Archive for April, 2012

Pronk Pops Show 71, April 25, 2012: Segment: 1: Obama’s Campaign Strategy Switches From Romney The Progressive Flip Flopper To Romney The Severe Conservative Right-Wing Extremist–Why?–Romney Is Beating Obama In Internal Polls With Independent Voters–Why? Obama’s Record of Failure–High Unemployment Rates and Gas Prices and Massive Government Deficits–$5 Trillion–Videos

Posted on April 25, 2012. Filed under: Abortion, American History, Books, Budgetary Policy, Business, Climate Change, College, Communications, Crime, Culture, Economics, Employment, Energy, Federal Government, Fiscal Policy, Foreign Policy, Genocide, Government, Government Spending, Health Care Insurance, History, Housing, Illegal Immigration, Immigration, Labor Economics, Law, Media, Medicine, Monetary Policy, Networking, Philosophy, Politics, Pro Life, Public Sector Unions, Science, Security, Social Science, Success, Tax Policy, Technology, Unions, Videos, Violence, War, Wisdom | Tags: , , , , , |

Pronk Pops Show 71: April 25, 2012

Pronk Pops Show 70: April 23, 2012

Pronk Pops Show 69: April 11, 2012

Pronk Pops Show 68: April 4, 2012

Pronk Pops Show 67: April 2, 2012

Pronk Pops Show 66: March 26, 2012

Pronk Pops Show 65: March 9, 2012

Listen To Pronk Pops Podcast or Download Shows 71-

Listen To Pronk Pops Podcast or Download Shows 68-70

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Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

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Listen To Pronk Pops Podcast or Download Shows 45-48

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Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

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Segment: 1: Obama’s Campaign Strategy Switches From Romney The Progressive Flip Flopper To Romney The Severe Conservative Right-Wing Extremist–Why?–Romney Is Beating Obama In Internal Polls With Independent Voters–Why? Obama’s Record of Failure–High Unemployment Rates and Gas Prices and Massive Government Deficits–$5 Trillion–Videos

Shields, Brooks on Voter Volatility, Obama vs. Romney

Obama Against Romney The ‘Flip-Flopper’ or The ‘Severe Conservative’? (P1/2)

Obama Against Romney The ‘Flip-Flopper’ or The ‘Severe Conservative’? (P2/2)

The Moderate, Progressive, Severely Conservative Romney

The Real Romney

Mitt Romney ‘I Was A Severely Conservative Governor’

Still Voting For ‘Mitt Romney’?

Rush Limbaugh: Mitt Romney ‘Is Not A Conservative’

David Axelrod People dont know Romney (4/22/12)

Extreme Intolerance: Willard Mitt Romney’s ‘Severe Conservative’ Problem

The Last Word – Romney Tries To Rewrite His Resume

Right-Wing Extremists Stand Against Flip-Flopping, ‘Unprincipled’ Willard Mitt Romney

Mitt Romney Interview on Breitbart TV

Mitt Romney, Vietnam, & Mormon Church Discrimination

Obama adviser David Axelrod makes case for Mitt Romney for President

Axelrod » Obama Boulevard is a Dead End

In Strategy Shift, Obama Team Attacks Romney From the Left

By HELENE COOPER

“…So long, flip-flopper. Hello, right-wing extremist.

After months of depicting Mr. Romney as the ultimate squishy, double-talking, no-core soul, Team Obama is shifting gears. Senior administration officials, along with Democratic and campaign officials, all say their strategy now will be to tell the world that Mr. Romney has a core after all — and it’s deep red.

Mr. Romney’s overheard remarks at a fund-raiser in Florida on Sunday night that, if elected, he planned to slash government programs (though he has not spelled that out for the voters) gave Obama backers the perfect opening, and they jumped on it. “Mitt Romney Tells Rich Voters His Secret Plan to Cut Housing Assistance,” said a headline from ThinkProgress, a blog put out by the left-leaning Center for American Progress. Democratic officials followed that up with a call to reporters on Thursday charging that Mr. Romney’s proposal would “cut critical funds for homeless veterans.” …”

http://www.youtube.com/results?search_type=videos&search_query=democrats+paint+romney+as+right-wing+extremist&search_sort=video_date_uploaded

Related Posts On Pronk Pops

Pronk Pops Show 71, April 25, 2012: Segment 0: A Ron Paul Tax Reform Plan: No Income Taxes Or I.R.S.–FairTax Less: 2013: 20%, 2014: 19%, 2015: 18%, 2016: 17%, 2017: 16%–Income Tax 16th Amendment Repealed And Balance Budget Amendment Passed!–”When The Impossible Became The Inevitable!–Videos

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Pronk Pops Show 71, April 25, 2012: Segment 0: A Ron Paul Tax Reform Plan: No Income Taxes Or I.R.S.–FairTax Less: 2013: 20%, 2014: 19%, 2015: 18%, 2016: 17%, 2017: 16%–Income Tax 16th Amendment Repealed And Balance Budget Amendment Passed!–”When The Impossible Became The Inevitable!–Videos

Posted on April 25, 2012. Filed under: American History, Budgetary Policy, Business, Communications, Consitutional Law, Economics, Employment, Federal Government, Fiscal Policy, Foreign Policy, Government, Government Spending, Health Care Insurance, History, Housing, Illegal Immigration, Immigration, Investments, Labor Economics, Law, Media, Monetary Policy, Philosophy, Politics, Polls, Pro Life, Public Sector Unions, Radio, Regulation, Resources, Science, Security, Social Science, Success, Tax Policy, Technology, Unions, Videos, Violence, War, Wisdom | Tags: , , , , , , , |

Pronk Pops Show 71: April 25, 2012 

Pronk Pops Show 70: April 23, 2012

Pronk Pops Show 69: April 11, 2012

Pronk Pops Show 68: April 4, 2012

Pronk Pops Show 67: April 2, 2012

Pronk Pops Show 66: March 26, 2012

Pronk Pops Show 65: March 9, 2012

Listen To Pronk Pops Podcast or Download Shows 71-

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 22-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

Segment 0: A Ron Paul Tax Reform Plan: No Income Taxes Or I.R.S.–FairTax Less: 2013: 20%, 2014: 19%, 2015: 18%, 2016: 17%, 2017: 16%–Income Tax 16th Amendment Repealed And Balance Budget Amendment Passed!–”When The Impossible Became The Inevitable!”

April 17 FairTax Press Conference Full Video

When The Impossible Became The Inevitable

Ron Paul on Taxes

Ron Paul – Repeal The 16th Amendment

The Fair Tax

Taxes and the Republican Party by the Southern Avenger

Tax Code Roulette | THE PLAIN TRUTH by Judge Napolitano 10/25/11

Flat, Fair, VAT, or Gone? What Should be done with the Federal Income Tax- CPAC 2011 Pt.1

The FairTax… For a better America

Lugar Cosponsors the FairTax

The FairTax Versus the Obama ‘Jobs Plan’

Rob Woodall Floor Speech: The FairTax will bring jobs back to America

Pence on the Fair Tax

Tom Wright on the FairTax part 1

What is the FairTax legislation?

Why is the FairTax better than a flat income tax?

What is the impact of the FairTax on business?

How does the “prebate” work?

people bring home their whole paychecks how can prices fall?

Will the FairTax lead to a massive underground economy?

Is the FairTax rate really 23%?

How will used goods be taxed?

FairTax

Herman Cain on Fixing Deficit/Jobs/Fair Tax: “Replace Income and Payroll Tax”

Herman Cain Explains the Fair Tax

Johnson: What makes you a better Libertarian choice than Ron Paul?

Reagan on Taxes

Reagan; Taxes and Budget Deficit: Revenue 19% of GDP; Spending is 23%; Revenue is sufficient

Reagan on Balanced Budget

Ronald Reagan – Tax Reform Act Remarks

Reagan supported fair tax policies

Murray N. Rothbard: Libertarianism

Ron Paul needs to come out with his own comprehensive tax reform plan. I recommend the FairTax as a starting point with some significant changes.

The FairTax is a national retail sales consumption tax that would replace the following federal taxes:

  • Personal income tax
  • Payroll taxes for Social Security and Medicare
  • Capital gains tax
  • Alternative Minimum Tax
  • Self-employment tax
  • Corporate income tax
  • Gift taxes
  • Estate taxes

When you buy goods or services, income and payroll taxes are included or embedded in the price. When these taxes are eliminated, the price of the goods or services would decline.

Thus when the FairTax replaces these taxes, the price of the good or service with the new FairTax included should result in the price of the good or service remaining about the same.

The proposed FairTax rate is 23 percent when the tax is included in the unit price of the good or service. For example, a loaf of bread with a selling price of $1 would include 23 cents for the FairTax.

Since Paul wants to significantly limit the size and scope of the federal government, I propose he reduce the FairTax rate to 20 percent for 2013 with a tax prebate of $250 per individual to refund in advance the taxes paid on the necessities of life. A family of four would received a monthly prebate of $1,000 per month.

The $250 per individual monthly rebate per individual would be increased by $10 each year to keep up with inflation. This would make the FairTax Less very progressive for those at or below the poverty line.

The FairTax Less rate would be reduced by 1 percent a year for the next four years so that by 2017 the rate would be 16 percent.

A declining FairTax Less rate combined with a declining balanced budget will force a reduction of government spending outlays.

It should take four to eight years before the 16th Amendment (income tax) is repealed and the balanced budget amendment passes.

Therefore, I would like to see the repeal of the 16th Amendment and the passage of a balanced budget Amendment be immediately initiated in the House of Representatives and Senate.

If this is done, by 2017 the American people will never again want to go back to the complex and time-consuming income tax.

Instead, the American people will be demanding smaller government and an even lower FairTax Less rate.

Also, Paul needs to advocate a FairTax Less plan to complement his Plan to Restore America to a peace and prosperity economy by cutting government spending by $1 trillion in his first year as president and balance the budget in his third year.

The advantage is that a single FairTax Less rate of 20 percent would beat Herman Cain’s 9-9-9 plan. Cain’s plan would have a flat 9 percent business tax, a flat 9 percent personal income tax and a 9 percent national retail sales tax. The total tax rate paid would be 27 percent under Cain’s plan.

A single FairTax Less rate of 20 percent would easily defeat Perry’s optional flat tax of 20 percent personal income tax and a 15.3 percent payroll tax for Social Security or Medicare for a total of 30.3 percent. This does not include the 20 percent corporate income tax that would bring the total taxes paid to over 50 percent.

Only when the American people consume or spend their money on new goods and services would they pay the FairTax Less rate of 20 percent.

The American people would have a strong economic incentive to work, save and invest their money.

More savings would lead to more investment and in turn more jobs as businesses grow and prosper.

It’s time for Ron Paul to announce his support for a FairTax Less plan.

The dynamic combination of Paul’s Plan to Restore America and the FairTax Less plan would result in a peace and prosperity economy.

The U.S. would be the only nation on earth with no taxes on capital and labor!

The FairTax Less plan would attract trillions of dollars of new investment into the U.S. from around the world.

Growth rates and employment would significantly increase as businesses expand their operation and new business are started.

Government spending would be capped at 80 percent of the previous years FairTax Less collections.

The remaining 20 percent would be used to pay down the national debt and unfunded liabilities.

Until the Tea Party elects fiscally responsible Representatives and Senators, the FairTax Less will not happen.

It will take several election cycles to achieve the goal of limited government spending.

The FairTax Less is completely transparent.

You pay the tax when you purchase a new good or service.

Everyone get a rebate and everyone pays to same rate.

Those who spend or consume more pay more taxes.

The FairTax Less is fair to all Americans.

RESTORE AMERICA NOW! Ron Paul 2012 – Plan!

The FairTax: It’s Time

[Raymond Thomas Pronk is host of the Pronk Pops Show on KDUX web radio from 3-5 p.m. Wednesdays and author of the companion blog www.pronkpops.wordpress.com]

Background Articles and Videos

“…What is the FairTax plan?

The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, and, through companion legislation, the repeal of the 16th Amendment.

The FairTax Act (HR 25, S 13) is nonpartisan legislation. It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.

The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.

The FairTax:

  • Enables workers to keep their entire paychecks
  • Enables retirees to keep their entire pensions
  • Refunds in advance the tax on purchases of basic necessities
  • Allows American products to compete fairly
  • Brings transparency and accountability to tax policy
  • Ensures Social Security and Medicare funding
  • Closes all loopholes and brings fairness to taxation
  • Abolishes the IRS

We offer a library of information throughout this Web site about the features and benefits of the FairTax plan. Please explore! …”

http://www.fairtax.org/site/PageServer?pagename=about_main

Tom Wright on the FairTax part 1

Tom Wright on the FairTax part 2

Tom Wright on the FairTax part 3

Tom Wright on the FairTax part 4

Tom Wright on the FairTax part 5

Tom Wright on the FairTax part 6

Tom Wright on the FairTax part 7

Why is the FairTax better than a flat income tax?

Congressman Steve King FairTax Special Order – 11/18/2011

Dan Mitchell explains the fair tax

Q&A on the FAIRTAX pt.1

Q&A on the FAIRTAX pt.2

Time to help small businesses and institute the Fair Tax!

Rep. King hosts FairTax Special Order

Americans For Fair Taxation

“…Americans For Fair Taxation (AFFT), also known as FairTax.org, states it is the United States’ largest, single-issue grassroots organization and taxpayers union dedicated to fundamental tax code replacement.[1] The Houston, Texas-based non-partisan political advocacy group is made up of volunteers who are working to get the Fair Tax Act (H.R. 25/S. 1025) enacted in the United States; a plan to replace all federal payroll and income taxes (both corporate and personal) with a national retail sales tax and monthly tax “prebate” to households of citizens and legal resident aliens. Americans for Fair Taxation state they subscribe to the ideals of simplicity, fairness, and freedom which they believe are embodied in the FairTax.[2][3] The organization claims to have signed up over 800,000 supporters.[4]

AFFT was founded in 1994 by three Houston businessmen, Jack Trotter, Bob McNair, and Leo Linbeck, who each pledged $1.5 million as seed money to hire tax experts to identify what they perceived as faults with the current tax system, to determine what American citizens would like to see in tax reform, and then to design the best system of taxation.[2] The three went on to raise an additional $17 million to fund focus groups with citizens around the country and tax policy studies.[2]

Some of the experts funded include:
  • Professors David Burton and Dan Mastromarco, University of Maryland and The Argus Group
  • Laurence Kotlikoff, Boston University
  • Stephen Moore, The Cato Institute
  • Professor Dale Jorgenson, Harvard University
  • Bill Beach (economist), the Heritage Foundation
  • Jim Poterba, The National Bureau of Economic Research
  • Professor George Zodrow, Rice University and the Baker Institute for Public Policy
  • Professor Joseph Kahn, Massachusetts Institute of Technology

http://en.wikipedia.org/wiki/Americans_For_Fair_Taxation

FairTax.org

http://www.fairtax.org/site/PageServer

Federal Insurance Contributions Act tax

Federal Insurance Contributions Act (FICA) tax (play /ˈfaɪkə/) is a United States payroll (or employment) tax[1] imposed by the federal government on both employees and employers to fund Social Security and Medicare[2] —federal programs that provide benefits for retirees, the disabled, and children of deceased workers. Social Security benefits include old-age, survivors, and disability insurance (OASDI); Medicare provides hospital insurance benefits. The amount that one pays in payroll taxes throughout one’s working career is indirectly tied to the social security benefits annuity that one receives as a retiree.[citation needed] This has led some to claim that the payroll tax is not a tax because its collection is tied to a benefit.[3] The United States Supreme Court decided in Flemming v. Nestor (1960) that no one has an accrued property right to benefits from Social Security.

The Federal Insurance Contributions Act is currently codified at Title 26, Subtitle C, Chapter 21 of the United States Code.[4]

Overview

The Center on Budget and Policy Priorities states that three-quarters of taxpayers pay more in payroll taxes than they do in income taxes.[5] The FICA tax is considered a regressive tax on income (with no standard deduction or personal exemption deduction) and is imposed (for the years 2009 and 2010) only on the first $106,800 of gross wages. The tax is not imposed on investment income (such as interest and dividends).

“Regular” employees (most wage-earners)

For 2008, the employee’s share of the Social Security portion of the tax is 6.2%[6] of gross compensation up to a limit of $102,000 of compensation (resulting in a maximum of $6,324.00 in tax). For 2009 and 2010, the employee’s share is 6.2% of gross compensation up to a limit of $106,800 of compensation (resulting in a maximum Social Security tax of $6,621.60).[7] This limit, known as the Social Security Wage Base, goes up each year based on average national wages and, in general, at a faster rate than the Consumer Price Index (CPI-U). For the calendar year 2011, the employee’s share has been temporarily reduced to 4.2% of gross compensation, with a limit of $106,800.[8] The employee’s share of the Medicare portion is 1.45% of wages, with no limit on the amount of wage subject to the Medicare tax.[6]

The employer is also liable for 6.2% Social Security and 1.45% Medicare taxes,[9] making the total Social Security tax 12.4% of wages, and the total Medicare tax 2.9%. (Self-employed people are responsible for the entire FICA percentage of 15.3% (= 12.4% + 2.9%), since they are in a sense both the employer and the employed; however, see the section on self-employed people for more details.)

If a worker starts a new job halfway through the year and has already earned the wage base limit with the old employer for Social Security purposes, the new employer is not allowed to stop withholding until the wage base limit has been earned with the new employer without regard to the wage base limit earned under the old employer. There are some limited cases, such as a successor-predecessor transfer, in which the payments that have already been withheld can be counted toward the year-to-date total.

If a worker has overpaid toward Social Security by having more than one job or by having switched jobs during the year, that worker can file a request to have that overpayment counted as tax paid when he or she files a Federal income tax return. If the taxpayer is due a refund, then the FICA overpayment is refunded.

Self-employed people

A tax similar to the FICA tax is imposed on the earnings of self-employed individuals, such as independent contractors and members of a partnership. This tax is imposed not by the Federal Insurance Contributions Act but instead by the Self-Employment Contributions Act of 1954, which is codified as Chapter 2 of Subtitle A of the Internal Revenue Code, 26 U.S.C. § 1401 through 26 U.S.C. § 1403 (the “SE Tax Act”). Under the SE Tax Act, self-employed people are responsible for the entire percentage of 15.3% (= 12.4% [Soc. Sec.] + 2.9% [Medicare]); however, the 15.3% multiplier is applied to 92.35% of the business’s net earnings from self-employment, rather than 100% of the gross earnings; the difference, 7.65%, is half of the 15.3%, and makes the calculation fair in comparison to that of regular (non-self-employed) employees. It does this by adjusting for the fact that employees’ 7.65% share of their SE tax is multiplied against a number (their gross income) that does not include the putative “employer’s half” of the self-employment tax. In other words, it makes the calculation fair because employees don’t get taxed on their employers’ contribution of the second half of FICA, therefore self-employed people shouldn’t get taxed on the second half of the self-employment tax. Similarly, self-employed people also deduct half of their self-employment tax (schedule SE) from their gross income on the way to arriving at their adjusted gross income (AGI). This levels the amount paid by self-employed persons in comparison to regular employees, who don’t pay general income tax on their employers’ contribution of the second half of FICA, just as they didn’t pay FICA tax on it either.[10][11]

These calculations are made on Schedule SE: Self-Employment Tax, although that is not readily apparent to novice self-employed taxpayers, owing to the schedule’s rather opaque name, which makes it sound like it is part of the general federal income tax. Some taxpayers have complained that Schedule SE’s title should be changed to something such as “Self-Employment FICA Tax”, so that its separateness from the general income tax is apparent,[12] perhaps not realizing that the SE tax is not imposed by the Federal Insurance Contributions Act (FICA) at all, and that neither SE taxes nor FICA taxes are “income taxes” imposed under Chapter 1 of the Internal Revenue Code.

Exemption for certain full-time students

A special case in FICA regulations includes exemptions for student workers. Students enrolled at least half-time in a university and working part-time for the same university are exempted from FICA payroll taxes, so long as their relationship with the university is primarily an educational one.[13] Medical residents working full-time are not considered students and are not exempt from FICA payroll taxes, according to a US Supreme Court ruling in 2011.[14] In order to be exempt from FICA payroll taxes, a student’s work must be “incident to” pursuit of a course of study, which is rarely the case with full-time employment.[14]

History

Prior to the Great Depression, the following presented difficulties for working-class Americans: [15]

  • The U.S. had no federal-government-mandated retirement savings; consequently, for those people who had not voluntarily saved money throughout their working lives, the end of their work careers was the end of all income.
  • Similarly, the U.S. had no federal-government-mandated disability income insurance to provide for citizens disabled by injuries (of any kind—non-work-related); consequently, for most people, a disabling injury meant no more income (since most people have little to no income except earned income from work).
  • In addition, there was no federal-government-mandated disability income insurance to provide for people unable to ever work during their lives, such as anyone born with severe mental retardation.
  • Further, the U.S. had no federal-government-mandated health insurance for the elderly; consequently, for many people, the end of their work careers was the end of their ability to pay for medical care.
  • Finally, the U.S. had no federal-government-mandated health insurance for all those who are not elderly; consequently, many people, especially those with pre-existing conditions, have no ability to pay for medical care.

In the 1930s, the New Deal introduced Social Security to rectify the first three problems (retirement, injury-induced disability, or congenital disability). It introduced the FICA tax as the means to pay for Social Security.

In the 1960s, Medicare was introduced to rectify the fourth problem (health care for the elderly). The FICA tax was increased in order to pay for this expense.

Criticism

Social Security regressivity debate

The Social Security component of the FICA tax is regressive, meaning the effective tax rate regresses (decreases) as income increases.[16] The Social Security component is actually a flat tax for wage levels under the Social Security Wage Base (see “Regular” employees above). But since no tax is owed on wages above the Wage Base limit, the total tax rate declines as wages increase beyond that limit. In other words, for wage levels above the limit, the absolute dollar amount of tax owed remains constant; since this number (the numerator) remains constant while the wage level (the denominator) increases, the effective tax rate steadily decreases as wage levels increase beyond the Wage Base limit.

FICA is also not collected on unearned income, including interest on savings deposits, stock dividends, and capital gains such as profits from the sale of stock or real estate. The proportion of total income which is exempt from FICA as “unearned income” tends to rise with higher income brackets.

Some argue that since Social Security taxes are eventually returned to taxpayers, with interest, in the form of Social Security benefits, the regressiveness of the tax is effectively negated.[citation needed] That is, the taxpayer gets back what he or she put into the Social Security system. Others, including the Congressional Budget Office, point out that the Social Security system as a whole is progressive; individuals with lower lifetime average wages receive a larger benefit (as a percentage of their lifetime average wage income) than do individuals with higher lifetime average wages.[17][18]

http://en.wikipedia.org/wiki/Federal_Insurance_Contributions_Act_tax

Related Posts On Pronk Palisades

Ron Paul’s Economic Plan for Restoring America to Peace and Prosperity–Videos

The FairTax (National Consumption Sales Tax) vs. The Flat Tax (One Rate Federal Income Tax)–Who Pays The Most Federal Individual Income

Related Posts On Pronk Pops

Pronk Pops Show 70, April 20, 2012, Segment 0: Eat The Rich–Obama’s Big Distraction And Big Lie: The Buffett Rule Tax and The Rich Do Not Pay Their Fair Share–Class Warfare Progressive Propaganda–Videos

Pronk Pops Show 70, April 20, 2012: Segment 1: Tom A. Coburn–The Debt Bomb: A Bold Plan To Stop Washington From Bankrupting America–Videos

Pronk Pops Show 70, April 20, 2012: Segment 2: Arthur Brooks–The Battle: How the Fight Between Free Enterprise and Big Government will Shape America’s Future–VideosTax? Videos

Pronk Pops Show 71, April 25, 2012: Segment: 1: Obama’s Campaign Strategy Switches From Romney The Progressive Flip Flopper To Romney The Severe Conservative Right-Wing Extremist–Why?–Romney Is Beating Obama In Internal Polls With Independent Voters–Why? Obama’s Record of Failure–High Unemployment Rates and Gas Prices and Massive Government Deficits–$5 Trillion–Videos

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Pronk Pops Show 70, April 23, 2012: Segment 3: A Ron Paul Tax Reform Plan: No Income Taxes Or I.R.S.–FairTax Less: 2013: 20%, 2014: 19%, 2015: 18%, 2016: 17%, 2017: 16%–Income Tax 16th Amendment Repealed And Balance Budget Amendment Passed!–”When The Impossible Became The Inevitable!”

Posted on April 17, 2012. Filed under: American History, Books, Budgetary Policy, Business, Communications, Economics, Employment, Energy, Federal Government, Fiscal Policy, Foreign Policy, Government, Government Spending, Health Care, Health Care Insurance, History, Housing, Illegal Immigration, Immigration, Investments, Labor Economics, Law, Monetary Policy, Philosophy, Politics, Polls, Pro Life, Regulation, Science, Security, Social Science, Success, Tax Policy, Videos, Violence, War, Wisdom | Tags: , , , , , |

Pronk Pops Show 70: April 23, 2012 

Pronk Pops Show 69: April 11, 2012

Pronk Pops Show 68: April 4, 2012

Pronk Pops Show 67: April 2, 2012

Pronk Pops Show 66: March 26, 2012

Pronk Pops Show 65: March 9, 2012

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 22-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

Segment 3: A Ron Paul Tax Reform Plan: No Income Taxes Or I.R.S.–FairTax Less: 2013: 20%, 2014: 19%, 2015: 18%, 2016: 17%, 2017: 16%–Income Tax 16th Amendment Repealed And Balance Budget Amendment Passed!–”When The Impossible Became The Inevitable!”

April 17 FairTax Press Conference Full Video

When The Impossible Became The Inevitable

Ron Paul on Taxes

Ron Paul – Repeal The 16th Amendment

The Fair Tax

Taxes and the Republican Party by the Southern Avenger

Tax Code Roulette | THE PLAIN TRUTH by Judge Napolitano 10/25/11

Flat, Fair, VAT, or Gone? What Should be done with the Federal Income Tax- CPAC 2011 Pt.1

The FairTax… For a better America

Lugar Cosponsors the FairTax

The FairTax Versus the Obama ‘Jobs Plan’

Rob Woodall Floor Speech: The FairTax will bring jobs back to America

Pence on the Fair Tax

Tom Wright on the FairTax part 1

What is the FairTax legislation?

Why is the FairTax better than a flat income tax?

What is the impact of the FairTax on business?

How does the “prebate” work?

people bring home their whole paychecks how can prices fall?

Will the FairTax lead to a massive underground economy?

Is the FairTax rate really 23%?

How will used goods be taxed?

FairTax

Herman Cain on Fixing Deficit/Jobs/Fair Tax: “Replace Income and Payroll Tax”

Herman Cain Explains the Fair Tax

Johnson: What makes you a better Libertarian choice than Ron Paul?

Reagan on Taxes

Reagan; Taxes and Budget Deficit: Revenue 19% of GDP; Spending is 23%; Revenue is sufficient

Reagan on Balanced Budget

Ronald Reagan – Tax Reform Act Remarks

Reagan supported fair tax policies

Murray N. Rothbard: Libertarianism

Ron Paul needs to come out with his own comprehensive tax reform plan. I recommend the FairTax as a starting point with some significant changes.

The FairTax is a national retail sales consumption tax that would replace the following federal taxes:

  • Personal income tax
  • Payroll taxes for Social Security and Medicare
  • Capital gains tax
  • Alternative Minimum Tax
  • Self-employment tax
  • Corporate income tax
  • Gift taxes
  • Estate taxes

When you buy goods or services, income and payroll taxes are included or embedded in the price. When these taxes are eliminated, the price of the goods or services would decline.

Thus when the FairTax replaces these taxes, the price of the good or service with the new FairTax included should result in the price of the good or service remaining about the same.

The proposed FairTax rate is 23 percent when the tax is included in the unit price of the good or service. For example, a loaf of bread with a selling price of $1 would include 23 cents for the FairTax.

Since Paul wants to significantly limit the size and scope of the federal government, I propose he reduce the FairTax rate to 20 percent for 2013 with a tax prebate of $250 per individual to refund in advance the taxes paid on the necessities of life. A family of four would received a monthly prebate of $1,000 per month.

The $250 per individual monthly rebate per individual would be increased by $10 each year to keep up with inflation. This would make the FairTax Less very progressive for those at or below the poverty line.

The FairTax Less rate would be reduced by 1 percent a year for the next four years so that by 2017 the rate would be 16 percent.

A declining FairTax Less rate combined with a declining balanced budget will force a reduction of government spending outlays.

It should take four to eight years before the 16th Amendment (income tax) is repealed and the balanced budget amendment passes.

Therefore, I would like to see the repeal of the 16th Amendment and the passage of a balanced budget Amendment be immediately initiated in the House of Representatives and Senate.

If this is done, by 2017 the American people will never again want to go back to the complex and time-consuming income tax.

Instead, the American people will be demanding smaller government and an even lower FairTax Less rate.

Also, Paul needs to advocate a FairTax Less plan to complement his Plan to Restore America to a peace and prosperity economy by cutting government spending by $1 trillion in his first year as president and balance the budget in his third year.

The advantage is that a single FairTax Less rate of 20 percent would beat Herman Cain’s 9-9-9 plan. Cain’s plan would have a flat 9 percent business tax, a flat 9 percent personal income tax and a 9 percent national retail sales tax. The total tax rate paid would be 27 percent under Cain’s plan.

A single FairTax Less rate of 20 percent would easily defeat Perry’s optional flat tax of 20 percent personal income tax and a 15.3 percent payroll tax for Social Security or Medicare for a total of 30.3 percent. This does not include the 20 percent corporate income tax that would bring the total taxes paid to over 50 percent.

Only when the American people consume or spend their money on new goods and services would they pay the FairTax Less rate of 20 percent.

The American people would have a strong economic incentive to work, save and invest their money.

More savings would lead to more investment and in turn more jobs as businesses grow and prosper.

It’s time for Ron Paul to announce his support for a FairTax Less plan.

The dynamic combination of Paul’s Plan to Restore America and the FairTax Less plan would result in a peace and prosperity economy.

The U.S. would be the only nation on earth with no taxes on capital and labor!

The FairTax Less plan would attract trillions of dollars of new investment into the U.S. from around the world.

Growth rates and employment would significantly increase as businesses expand their operation and new business are started.

Government spending would be capped at 80 percent of the previous years FairTax Less collections.

The remaining 20 percent would be used to pay down the national debt and unfunded liabilities.

Until the Tea Party elects fiscally responsible Representatives and Senators, the FairTax Less will not happen.

It will take several election cycles to achieve the goal of limited government spending.

The FairTax Less is completely transparent.

You pay the tax when you purchase a new good or service.

Everyone get a rebate and everyone pays to same rate.

Those who spend or consume more pay more taxes.

The FairTax Less is fair to all Americans.

RESTORE AMERICA NOW! Ron Paul 2012 – Plan!

The FairTax: It’s Time

[Raymond Thomas Pronk is host of the Pronk Pops Show on KDUX web radio from 3-5 p.m. Wednesdays and author of the companion blog www.pronkpops.wordpress.com]

Background Articles and Videos

“…What is the FairTax plan?

The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, and, through companion legislation, the repeal of the 16th Amendment.

The FairTax Act (HR 25, S 13) is nonpartisan legislation. It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.

The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.

The FairTax:

  • Enables workers to keep their entire paychecks
  • Enables retirees to keep their entire pensions
  • Refunds in advance the tax on purchases of basic necessities
  • Allows American products to compete fairly
  • Brings transparency and accountability to tax policy
  • Ensures Social Security and Medicare funding
  • Closes all loopholes and brings fairness to taxation
  • Abolishes the IRS

We offer a library of information throughout this Web site about the features and benefits of the FairTax plan. Please explore! …”

http://www.fairtax.org/site/PageServer?pagename=about_main

Tom Wright on the FairTax part 1

Tom Wright on the FairTax part 2

Tom Wright on the FairTax part 3

Tom Wright on the FairTax part 4

Tom Wright on the FairTax part 5

Tom Wright on the FairTax part 6

Tom Wright on the FairTax part 7

Why is the FairTax better than a flat income tax?

Congressman Steve King FairTax Special Order – 11/18/2011

Dan Mitchell explains the fair tax

Q&A on the FAIRTAX pt.1

Q&A on the FAIRTAX pt.2

Time to help small businesses and institute the Fair Tax!

Rep. King hosts FairTax Special Order

Americans For Fair Taxation

“…Americans For Fair Taxation (AFFT), also known as FairTax.org, states it is the United States’ largest, single-issue grassroots organization and taxpayers union dedicated to fundamental tax code replacement.[1] The Houston, Texas-based non-partisan political advocacy group is made up of volunteers who are working to get the Fair Tax Act (H.R. 25/S. 1025) enacted in the United States; a plan to replace all federal payroll and income taxes (both corporate and personal) with a national retail sales tax and monthly tax “prebate” to households of citizens and legal resident aliens. Americans for Fair Taxation state they subscribe to the ideals of simplicity, fairness, and freedom which they believe are embodied in the FairTax.[2][3] The organization claims to have signed up over 800,000 supporters.[4]

AFFT was founded in 1994 by three Houston businessmen, Jack Trotter, Bob McNair, and Leo Linbeck, who each pledged $1.5 million as seed money to hire tax experts to identify what they perceived as faults with the current tax system, to determine what American citizens would like to see in tax reform, and then to design the best system of taxation.[2] The three went on to raise an additional $17 million to fund focus groups with citizens around the country and tax policy studies.[2]

Some of the experts funded include:
  • Professors David Burton and Dan Mastromarco, University of Maryland and The Argus Group
  • Laurence Kotlikoff, Boston University
  • Stephen Moore, The Cato Institute
  • Professor Dale Jorgenson, Harvard University
  • Bill Beach (economist), the Heritage Foundation
  • Jim Poterba, The National Bureau of Economic Research
  • Professor George Zodrow, Rice University and the Baker Institute for Public Policy
  • Professor Joseph Kahn, Massachusetts Institute of Technology

http://en.wikipedia.org/wiki/Americans_For_Fair_Taxation

FairTax.org

http://www.fairtax.org/site/PageServer

Federal Insurance Contributions Act tax

Federal Insurance Contributions Act (FICA) tax (play /ˈfaɪkə/) is a United States payroll (or employment) tax[1] imposed by the federal government on both employees and employers to fund Social Security and Medicare[2] —federal programs that provide benefits for retirees, the disabled, and children of deceased workers. Social Security benefits include old-age, survivors, and disability insurance (OASDI); Medicare provides hospital insurance benefits. The amount that one pays in payroll taxes throughout one’s working career is indirectly tied to the social security benefits annuity that one receives as a retiree.[citation needed] This has led some to claim that the payroll tax is not a tax because its collection is tied to a benefit.[3] The United States Supreme Court decided in Flemming v. Nestor (1960) that no one has an accrued property right to benefits from Social Security.

The Federal Insurance Contributions Act is currently codified at Title 26, Subtitle C, Chapter 21 of the United States Code.[4]

Overview

The Center on Budget and Policy Priorities states that three-quarters of taxpayers pay more in payroll taxes than they do in income taxes.[5] The FICA tax is considered a regressive tax on income (with no standard deduction or personal exemption deduction) and is imposed (for the years 2009 and 2010) only on the first $106,800 of gross wages. The tax is not imposed on investment income (such as interest and dividends).

“Regular” employees (most wage-earners)

For 2008, the employee’s share of the Social Security portion of the tax is 6.2%[6] of gross compensation up to a limit of $102,000 of compensation (resulting in a maximum of $6,324.00 in tax). For 2009 and 2010, the employee’s share is 6.2% of gross compensation up to a limit of $106,800 of compensation (resulting in a maximum Social Security tax of $6,621.60).[7] This limit, known as the Social Security Wage Base, goes up each year based on average national wages and, in general, at a faster rate than the Consumer Price Index (CPI-U). For the calendar year 2011, the employee’s share has been temporarily reduced to 4.2% of gross compensation, with a limit of $106,800.[8] The employee’s share of the Medicare portion is 1.45% of wages, with no limit on the amount of wage subject to the Medicare tax.[6]

The employer is also liable for 6.2% Social Security and 1.45% Medicare taxes,[9] making the total Social Security tax 12.4% of wages, and the total Medicare tax 2.9%. (Self-employed people are responsible for the entire FICA percentage of 15.3% (= 12.4% + 2.9%), since they are in a sense both the employer and the employed; however, see the section on self-employed people for more details.)

If a worker starts a new job halfway through the year and has already earned the wage base limit with the old employer for Social Security purposes, the new employer is not allowed to stop withholding until the wage base limit has been earned with the new employer without regard to the wage base limit earned under the old employer. There are some limited cases, such as a successor-predecessor transfer, in which the payments that have already been withheld can be counted toward the year-to-date total.

If a worker has overpaid toward Social Security by having more than one job or by having switched jobs during the year, that worker can file a request to have that overpayment counted as tax paid when he or she files a Federal income tax return. If the taxpayer is due a refund, then the FICA overpayment is refunded.

Self-employed people

A tax similar to the FICA tax is imposed on the earnings of self-employed individuals, such as independent contractors and members of a partnership. This tax is imposed not by the Federal Insurance Contributions Act but instead by the Self-Employment Contributions Act of 1954, which is codified as Chapter 2 of Subtitle A of the Internal Revenue Code, 26 U.S.C. § 1401 through 26 U.S.C. § 1403 (the “SE Tax Act”). Under the SE Tax Act, self-employed people are responsible for the entire percentage of 15.3% (= 12.4% [Soc. Sec.] + 2.9% [Medicare]); however, the 15.3% multiplier is applied to 92.35% of the business’s net earnings from self-employment, rather than 100% of the gross earnings; the difference, 7.65%, is half of the 15.3%, and makes the calculation fair in comparison to that of regular (non-self-employed) employees. It does this by adjusting for the fact that employees’ 7.65% share of their SE tax is multiplied against a number (their gross income) that does not include the putative “employer’s half” of the self-employment tax. In other words, it makes the calculation fair because employees don’t get taxed on their employers’ contribution of the second half of FICA, therefore self-employed people shouldn’t get taxed on the second half of the self-employment tax. Similarly, self-employed people also deduct half of their self-employment tax (schedule SE) from their gross income on the way to arriving at their adjusted gross income (AGI). This levels the amount paid by self-employed persons in comparison to regular employees, who don’t pay general income tax on their employers’ contribution of the second half of FICA, just as they didn’t pay FICA tax on it either.[10][11]

These calculations are made on Schedule SE: Self-Employment Tax, although that is not readily apparent to novice self-employed taxpayers, owing to the schedule’s rather opaque name, which makes it sound like it is part of the general federal income tax. Some taxpayers have complained that Schedule SE’s title should be changed to something such as “Self-Employment FICA Tax”, so that its separateness from the general income tax is apparent,[12] perhaps not realizing that the SE tax is not imposed by the Federal Insurance Contributions Act (FICA) at all, and that neither SE taxes nor FICA taxes are “income taxes” imposed under Chapter 1 of the Internal Revenue Code.

Exemption for certain full-time students

A special case in FICA regulations includes exemptions for student workers. Students enrolled at least half-time in a university and working part-time for the same university are exempted from FICA payroll taxes, so long as their relationship with the university is primarily an educational one.[13] Medical residents working full-time are not considered students and are not exempt from FICA payroll taxes, according to a US Supreme Court ruling in 2011.[14] In order to be exempt from FICA payroll taxes, a student’s work must be “incident to” pursuit of a course of study, which is rarely the case with full-time employment.[14]

History

Prior to the Great Depression, the following presented difficulties for working-class Americans: [15]

  • The U.S. had no federal-government-mandated retirement savings; consequently, for those people who had not voluntarily saved money throughout their working lives, the end of their work careers was the end of all income.
  • Similarly, the U.S. had no federal-government-mandated disability income insurance to provide for citizens disabled by injuries (of any kind—non-work-related); consequently, for most people, a disabling injury meant no more income (since most people have little to no income except earned income from work).
  • In addition, there was no federal-government-mandated disability income insurance to provide for people unable to ever work during their lives, such as anyone born with severe mental retardation.
  • Further, the U.S. had no federal-government-mandated health insurance for the elderly; consequently, for many people, the end of their work careers was the end of their ability to pay for medical care.
  • Finally, the U.S. had no federal-government-mandated health insurance for all those who are not elderly; consequently, many people, especially those with pre-existing conditions, have no ability to pay for medical care.

In the 1930s, the New Deal introduced Social Security to rectify the first three problems (retirement, injury-induced disability, or congenital disability). It introduced the FICA tax as the means to pay for Social Security.

In the 1960s, Medicare was introduced to rectify the fourth problem (health care for the elderly). The FICA tax was increased in order to pay for this expense.

Criticism

Social Security regressivity debate

The Social Security component of the FICA tax is regressive, meaning the effective tax rate regresses (decreases) as income increases.[16] The Social Security component is actually a flat tax for wage levels under the Social Security Wage Base (see “Regular” employees above). But since no tax is owed on wages above the Wage Base limit, the total tax rate declines as wages increase beyond that limit. In other words, for wage levels above the limit, the absolute dollar amount of tax owed remains constant; since this number (the numerator) remains constant while the wage level (the denominator) increases, the effective tax rate steadily decreases as wage levels increase beyond the Wage Base limit.

FICA is also not collected on unearned income, including interest on savings deposits, stock dividends, and capital gains such as profits from the sale of stock or real estate. The proportion of total income which is exempt from FICA as “unearned income” tends to rise with higher income brackets.

Some argue that since Social Security taxes are eventually returned to taxpayers, with interest, in the form of Social Security benefits, the regressiveness of the tax is effectively negated.[citation needed] That is, the taxpayer gets back what he or she put into the Social Security system. Others, including the Congressional Budget Office, point out that the Social Security system as a whole is progressive; individuals with lower lifetime average wages receive a larger benefit (as a percentage of their lifetime average wage income) than do individuals with higher lifetime average wages.[17][18]

http://en.wikipedia.org/wiki/Federal_Insurance_Contributions_Act_tax

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Pronk Pops Show 70, April 23, 2012: Segment 2: Arthur Brooks–The Battle: How the Fight Between Free Enterprise and Big Government will Shape America’s Future–Videos

Posted on April 17, 2012. Filed under: American History, Budgetary Policy, Business, College, Communications, Culture, Economics, Education, Employment, Energy, Federal Government, Fiscal Policy, Government, Government Spending, Health Care, History, Housing, Immigration, Investments, Labor Economics, Law, Media, Monetary Policy, Philosophy, Politics, Polls, Public Sector Unions, Radio, Regulation, Resources, Security, Social Science, Success, Tax Policy, Technology, Unions, Videos, War, Wisdom | Tags: , , , , , |

Pronk Pops Show 70: April 23, 2012

Pronk Pops Show 69: April 11, 2012

Pronk Pops Show 68: April 4, 2012

Pronk Pops Show 67: April 2, 2012

Pronk Pops Show 66: March 26, 2012

Pronk Pops Show 65: March 9, 2012

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Segment 2: Arthur Brooks–The Battle: How the Fight Between Free Enterprise and Big Government will Shape America’s Future–Videos

Arthur C. Brooks on the Battle Between Free Enterprise and Big Government

AIM: Bloggers Briefing Interview with Arthur Brooks

Arthur Brooks speaks at the Chamber of Commerce

Nick Schulz, editor of American.com, sits down with AEI president Arthur C. Brooks to discuss Mr. Brooks new book, The Battle: How the Fight between Free Enterprise and Big Government Will Shape America’s Future (Basic Books, June 2010).

Arthur Brooks on the New Culture War Over Free Enterprise

Arthur Brooks: Why I Wrote “The Battle”

Arthur Brooks: 70% of Americans Favor Free Enterprise

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Arthur Brooks (10/25/10)

Free Enterprise Versus Big Government: The Battle for America’s Future
Arthur Brooks, President, American Enterprise Institute; Author, The Battle: How the Fight between Free Enterprise and Big Government Will Shape America’s Future
Brooks outlines a new culture war — not the old struggle over guns or abortion or religion, but over two competing visions of America. In one, America continues as a unique and exceptional nation organized around the principles of free enterprise. In the other, the U.S. moves toward a European-style social democracy characterized by increasing bureaucracies, income redistribution and government control of corporations. Brooks argues that free enterprise is not merely an economic system but an expression of American values and American culture, and he makes the case that free enterprise is the system that delivers the greatest levels of prosperity to the greatest numbers of people.

Dr. Arthur C. Brooks at Toledo Law

A Moral Debate: Why Capitalism is Best for America – CBN.com

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FreedomFest 2011 Arthur Brooks “How To Win The Battle For Free Enterprise”

Arthur C. Brooks

“…Arthur C. Brooks is the president of AEI. Until January 1, 2009, he was the Louis A. Bantle Professor of Business and Government Policy at Syracuse University. He is the author of ten books and many articles on topics ranging from the economics of the arts to applied mathematics. His most recent books include The Battle: How the Fight Between Free Enterprise and Big Government Will Shape America’s Future (Basic Books, May 2010), Gross National Happiness (Basic Books, 2008), Social Entrepreneurship (Prentice-Hall, 2008), and Who Really Cares(Basic Books, 2006). Before pursuing his work in public policy, Mr. Brooks spent twelve years as a professional French hornist with the City Orchestra of Barcelona and other ensembles.

Mr. Brooks is the author of the forthcoming book, The Road to Freedom, to be released on May 8th 2012.

Experience

  • Louis A. Bantle Professor of Business and Government Policy, 2007-2008; Professor of Public Administration, 2006-2008; Senior Research Associate, Alan K. Campbell Public Affairs Institute, 2003-2008; Director, Nonprofit Studies Program, 2003-2007; Associate Professor of Public Administration, 2001-2005; Senior Research Associate, Center for Policy Research, 2001-2003, Maxwell School of Citizenship and Public Affairs and Whitman School of Management, Syracuse University
  • Consultant, RAND Corporation, 1998-2008
  • Assistant Professor of Public Administration and Economics, Georgia State University, 1998-2001
  • Doctoral Fellow, RAND Corporation, 1996-98
  • Professor of French Horn, Harid Conservatory of Music, Lynn University, 1992-95
  • French Hornist, Barcelona Symphony Orchestra, Annapolis Brass Quintet, 1983-92

Education

Ph.D., M.Phil., policy analysis, Pardee RAND Graduate School
M.A., economics, Florida Atlantic University
B.A., economics, Thomas Edison State College …”

http://www.aei.org/scholar/arthur-c-brooks/

Arthur C. Brooks

“…Arthur C. Brooks (born May 21, 1964, in Spokane, Wash.) is an American social scientist and musician. He is the president of the American Enterprise Institute, a conservative think tank. Brooks is best known for his work on the junctions between culture, economics, and politics. Two of his popular volumes, Who Really Cares: The Surprising Truth about Compassionate Conservatism and Gross National Happiness: Why Happiness Matters for America—and How We Can Get More of It, explore these themes in greater depth. He is a self-described independent.

Early life and musical career

Brooks was raised in Seattle’s Queen Anne neighborhood. His parents were professors, and his upbringing has been described as “liberal.”[1][2][dead link]

After high school, Brooks pursued a career as a professional French hornist, serving from 1983 to 1989 with the Annapolis Brass Quintet in Baltimore, from 1989 to 1992 as the associate principal French hornist with the City Orchestra of Barcelona in Spain, and teaching from 1992 to 1995 at Lynn University’s Harid Conservatory of Music.[3]

Academia

Toward the end of his professional music career, Brooks began higher education with a bachelor’s degree in economics in 1994 from Thomas Edison State College in New Jersey, a public university that offers distance and nontraditional education programs to working adults. He received a master’s degree from Florida Atlantic University in 1995 before pursuing a doctorate at the Frederick S. Pardee RAND Graduate School, a public policy program located at the RAND Corporation, where he was also a doctoral fellow.[3]

After receiving his PhD in policy analysis in 1998, Brooks continued to be affiliated with RAND, for which he produced a number of studies (see bibliography below; his articles appeared in dozens of academic journals as well), mostly of arts funding and orchestra operations. But he began to dive into the junction of culture, politics, and economics that would come to be his trademark. “He kept his head down during the early years of his academic career, publishing the usual economics fare on philanthropy—such as how tax rates and government spending affect giving,” writes Ben Gose. Brooks himself said, “I made my academic career doing that stuff, but the whole time I knew I was missing something.”[1]

After a stint at Georgia State University, Brooks landed at Syracuse University in 2001. In 2005, he became a full professor, and he held the Louis A. Bantle Chair in Business and Government Policy from 2007 to 2008. At Syracuse, Brooks held joint appointments in the public affairs and management schools. …”

http://en.wikipedia.org/wiki/Arthur_C._Brooks

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Thomas Sowell and Conflict of Visions–Videos

Thomas Sowell–Black Rednecks and White Liberals–The Missing Nobel Laureates–Videos

Thomas Sowell–Intellectuals and Society–Videos

Thomas Sowell On The Housing Boom and Bust–Videos

Nassim Nicholas Taleb–The Black Swan–Videos

Gillian Tett–Fool’s Gold–Videos

Marc Thiessen’s Courting Disaster–A Clear and Present Danger To The American People–President Barack Obama!

C. Bradley Thompson–Neoconservatism: An Obituary for an Idea–Videos

R. Christopher Whalen–Inflated: How Money and Debt Built the American Dream–Videos

David Wessel–In Fed We Trust: Ben Bernanke’s War On The Great Panic–Videos

Thomas E. Woods Jr.–Meltdown–Videos

Thomas E. Woods Jr.–We Who Dared to Say No to War–Videos

Samuel F. Yette–The Choice: The Issue of Black Survival in America-Videos

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Pronk Pops Show 70, April 20, 2012, Segment 0: Eat The Rich–Obama’s Big Distraction And Big Lie: The Buffett Rule Tax and The Rich Do Not Pay Their Fair Share–Class Warfare Progressive Propaganda–Videos

Pronk Pops Show 70, April 20, 2012: Segment 1: Tom A. Coburn–The Debt Bomb: A Bold Plan To Stop Washington From Bankrupting America–Videos

Pronk Pops Show 70, April 20, 2012: Segment 3: A Ron Paul Tax Reform Plan: No Income Taxes Or I.R.S.–FairTax Less: 2013: 20%, 2014: 19%, 2015: 18%, 2016: 17%, 2017: 16%–Income Tax 16th Amendment Repealed And Balance Budget Amendment Passed!–”When The Impossible Became The Inevitable!”

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Pronk Pops Show 70, April 23, 2012: Segment 1: Tom A. Coburn–The Debt Bomb: A Bold Plan To Stop Washington From Bankrupting America–Videos

Posted on April 17, 2012. Filed under: American History, Budgetary Policy, Business, College, Communications, Economics, Employment, Federal Government, Fiscal Policy, Government, Government Spending, History, Housing, Law, Media, Philosophy, Politics, Polls, Public Sector Unions, Regulation, Success, Tax Policy, Unions, Videos, Wisdom | Tags: , , , , , , , , , , , , , , , |

Pronk Pops Show 70: April 23, 2012

Pronk Pops Show 69: April 11, 2012

Pronk Pops Show 68: April 4, 2012

Pronk Pops Show 67: April 2, 2012

Pronk Pops Show 66: March 26, 2012

Pronk Pops Show 65: March 9, 2012

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“…Overview

In a nation whose debt has outgrown the size of its entire economy, the greatest threat comes not from any foreign force but from Washington politicians who refuse to relinquish the intoxicating power to borrow and spend. Senator Tom Coburn reveals the fascinating, maddening story of how we got to this point of fiscal crisis-and how we can escape.

Long before America’s recent economic downturn, beltway politicians knew the U.S. was going bankrupt. Yet even after several so-called “change” elections, the government has continued its wasteful ways in the face of imminent danger. With passion and clarity, Coburn explains why Washington resists change so fiercely and offers controversial yet commonsense solutions to secure the nation’s future.

At a time when millions of Americans are speculating about what is broken in Washington, The Debt Bomb is a candid, thoughtful, non-partisan expose of the real problems inside our government. Coburn challenges the conventional wisdom that blames lobbyists, gridlock, and obstructionism, and places the responsibility squarely where it belongs: on members of Congress in both parties who won’t let go of the perks of power to serve the true interests of the nation-unless enough citizens take bold steps to demand action.

“Democracy never lasts long. It soon wastes, exhausts, and murders itself. There was never a democracy yet that did not commit suicide.” -John Adams

Throughout a distinguished career as a business owner, physician, and U.S. senator, Tom Coburn has watched his beloved republic careen down a suicidal path. Today, the nation stands on the precipice of financial ruin, a disaster far more dangerous to our safety than any terrorist threats we face. Yet Coburn believes there is still hope-if enough Americans are willing to shake the corridors of Washington and demand action.

With an insider’s keen eye and a caregiver’s deft touch, Coburn diagnoses the mess that career politicians have made of things while misusing their sacred charge to govern.

Coburn’s incisive analysis:

· Reveals the root causes of America’s escalating financial crisis

· Exposes Washington’s destructive appetite for wasteful spending, power grabs, backroom deals, and quick non-fixes

· Rises above partisanship to implicate elected officials of all stripes in steering the nation off course

· Lays out a commonsense guide to restoring order

· Concludes with a clarion call and sound advice for Americans who would dedicate themselves to defusing the debt bomb

Above all, Coburn believes the United States can continue as a beacon of opportunity for future generations-but how we act today will determine whether we deliver the nation to our children and grandchildren fully alive, on life support, or without a pulse. …”

http://www.barnesandnoble.com/w/the-debt-bomb-md-tom-a-coburn-tom-a/1106523522

U.S. Debt Clock

http://www.usdebtclock.org/

What is U.S. Debt? – P1: Intro to Debt 

What is U.S. Debt? – P2: Comparing Debt to GDP

I’M TALKING TO YOU

Afterburner with Bill Whittle: Facing the Arithmetic

Bill Whittle Explains our Progressive Nightmare – Part 1

Bill Whittle Explains the Conservative Solution – Part 2

Default America: Interest Suppressed

Default America: Recession & Reallocation

Default America: Laurence Kotlikoff Excerpt

Default America: Influence & Impasse

U.S. Is Bankrupt and We Don’t Even Know It: Laurence Kotlikoff

US National Debt Growing Faster Than GDP (4/9/2012)

U.S. National Debt Documentary Part 1

U.S. National Debt Documentary Part 2

U.S. National Debt Documentary Part 3

U.S. National Debt Documentary Part 4

U.S. National Debt Documentary Part 5

The award-winning documentary I.O.U.S.A. opened up America’s eyes to the consequences of our nation’s debt and the need for our government to show more fiscal responsibility. Now that more Americans and elected officials are aware of our fiscal challenges, the producers of I.O.U.S.A. created I.O.U.S.A.: Solutions, a follow-up special focusing on solutions to the fiscal crisis. Learn more at http://www.iousathemovie.com/.

IOUSA Solutions: Part 1 of 5

IOUSA Solutions: Part 2 of 5

IOUSA Solutions: Part 3 of 5

IOUSA Solutions: Part 4 of 5

IOUSA Solutions: Part 5 of 5

Krauthammer: Obama’s debt increase “radical, unprecedented”

Dr. Coburn on CNBC’s Mad Money discussing the budget deficit facing the U.S.

(Thursday, June 10 2010) Jim Cramer discusses importance of getting a handle on the national debt, the current budget deficit, and ways to expand Congress’ knowledge of economics and budgeting by cutting spending.

Coburn on CNBC’s Squawk Box: Healthcare Law Huge Contributor to Debt, Deficit

Oklahoma Senator Tom Coburn Blasts Everyone in New Book: Buzz Politics 4.17

Coburn Urging the Senate to End Duplication, Pass Amendment that Saves $10 Billion

HSGAC Hearing on Reducing Duplication

(Wednesday, March 21 2012) Dr. Coburn stressing the importance of taking advantage of the GAO’s recommendations for eliminating duplication and savings hundreds of billions in taxpayer dollars in today’s HSGAC hearing titled, “Retooling Government for the 21st Century: The President’s Reorganization Plan and Reducing Duplication”.

Coburn on The Kudlow Report on Problems w/ Obamacare & Gov’t-run Healthcare

Military spending, collapse of US empire

Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending

Four Reasons Why Big Government Is Bad Government

David Walker – America at a Crossroads

It’s Simple to Balance The Budget Without Higher Taxes

Eight Reasons Why Big Government Hurts Economic Growth

Free Markets and Small Government Produce Prosperity

Deficits are Bad, but the Real Problem is Spending

Paul Ryan on CBO’s Dire Economic Warning

Spending Restraint, Part I: Lessons from Ronald Reagan and Bill Clinton

Spending Restraint, Part II: Lessons from Canada, Ireland, Slovakia, and New Zealand

Background Articles and Videos

Debt and Deficit in a Nutshell

“…Spellman, Lewis J. Professor, Department of Finance  Lewis Spellman received his B.B.A. and M.B.A. from the University of  Michigan and his M.A. and Ph.D. from Stanford University. His research  interests include the value of third party financial guarantees, market  estimates of bank risk, bank survival, and banking development. His  teaching interests include debt, equity, and foreign exchange price trends, market intervention by governments, and macroeconomics and business  conditions….”

http://acsprod.mccombs.utexas.edu/facstaff/displayRecord.aspx?uid=82

US Sovereign Risk Part 1-1: Reality Bites Introduction

US Sovereign Risk Part 1-2: Reality Bites Introduction

US Sovereign Risk Part 2: Growth of Debt in the US 

US Sovereign Risk Part 3-1: Political Economy of the Growth of Government Debt

US Sovereign Risk Part 3-2: Political Economy of the Growth of Government Debt 

US Sovereign Risk Part 3-3: Political Economy of the Growth of Government Debt 

US Sovereign Risk Part 4-1: Why the Financial Market Supports Treasuries Despite the Risk

US Sovereign Risk Part 4-2: Why the Financial Market Supports Treasuries Despite the Risk 

US Sovereign Risk Part 5-1: How the Market Reins in an Out of Control Sovereign

US Sovereign Risk Part 5-2: How the Market Reins in an Out of Control Sovereign 

    US Sovereign Risk Part 6: Capital Safe Havens

Coburn book “The Debt Bomb” hits the shelf today

By Rick Couri

“…Senator Tom Coburn hates it when taxpayer money is wasted. Now he has a new book out that points directly at the people and organizations he thinks are the worst offenders. The book is called “The Debt Bomb” and he holds no punches. “We lack the courage to do what’s in the best long term interest of the country because we always put short term political considerations first” he explained.

The Senator says the book is easy to follow because it goes step by step “first of all we tell the story of where we are and how we got here” he said. So how did we get here? Coburn says it all stems from what he calls careerism. “Careerism tends to make members of congress do what’s best for their re-election and not what’s best for the country.” Coburn told us people who hold elected office are always careful to pick the timing of their battles “we’re always waiting for the right moment to fix things well guess what, that right moment doesn’t come.” …”

http://www.krmg.com/news/news/local/coburn-book-debt-bomb-hits-shelf-today/nMbXy/

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Pronk Pops Show 70, April 20, 2012 Segment 0: Eat The Rich–Obama’s Big Distraction And Big Lie: The Buffett Rule Tax and The Rich Do Not Pay Their Fair Share–Class Warfare Progressive Propaganda–Videos

Pronk Pops Show 70, April 20, 2012: Segment 2: Arthur Brooks–The Battle: How the Fight Between Free Enterprise and Big Government will Shape America’s Future–VideosTax? Videos

Pronk Pops Show 70, April 20, 2012: Segment 3: A Ron Paul Tax Reform Plan: No Income Taxes Or I.R.S.–FairTax Less: 2013: 20%, 2014: 19%, 2015: 18%, 2016: 17%, 2017: 16%–Income Tax 16th Amendment Repealed And Balance Budget Amendment Passed!–”When The Impossible Became The Inevitable!”

Read Full Post | Make a Comment ( None so far )

Pronk Pops Show 70, April 23, 2012 Segment 0: Eat The Rich–Obama’s Big Distraction And Big Lie: The Buffett Rule Tax and The Rich Do Not Pay Their Fair Share–Class Warfare Progressive Propaganda–Videos

Posted on April 17, 2012. Filed under: American History, Budgetary Policy, Business, Communications, Economics, Employment, Federal Government, Fiscal Policy, Foreign Policy, Government, History, Law, Media, Philosophy, Politics, Public Sector Unions, Regulation, Social Science, Success, Tax Policy, Unions, Videos, War, Wisdom | Tags: , , , , , , , , , , |

Pronk Pops Show 70: April 23, 2012

Pronk Pops Show 69: April 11, 2012

Pronk Pops Show 68: April 4, 2012

Pronk Pops Show 67: April 2, 2012

Pronk Pops Show 66: March 26, 2012

Pronk Pops Show 65: March 9, 2012

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Segment 0: Eat The Rich–Obama’s Big Distraction And Big Lie: The Buffett Rule Tax and The Rich Do Not Pay Their Fair Share–Class Warfare Progressive Propaganda–Videos

Buffett Rule Rebuffed

EAT THE RICH!

Weekly Address: Passing the Buffett Rule So That Everyone Pays Their Fair Share

David Axelrod gets slammed on the economy and the Buffett rule on Fox News Sunday

Barack Obama will raise Capital Gains Taxes…even if it means less tax revenue!!

Charles Krauthammer Embarrass Obama on His Record

Priebus: Buffett Tax A Shiny Object That Would Raise Just 11 Hours Of Revenue

Steve Hayes – Buffet Tax meaningless

Gene Sperling on the Buffett Rule

Interview – The Buffett Tax: Anything But “Fair”

Real News: Buffett Rule Tax Reform

GBR: Lies from Warren Buffett

Warren Buffet On Why U.S. Taxes Are Too Low For The Wealthy

Mark Levin – The Warren Buffett-Bill Gates “Tax Us More!”

The Buffett Rule is BS pt1

The Buffett Rule is BS pt2

Debunking Warren Buffett and other tax myths

Tax Rates for the 2011 Tax Year

Federal income tax brackets for 2011

By William Perez, About.com Guide

“…For the year 2011, the same tax rates that applied in 2010 have been extended to apply to the years 2011 and 2012. The Tax Relief Act of 2010 temporarily extends the existing tax rate structure for two more years. Tax rates will change in the year 2013 unless new legislation is passed. For 2011, there will be six tax rates of:

  • 10%,
  • 15%,
  • 25%,
  • 28%,
  • 33%, and
  • 35%.

Until the Tax Relief Act was passed, the tax rates for 2011 were scheduled to change as follows: the 10% rate would have been collapsed into the 15% rate; the 25% rate would have become 28%, the 28% rate would have become 31%, the 33% rate would have become 36%, and the 35% rate would have become 39.6%. These tax rate changes will take effect beginning in 2013 absent further legislation.

Capital gain income might be taxed at different rates. There are special capital gains tax rates for dividends, long-term investments, collectibles, and certain types of real estate.

Note:These tax rate schedules are provided for tax planning purposes. To compute your actual income tax, please see the 2011 instructions for Form 1040 and the 2011 Tax Tables.

Single Filing Status

[Tax Rate Schedule X, Internal Revenue Code section 1(c)]

  • 10%on taxable income from $0 to $8,500, plus
  • 15%on taxable income over $8,500 to $34,500, plus
  • 25%on taxable income over $34,500 to $83,600, plus
  • 28%on taxable income over $83,600 to $174,400, plus
  • 33%on taxable income over $174,400 to $379,150, plus
  • 35% on taxable income over $379,150.

Married Filing Jointly or Qualifying Widow(er) Filing Status

[Tax Rate Schedule Y-1, Internal Revenue Code section 1(a)]

  • 10%on taxable income from $0 to $17,000, plus
  • 15%on taxable income over $17,000 to $69,000, plus
  • 25%on taxable income over $69,000 to $139,350, plus
  • 28%on taxable income over $139,350 to $212,300, plus
  • 33%on taxable income over $212,300 to $379,150, plus
  • 35% on taxable income over $379,150.

Six Reasons Why the Capital Gains Tax Should Be Abolished

Capital Gains Tax Rates

Long-Term and Short-Term Capital Gains Tax Rates

By William Perez, About.com Guide

The capital gains tax rates are determined by the type of investment asset and the holding period of the asset.

In additional to the federal capital gains tax rates, your capital gains will also be subject to state income taxes. Many states do not have separate capital gains tax rates. Instead, most states will tax your capital gains as ordinary income subject to the state income taxes rates.

Tax Rate on Short-Term Capital Gains

Capital gain income from assets held one year or less is taxed at the ordinary income tax ratesin effect for the year, ranging from 10% to 35%.

Tax Rate on Long-Term Capital Gains

Capital gain income from assets held longer than one year are generally taxed at a special long-term capital gains rate. The rate that applies depends on which ordinary income tax bracket you fall under.

  • Zero percent rateif your total income (including capital gain income) places you in the ten or fifteen percent tax brackets.
  • 15% rate if your total income (including capital gain income) places you in the twenty-five percent tax bracket or higher.

Tax Rate on Dividend Income

Dividends are classified either as ordinary dividends or as qualified dividends. Ordinary dividends are taxed at your ordinary tax rates for whatever tax bracket you are in. Qualified dividends are taxed at a 15% percent rate. To be eligible as a qualified dividend, the dividends must be from a domestic corporation or a qualifying foreign corporation and you must hold the stock “for more than 60 days during the 121-day period that begins 60 days before the ex-dividend date.” (Publication 550.)

Tax Rate on Collectible Assets

Collectiblesheld longer than one year are taxed at a 28% rate. Short-term gains on collectibles are taxed at the ordinary income tax rates.

Tax Rate on Recaptured Depreciation of Real Property

Real property that has been depreciated is subject to a special depreciation recapturetax. A special 25% tax rate applies to the amount of gain that is related to depreciation deductions that were claimed or could have been claimed on a property. The remainder of the gain will be ordinary or long-term gains, depending on how long the property was held.

Planning Ahead for 2013

The special tax rates on long-term gains and qualified dividends will expire on December 31, 2012. Starting 2013, the tax rate on long-term gains will be 20% (or 10% if a taxpayer is in the fifteen percent tax bracket). Also starting in 2013, the distinction between ordinary and qualified dividends will disappear, and all dividends will be subject to the ordinary tax rates.

Also beginning in 2013, capital gain income will be subject to an additional 3.8% Medicare tax.

http://taxes.about.com/od/capitalgains/a/CapitalGainsTax_4.htm

Payroll Taxes

Basic Information for Employers

From Diana Van Blaricom

Generally speaking, employers report payroll by calculating gross pay and various payroll deductions to arrive at net pay. While this seems simple enough to understand, calculating various payroll deductions requires that the payroll accountant be detail-oriented and work with extreme accuracy.

Basic Formula for Net Pay:
Employee’s gross pay (pay rate times number of hours worked)
minus Statutory payroll tax deductions
minus Voluntary payroll deductions
equals Net Pay.

Statutory Payroll Tax Deductions

Payroll taxes must be withheld from an employee’s paycheck. This is required by law. Employers must hand these withholdings over to various tax agencies. Payroll tax deductions include the following:

  • Federal income tax withholding (based on withholding tables in Publication 15)
  • Social Security tax withholding (6.2% up to the annual maximum)
  • Medicare tax withholding (1.45%)
  • State income tax withholding
  • Various local tax withholdings (such as city, county, or school district taxes, state disability or unemployment insurance). …”
  • Employer Payroll Taxes

    Companies are responsible for paying their portion of payroll taxes. These payroll taxes are an added expense over and above the expense of an employee’s gross pay. The employer-portion of payroll taxes include the following:

    • Social Security taxes (6.2% up to the annual maximum)
    • Medicare taxes (1.45% of wages)
    • Federal unemployment taxes (FUTA)
    • State unemployment taxes (SUTA)

    FICA Taxes

    FICA stands for the Federal Insurance Contributions Act. The FICA tax consists of both Social Security and Medicare taxes. Social Security and Medicare taxes are paid both by the employees and the employer. Both parties pay half of these taxes. Employees pay half, and employers pay the other half. Together both halves of the FICA taxes add up to 15.3%. The 15.3% FICA tax is broken down as follows:

    • Social Security (Employee pays 6.2%)
    • Social Security (Employer pays 6.2%)
    • Medicare (Employee pays 1.45%)
    • Medicare (Employer pays 1.45%)

    For 2011 and 2012, the employee portion of Social Security is reduced to 4.2% instead of 6.2%. This payroll tax holiday was legislated as part of the Tax Relief Act of 2010, which was then extended by HR 3765 and extended again by HR 3630. Starting 2013, the employee-portion of Social Security will revert back to the full 6.2%.

    Reporting Payroll Taxes

    Employers are required to report their payroll tax obligations and to deposit payroll taxes in a timely manner. Reporting requirements include:

    • Making federal tax deposits
    • Annual federal unemployment tax return (Form 940 or 940EZ)
    • Employer’s quarterly payroll tax return (Form 941)
    • Annual Return of Withheld Federal Income Tax (Form 945)
    • Wage and Tax Statements (Form W-2) …”

http://taxes.about.com/od/payroll/qt/payroll_basics.htm

The source for the following charts is the Internal Revenue Service, http://www.irs.gov/taxstats/indtaxstats/article/0,,id=133521,00.html (“Individual Income Tax Returns with Positive Adjusted Gross Income (AGI) Returns Classified by Tax Percentile – Early Release”).

Table 1 Summary of Federal Income Tax Data, 2009

 

Number of Returns with Positive AGI

AGI ($ millions)

Income Taxes Paid ($ millions)

Group’s Share of Total AGI

Group’s Share of Income Taxes

Income Split Point

Average Tax Rate

All Taxpayers 137,982,203 $7,825,389 $865,863 100.0% 100.0% 11.06%
Top 1% 1,379,822 $1,324,572 $318,043 16.9% 36.7% $343,927.00 24.01%
1-5% 5,519,288 $1,157,918 $189,864 14.8% 22.0% 16.40%
Top 5% 6,899,110 $2,482,490 $507,907 31.7% 58.7% $154,643.00 20.46%
5-10% 6,899,110 $897,241 $102,249 11.5% 11.8% 11.40%
Top 10% 13,798,220 $3,379,731 $610,156 43.2% 70.5% $112,124.00 18.05%
10-25% 20,697,331

$1,770,140

$145,747 22.6% 17.0% 8.23%
Top 25% 34,495,551 $5,149,871 $755,903 65.8% 87.3% $ 66,193.00 14.68%
25-50% 34,495,551 $1,620,303 $90,449 20.7% 11.0% 5.58%
Top 50% 68,991,102 $6,770,174 $846,352 86.5% 97.7% > $32,396 12.50%
Bottom 50% 68,991,102

$1,055,215

$19,511 13.5% 2.3% < $32,396 1.85%

Source: Internal Revenue Service

Table 2 Number of Federal Individual Income Tax Returns Filed 1980-2009 (In thousands)

Year

Total

Top 0.1%

Top 1%

Top 5%

Between 5% & 10%

Top 10%

Between 10% & 25%

Top 25%

Between 25% & 50%

Top 50%

Bottom 50%

1980

93,239

932

4,662

4,662

9,324

13,986

23,310

23,310

46,619

46,619

1981

94,587

946

4,729

4,729

9,459

14,188

23,647

23,647

47,293

47,293

1982

94,426

944

4,721

4,721

9,443

14,164

23,607

23,607

47,213

47,213

1983

95,331

953

4,767

4,767

9,533

14,300

23,833

23,833

47,665

47,665

1984

98,436

984

4,922

4,922

9,844

14,765

24,609

24,609

49,218

49,219

1985

100,625

1,006

5,031

5,031

10,063

15,094

25,156

25,156

50,313

50,313

1986

102,088

1,021

5,104

5,104

10,209

15,313

25,522

25,522

51,044

51,044

Tax Reform Act of 1986 changed the definition of AGI, so data above and below this line not strictly comparable

1987

106,155

1,062

5,308

5,308

10,615

15,923

26,539

26,539

53,077

53,077

1988

108,873

1,089

5,444

5,444

10,887

16,331

27,218

27,218

54,436

54,436

1989

111,313

1,113

5,566

5,566

11,131

16,697

27,828

27,828

55,656

55,656

1990

112,812

1,128

5,641

5,641

11,281

16,922

28,203

28,203

56,406

56,406

1991

113,804

1,138

5,690

5,690

11,380

17,071

28,451

28,451

56,902

56,902

1992

112,653

1,127

5,633

5,633

11,265

16,898

28,163

28,163

56,326

56,326

1993

113,681

1,137

5,684

5,684

11,368

17,052

28,420

28,420

56,841

56,841

1994

114,990

1,150

5,749

5,749

11,499

17,248

28,747

28,747

57,495

57,495

1995

117,274

1,173

5,864

5,864

11,727

17,591

29,319

29,319

58,637

58,637

1996

119,442

1,194

5,972

5,972

11,944

17,916

29,860

29,860

59,721

59,721

1997

121,503

1,215

6,075

6,075

12,150

18,225

30,376

30,376

60,752

60,752

1998

123,776

1,238

6,189

6,189

12,378

18,566

30,944

30,944

61,888

61,888

1999

126,009

1,260

6,300

6,300

12,601

18,901

31,502

31,502

63,004

63,004

2000

128,227

1,282

6,411

6,411

12,823

19,234

32,057

32,057

64,114

64,114

2001

128,817

129

1,288

6,441

6,441

12,882

19,323

32,204

32,204

64,409

64,409

2002

128,324

128

1,283

6,416

6,416

12,832

19,249

32,081

32,081

64,162

64,162

2003

128,610

129

1,286

6,430

6,430

12,861

19,291

32,152

32,152

64,305

64,305

2004

130,371

130

1,304

6,519

6,519

13,037

19,556

32,593

32,593

65,186

65,186

2005

132,612

133

1,326

6,631

6,631

13,261

19,892

33,153

33,153

66,306

66,306

2006

135,719

136

1,357

6,786

6,786

13,572

20,358

33,930

33,930

67,860

67,860

2007

141,071

141

1,411

7,054

7,054

14,107

21,161

35,268

35,268

70,535

70,535

2008

139,961

140

1,400

6,998

6,998

13,996

20,994

34,990

34,990

69,980

69,980

2009

137,982

138

1,380

6,899

6,899

13,798

20,698

34,496

34,495

68,991

68,991

Source: Internal Revenue Service

Who Pays Income Taxes and How Much?

http://www.ntu.org/tax-basics/who-pays-income-taxes.html

Tax Year 2009

Percentiles Ranked by AGI

AGI Threshold on Percentiles

Percentage of Federal Personal Income Tax Paid

Top 1%

$343,927

36.73

Top 5%

$154,643

58.66

Top 10%

$112,124

70.47

Top 25%

$66,193

87.30

Top 50%

$32,396

97.75

Bottom 50%

<$32,396

2.25

Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service

Table 6
Total Income Tax Shares, 1980-2009 (Percent of federal income tax paid by each group)

Year

Total

Top 0.1%

Top 1%

Top 5%

Between 5% & 10%

Top 10%

Between 10% & 25%

Top 25%

Between 25% & 50%

Top 50%

Bottom 50%

1980

100%

19.05%

36.84%

12.44%

49.28%

23.74%

73.02%

19.93%

92.95%

7.05%

1981

100%

17.58%

35.06%

12.90%

47.96%

24.33%

72.29%

20.26%

92.55%

7.45%

1982

100%

19.03%

36.13%

12.45%

48.59%

23.91%

72.50%

20.15%

92.65%

7.35%

1983

100%

20.32%

37.26%

12.44%

49.71%

23.39%

73.10%

19.73%

92.83%

7.17%

1984

100%

21.12%

37.98%

12.58%

50.56%

22.92%

73.49%

19.16%

92.65%

7.35%

1985

100%

21.81%

38.78%

12.67%

51.46%

22.60%

74.06%

18.77%

92.83%

7.17%

1986

100%

25.75%

42.57%

12.12%

54.69%

21.33%

76.02%

17.52%

93.54%

6.46%

Tax Reform Act of 1986 changed the definition of AGI, so data above and below this line not strictly comparable

1987

100%

24.81%

43.26%

12.35%

55.61%

21.31%

76.92%

17.02%

93.93%

6.07%

1988

100%

27.58%

45.62%

11.66%

57.28%

20.57%

77.84%

16.44%

94.28%

5.72%

1989

100%

25.24%

43.94%

11.85%

55.78%

21.44%

77.22%

16.94%

94.17%

5.83%

1990

100%

25.13%

43.64%

11.73%

55.36%

21.66%

77.02%

17.16%

94.19%

5.81%

1991

100%

24.82%

43.38%

12.45%

55.82%

21.46%

77.29%

17.23%

94.52%

5.48%

1992

100%

27.54%

45.88%

12.12%

58.01%

20.47%

78.48%

16.46%

94.94%

5.06%

1993

100%

29.01%

47.36%

11.88%

59.24%

20.03%

79.27%

15.92%

95.19%

4.81%

1994

100%

28.86%

47.52%

11.93%

59.45%

20.10%

79.55%

15.68%

95.23%

4.77%

1995

100%

30.26%

48.91%

11.84%

60.75%

19.62%

80.36%

15.03%

95.39%

4.61%

1996

100%

32.31%

50.97%

11.54%

62.51%

18.80%

81.32%

14.36%

95.68%

4.32%

1997

100%

33.17%

51.87%

11.33%

63.20%

18.47%

81.67%

14.05%

95.72%

4.28%

1998

100%

34.75%

53.84%

11.20%

65.04%

17.65%

82.69%

13.10%

95.79%

4.21%

1999

100%

36.18%

55.45%

11.00%

66.45%

17.09%

83.54%

12.46%

96.00%

4.00%

2000

100%

37.42%

56.47%

10.86%

67.33%

16.68%

84.01%

12.08%

96.09%

3.91%

2001

100%

16.06%

33.89%

53.25%

11.64%

64.89%

18.01%

82.90%

13.13%

96.03%

3.97%

2002

100%

15.43%

33.71%

53.80%

11.94%

65.73%

18.16%

83.90%

12.60%

96.50%

3.50%

2003

100%

15.68%

34.27%

54.36%

11.48%

65.84%

18.04%

83.88%

12.65%

96.54%

3.46%

2004

100%

17.44%

36.89%

57.13%

11.07%

68.19%

16.67%

84.86%

11.85%

96.70%

3.30%

2005

100%

19.26%

39.38%

59.67%

10.63%

70.30%

15.69%

85.99%

10.94%

96.93%

3.07%

2006

100%

19.56%

39.89%

60.14%

10.65%

70.79%

15.47%

86.27%

10.75%

97.01%

2.99%

2007

100%

20.19%

40.41%

60.61%

10.59%

71.20%

15.37%

86.57%

10.54%

97.11%

2.89%

2008

100%

18.47%

38.02%

58.72%

11.22%

69.94%

16.40%

86.34%

10.96%

97.30%

2.70%

2009

100%

17.11%

36.73%

58.66%

11.81%

70.47%

16.83%

87.30%

10.45%

97.75%

2.25%

Source: Internal Revenue Service

http://taxfoundation.org/news/show/250.html#table1

Table 8
Average Tax Rate, 1980-2009 (Percent of AGI paid in income taxes)

Year

Total

Top 0.1%

Top 1%

Top 5%

Between 5% & 10%

Top 10%

Between 10% & 25%

Top 25%

Between 25% & 50%

Top 50%

Bottom 50%

1980

15.31%

34.47%

26.85%

17.13%

23.49%

14.80%

19.72%

11.91%

17.29%

6.10%

1981

15.76%

33.37%

26.59%

18.16%

23.64%

15.53%

20.11%

12.48%

17.73%

6.62%

1982

14.72%

31.43%

25.05%

16.61%

22.17%

14.35%

18.79%

11.63%

16.57%

6.10%

1983

13.79%

30.18%

23.64%

15.54%

20.91%

13.20%

17.62%

10.76%

15.52%

5.66%

1984

13.68%

29.92%

23.42%

15.57%

20.81%

12.90%

17.47%

10.48%

15.35%

5.77%

1985

13.73%

29.86%

23.50%

15.69%

20.93%

12.83%

17.55%

10.41%

15.41%

5.70%

1986

14.54%

33.13%

25.68%

15.99%

22.64%

12.97%

18.72%

10.48%

16.32%

5.63%

Tax Reform Act of 1986 changed the definition of AGI, so data above and below this line not strictly comparable

1987

13.12%

26.41%

22.10%

14.43%

19.77%

11.71%

16.61%

9.45%

14.60%

5.09%

1988

13.21%

24.04%

21.14%

14.07%

19.18%

11.82%

16.47%

9.60%

14.64%

5.06%

1989

13.12%

23.34%

20.71%

13.93%

18.77%

12.08%

16.27%

9.77%

14.53%

5.11%

1990

12.95%

23.25%

20.46%

13.63%

18.50%

12.01%

16.06%

9.73%

14.36%

5.01%

1991

12.75%

24.37%

20.62%

13.96%

18.63%

11.57%

15.93%

9.55%

14.20%

4.62%

1992

12.94%

25.05%

21.19%

13.99%

19.13%

11.39%

16.25%

9.42%

14.44%

4.39%

1993

13.32%

28.01%

22.71%

14.01%

20.20%

11.40%

16.90%

9.37%

14.90%

4.29%

1994

13.50%

28.23%

23.04%

14.20%

20.48%

11.57%

17.15%

9.42%

15.11%

4.32%

1995

13.86%

28.73%

23.53%

14.46%

20.97%

11.71%

17.58%

9.43%

15.47%

4.39%

1996

14.34%

28.87%

24.07%

14.74%

21.55%

11.86%

18.12%

9.53%

15.96%

4.40%

1997

14.48%

27.64%

23.62%

14.87%

21.36%

12.04%

18.18%

9.63%

16.09%

4.48%

1998

14.42%

27.12%

23.63%

14.79%

21.42%

11.63%

18.16%

9.12%

16.00%

4.44%

1999

14.85%

27.53%

24.18%

15.06%

21.98%

11.76%

18.66%

9.12%

16.43%

4.48%

2000

15.26%

27.45%

24.42%

15.48%

22.34%

12.04%

19.09%

9.28%

16.86%

4.60%

2001

14.23%

28.20%

27.50%

23.68%

14.89%

21.41%

11.58%

18.08%

8.91%

15.85%

4.09%

2002

13.03%

28.49%

27.25%

22.95%

13.87%

20.51%

10.47%

16.99%

7.67%

14.66%

3.21%

2003

11.90%

24.64%

24.31%

20.74%

12.22%

18.49%

9.54%

15.38%

7.12%

13.35%

2.95%

2004

12.10%

23.09%

23.49%

20.67%

12.28%

18.60%

9.26%

15.53%

7.01%

13.51%

2.97%

2005

12.45%

22.52%

23.13%

20.78%

12.37%

18.84%

9.27%

15.86%

6.93%

13.84%

2.98%

2006

12.60%

21.98%

22.79%

20.68%

12.60%

18.86%

9.36%

15.95%

7.01%

13.98%

3.01%

2007

12.68%

21.46%

22.45%

20.53%

12.66%

18.79%

9.43%

15.98%

7.01%

14.03%

2.99%

2008

12.24%

22.70%

23.27%

20.70%

12.44%

18.71%

9.29%

15.68%

6.75%

13.65%

2.59%

2009

11.06%

24.28%

24.01%

20.46%

11.36%

18.05%

8.25%

14.68%

5.56%

12.50%

1.85%

Source: Internal Revenue Service

http://taxfoundation.org/news/show/250.html#table1

Obama Pushes ‘Buffett Rule’ in Florida

Obama’s Capital Gains Tax “Fairness”

Obama Presses ‘Buffett Rule’ Tax Pitch

RED ALERT: Buffett Rule Is Criminal Scam!

Obama Pushes “Buffett Rule” and Calls for More Romney Tax Returns

Dan Mitchell Debating the Buffett Rule on CNBC

Obama is yet again pushing the “Buffett Rule” while lying about taxes

Six Reasons Why the Capital Gains Tax Should Be Abolished

Indexing the Capital Gains Tax to Protect Taxpayers from Inflation

End Capital Gains and Dividends Tax

Dan Mitchell on Taxing the Rich

The Rahn Curve and the Growth-Maximizing Level of Government

Warren Buffett’s Reported Plans to Avoid Taxes and the Buffett Rule

Obama: ‘Buffett Rule’ Would Raise Taxes for Rich

Warren Buffett’s Tax Rate is Lower than His Secretary’s

Warren Buffett, Secretary Debbie Bosanek Discuss Tax Rate Inequality in

Opinion: The Buffett Tax Folly

Flat Tax vs. National Sales Tax

Ron Paul_ End the IRS & Abolish the Income Tax forever

Hartmann: The defining issue of the 2012 election

Buffett Rule Fails in Senate, 51-45

By Josh Barro,

“…the so-called Buffett Rule (imposing a minimum 30 percent federal income tax rate on those making at least $2 million per year) came up for a vote in the Senate and was defeated. There were 51 votes in favor and 45 opposed, but 60 votes were required for cloture and so the proposal could not proceed.

The vote was nearly along party lines, with Susan Collins (Maine) the only Republican to vote yes and Mark Pryor (Arkansas) the only Democrat to vote no. Joe Lieberman, an independent who caucuses with Democrats, also broke with his party and opposed the proposal, though he wasn’t in Washington D.C. today and so didn’t actually cast a vote. Lieberman said “I am opposed to the Buffett Rule because it would double to 30 percent the capital gains tax on one group of investors”—a statement that reflects the fact that the Buffett Rule debate is fundamentally a debate about whether we should have a preferential tax rate for capital gains. …”

http://www.forbes.com/sites/joshbarro/2012/04/16/buffett-rule-fails-in-senate-51-45/

Dems Lay Trap for GOP with Buffett Rule

By KIM DIXON and PATRICK TEMPLE-WEST, Reuters

“….President Barack Obama and congressional Democrats are laying a political trap for Republicans to be sprung on Monday when the U.S. Senate is slated to vote on the proposed “Buffett Rule,” which would slap a minimum tax on the highest-income Americans. With polls showing strong public support for the rule, Democrats plan to bring it up for a procedural vote in the Senate. Republicans are solidly against it and the proposal is not expected to garner enough votes to move forward.

Even if it does advance in the Senate, it is not expected to be taken up in the House of Representatives, which is controlled by Republicans. Democrats control the Senate, but just barely. Despite the proposal’s poor outlook, Democrats hope that the Senate vote and the debate around it will help them politically ahead of the November 6 elections by casting the Republicans and their presumptive presidential candidate Mitt Romney, himself a multi-millionaire, as the party of the wealthy.

Republicans have attacked the Buffett Rule as a diversion from the weak economy. They also argue that raising taxes on the rich would hit small businesses and discourage their growth. Here is a Q+A on the legislation and the issues behind it.

What Is the Buffett Rule?
Named after billionaire Warren Buffett, who backs it, the rule would require individuals with adjusted gross income of more than $1 million, or $500,000 for married individuals filing separately, to pay at least 30 percent in taxes. Democrats have been careful to stress that the tax would not apply to people with $1 million or more in assets, who comprise a much larger slice of the U.S. population than those with annual incomes of $1 million or more. About 433,000 U.S. households earn more than $1 million a year. That is only about 0.3 percent of all taxpayers, according to the Tax Policy Center, a research group. The bill being voted on in the Senate, sponsored by Democratic Senator Sheldon Whitehouse, would impose the 30-percent tax on adjusted gross income after a modified deduction for charitable giving and certain other tax credits. …”

http://www.thefiscaltimes.com/Articles/2012/04/16/Dems-Lay-Trap-for-GOP-with-Buffett-Rule.aspx#page1

Senate Republicans defeat ‘Buffett Rule’ in procedural vote

NEWSCORE

“…WASHINGTON — Senate Republicans defeated President Barack Obama’s so-called “Buffett Rule” in a 51-45 procedural vote Monday.

Sixty votes were required to move the legislation forward.

The legislation’s defeat was widely-expected, but the White House was eager to put Republicans on record against the proposal, which phases in a minimum effective tax rate of 30 percent for those earning more than $1 million a year, minus any deductions for charitable giving.

The rule is named after billionaire investor Warren Buffett, who famously complained that his own tax rate is lower than that of his secretary.

Critics have said the tax hike would harm job creation while only adding $47 billion to federal coffers over 10 years, but administration officials have argued the measure is not intended to be a revenue-raising mechanism. Instead, they say, it is an attempt to build a more progressive tax code. …”

ARE Americans practicing Communism?
Read the 10 Planks of The Communist Manifestoto discover the truth and learn how to know your enemy…Karl Marx describes in his communist manifesto, the ten steps necessary to destroy a free enterprise system and replace it with a system of omnipotent government power, so as to effect a communist socialist state. Those ten steps are known as the Ten Planks of The Communist Manifesto… The following brief presents the original ten planks within the Communist Manifestowritten by Karl Marx in 1848, along with the American adopted counterpart for each of the planks. From comparison it’s clear MOST Americans have by myths, fraud and deception under the color of law by their own politicians in both the Republican and Democratic and parties, been transformed into Communists.Another thing to remember, Karl Marx in creating the Communist Manifesto designed these planks AS A TEST to determine whether a society has become communist or not. If they are all in effect and in force, then the people ARE practicing communists.Communism, by any other name is still communism, and is VERY VERY destructive to the individual and to the society!!The 10 PLANKS stated in the Communist Manifesto and some of their American counterparts are…1. Abolition of private property and the application of all rents of land to public purposes. Americans do these with actions such as the 14th Amendment of the U.S. Constitution (1868), and various zoning, school & property taxes. Also the Bureau of Land Management (Zoning laws are the first step to government property ownership) 2. A heavy progressive or graduated income tax. Americans know this as misapplication of the 16th Amendment of the U.S. Constitution, 1913, The Social Security Act of 1936.; Joint House Resolution 192 of 1933; and various State “income” taxes. We call it “paying your fair share”. 3. Abolition of all rights of inheritance. Americans call it Federal & State estate Tax (1916); or reformed Probate Laws, and limited inheritance via arbitrary inheritance tax statutes. 4. Confiscation of the property of all emigrants and rebels. Americans call it government seizures, tax liens, Public “law” 99-570 (1986); Executive order 11490, sections 1205, 2002 which gives private land to the Department of Urban Development; the imprisonment of “terrorists” and those who speak out or write against the “government” (1997 Crime/Terrorist Bill); or the IRS confiscation of property without due process. Asset forfeiture laws are used by DEA, IRS, ATF etc…).

5. Centralization of credit in the hands of the state, by means of a national bank with State capital and an exclusive monopoly.
Americans call it the Federal Reserve which is a privately-owned credit/debt system allowed by the Federal Reserve act of 1913. All local banks are members of the Fed system, and are regulated by the Federal Deposit Insurance Corporation (FDIC) another privately-owned corporation. The Federal Reserve Banks issue Fiat Paper Money and practice economically destructive fractional reserve banking.

6. Centralization of the means of communications and transportation in the hands of the State. Americans call it the Federal Communications Commission (FCC) and Department of Transportation (DOT) mandated through the ICC act of 1887, the Commissions Act of 1934, The Interstate Commerce Commission established in 1938, The Federal Aviation Administration, Federal Communications Commission, and Executive orders 11490, 10999, as well as State mandated driver’s licenses and Department of Transportation regulations.

7. Extension of factories and instruments of production owned by the state, the bringing into cultivation of waste lands, and the improvement of the soil generally in accordance with a common plan.
Americans call it corporate capacity, The Desert Entry Act and The Department of Agriculture… Thus read “controlled or subsidized” rather than “owned”… This is easily seen in these as well as the Department of Commerce and Labor, Department of Interior, the Environmental Protection Agency, Bureau of Land Management, Bureau of Reclamation, Bureau of Mines, National Park Service, and the IRS control of business through corporate regulations.

8. Equal liability of all to labor. Establishment of industrial armies, especially for agriculture. Americans call it Minimum Wage and slave labor like dealing with our Most Favored Nation trade partner; i.e. Communist China. We see it in practice via the Social Security Administration and The Department of Labor. The National debt and inflation caused by the communal bank has caused the need for a two “income” family. Woman in the workplace since the 1920’s, the 19th amendment of the U.S. Constitution, the Civil Rights Act of 1964, assorted Socialist Unions, affirmative action, the Federal Public Works Program and of course Executive order 11000.

9. Combination of agriculture with manufacturing industries, gradual abolition of the distinction between town and country, by a more equitable distribution of population over the country.
Americans call it the Planning Reorganization act of 1949 , zoning (Title 17 1910-1990) and Super Corporate Farms, as well as Executive orders 11647, 11731 (ten regions) and Public “law” 89-136. These provide for forced relocations and forced sterilization programs, like in China.

10. Free education for all children in public schools. Abolition of children’s factory labor in its present form. Combination of education with industrial production. Americans are being taxed to support what we call ‘public’ schools, but are actually “government force-tax-funded schools ” Even private schools are government regulated. The purpose is to train the young to work for the communal debt system. We also call it the Department of Education, the NEA and Outcome Based “Education” . These are used so that all children can be indoctrinated and inculcated with the government propaganda, like “majority rules”, and “pay your fair share”. WHERE are the words “fair share” in the Constitution, Bill of Rights or the Internal Revenue Code (Title 26)?? NO WHERE is “fair share” even suggested !! The philosophical concept of “fair share” comes from the Communist maxim, “From each according to their ability, to each according to their need! This concept is pure socialism. … America was made the greatest society by its private initiative WORK ETHIC … Teaching ourselves and others how to “fish” to be self sufficient and produce plenty of EXTRA commodities to if so desired could be shared with others who might be “needy”… Americans have always voluntarily been the MOST generous and charitable society on the planet.

Do changing words, change the end result? … By using different words, is it all of a sudden OK to ignore or violate the provisions or intent of the Constitution of the united States of America?????

The people (politicians) who believe in the SOCIALISTIC and COMMUNISTIC concepts, especially those who pass more and more laws implementing these slavery ideas, are traitors to their oath of office and to the Constitution of the united States of America… KNOW YOUR ENEMY …Remove the enemy from within and from among us.

VOTE LIBERTARIAN, the only political party in America that still firmly supports and diligently abides by the Constitution of the united States of America.

None are more hopelessly enslaved, as those who falsely believe they are free…. http://www.libertyzone.com/Communist-Manifesto-Planks.html

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Reagan’s Impromptu Speech at 1976 GOP Convention

Ron Paul greatest speech

Simon & Garfunkel, Bridge Over Troubled Water, Central Park

When you’re weary

Feeling small

When tears are in your eyes

I will dry them all

I’m on your side

When times get rough

And friends just can’t be found

Like a bridge over troubled water

I will lay me down

Like a bridge over troubled water

I will lay me down

When you’re down and out

When you’re on the street

When evening falls so hard

I will comfort you

I’ll take your part

When darkness comes

And pain is all around

Like a bridge over troubled water

I will lay me down

Like a bridge over troubled water

I will lay me down
Sail on Silver Girl, Sail on by

Your time has come to shine

All your dreams are on their way

See how they shine

If you need a friend

I’m sailing right behind

Like a bridge over troubled water

I will ease your mind

Like a bridge over troubled water

I will ease your mind

Background Articles and Videos

Ronald Reagan Convention Speech 1976 Election

Ron Paul: What If… Amazing Speech 2-12-09

The Last Nail – Floor Speech May 25 2011

Ron Paul ”Imagine For A Moment” Speech

Simon and Garfunkel – Bridge Over Troubled Water Original Version

Related Posts On Pronk Pops

Pronk Pops Show 69: April 11, 2012: Segment 0: Santorum Bows Out Gracefully–Suspends Campaign–Romney Pulls Attack Ads and Will Be Republican Presidential Nominee–Movement Conservatives, Libertarians and Tea Party Patriots Not Supporting Another Big Government Progressive NeoCon–Mitt Romney–Third Party Time–Videos

Pronk Pops Show 69, April 11, 2012: Segment 1: Poor Bureau of Labor Statistics Jobs Report: Only 120,000 Jobs Created In March 2012 With Labor Participation Rate of 63.8 percent As 164,000 Americans Drop Out of Labor Force and Become Discouraged–U-3 Official Unemployment Rate Falls To 8.2 percent–12.7 Million Unemployed–Videos

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Pronk Pops Show 69, April 11, 2012: Segment 1: Poor Bureau of Labor Statistics Jobs Report: Only 120,000 Jobs Created In March 2012 With Labor Participation Rate of 63.8 percent As 164,000 Americans Drop Out of Labor Force and Become Discouraged–U-3 Official Unemployment Rate Falls To 8.2 percent–12.7 Million Unemployed–Videos

Posted on April 11, 2012. Filed under: American History, Budgetary Policy, Business, Communications, Economics, Employment, Federal Government, Fiscal Policy, Government, Government Spending, Health Care, Health Care Insurance, History, Investments, Labor Economics, Monetary Policy, Philosophy, Politics, Regulation, Tax Policy, Videos, Wisdom | Tags: , , , , , |

Pronk Pops Show 69: April 11, 2012

Pronk Pops Show 68: April 4, 2012

Pronk Pops Show 67: April 2, 2012

Pronk Pops Show 66: March 26, 2012

Pronk Pops Show 65: March 9, 2012

Listen To Pronk Pops Podcast or Download Shows 68-69

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Listen To Pronk Pops Podcast or Download Shows 49-51

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Listen To Pronk Pops Podcast or Download Shows 38-40

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Segment 1: Poor Bureau of Labor Statistics Jobs Report: Only 120,000 Jobs Created In March 2012 With Labor Participation Rate of 63.8 percent As 164,000 Americans Drop Out of Labor Force and Become Discouraged–U-3 Official Unemployment Rate Falls To 8.2 percent–12.7 Million Unemployed–Videos

April 6th 2012 CNBC Stock Market Squawk Box (March Jobs Report)

March Unemployment Rate Analysis

MSNBC – Nightly News – Report ‘Landed With A Thud’ 4-6-2012

Reuters – Krueger – A Lot Of Work To Be Done After Weak March Jobs Data 4-6-2012

Romney Tax Plans Will Boost U.S. Economy, Chen Says

Employment Level

Series Id: LNS12000000
Seasonally Adjusted
Series title: (Seas) Employment Level
Labor force status: Employed
Type of data: Number in thousands
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 136559(1) 136598 136701 137270 136630 136940 136531 136662 136893 137088 137322 137614
2001 137778 137612 137783 137299 137092 136873 137071 136241 136846 136392 136238 136047
2002 135701 136438 136177 136126 136539 136415 136413 136705 137302 137008 136521 136426
2003 137417(1) 137482 137434 137633 137544 137790 137474 137549 137609 137984 138424 138411
2004 138472(1) 138542 138453 138680 138852 139174 139556 139573 139487 139732 140231 140125
2005 140245(1) 140385 140654 141254 141609 141714 142026 142434 142401 142548 142499 142752
2006 143150(1) 143457 143741 143761 144089 144353 144202 144625 144815 145314 145534 145970
2007 146028(1) 146057 146320 145586 145903 146063 145905 145682 146244 145946 146595 146273
2008 146397(1) 146157 146108 146130 145929 145738 145530 145196 145059 144792 144078 143328
2009 142187(1) 141660 140754 140654 140294 140003 139891 139458 138775 138401 138607 137968
2010 138500(1) 138665 138836 139306 139340 139137 139139 139338 139344 139072 138937 139220
2011 139330(1) 139551 139764 139628 139808 139385 139450 139754 140107 140297 140614 140790
2012 141637(1) 142065 142034
1 : Data affected by changes in population controls.

Civilian Labor Force

Series Id: LNS11000000
Seasonally Adjusted
Series title: (Seas) Civilian Labor Force Level
Labor force status: Civilian labor force
Type of data: Number in thousands
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059
2005 148029(1) 148364 148391 148926 149261 149238 149432 149779 149954 150001 150065 150030
2006 150214(1) 150641 150813 150881 151069 151354 151377 151716 151662 152041 152406 152732
2007 153144(1) 152983 153051 152435 152670 153041 153054 152749 153414 153183 153835 153918
2008 154075(1) 153648 153925 153761 154325 154316 154480 154646 154559 154875 154622 154626
2009 154236(1) 154521 154143 154450 154800 154730 154538 154319 153786 153822 153833 153091
2010 153454(1) 153704 153964 154528 154216 153653 153748 154073 153918 153709 154041 153613
2011 153250(1) 153302 153392 153420 153700 153409 153358 153674 154004 154057 153937 153887
2012 154395(1) 154871 154707
1 : Data affected by changes in population controls.

Civilian Labor Force Participation Rate

Series Id: LNS11300000
Seasonally Adjusted
Series title: (Seas) Labor Force Participation Rate
Labor force status: Civilian labor force participation rate
Type of data: Percent or rate
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 67.3 67.3 67.3 67.3 67.1 67.1 66.9 66.9 66.9 66.8 66.9 67.0
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4
2007 66.4 66.3 66.2 65.9 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0
2008 66.2 66.0 66.1 65.9 66.1 66.1 66.1 66.1 65.9 66.0 65.8 65.8
2009 65.7 65.8 65.6 65.6 65.7 65.7 65.5 65.4 65.1 65.0 65.0 64.6
2010 64.8 64.9 64.9 65.1 64.9 64.6 64.6 64.7 64.6 64.4 64.5 64.3
2011 64.2 64.2 64.2 64.2 64.2 64.1 64.0 64.1 64.1 64.1 64.0 64.0
2012 63.7 63.9 63.8

Unemployment Level

 Series Id: LNS13000000
Seasonally Adjusted
Series title: (Seas) Unemployment Level
Labor force status: Unemployed
Type of data: Number in thousands
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 5708 5858 5733 5481 5758 5651 5747 5853 5625 5534 5639 5634
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934
2005 7784 7980 7737 7672 7651 7524 7406 7345 7553 7453 7566 7279
2006 7064 7184 7072 7120 6980 7001 7175 7091 6847 6727 6872 6762
2007 7116 6927 6731 6850 6766 6979 7149 7067 7170 7237 7240 7645
2008 7678 7491 7816 7631 8395 8578 8950 9450 9501 10083 10544 11299
2009 12049 12860 13389 13796 14505 14727 14646 14861 15012 15421 15227 15124
2010 14953 15039 15128 15221 14876 14517 14609 14735 14574 14636 15104 14393
2011 13919 13751 13628 13792 13892 14024 13908 13920 13897 13759 13323 13097
2012 12758 12806 12673

U-3 Unemployment Rate

 Series Id: LNS14000000
Seasonally Adjusted
Series title: (Seas) Unemployment Rate
Labor force status: Unemployment rate
Type of data: Percent or rate
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.9 5.1 5.0 5.4 5.6 5.8 6.1 6.1 6.5 6.8 7.3
2009 7.8 8.3 8.7 8.9 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.7 9.8 9.8 9.9 9.6 9.4 9.5 9.6 9.5 9.5 9.8 9.4
2011 9.1 9.0 8.9 9.0 9.0 9.1 9.1 9.1 9.0 8.9 8.7 8.5
2012 8.3 8.3 8.2

U-6 Total Unemployment Rate

Series Id: LNS13327709
Seasonally Adjusted
Series title: (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status: Aggregated totals unemployed
Type of data: Percent or rate
Age: 16 years and over
Percent/rates: Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 7.1 7.2 7.1 6.9 7.1 7.0 7.0 7.1 7.0 6.8 7.1 6.9
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2
2005 9.3 9.3 9.1 8.9 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.6
2006 8.4 8.4 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.1 7.9
2007 8.4 8.2 8.0 8.2 8.2 8.3 8.4 8.4 8.4 8.4 8.4 8.8
2008 9.2 9.0 9.1 9.2 9.7 10.1 10.5 10.8 11.1 11.8 12.7 13.5
2009 14.2 15.1 15.7 15.8 16.4 16.5 16.5 16.7 16.8 17.2 17.1 17.1
2010 16.7 16.9 16.9 17.0 16.6 16.5 16.5 16.6 16.9 16.8 16.9 16.6
2011 16.1 15.9 15.7 15.9 15.8 16.2 16.1 16.2 16.4 16.0 15.6 15.2
2012 15.1 14.9 14.5

Background Articles and Videos

Unemployment Rate Primer

John Williams of Shadow Stats “This is end of the world type stuff”

Employment Situation Summary

Transmission of material in this release is embargoed                 USDL-12-0614
until 8:30 a.m. (EDT) Friday, April 6, 2012

Technical information:
 Household data:     (202) 691-6378  *  cpsinfo@bls.gov  *  www.bls.gov/cps
 Establishment data: (202) 691-6555  *  cesinfo@bls.gov  *  www.bls.gov/ces

Media contact:       (202) 691-5902  *  PressOffice@bls.gov

                 THE EMPLOYMENT SITUATION -- MARCH 2012

Nonfarm payroll employment rose by 120,000 in March, and the unemployment
rate was little changed at 8.2 percent, the U.S. Bureau of Labor Statistics
reported today. Employment rose in manufacturing, food services and drinking
places, and health care, but was down in retail trade.

Household Survey Data

The number of unemployed persons (12.7 million) and the unemployment rate
(8.2 percent) were both little changed in March. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men 
(7.6 percent), adult women (7.4 percent), teenagers (25.0 percent), whites
(7.3 percent), blacks (14.0 percent), and Hispanics (10.3 percent) showed
little or no change in March. The jobless rate for Asians was 6.2 percent,
not seasonally adjusted. (See tables A-1, A-2,and A-3.)

The number of long-term unemployed (those jobless for 27 weeks and over)
was essentially unchanged at 5.3 million in March. These individuals
accounted for 42.5 percent of the unemployed. Since April 2010, the number
of long-term unemployed has fallen by 1.4 million. (See table A-12.)

The civilian labor force participation rate (63.8 percent) and the
employment-population ratio (58.5 percent) were little changed in March.
(See table A-1.)

The number of persons employed part time for economic reasons (sometimes
referred to as involuntary part-time workers) fell from 8.1 to 7.7 million
over the month. These individuals were working part time because their
hours had been cut back or because they were unable to find a full-time
job. (See table A-8.)

In March, 2.4 million persons were marginally attached to the labor
force, essentially unchanged from a year earlier. (The data are not
seasonally adjusted.) These individuals were not in the labor force,
wanted and were available for work, and had looked for a job sometime
in the prior 12 months. They were not counted as unemployed because they
had not searched for work in the 4 weeks preceding the survey.
(See table A-16.)

Among the marginally attached, there were 865,000 discouraged workers
in March, about the same as a year earlier. (The data are not seasonally
adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining
1.5 million persons marginally attached to the labor force in March had
not searched for work in the 4 weeks preceding the survey for reasons such
as school attendance or family responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment rose by 120,000 in March. In the prior 
3 months, payroll employment had risen by an average of 246,000 per month.
Private-sector employment grew by 121,000 in March, including gains in
manufacturing, food services and drinking places, and health care. Retail
trade lost jobs over the month. Government employment was essentially
unchanged. (See table B-1.)

Manufacturing employment rose by 37,000 in March, with gains in motor
vehicles and parts (+12,000), machinery (+7,000), fabricated metals
(+5,000), and paper manufacturing (+3,000). Factory employment has risen
by 470,000 since a recent low point in January 2010.

Within leisure and hospitality, employment in food services and drinking
places rose by 37,000 in March and has risen by 563,000 since a recent
low point in February 2010.

In March, health care employment continued to grow (+26,000). Within the
industry, offices of physicians and hospitals each added 8,000 jobs over the
month.

Employment in financial activities was up by 15,000 in March, with most of
the gain occurring in credit intermediation (+11,000).

Employment in professional and business services continued to trend up
in March (+31,000). Employment in the industry has grown by 1.4 million
since a recent low point in September 2009. In March, services to buildings
and dwellings added 23,000 jobs. Employment in temporary help services
was about unchanged over the month after increasing by 55,000 in February.

Retail trade employment fell by 34,000 in March. A large job loss in general
merchandise stores (-32,000) and small losses in other retail industries
more than offset gains in health and personal care stores (+6,000) and in
building material and garden supply stores (+5,000).

Employment in the other major private-sector industries, including mining,
construction, wholesale trade, transportation and warehousing, and information,
changed little in March.

The average workweek for all employees on private nonfarm payrolls edged
down by 0.1 hour to 34.5 hours in March. The manufacturing workweek fell 
by 0.3 hour to 40.7 hours, and factory overtime was unchanged at 3.4 hours.
The average workweek for production and nonsupervisory employees on private
nonfarm payrolls was unchanged at 33.8 hours. (See tables B-2 and B-7.)

In March, average hourly earnings for all employees on private nonfarm
payrolls rose by 5 cents, or 0.2 percent, to $23.39. Over the past 12 months,
average hourly earnings have increased by 2.1 percent. In March, average
hourly earnings of private-sector production and nonsupervisory employees
rose by 3 cents, or 0.2 percent, to $19.68. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for January was revised from
+284,000 to +275,000, and the change for February was revised from +227,000
to +240,000.

______________
The Employment Situation for April is scheduled to be released on
Friday, May 4, 2012, at 8:30 a.m. (EDT).

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Pronk Pops Show 69: April 11, 2012: Segment 0: Santorum Bows Out Gracefully–Suspends Campaign–Romney Pulls Attack Ads and Will Be Republican Presidential Nominee–Movement Conservatives, Libertarians and Tea Party Patriots Not Supporting Another Big Government Progressive NeoCon–Mitt Romney–Third Party Time–Videos

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Pronk Pops Show 69: April 11, 2012: Segment 0: Santorum Bows Out Gracefully–Suspends Campaign–Romney Pulls Attack Ads and Will Be Republican Presidential Nominee–Movement Conservatives, Libertarians and Tea Party Patriots Not Supporting Another Big Government Progressive NeoCon–Mitt Romney–Third Party Time–Videos

Posted on April 11, 2012. Filed under: American History, Budgetary Policy, Business, College, Consitutional Law, Economics, Education, Employment, Energy, Federal Government, Fiscal Policy, Foreign Policy, Government, Government Spending, Health Care, History, Housing, Illegal Immigration, Immigration, Labor Economics, Law, Media, Monetary Policy, Philosophy, Politics, Polls, Pro Life, Security, Success, Tax Policy, Videos, Violence, War, Wisdom | Tags: , , , , , , , , , |

Pronk Pops Show 69: April 11, 2012

Pronk Pops Show 68: April 4, 2012

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Congressman Ron Paul, MD – We’ve Been NeoConned

Chinese Troops Invade the Heart of Texas – Ron Paul

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“…In a surprise decision Tuesday, former Sen. Rick Santorum (R-Pa.) will announce that he is suspending his presidential campaign, The Huffington Post’s Jon Ward has learned and several other outlets have reported.

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http://www.huffingtonpost.com/2012/04/10/rick-santorum-drops-out-2012-race_n_1415372.html?1334080993%20%20&ref=politics

Report: Santorium to Suspend Campaign

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Pronk Pops Show 68, April 4, 2012: Segment 2: America At The Crossroads–Road To Peace and Prosperity with Fiscal Responsibility or Road To War and Welfare with Debt and Inflation–Videos

Posted on April 4, 2012. Filed under: American History, Budgetary Policy, Communications, Consitutional Law, Economics, Education, Employment, Energy, Federal Government, Foreign Policy, Government, Government Spending, Health Care, Health Care Insurance, History, Housing, Illegal Immigration, Immigration, Investments, Labor Economics, Law, Media, Medicine, Monetary Policy, Philosophy, Politics, Polls, Pro Abortion, Pro Life, Radio, Regulation, Resources, Tax Policy, Technology, Videos, Violence, War, Wisdom | Tags: , |

Pronk Pops Show 68: April 4, 2012

Pronk Pops Show 67: April 2, 2012

Pronk Pops Show 66: March 26, 2012

Pronk Pops Show 65: March 9, 2012

Pronk Pops Show 64: February 29, 2012

Pronk Pops Show 63: February 22, 2012

Pronk Pops Show 62: February 15, 2012

Pronk Pops Show 61: February 8, 2012

Pronk Pops Show 60:February 1, 2011

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David Walker – America at a Crossroads

Comeback America:The Nation’s Fiscal Challengeand A Way Forward

http://www.slideshare.net/mobile/rockefellercenter/w12-david-walker010912

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