Archive for July, 2008

Obama’s Tax-And-Spend Plans

July 8, 2008

From “The Morning Bell,” an e-mail newsletter of the Heritage Foundation:

According to the nonpartisan Annenberg Political Fact Check, Sen. Barack Obama’s tax plan would increase gross tax receipts by $103.3 billion in 2011 alone. That number by itself would make it the largest single-year tax increase in American history since World War II, and measured as a percentage of gross national product, it would be the fifth-largest tax increase since 1943.

Even with these record-breaking levels of taxing, Obama still would not be able to cover all of his promised increases in domestic spending. Commenting on Obama’s tax and spending plans, Clinton-era Office of Management and Budget official Idabel Sawhill tells the Los Angeles Times: “I don’t think it all adds up.”

Absorb all of that while you watch this great anti-tax spoof of an anti-war ad by MoveOn.org:

A Rush Of New Taxes For Limbaugh

July 3, 2008

Jealous liberal journalists who long to be richer than Rush Limbaugh have been falling all over themselves to criticize their conservative nemesis and the undisputed champion of talk radio the past couple of days.

Why? Because he just negotiated a contract renewal with Premiere Radio Networks, a subsidiary of Clear Channel Radio, that reportedly will net him $400 million over eight years, including a nine-figure signing bonus.

Why that’s a problem is beyond me. If Premiere didn’t think Limbaugh was worth it based on past performance, the company wouldn’t have made the deal. It’s the free market at work, and every liberal who is whining about the deal would take all that money and then some if offered it for doing their jobs.

Besides, every liberal should be celebrating the rush of taxes that will flow into government coffers thanks to Limbaugh.

The numbers are staggering any way you look at it. I asked Peter Sepp, vice president for policy and communications at the National Taxpayers Union, to guesstimate Limbaugh’s tax bite from his new contract. With the obvious caveat that “there are a whole lot of variables both in the structure of his compensation package and the strategies he employs that would affect the actual tax burden,” Sepp predicted that Limbaugh will pay anywhere from one-third to 40 percent of his compensation to the government in taxes.

I’ll do the math for you: That’s $132 million to $160 million in taxes! And Sepp said the bite would be far worse if Limbaugh lived somewhere other than Florida, which has no state income tax and light business taxes. If he lived in California, the Golden Treasury State, he would have added up to 10 percent more ($40 million) to the tax tab.

That’s not counting all of the sales, property, gas and other taxes Limbaugh will be paying every time he spends a million dimes. And his penchant for cigars and other “sins” means he’ll be on the hook for even more.

Here’s the way all the liberals in the media and government should be looking at Limbaugh’s contract: He’s a one-man economic stimulus machine. Just imagine how many more pork projects will be funded over the next eight years because Rush Limbaugh got a hefty raise.

Chicago: The King Of Sales Taxes

July 1, 2008

From the Chicago Sun-Times:

If you think you’re paying more sales tax today in Cook County, you are. The sales tax rate jumps 1 percent today, thanks to a Cook County Board vote, giving Chicago the dubious distinction of having the highest municipal sales tax rate in the nation.

You’ll pay the highest rate of sales tax in restaurants inside a special taxing district of Chicago that originated with the Metropolitan Pier and Exposition Authority’s renaming and Navy Pier’s renovation in 1989.

I doubt Chicago too far ahead of the District of Columbia on the sales-tax front. I always hated commuting into the nation’s capital unless I took lunch because I knew I was going to pay big taxes for eating out. In fact, I suspect that Chicago isn’t the leader of other big cities by much at all.