Jim McGrody (photo)
Republican Primary candidate
Congressional District 23
For Democrats, it's not enough that federal tax collections are at a record high, or that budget officials are forecasting annual revenue growth of 4 percent in the years ahead. They want more dough, and they believe they can make everyone pay, manipulating their behaviors along the way, without any consequence to the economy.
The Dems want to raise taxes. What follows is a short list of bad ideas emanating from the left side of the aisle.
On the other hand, Candidate Jim McGrody has taken The Taxpayer Protection Pledge -- vowing not to raise your taxes. Click here to view this pledge...
A List of Bad Tax Ideas From The Dems!
-- Increasing the top income tax rate from 35 percent to 39.6 percent.
-- Reinstating the income tax "marriage penalty," which forced married middle-class couples filing jointly to pay more taxes than they would have if they filed separately.
-- Cutting the per-child tax credit from $1,000 to $500.
-- Reinstating the death tax, which finally flatlines in 2009 but will come crawling out of its grave in 2011 without further action from Congress. Democrats also want fewer exemptions granted, which would allow them to pick the pockets of more middle-class cadavers.
-- Boosting taxes on private equity and hedge fund managers, thereby making U.S. financial institutions less competitive in the global marketplace.
-- Raising federal cigarette taxes by 156 percent, to $1 per pack.
-- Sending cigar taxes through the roof, from a 20.7 percent levy on wholesale prices with a 5-cent cap, to a 53 percent rate with a $3 cap.
-- Piling higher drilling royalties and higher taxes on oil and gas companies by killing tax breaks that are extended to every other U.S. manufacturer.
-- Increasing the federal gasoline tax by between 5 and 50 cents per gallon.
-- Creating a tax of $50 per ton of carbon, to be assessed on coal, petroleum products and natural gas.
-- Raising income taxes on people who live in houses with more than 3,000 square feet by phasing out their mortgage interest deduction. For example, taxpayers who have borrowed money to buy a house with between 3,400 and 3,599 square feet would be able to deduct only 55 percent of their mortgage interest. Homes with 4,200 square feet or more would not be eligible for a mortgage interest deduction.
-- Eliminating the interest deduction for home equity loans.
-- Prohibiting donations to cultural institutions and private colleges and universities from being claimed as income tax deductions.
-- Increasing the top income tax rate from 35 percent to 39.6 percent.
-- Reinstating the income tax "marriage penalty," which forced married middle-class couples filing jointly to pay more taxes than they would have if they filed separately.
-- Cutting the per-child tax credit from $1,000 to $500.
-- Reinstating the death tax, which finally flatlines in 2009 but will come crawling out of its grave in 2011 without further action from Congress. Democrats also want fewer exemptions granted, which would allow them to pick the pockets of more middle-class cadavers.
-- Boosting taxes on private equity and hedge fund managers, thereby making U.S. financial institutions less competitive in the global marketplace.
-- Raising federal cigarette taxes by 156 percent, to $1 per pack.
-- Sending cigar taxes through the roof, from a 20.7 percent levy on wholesale prices with a 5-cent cap, to a 53 percent rate with a $3 cap.
-- Piling higher drilling royalties and higher taxes on oil and gas companies by killing tax breaks that are extended to every other U.S. manufacturer.
-- Increasing the federal gasoline tax by between 5 and 50 cents per gallon.
-- Creating a tax of $50 per ton of carbon, to be assessed on coal, petroleum products and natural gas.
-- Raising income taxes on people who live in houses with more than 3,000 square feet by phasing out their mortgage interest deduction. For example, taxpayers who have borrowed money to buy a house with between 3,400 and 3,599 square feet would be able to deduct only 55 percent of their mortgage interest. Homes with 4,200 square feet or more would not be eligible for a mortgage interest deduction.
-- Eliminating the interest deduction for home equity loans.
-- Prohibiting donations to cultural institutions and private colleges and universities from being claimed as income tax deductions.
The Shrinking Deficit
The Congressional Budget Office (CBO) has released its preliminary estimates for Fiscal Year 2007 that ended September 30, and the federal budget deficit fell again, this time by 35 percent to $161 billion, says the Wall Street Journal.
The Congressional Budget Office (CBO) has released its preliminary estimates for Fiscal Year 2007 that ended September 30, and the federal budget deficit fell again, this time by 35 percent to $161 billion, says the Wall Street Journal.
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