Friday, July 29, 2016

Let's Get Down to the Business of Hurting America: Hillary's Proposed Tax Increases

In case you didn't notice (or are part of the roughly 45% of Americans who didn't pay income taxes last year), the tax rates have been steadily creeping up under the Obama regime.

It's no use blaming the Republicans. Socialist government spending has infected both parties, yet Obama and Hillary actively campaign to create an even broader socialist republic.

Hillary Clinton has proposed even more tax increases than Obama if she is allowed to reign over rule lead serve the American people. I took a look at the list of proposed tax increases, and the suggested tax increases. Nearly every one will raise my taxes.

Chances are, they'll negatively affect your life as well.

I'm not a rich guy. I run a small school. I still teach university classes. Teaching doesn't pay much.

I also have invested (meaning tied up) money in land. Since the recession of 2008, land sales have stagnated, and I've sold very little land. Occasionally, I do sell some and make additional income to supplement my exorbitant lifestyle.

Yet thanks to Obama and the Nancy Pelosi Congress of six years ago, I now pay more taxes than ever on less money.

Back to Hillary. Here are the tax increases she proposes:

Income Tax
Hillary wants to increase income tax by lowering the amount of money we can take on deductions. This will effect those of us who itemize deductions. I rely on itemized deductions to significantly lower my tax burden. (And it is a burden.) I have a house with a mortgage, significant health care bills, and donate roughly 10% of my income to charities. Lowering the deduction amount means that I'll pay more taxes, losing a higher percentage of my income to a corrupt government that wants to "spread the wealth" by paying bureaucrats to run government agencies.

Business Tax
The school I run also happens to be a business. Not only do I get the privilege of having my income taxed, but money that the business makes, that would go to pay my salary and teacher salaries, will be reduced. All of us will lose income.

Fairness Tax
The term "fairness" is a progressive code word meaning "suck money from evil rich people." This tax could affect me if, for instance, I was able to sell some of my land. Instead of using the money for future investments or retirement, Hillary's Brave New World order would suck out a portion of that money, leaving me with only enough to allow me the privilege of working to make ends meet.

Capital Gains Tax
Most progressives and Democrats treat the lower capital gains taxes as a rich person's tax dodge. Simply put, capital gains is an increase in money that was already taxed and then used for investments. Again, if I were able to sell some land, the current capital gains tax would be 25% straight off the top. I suspect the "fairness" tax would take the rest.

And Hillary wants to raise the capital gains rate.

Selling my land may not even be worth the trouble if Hillary has her way, which means that under Hillary's America, many in my situation would no longer be investing dollars.

(For those socialists who may be reading this, wealth in the US is created through investments. Wealth is how we Americans pay income taxes to support the 45% who don't pay income taxes.)

Tax on Stock Trades
This tax would affect everyone who has a retirement account or who invests in the stock market. Basically, every time a stock is traded (bought or sold) the US government would require a tax on the transaction. Yes, many of us have a 401(K) which would be affected, producing a lower return on investment and decreasing retirement income. Such a tax would put a drag on any stock investment which would burden the market and discourage investment.

Hillary has proposed these tax increases to help pay the staggering $20 trillion debt and the half-billion to trillion deficit the country is running.

Yet these proposals only serve to hurt the economy further, sending us into the spiral of socialist stagnation.

Is this really the direction we Americans want to take?