, with savings for an eventual retirement.

  46. #48
    On March 2nd, 2009 at 9:39 pm, Micheleeroo said:

    I hate this liberty-killing presidency!

  47. #49
    On March 2nd, 2009 at 9:54 pm, Excessive Moderate said:

    Regarding Ayn Rand, I confess that I cannot get through her fiction, so for a long time I only had a vague idea of her philosophy. That was a shame, because she had a lot of good ideas, which I discovered when I read her “Capitalism: The Unknown Ideal” collection of essays.

    So for others who cannot abide her fiction either, I highly recommend that book. Nowhere else have I found a clearer or more convincing MORAL defense of economic freedom.

  48. #50
    On March 2nd, 2009 at 10:09 pm, Jet Jaguar said:

    On March 2nd, 2009 at 6:26 pm, usa_usa said:

    Once again, thank you congressional GOP and Bush for your incompetence…

    That’s one area where you, lgm, and I may agree. However, I think it goes beyond incompetence. There is an agenda, and the Republicans are doing their part, IMHO.

  49. #51
    On March 2nd, 2009 at 10:11 pm, Sea_Dog said:

    This may be off topic, however, having just read Obama – A Slobbering Love Affair, and reading Atlas Shrugged, I see things that disturb me deeply about the direction we are being led, or more correctly, choreographed, since leadership seems to be lacking. No one doubts the media was and is in the tank about Obama, and they will not allow their candidate to lose, thus there is no chance of getting any opposing opinion out to the masses via the drive by media (in it’s current state). Railing against publishers, owners or network heads will do no good, at best it reaffirms that they are on the right track because dissention only drives up ratings. The way to begin to re-establish a balance in the media is to let the advertisers know that you will not support their product since they support what you find objectionable. It won’t happen overnight, but when advertisers begin to see that their dollars spent on air time or news print won’t sell their product, something will happen.

  50. #52
    On March 2nd, 2009 at 10:16 pm, Glidedon said:

    More tea party photos from Sacramento

  51. #53
    On March 2nd, 2009 at 10:19 pm, Jet Jaguar said:

    I told my wife that we may need to be prepared to move to another country – one with a strong American community, of course – because of the excessive tax and regulatory burden placed on businesses w/in the Continental U.S. What is happening in California will soon be extrapolated to the the other states. When the usurpers are at last exposed for who they truly are and when we can return to common sense, we’ll depose them and take back what is rightfully ours — a culture of civility based on Natural Law/Judeo-Christian ethics, and the rule-of-law Republic that the Founders envisioned.

  52. #55
    On March 2nd, 2009 at 10:44 pm, Bicyea said:

    You only have two choices– deal in cash only or jumping on Uncle Sam’s Plantation.

  53. #56
    On March 2nd, 2009 at 10:50 pm, Marie said:

    #51 Jet – Please realize that USA is at the top of the food chain here. Other countries are tanking and already in the hands of socialists – or worse. This little mortgage trick has been going on for a long time. Bad paper has been peddled all over the world. There are no hiding places.

  54. #57
    On March 2nd, 2009 at 11:01 pm, Jet Jaguar said:

    On March 2nd, 2009 at 10:50 pm, Marie said:

    #51 Jet – Please realize that USA is at the top of the food chain here. Other countries are tanking and already in the hands of socialists – or worse. This little mortgage trick has been going on for a long time. Bad paper has been peddled all over the world. There are no hiding places.

    Thanks. I know… our real Hope is in the next life. Christians are not citizens of this world but of God’s Kingdom. One day, our Benevolent Dictator will straiten out this mess.

  55. #58
    On March 2nd, 2009 at 11:16 pm, RabbidSquirrel said:

    I’m going to Glenn Beck’s national “We Surround Them” party on 13th March in Denver and will recruit for the Tea Party while there.

    Hmmm, maybe I’ll head over to Pearl Street and see if I can find Ward Churchhill. Maybe we can commute down there together.

  56. #59
    On March 2nd, 2009 at 11:23 pm, RabbidSquirrel said:

    So how soon before Obama’s “civilian corps” (or whatver Orwellian term they come up with) is delegated with the task of MAKING sure people work to support his spending spree?

    Theres a lot of abandoned water wells in rural Iowa that people accidentally fall into every once in a while….

    “Now that’s a real shame when folks be throwin’ away a perfectly good white boy like that”

  57. #60
    On March 2nd, 2009 at 11:35 pm, Ed Mahmoud abu al-Kahoul said:

    Time to up the 401k contributions. I’d rather see it go up in smoke in the stock market than in the Treasury’s coffers.

    Certain ‘New School’ type Obama supporters have been discussing killing the tax deferral on 401-k and IRA contributions.

    I wish I was kidding, but I’m not. I have also heard some Demonrat types talk about nationalizing IRAs and 401k, and making them something like social security, a mandatory contribution of several percent, matched by the government, and guaranteed a safe but low yield.

    I am not at all sure Obama isn’t trying to tank the markets on purpose- crisis creates opportunities for expanding socialism and state control.

    I work in a business Obama has declared war on, oil and gas. Certain business deductions, like the IDC deduction, which allowed large capital expenses to be treated as expense, since it is for services and not something tangible, along with depreciation allowances- gone, under Obama’s new budget.

    Imagine any business where the entire revenue stream was taxable as income, completely disregarding business expenses.

    It’ll punish oil field workers first, but when there isn’t an American oil or gas industry anymore, and natural gas for heating and electricity is scarce, and all the oil is imported, and global supplies are lacking what the US used to produce, everyone will pay gasoline and heating/electric bills that will be almost unimaginable.

  58. #61
    On March 2nd, 2009 at 11:43 pm, Flyoverman said:

    On March 2nd, 2009 at 11:35 pm, Ed Mahmoud abu al-Kahoul said:

    I am not at all sure Obama is n’t trying to tank the markets on purpose- crisis creates opportunities for expanding socialism and state control.

    My opinion.

  59. #62
    On March 2nd, 2009 at 11:47 pm, CrazyFool said:

    “We are going to try to figure out how to make our income $249,999.00,” she said.

    “We have to find a way out where we can make just what we need to just under the line so we can benefit from Obama’s tax plan,” she added. “Why kill yourself working if you’re going to give it all away to people who aren’t working as hard?”

    Do you seriously think the magic number will end up as 250K? I don’t.

    I suspect it’ll be more like 50 – 70K.

  60. #63
    On March 2nd, 2009 at 11:54 pm, Flyoverman said:

    On March 2nd, 2009 at 10:44 pm, Bicyea said:
    You only have two choices– deal in cash only or jumping on Uncle Sam’s Plantation.

    I said last fall that Obama’s plan will create a robust underground economy based on barter along with a quasi black market. Soviet Russia depended on it.

    One can see a system where the heating repair man does work at computer store and gets computer hardware and software in exchange for his work. The “income” is hidden and the assets written off as losses.

    Buy some furniture from my store and I get my cars serviced free from your auto repair place. Cash transactions with few checks or debit cards used.

    The IRS could increase its agents 20 fold and never scratch the surface. American ingenuity at its best.

  61. #64
    On March 3rd, 2009 at 12:01 am, Flyoverman said:

    On March 2nd, 2009 at 11:47 pm, CrazyFool said:

    I suspect it’ll be more like 50 – 70K.


    GOOD NEWS:
    The limit will be $1,000,000.

    BAD NEWS: Because the dollar will be devalued to one fiftieth of its current value.

  62. #65
    On March 3rd, 2009 at 12:04 am, 24Klady said:

    I read Ayn Rand as a child of 16 and never forgot the message nor wisdom she wrote, and it helped settle down the garbage I was being fed in public school. Today, it’s unfolding at a faster clip than I ever could have imagined, and sad beyond words.

    Every time you go to a box store, buy one large quantity of something that’s nonperishible. Add it to your bank of supplies. You’re life may depend on it. If you don’t need it, you can always use it when you don’t feel like going out to shop. Either way, you’re ahead of those that only think of today, instead of tomorrow.

  63. #66
    On March 3rd, 2009 at 12:26 am, dfern said:

    Certain ‘New School’ type Obama supporters have been discussing killing the tax deferral on 401-k and IRA contributions.

    If that comes to pass there will be blood in the streets — that would be the last straw before the revolt.

  64. #67
    On March 3rd, 2009 at 12:29 am, RabbidSquirrel said:

    On March 2nd, 2009 at 9:21 pm, lottadawg said:

    I don’t know if it would be ethical to find a source of a good black market cigar.

    Dont be racist. You know that you are really asking for a Blunt and not a ‘cigar’. In which case, the answer is “Yes, that would be ethical” :wink:

  65. #68
    On March 3rd, 2009 at 12:31 am, 24Klady said:

    The silliest thing I’ve ever heard O’Reilly say was this evening when he bloviating about how those that invest in the stock market were punishing Wall St. by not investing until they clean up their corruption and graft. It has never occurred to the “BIG O” that investors are closing their wallets because they don’t trust the new “sheriff in town” on Pennsylvania Ave..

    Dang, I had to resort to watching reruns of King of the Hill.

  66. #70
    On March 3rd, 2009 at 12:43 am, rightisright said:

    On March 2nd, 2009 at 10:11 pm, Sea_Dog said:

    Often thought the same myself…when discontent with a program whether t.v., radio, internet, what ever, doesn’t always do any good to write letters or call the author, go to the advertisers, their the ones with the largest clout…it’s all dependent on money.

    On March 2nd, 2009 at 11:43 pm, Flyoverman said:

    On March 2nd, 2009 at 11:35 pm, Ed Mahmoud abu al-Kahoul said:

    I am not at all sure Obama is n’t trying to tank the markets on purpose- crisis creates opportunities for expanding socialism and state control.

    My opinion.

    Agreed 100%, these dems are not stupid by any means, they know what makes the economy move and they know how to stop it to create that “crisis” and use to their advantage.

  67. #71
    On March 3rd, 2009 at 12:48 am, Bruce said:

    It irks me to see O’Reilly referred to as a “conservative” – he is not. What he is is an over-opinionated buffoon with an ego second only to Zero. To think CPAC attendees actually considered him otherwise as a possible candidate is extremely worrisome. Has the conservative party ALSO lost their way? And Ron paul? A “conservative”? Please excuse me while I vomit.

  68. #72
    On March 3rd, 2009 at 12:49 am, rightisright said:

    On March 3rd, 2009 at 12:31 am, 24Klady said:

    Seems like a lot of people graduate from Harvard without learning very much, Bill O’Really is a good example. If it wasn’t for some of his quests, that you can’t hear over him 1/2 the time I wouldn’t turn him on…bad habit no doubt, gotta break that one.

  69. #73
    On March 3rd, 2009 at 12:55 am, rightisright said:

    On March 3rd, 2009 at 12:48 am, Bruce said:
    It irks me to see O’Reilly referred to as a “conservative” – he is not. What he is is an over-opinionated buffoon with an ego second only to Zero.

    You couldn’t be more right, tonite he said Limbaugh doesn’t have as much influence as McShame or McConnell, HUH? Those 2 only wish they the influence Limbaugh does.

  70. #74
    On March 3rd, 2009 at 12:57 am, rightisright said:

    I always thought a TEA PARTY might be fun to attend.

  71. #75
    On March 3rd, 2009 at 3:30 am, graysonret said:

    “Why kill yourself working if you’re going to give it all away to people who aren’t working as hard?”

    That’s the biggest flaw in socialism, and why it always fails. The only way a country can grow under socialism is at the “point of a gun” or the threat of punishment by forcing people to work and produce.

  72. #76
    On March 3rd, 2009 at 3:35 am, eCurmudgeon said:

    On March 2nd, 2009 at 6:45 pm, Darwin Akbar said:

    I decided I will endeavor to take more business trips and continuing education classes at exotic places and try to reduce taxable income.

    Unfortunately, it’s just a matter of time before T&E expenses are no longer tax-deductible.

    Travel is bad, people. You might wind up going to Las Vegas or somewhere equally “unacceptable”…

  73. #78
    On March 3rd, 2009 at 6:09 am, ArizonaNeanderthal said:

    Perhaps Brobama’s tax hikes are only temporary- as were the telephone tax and taxes on womens purses, makeup and jewelry. Old Whitetrash Clinton had his luxury taxes and basically killed the boating industry.

    As none of my income is wages anymore I can shut it down rather easily-not so much as a protest but as a cash protection strategy.
    Have tea bag
    Will travel


    Keep the change-I’ll keep my guns

  74. #80
    On March 3rd, 2009 at 7:37 am, tampadave said:

    I gather strength from the conservatives at this site. Maybe all is not lost.

    The National Tea Party Protest is a great idea!

  75. #82
    On March 3rd, 2009 at 8:28 am, Storm Chaser said:

    History books fail to teach us about the violence which permeated the Great Depression. Some farmers lynched judges presiding over foreclosures, and my father pulled a gun on farmers blocking a road to prevent farmers from taking their goods to market.

    Home grown socialists and communists plotted revolutions, and some businessmen attempted to stage a coup. They enlisted a war hero to bring the Army on board and to encourage the American Legion to stage the initial take over. The retired general was to tell FDR he must resign for health reasons and replace his government with a fascist regime. This was before people knew how bad the fascists were.

    The general played along and turned them in. Not much happened except for some government hearings, and the press under reported it because they were owned or allied with the perps. It was one of several narrow escapes the country had.

    Consider too, the mass migration from the Dust Bowl. In our modern age, such people would have had access to the internet and might not have been so peaceful.

    Obama, as the Japanese did at Pearl Harbor may be awakening a “sleeping giant.”

  76. #83
    On March 3rd, 2009 at 8:29 am, jangar said:

    On March 2nd, 2009 at 7:05 pm, iamsaved said:
    right4life:You did read a Book and I’ll bet you read the end of it to see how it concludes.

    Who knows, maybe Obama is here to bring on a world wide financial catastrophe setting the stage for a global economy which has to happen before a global government and a global religion.

    Uh..I think we can just about count on it, especially IF conservatives don’t get something started in time for 2010 and take back some control of this mess.

    Yeah and don’t forget the “right” to die when some bureaucrat decides you don’t need medical care because you’re too old.

    Add to that the right to not even be born, which is, of course, preferred.

  77. #84
    On March 3rd, 2009 at 8:34 am, jangar said:

    On March 2nd, 2009 at 7:19 pm, letget said:
    Small businesses will lay off employees, and I hope the first to go are the ones that voted for bho. They wanted ‘hope and change’, well you got it.

    I have to differ with you. I think the majority are inbedded in large corporations, primarily sub-government types (areas that get grants), education, media, unions and big healthcare. Any small business I’ve ever seen is the backbone of America.

  78. #85
    On March 3rd, 2009 at 8:52 am, John Deaux said:

    On March 2nd, 2009 at 11:23 pm, RabbidSquirrel said:

    Better off dead.

  79. #87
    On March 3rd, 2009 at 9:06 am, sonofdy said:

    Just looked at my 401k, I mean my 101k. Thats bad for my heart. Anyway I also heard that charities will no longer get you a write off. The justification for this is that the government will make up the difference to the charities. With strings attached of course. This means that those who make 250,000 of more will stop giving as much to charities like you know, food banks….

  80. #88
    On March 3rd, 2009 at 9:09 am, sonofdy said:

    Oh crap, I will be in a military school on april 15th.

    Oh well, that just means I will be better trained for later on I guess.

  81. #89
    On March 3rd, 2009 at 9:15 am, Paul Revere said:

    Common sense wins every time.

  82. #90
    On March 3rd, 2009 at 9:15 am, EdDantes said:

    California is the poster child for what Obama is trying to achieve. Very high taxes on the rich, harsh regulations on industry, and high sales tax.

    What does this equate to?

    An unemployment rate of over 10% and a budget gap that can’t be closed.

    Wake up America!!!

  83. #91
    On March 3rd, 2009 at 9:20 am, jjmurphy said:

    I think “Going John Galt” will soon be phrase millions of people will become very familiar with.

    ABC’s piece on how businessmen already are planning on scaling back, taking more vacations, etc. is indicative of the movement already well under way. The harder government tries to clamp down, the more people will “retire”.

    No need to head off to Galt’s Gulch, just “Go John Galt” in place.

  84. #92
    On March 3rd, 2009 at 9:26 am, jjmurphy said:

    Here is a bit from a Investor’s Business Daily editorial:

    ABC News reported this week that many upper-income taxpayers already are planning to cut back on work and investments to stay under $250,000 in income — the point where Obama’s punitive taxes kick in. No one wins from this, yet Obama seems oblivious.

    This isn’t the only warning sign. A new study asserts that some 100,000 highly educated, well-trained Indians now living in the U.S. will return home in the next few years. Ditto China.

    Immigrant entrepreneurs are highly sensitive bellwethers of economic and social conditions. They know where the opportunities are — and where they aren’t. They’re voting with their feet.

    When recent successful immigrants decide other countries are better to live in the the USA you know things are bad.

  85. #93
    On March 3rd, 2009 at 9:28 am, sonofdy said:

    When recent successful immigrants decide other countries are better to live in the the USA you know things are bad.

    Why do you think I kept my New Zealand passport???

    Always have a plan B if you can.

  86. #94
    On March 3rd, 2009 at 9:34 am, katablog said:

    First, I am not cutting off my nose to spite my face – I’m cutting off the nose of the free loader who wishes to profit from my labor. I’d only be cutting off my own nose if I were going to benefit from the money. Who is willing to work for 60% of their pay?

    I wouldn’t be surprised if Obama didn’t just overhaul the 401K program, so that would be redistributed as well.

    Exactly, because as you know, there are “poor” people out there who bought big screen tvs, cable and cell phones instead of planning for their future. They now need a 401k to go with their new mortgage so O is calling upon all patriots to cough it up with the mortgage payments.

  87. #95
    On March 3rd, 2009 at 9:35 am, Just A Grunt said:

    C’mon guys! When are we going to start thinking smarter. Apr 15 is a Wednesday. The people paying the taxes are once again going to be working which will tamp down the turnout. How about moving it to the weekend before?
    Granted with this much lead time more people might be able to take the day off and I get the symbolism of holding it on the 15th but I am afraid we are once again not doing the smartest thng.
    Protesting the stimulus bill and the earmark laden budget after the fact had no effect on congress or the policy makers and a tax protest on tax day while it might get some attention, runs the risk of being marginalized if turnout is no better then the Tea Parties.
    /But I could be wrong

  88. #96
    On March 3rd, 2009 at 9:36 am, jsr said:

    I’d was thinking of going John Galt but it looks like the Obamanomics will make that unnecessary. I have gone from 60+ hour weeks during the Bush years to just barely 40, and it looks like it will be dropping to 30 within a month or less. I suspect that in 6 months our consulting will be reduced to begging for some scraps of the govt. construction projects.

    But I won’t be bitter, as I will have so much more free time to take walks in the park and paint the living room. Also to think about what is really important things in life, like scrounging up enough food to eat.

  89. #97
    On March 3rd, 2009 at 9:38 am, sonofdy said:

    paint the living room

    You can afford, PAINT????

    :shock:

    Rich guy must be hiding money that the poor could use. The IRS will be over in an hour to audit you!!!!

    ;-)

  90. #98
    On March 3rd, 2009 at 9:43 am, katablog said:

    I suspect that in 6 months our consulting will be reduced to begging for some scraps of the govt. construction projects.

    sure hope your company is unionized otherwise you can forget the scraps too.

  91. #99
    On March 3rd, 2009 at 9:46 am, sonofdy said:

    your company is will be unionized

    reality check.

  92. #100
    On March 3rd, 2009 at 9:50 am, jsr said:

    You can afford, PAINT????

    Actually, I think there might be some funding for it in the stimulus. If they are going to pay for putting in weather strips and attic insulation (this is what Obama calls good paying, high tech jobs) there must be something for paint. Especially if it is zero-emission, environmentally safe, green,sustainable paint. (i.e mud)

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