Atlas might not be able to shrug off new taxes to pay for Obamacare
By Kevin “Coach” Collins
Atlas may have too much to shrug off.
The Commerce Department says personal income fell 1.3% in June, the worst in four years.
The Internal Revenue Service reports a staggering 18% drop in tax receipts thus far this year, the biggest drop since Franklin Roosevelt’s Great Depression.
Conservative estimates of the nation’s deficit peg it at $1.8 Trillion dollars.
Individual taxpayer receipts have fallen by 22% compared to this point last year.
Corporate tax receipts are down 57% from last year.
For just the second time since 1940 Social Security tax receipts have dropped.
Unless something miraculous happens, Medicare tax receipts will fall for only the third time since the program was established.
Obama denies reality to get more of our money
Last weekend Obama Administration minions were out floating the idea that “We need to do something (read raise taxes) to clean up the mess Bush left us.”
The IRS reports the top ONE percent of individual taxpayers account for 40% of all income tax revenues received by the government. That 40% is larger than the 39% the lower 95% of taxpayers combined sent in.
The top one percent, 1.4 million people, earned over $410,000. They pay more than ALL 134 million individuals in the lower ninety five percent combined.
The bottom 40% of Americans pays NO federal taxes; nothing. Many of these people get “refunds” for money they never paid!
Obama wants to ignore these realities and raise taxes for the top two tax brackets. That will bring “rich” down to $250,000. Tax cheat Charlie Rangel, wants to place a 6 percent surtax on top of Obama’s increases and he has the power to do so. Liberals are impossible to embarrass.
Talk of Atlas shrugging may be optimistic. I hope the old boy can muster the strength.
These plans reinforce suspicions that Barack Obama’s real intention is to destroy America’s economy and rebuild our country into something resembling France.
In past generations Americans have had to give up their safety and way of life to pick up a gun and physically fight for survival. In our time we don’t have to fight with guns, nor should we as that would be counterproductive. Today is our time to fight for survival and our freedoms are just as much at risk.
We didn’t grow up thinking we would have to fight to keep the freedoms we take for granted everyday, but my friends we absolutely have to.
Not fighting but hiding our heads in the sand and hoping, will bring us to a worse condition today than it would have after Pearl Harbor.
We are constantly under attack because Barack Obama and his Marxists want us to be constantly under attack: No peace means no planning. Nevertheless, fight we must or slaves we will be.
Comments on this or any other Collins Report essay can be sent to kcoachc “at” gmail.com