Obama Releases 332 Pg Plan to Regulate the Internet & Raise Taxes on Consumers

Aijit PaiFCC Commissioner AijitPai@Twitter Fact Sheet: Obama’s 332 Pg Plan
to Regulate the Internet Gives FCC the Power to Micromanage How the Internet Works & Opens the Door to Billions of New Taxes on Consumers

Flashback Video: Remember in 2008 in Dover, NH when then presidential candidate Barack Obama said: “I can make this firm pledge, under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income taxes, not your payroll taxes, not your capital gains taxes, not any of your taxes.”

Obama is a narcissistic, pathological liar.

H/T: Lana Wong@Facebook

California Already With the Nations Highest Gas Taxes, Democrat Proposes New Road User Fee

California Gas TaxesCalifornia Gas Taxes Already Highest in the Country Now Democrat
Assembly Speaker Wants to Gouge Consumers Even More
Image: CA Political Review

(LA Times) California Democrat Assembly Speaker Toni Atkins proposed on Wednesday a new user fee tax, to confiscate an additional $1.8 Billion annually from Consumers called a ‘Road User Charge’ tacked on to residents insurance bills or registration fees to allegedly pay for roadway maintenance.

Flashback: Remember in 2014 when an audit of California’s books revealed in excess of $31 Billion in accounting irregularities–Now Democrats want even more money. When is enough, enough? Can Democrats insatiable appetite to seize other peoples money be ever satisfied?

California already ranked by 500 of the top CEO’s in the country as the worst state to do business mainly because of the state’s high taxes and oppressive regulatory regime, Democrats in Sacramento are not going to make it any easier to attract new companies, business development and opportunity, by taking even more money from Consumers already overly burdened by the highest personal income taxes and gas taxes in the country.

Obama’s Latest Tax Hike Proposal on ‘529 College Savings Plans’ Breaks Middle Class Tax Pledge

More Free StuffObama’s Latest Brainstorm of ‘More Free Stuff’
Image: Joe Thompson@Twitter 

(CNN) The most compelling reason to save for your child’s college education in a 529 Plan has been for the tax savings–One can sock away up to $14,000 a year according to the IRS (which one of course pays taxes on when earned) for a child’s college costs and pay no capital gains taxes on the interest  when the funds are used to pay for educational costs–Well that’s the plan now unless Obama has his way.

Obama’s latest brainstorm: To strip away 529 College Saving Plans of their key tax breaks–Savings would still be tax deferred but withdrawals on any new deposits made into the 529’s would be taxed as ordinary income to the beneficiary (actually double taxed as one pays income taxes on the money earned before socking it away into a 529 account) Still, why remove the incentive to sock away money to pay for a child’s future education costs?

To the Obama Administration its all about ‘fairness’ (fair for who? Who decides what is fair? Obama?) adding that tax-free distribution of money from 529 accounts unfairly benefits high income earners.

Under Obama’s proposal, one must disincentivize college savings and investment to make children dependent on the government (taxpayers) for their future educational costs.

The Wall Street Journal reports that a Senior Obama Administration official said, “Under the president’s plan, every dollar saved from consolidating and curbing inefficient tax breaks and tens of billions more–is plowed right back into higher education tax benefits for students and middle-class families. In particular, families with incomes of up to $180,000 (Obama’s latest definition of who is rich) will be able to benefit from the expanded Opportunity Tax Credit.”

This so called, ‘Opportunity Tax Credit’ provides more benefit to lower income students, in part because it pays ‘cash’ to students who don’t make enough to pay income taxes.

So let me see if I have this straight. Obama now wants to allow the government to tax (confiscate) interest earned in ‘529 College Saving Plans’ (which one has already paid federal and state income taxes on the money earned before socking funds away for a child’s future college costs) in an effort to be ‘Fair’ to lower income Americans that will qualify for an ‘Opportunity Tax Credit’ paying them tax-free cash to help pay their educational costs.

Whatever happened to Obama’s ‘firm pledge’ not to raise taxes on families earning less than $250,000 annually?

Flashback Video: Remember in 2008 when then presidential candidate Sen. Obama claimed in Dover, New Hampshire:

“I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income taxes, not your payroll taxes, not your capital gains taxes, not any of your taxes.”

It sounds like its time to roll-over monies saved in 529’s while children are still young and one intends to continue to save for their future college costs for some years to come, into some other investment vehicle — Tax free municipals are looking better-and-better all the time.

Related: Obama Calls for $320 Billion in New Taxes –ATR

California New Gas Taxes Go Into Effect, Now Highest in the Country

California Gas Taxes(Catholic Online) With the Exception of Two States,
States With the Highest Taxes Voted for Obama in 2012
Californians Against Higher Oil Taxes

Flashback: On the 13 May, I wrote here that California in 2014 was the worst state for business according to an annual survey of 500 CEO’s across the country which graded states which they were familiar on measures including taxes and regulatory regime, the quality of the workforce and the quality of the living environment.

With the 930 new laws which mostly all took effect yesterday, it isn’t very likely that CEO’s across the nation will give California any better grade this year.

Treasury Inspector General: $67 Million Missing from ObamaCare Slush Fund

Obama Scandals2014 Midterms: Its About Obama’s Scandals Stupid —Feisty Floridian

(ATR) The IRS is unable to account for $67 Million (its your money) from an ObamaCare slush fund according to a Treasury report released today.

The “Health Insurance Reform Implementation Find” (HIRIF) was quietly tucked into the ObamaCare bill (that no one read before passing it)  in order to give the IRS money to enforce the tax hikes and provisions of the healthcare law.

California Unions Paid Millions to Raise Taxes Resulting in Negative Economic Consequences

California Prop 30Thanks California Prop 30 Supporters for Making the State #1 in Taxes
Soquel by the Creek@Twitter

On Wednesday I wrote here that Gov Jerry Brown’s tax hike had negative economic consequences and is a contributing factor why California is ranked as the worst state for business in 2014

California’s Comeback Miracle Turns Out to Be a Mirage — Gov Brown’s Tax Hike Has Negative Economic Consequences

New IRS Form Proves That Obama Lied About Individual Mandate Surtax

Incomes TaxesFederal Income Tax Failure –Image: J. Jacobs@Twitter

(ATR) On Thursday, the IRS released a slew of new tax forms–the new draft Form 1040 shows a new ObamaCare surtax line has been created for payment of the individual mandate surtax.

ObamaCare TaxesNew IRS Draft Form 1040 Proves that Obama Repeatedly Lied About Individual Mandate Tax –Image: Elisabeth@Twitter

President Obama repeatedly:

(a) denied that the ObamaCare surtax was actually a tax;

(b) claimed that he would not raises taxes on the middle-class;

President Obama is a pathological liar.

CBO Subsequent to ObamaCare Changes, Says it Can Not Forecast ACA Impact on Deficit

ObamaCare LieGotta Love It When ‘Team Obama’ Puts Their Lies in Writing
Image: PolitiBunny@Twitter

(The Fiscal Times)  One of the Obama Administration and Democrats major selling points of the new health care law was that “ObamaCare is projected to cut the national deficit by over $200 Billion during its first 10 years and over $1 Trillion over the next two decades…” however not according to the Congressional Budget Office.

In a little noticed footnote first reported this week by Roll Call updating estimates of the effects of insurance coverage provisions of the law, the agency headed by Douglas Elmendorf acknowledged, that neither the CBO nor the Joint Committee on Taxation (JCT) could determine precisely how scores of provisions–would impact on longterm government spending.

“CBO and JCT can no longer determine how the provisions of the ACA that are not related to the expansion of health insurance coverage have affected their projections of direct spending and revenues,” the CBO wrote. “The provisions that expanded coverage established entirely new programs or components of programs…Isolating the incremental effects of those provisions on previously existing programs and revenues four years after enactment of the ACA is not possible.”

As the Roll Call story noted, the CBO based its original estimates of long-term deficit reduction on the assumption that ObamaCare which included Medicare cuts and numerous new taxes would be implemented as written, that was before a blizzard of Obama Administration changes and delays in deadlines of the implementation of the health care law.

Be Sure to Thank Liberal Dems in Sacramento as Southern California Rental Property Costs Expected to Continue to Rise

For Rent in MalibuMalibu Rental –Image: AceRenting@Twitter

(LA Times) Rental home costs are going to continue to rise–nearly 78% of Southern California apartment building owners say they plan to hike rents in the next 12 months according to a new survey from real estate broker Marcus & Millichap about 22% plan to increase rents by at least 3%

On the 04 June, I wrote here that over half of Americans reportedly are already struggling to keep their homes and the problem is only going to get worse.

LA Rental PricesIn April, ‘Curbed LA’ Published a Chart Showing the Best & Worst Rental Prices Throughout Los Angeles Area

Say Good-Bye to Prop 13 ?

In May, The Sacramento Bee–Capitol Alert reported after decades of wrangling by Democrats (that just can’t seem to confiscate enough of taxpayers money to spend, I digress) during a hearing of the ‘Assembly Revenue and Taxation Committee’ lawmakers agreed on changes to the 1978 law governing reassessments of commercial property when it changes hands, citing one of their old stand-by favorite liberal arguments ‘fairness’ of the tax system, as if voters were not smart enough when Prop 13 passed by a 2 to 1 margin.

Will confiscating more money from commercial/business property owners actually result in more “fairness” that Democrats like to claim or just raise the costs of doing business and make things (such as rental costs) more expensive?

The latter of course, as Forbes correctly points out–Corporations (such as rental property owners) don’t pay taxes they pass on their business costs and expenses to their customers or in this case, to their tenants in the form of higher rents.

Why is it that California voters continue to reelect liberals to Sacramento is anyones guess–Just as, how many licks does it take to get to the ‘Tootsie Roll’ center of a “Tootsie Roll Pop” the world may never know?

Related: Squeezing Out the Working Class Through Higher Rents

Lack of Housing Trouble–That Might Be Trouble –LA Register