Update: ‘Paranormal Legislative Activity’; “Paranormal TAXivity”
Courtesy of TheSunlightFoundation
h/t HotAir
Weekly jobless claims rise more than forecast – last week revised higher; Moody’s says US could lose AAA rating without deficit cuts..
Stock futures pulled back from their early morning highs Thursday as the number of U.S. workers filing new claims for jobless benefits rose more than economists expected last week….
…Weighing on stocks, the U.S. Labor Department said initial claims for jobless benefits rose by 11,000 to 531,000 in the week ended Oct. 17. The previous week’s level was revised from 514,000 to 520,000.
Economists surveyed by Dow Jones Newswires had expected only a slight increase of 4,000, with the report serving as another sign of tough times for the jobs market….
Moody’s tells the WH and Congress to STOP SPENDING (in so many words, lol, we need to get the deficit down and no SANE person would raise taxes in a recessionary, zero job growth environment, right? Bueller? Bueller?!):
The United States, which posted a record deficit in the last fiscal year, may lose its AAA-rating if it does not reduce the gap to manageable levels in the next 3-4 years, Moody’s Investors Service said on Thursday.
The U.S. government posted a deficit of $1.417 trillion in the year ended Sept. 30 as the deep recession and a series of bank rescues cut a gaping hole in its public finances…
Twofer Tuesday: Twilight Zone style for Nancy Pelosi who tells Charlie Rose ‘a VAT tax is on the table’
Golden Earring courtesy of lin1968
It’s official, Nancy Pelosi is in the Twilight Zone. She told PBS last night a VAT tax is on the table (The Hill):
Pelosi, appearing on PBS’s “The Charlie Rose Show” asserted that “it’s fair to look at” the VAT as part of an overhaul of the nation’s tax code. “I would say, Put everything on the table and subject it to the scrutiny that it deserves,” Pelosi told Rose when asked if the VAT has any appeal to her.
The VAT is a tax on manufacturers at each stage of production on the amount of value an additional producer adds to a product.Pelosi argued that the VAT would level the playing field between U.S. and foreign manufacturers, the latter of which do not have pension and healthcare costs included in the price of their goods because their governments provide those services, financed by similar taxes.
“They get a tax off of that and they use that money to pay the healthcare for their own workers,” Pelosi said, using the example of auto manufacturers. “So their cars coming into our country don’t have a healthcare component cost.
Gee, wonder why Nancy is raising AUTO MANUFACTURERS, the PENSION LIABILITIES and a VAT TAX now? Could it be b/c GM has ALREADY BURNED THROUGH THE 50B in taxpayer dollars and the UAW cannot meet their pension obligations? Could be rabbit could be…
“Somewhere along the way, a value-added tax plays into this. Of course, we want to take down the healthcare cost, that’s one part of it,” the Speaker added. “But in the scheme of things, I think it’s fair look at a value- added tax as well.”
Pelosi said that any new taxes would come after the Congress finishes the healthcare debate consuming most lawmakers’ time, and that it may come as part of a larger overhaul to the tax code.
Everyone got that? As soon as they are done ramming healthcare through they will lay a VAT tax on our axxes. Everyone is registered to vote for 2010 right?
Twilight Zone mashup courtesy of FatherMcKenize:
“The segments of intro divide the different seasons. All episodes are in order in which they first aired (instead of production order), I believe, except Occurrence at Owl Creek Bridge which is purposely put last, just because I thought it was more climactic at the end (I’m used to seeing it at the end of the Zicree guide also!)”
Update: Baucus healthcare bill released: Jay Rockefeller (D-WVA) acknowledges increased company costs are passed to consumers…
Update: Baucus Bill – ‘Chairman’s Mark’ released, PDF here courtesy of WSJ
…The measure would create a new national insurance exchange, where individuals and small businesses can purchase insurance. Individuals would be required to purchase insurance, but those at the lower end of the income ladder would receive federal tax subsidies to defray the cost. (Read the full text of the Baucus plan.)…
Of course, he is talking about the coal miners and their self funded benefit plans being INCLUDED in the GIANT TAX that Baucus wants to lay onto ‘Cadillac’ health care plans (recall months ago they tried to float a tax with a union ‘waiver’ -as IF!) if Baucus would give us the TAX CREDIT that Mac floated in the campaign to accompany the giant tax we would all be fine with it, but nooooooooo…
Now if Jay will LISTEN TO HIS OWN WORDS, he will understand why NO TAX INCREASES are a good idea in a recession!
(…)Referring to Baucus, Rockefeller said, “He should understand that (his proposal) means that virtually every single coal miner is going to have a big, big tax put on them because the tax will be put on the company and the company will immediately pass it down and lower benefits because they are self insured, most of them, because they are larger. They will pass it down, lower benefits, and probably this will mean higher premiums for coal miners who are getting very good health care benefits for a very good reason. That is, like steelworkers and others, they are doing about the most dangerous job that can be done in America.”
“So that’s not really a smart idea,” Rockefeller continued. “In fact, it’s a very dangerous idea, and I’m not even sure the coal miners in West Virginia are aware that this is what is waiting if this bill passes.”
Rockefeller made his comments on a conference call with reporters which was sponsored by the liberal Campaign for America’s Future(…)
UPDATE: WH Issues Stmt…New Taxes on the Middle Class? Whatever it takes says Turbo Tax Timmeh…
Update: 8/3 1:34 pm EST: CNBC has statement from the WH: “would not make sense to raise taxes on middle class, the President’s commitment is pretty clear on that…” (no word on the commitment of Timmeh, Summers and China who is buying our debt as TOTUS spends…)
Gee maybe they should get the memo to Geithner and Summers then….maroons…particularly since Geithner just told China we would reduce the deficit…As we noted in our discussion of UE extension this morning:
Larry Summers and Tim Geithner were chattering about MIDDLE CLASS TAX HIKES, ‘well the money has to come from somewhere for health reform’ Summers says...
…Rather, Mr. Summers told CBS News’s “Face the Nation” that key to controlling the deficit were elements of the Obama economic program, “the first and more important” one being “substantial reform of the health-care system.” But he said the proposed health overhaul needs funding from somewhere…”
One more time, we CANNOT spend like this without raising taxes. SO STOP SPENDING CRITTERS! We CANNOT afford the health care bill now…or cap and trade…or rainbow unity ponies and kickbacks for all and sundry…stop spending..
Original post after the break:
Update: Enzi, Grassley say no deal from GOP Cmte members before recess; Progressive Caucus revolts against Dem leadership on deal Waxman cut with Blue Dogs; Reid blames the media for the August deadline, and Nancy ratchets up class warfare again…
Update 4: the ‘blame the media’ is (un)Official Policy says I. Gibby used it today at the presser and tried to make it a joke. Reid AND Gibby make it clear the media is the fall guy for the latest failure in TOTUS Town…
Update 3: No agreement on health care from GOP Cmte Members per Grassley, Enzi. In other news the Dems are really losin it, Harry Reid is BLAMING THE MEDIA now !! Yes! He says the MEDIA created the August deadline. Guess he missed TOTUS and Gibby laying out August every other hour…
Reid said reporters created a fictitious deadline of a successful vote by the August recess, and downplayed the fact that the chamber won’t meet that mark.
“That is a deadline that you created,” Reid told a group of about 75 reporters. “It’s not like we don’t have a product. Significant progress has been made … The mere fact that this wasn’t done by last Friday or by five o’clock doesn’t mean we’re not going to get a quality product.”
And MiM has speculated here often that the reason TOTUS wanted it done BEFORE August is b/c the WH has been holding back the updated economic projections, (usually released mid July) showing the projected deficit. Obviously he wanted the healthcare deficit adding budget busting plan pushed through BEFORE anyone got a good look at what the deficit will be BEFORE they add on this mondo spending…yep.
Pelosi is raving against the EEEEEvil Insurance Companies now, looking to gin up that good ole’ standby, Class Warfare. It worked so well with Wall St and the EEEEEvil bankers and AIG (at least until Dodd got hoisted by his own petard having approved those bonuses himself, frakker). AP at HA has the details on Nancy’s ravings….
And in other fun for Nancy and Harry, the Progressive Caucus within the Dem majority is now in open revolt against the leadership for the deal Waxman cut with the Blue Dogs...the CBC has been throwing down the race card left and right, noting that the Energy Cmte Blue Dogs are all white men, and claiming the Blue Dogs are betraying the 20-40% of their constituents who are black. Seriously. Well, Nancy and Harry let the race card fly left and right against Hill in our primaries, so like I say live by the race card, die by the race card..karma baby..
…At one point, Carolyn Kilpatrick (D-Mich.), a former Congressional Black Caucus chairwoman, expressed outrage that conservatives would insist on significant cuts and a weakening of the public option, arguing that many of the Blue Dogs were letting down their black constituents, who make up 25 percent to 40 percent of their voters, in some instances….
…The intraparty dispute had racial overtones. One African-American Democrat, Representative Hank Johnson of Georgia, pointed out that the seven Blue Dog Democrats holding up the health care bill in the Energy and Commerce Committee were “a nondiverse group” of white men….
Nancy tried to push back on this conflict today:
…As to claims that Democratic leadership sold out progressive, African-Americans and Hispanic reps by negotiating a side deal, she responded: “Might I remind you that the progressives are represented on committees of jurisdiction in a very strong manner. Might I remind you that the progressives are chairmen of those committees — progressives have been well represented.”…
I hope everyone tries to get out and attend the AUGUST 22ND RECESS RALLY with the Tea Party Patriots!!!
Update 2: MM has linkys for Recess Rally August 22nd...
2. Tuesday: Call the House Energy and Commerce Committee members. Tell them not to pass the government run health care bill out of committee. Our sources tell us that all the Republicans will be voting against the legislation already so you may choose to focus on the Democrats. Record your answers and the number of calls you made.
3. Wednesday: Call the Blue Dog Democrats. Record your answers and the number of calls you made.
4. Thursday: Call the Senate Finance Committee tell them our economy cannot afford another massive government spending bill. (This link may not be active now abut it will be active before Thursday.) Record your answers and the number of calls you made.
5. Friday: Call your Senators and your Representative; tell them as a constituent you are asking them to vote NO on government take over of Health Care. Record your answers and the number of calls you made.
7. Friday: Call the Blue Dog Democrats AGAIN. Record your answers and the number of calls you made.
Update 3: El Rushbo on the changing tone of the health care sales pitch…
After the break:
Update: Taxes, taxes everywhere and not a job in sight and when is a stimulus not a stimulus? When it creates no jobs and you tax the crap out of people…
ZOMG! What are these people thinking?! They sold Obama as a Clinton Like Pro Business Moderate Dem. Ha I say HA! AS IF!!!!
Tell me that doesnt look like Joe Biden all the way on the right? Remember when 100 billion dollars was a lot of money?:
…A huge new income surtax. The bill’s main financing comes from another tax increase on top of the increase already scheduled for 2011 under Mr. Obama’s budget. The surtax starts at one percentage point for adjusted gross income above $350,000 in 2011, rising to two points in 2013; a 1.5 point surtax at incomes above $500,000, rising to three in 2013; and a whopping 5.4 percentage points in 2011 and beyond on incomes above $1 million.
This would raise the top marginal federal tax rate back to roughly 47% or 48%, if you include the Medicare tax and the phase-out of certain deductions and exemptions. With the current top rate at 35%, this would be the largest rate increase outside the Great Depression or world wars.
The average U.S. top combined state-federal marginal tax rate would hit about 52%. This would be higher than in all but three (Denmark, Sweden, Belgium) of the 30 countries measured by the OECD. According to the nearby table compiled by the Heritage Foundation, taxpayers in at least five U.S. states would pay higher marginal rates even than Sweden. South Korea, which Democrats worry is stealing American jobs, would be able to grab even more as its highest rate is a far more competitive 38.5%.
House Democrats say they deserve credit for being honest about the tax increases needed to fund their ambitions. But then they also claim that this surtax would raise $544 billion in new revenue over 10 years. America’s millionaires aren’t that stupid; far fewer of them will pay these rates for very long, if at all. They will find ways to shelter income, either by investing differently or simply working less. Small businesses that pay at the individual rate will shift to pay the 35% corporate rate. When the revenue doesn’t materialize, Democrats will move to soak the middle class with a European-style value-added tax.
Practice your ‘European’ style living now. I will go with Germany..dance Dieter dance!!
The new payroll taxes and penalties in the health care proposal:
…A new payroll tax. Unemployment is at 9.5% and rising, but Democrats will nonetheless impose a new eight percentage point payroll tax on employers who don’t provide health insurance for employees. This is on top of the current 15% payroll tax, and in addition to a new 2.5-percentage point tax on individuals who don’t buy health insurance. This means that any employer with more than $400,000 in payroll would have to pay at least 25% above the salary to hire someone. Result: Many fewer new jobs, with a higher structural jobless rate, much as Europe has experienced as its welfare states have expanded.
Other new taxes, including an as yet undetermined levy on private health plans. This tax, which Democrats say could raise $100 billion or so, would make it even harder for private plans to compete with the government plan, which would already benefit from government subsidies and lower capital costs. For good measure, the House bill also gets the ball rolling on tax increases on foreign-source corporate income….
In other age old philosophical questions, when is a stimulus NOT a stimulus? When Team TOTUS, who said we would see IMMEDIATE results from the stimulus, is now saying it worked as expected and was NOT supposed to work right away..Uhmm wha? Ed at HotAir has it covered
…Old White House spin: Porkulus has stimulated the economy and “saved or created” 150,000 jobs. New White House spin: Stimulus? What stimulus? ABC’s Yunji de NIes reports from somewhere down the rabbit hole, er, the White House briefing room:
Turns out the $787 billion “American Recovery and Reinvestment Act” (AARA) was not designed for full economic recovery, but rather to “stabilize” the downturn. That’s the word from White House officials today, who held off-camera briefings with reporters on how the AARA is working so far.
“This legislation was designed to cushion the downturn,” said White House Press Secretary Robert Gibbs. “That’s why we have always talked about this as one function of economic recovery.”
When pressed about the change in terminology, Gibbs said he was not trying to temper expectations after the fact….
Update: Via HA, House GOP Conference releases this video last night on the stimulus:
Moderate in the Middle 