The only guarantees are Death, Taxes and the fact George Bush is an asshole

distributorcap NY

Death and Taxes and George Bush will have a funny way of all colliding in 2010………

“Congress shall have the power to lay and collect taxes, duties, imposts and excises.”

These 14 words from the US Constitution (you know, the document that George Bush has managed to turn into a roll of Charmin) are something we have all come to both dread and fear (for many reasons)

On February 3, 1913, the 16th Amendment to the Constitution was ratified allowing the US Congress to “levy an income tax with regards to the States or the Census.”

Fast forward 95 years and we now have a Federal Tax Code (not including the state tax codes) that is over 67,500 pages of regulations, rules, exemptions, deductions, breaks and credits. It makes War and Peace look like a short story. In his acceptance speech for the 1976 Democratic nomination, Jimmy Carter memorably said this about the US income tax system, “it is a disgrace to the human race.”

For many, many reasons, Carter should amend that quote to include another disgrace to the human race — George W. Bush – but lets stick to taxes. On second thought, what Bush did with the tax code is a disgrace to all humanity. When the current scumbag in the White House pushed through his $1.4 trillion tax cuts in 2001 and 2003 – they came complete with an expiration date of 2010. Smack in the middle of someone else’s first term. What a devious plan – Georgie gets the PR benefit for tax cuts during his entire presidency and then dumps this financial tornado (along with his Iraq debacle) right in the lap of the some other sucker guy (or gal). Hard to tell if this was planned – but I would lay good money on it that Karl Rove knew exactly what the logistics of these tax cuts would do to President #44.

Twenty-three months after the next president is inaugurated, the Bush tax cuts will expire. The winner of the 2008 election and the collective dorks in Congress will have to determine what is done about the fact that, unless quick action is taken, the economy will be walloped BIG TIME in 2011. $300-400 billion dollars of big time wallop. And lucky for Congress they get to make these decisions just in time for the 2010 midterm elections.

Here are a few things that will happen: the five income tax brackets (10, 25, 28, 33 and 35 percent) will be increased to 15, 28, 31, 36 and 39.6 percent. The child tax credit reverts to $500 from $1,000. The estate tax rate, which falls to zero in 2010, will snap back to a 60 percent maximum, and exemptions that have increased will decrease. The capital gains rate will rise, and the marriage penalty will be revived, as will the double taxation of dividends. The AMT will continue to need to be completely re-written, else millions more will fall under its doomed (and more expensive) spell.

The estate tax is an interesting quandary. During the year 2010, the federal estate tax is fully repealed – there will not be any federal taxes on any size estate. At midnight on December 31, 2010, that zero tax rate will revert to 55% for any estate valued over $1 million. In other words, the wealthy need to time their death accordingly. I hope the government is monitoring arsenic sales, pillow thefts in hospitals and how many brake lines are cut towards the end of 2010. Estate lawyers are having a field day right now.

If President Obama or Clinton lets the cuts expire – they will now be dealing with what amounts to — a huge tax hike. He/she will be trashed by a Republican smear campaign labeling him/her as a “tax and spend liberal” or as someone who has made the average person pay more. This of course will be completely egged on by an unsympathetic press, which in turn will create antagonism towards President Obama or Clinton. If President McCain (boy does that sound awful) lets the cuts expire, he will be exonerated by the Republican love machine, which will then label Congress as the “tax and spend liberals” not concerned with the average Joe. This of course will be completely egged on by the sympathetic press, which in turn will create antagonism from the population towards the Democratic party. Chalk up the win-win for the Republicans.

If the tax cuts are extended by any of the three, the federal budget will have to add another gigantic hole to an already exploding national debt. When Bush took office in 2000, the Federal debt level was $5.7 trillion. Today it is approaching $10 trillion, an increase of nearly 75%. Spending under Bush has gone up 45% (and that doesn’t include the war, which is accounted for separately). And they call Democrats spenders. If this scenario plays out. watch the Republican spin machine talk up the tax cut extension as proof that the Bush tax cuts are important, they work and that even the Democrats are endorsing them. Chalk up the win-win for the Republicans here too. As for the ballooning deficit that will ensue, well the Republicans will just pull their best Scarlett O’Hara and think about that mess tomorrow.

[Just as a note – it is estimated that 2/3 of the George Bush tax cuts benefited people who make over $200,000. If you earned $1.2 million, you saved around $80,000. If you earned $57,000 – you save less than $1,000. For the capital gains portion — 0.6% of all filers – those that earned $500,000 — or more, got 75% of the tax break. — seems fair, doesn’t it?]

Of course there is a war occupation that will almost certainly still be going on – meaning SOMEONE has to pay for that as well. [Expect any of the three president possibilities to keep whipping out the Uncle Sam Visa/Mastercard for that one]. I guess that someone will continue to be China. (and do you really think Bush will boycott the Opening Ceremony of the Olympics and thus bite the hand that is feeding his Iraq folly?)

So either Clinton or Obama or McCain will have the fun task of facing an exploding deficit, a financially draining war, a PR nightmare from possible tax hikes and a very restive population all in their first term. And they actually want this job?

Meanwhile, George W. Bush is laughing all the way to the bank in Asunción, Paraguay. And I thought he wanted to keep this job! You gotta give this douchebag some credit – he has screwed the American people and government in more ways then one could ever imagine.

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~ by distributorcap on April 15, 2008.

17 Responses to “The only guarantees are Death, Taxes and the fact George Bush is an asshole”

  1. Yes indeedy, the shrubster is definetly going down in history as one of the worst presidents EVER. I for one can’t believe any of those people are crazy enough to want that job. It has become a joke in my opinion. Personally I don’t think bushOrama really makes that many decisions because he’s not smart enough, I think he lets his henchmen make the decisions and he just signs off on them, (stupid him). Great post, I had never really thought that deeply into his diabolical plan for the next pres.

  2. Wow DCapNY, you surely know your stuff. Very impressed. But, at the same time, you haven’t done much with this post to lift my sorely sagging spirits. But, hey, that’s OK. It’s April 15, we’re supposed to be depressed today.

  3. DCap – It seems to me like this a tried and true formula because it’s always the Republicans that complain that Democrats (Da Liberals) spend too much. What I want to know is if this happened to Clinton or Carter or even Bush I for that matter? After all, didn’t Bush I raise taxes while in office?

  4. I was having a really bad day already. So I come to you for solace and now I want to hang myself. I’m beginning to hope McCain wins this one, just so he’ll get the blame. Martial law won’t be so bad since I never go anywhere anymore, can’t afford to. I thought Nixon was bad. I thought Reagan was bad. They were amateurs compared to this prick. Who are we that we vote for thug and crooks?

  5. Heh, what Utah Savage said is starting to be my viewpoint. Sure, there’s a chance The Maverick® will have us all die in a fiery, nukyular death, but Obama/Hillary will get blamed anyway by the talking hairpiece corps – see, we told you they couldn’t fix everything in five minutes! – then it’s back to magical, tax-slashing Republicans in 2012. Well, the Dems will get blamed anyway regardless of the outcome this November, and you all know about December 12 of that year, when those crazy conspiracy nuts say the Mayans declare everything ends.Go, McCain, go! Nuke those fuckers! Whee! Where’s my booze?

  6. “talking hairpiece corps” … now THAT is funny !!!

  7. What? We have to pay taxes? That IRS thing is mandatory??? Well, I’ll be a son of a gun. Maybe I should have read all those love letters from the IRS, I just stuck them in the shredder.

  8. The Shrub: he’s the gift that keeps on giving.

  9. doozie – i have to believe his henchmen were that diabolical….. bush is way too stupid to be anything other than an asshole

    anita — that is why i file in february. this day sucks. and thanks for the compliment

    spart — republicans are the spend and blame party — and as we all know Uber-protective of their dear leaders, no matter the incompetency level. and of course they are the first to cast a stone. basically i hate them

    utah — you are so right — Nixon and Reagan are nothing compared to this complete and total prick. and why do we vote for him — well beer for everyone!

    randal — i am stealing the talking hairpiece corps…. next time i see russert or gregory in the commissary i will call them that

    me — quick story — i actually did just toss letters from tthe irs — turned out i had made some mistake on my tax return and i had to do something and i ended up with a $15 check from them this was back in the mid 80s

    scar — dont even get me started…

  10. Wow, the whole tax cut debacle is even more craptastic that I suspected. Thanks Dcap, nice post.

  11. Hey, how come the writers of this blog are the only ones who get their avatars displayed? That’s kind of elitist, ya know. I’m going to file a complaint with the complaint guy…whoever that is. I want my Avatar up, dammit! Do you think I climb into this habit every day for kicks?

  12. I’ve been of the opinion for a while that McCain should inherit the White House while the Congress and Senate get Democratic majorities. That way the focus of public anger stays where it belongs., and maybe there’d be investigations. Maybe?

  13. The complaint guy is currently in Colombia doing some “Research.”

    I have no idea about the avatars, except to say, we all have accounts with WordPress.

    If it’s really a big deal, you can register as a “User” on WordPress, and get an avatar.

    That’s what I did on Blogger.

    And it’s not necessary for you to go through all that trouble getting dressed.

    Seriously, we don’t mind.

  14. What was it George W said when he was campaigning in 2000?

    “I know not everyone gets the death tax. One Hundred percent will get it if I’m the *garbled word* president of *garbled word* this.”

    Or something along those lines… He is, certainly in memory, the worst president.

  15. That should be “…in MY memory…” Drat.

  16. D-CAPny: You are my paisan and my nextdooreker and you always will be but I got to bite down hard here and do my thing. Because it’s what I do.

    There is not one single thing you wrote in this post that I object to. There’s something missing, though. Your taxes are not too low. They are too high. And in terms of US fiscal policy it doesn’t mean dick that some rich guy got a big tax break and some middle-class guy got bupkis. The sooner the Democrats can accept that the sooner they can win not only national elections but national hearts as well. Neither the debt nor the deficit nor the disparity of income and wealth in the United States will be corrected by raising taxes. It’s not going to happen. Not ever.

    Guess I lost everybody at “fiscal policy” but that hardly matters anymore. Those whom I didn’t lose, I’m about to: Ron Paul and Mike Huckabee needed to be heard on FAIR TAX. I don’t give a shit what Clinton or Obama’s or Chaim Putz’s tax policy is, I really don’t because it’s all the same shit and will play out politically just as D-CAPny has predicted.

    There was a time during this campaign to rethink taxes and sadly that time is long gone.

    Your taxes are too high. There I said it again. You have a higher effective tax rate than the Scandinavians do. How could this be, the Scandinavians have a 70% marginal income tax rate! Sure, it affects nobody and the Scandinavians get a lot back for their taxes. You get nothing. Moreover, there is no such thing as tax on foreign sourced income in Scandinavia. Nor is there the ALTERNATIVE MINIMUM TAX. Nor are there high flat municipal taxes in the richest regions. My God, it’s been over 20 years since they allowed “income-averaging” in the USA.

    Everybody’s bored or pissed-off at me, I realize, but I’m not here to give the choir an amen. I’m here weigh in on taxes/

    Does everybody know why they get nothing back for their taxes? Does everybody knwo why so many have to pay high and regressive state and local taxes? Or why FICA?

    I’m going to assume everybody does know, but the reasons are pretty simple: THE WARS, THE DEFENSE BUDGET, THE NATIONAL SECURITY STATE and THE SYSTEM OF UNFUNDED MANDATES AND BLOCK GRANTS. Thoso are the sinkholes where you money is going.

    The military allocation was so high for fiscal 2008, that the Department of Defense tried to return some of it.

    Do you really think that Barack Obama or Hillary Clinton are going to give you affordable health care? Neither has the slightest interest in doing anything like that. They will be in Iraq and Afghanistan, will make a move on Iran, and quite possibly make moves on North Korea and Venzezuela. And we haven’t gotten to McCain yet.

    You think that letting Bush’s bullshit tax cut for “the rich” expire is going to give you health care? For real? Not here. Not at Jonestown. No one is that naive.

    Bush’s insane fiscal policies have put the Fed into one hell of a pickle and Bernanke took the wrong course of action and loosened and loosened and loosened some more and is going to keep loosening until there’s a postive carry to borrowing money or they show him the door whichever comes first.

    You know what that means, right? STAGFLATION. And the wars will be sacrosanct as every last humane element of the federal budget is cut and your taxes go every higher and your purchasing power grows ever smaller.

    There was a brief moment in time when somebody from the far-right like Paul or Huckabee could have had a pow-wow with somebody like Kucinich and come up with a great compromise. The right would get a FLAT TAX and a VAT with an income level of exclusion most people could live with. Yeah, that would mean “the rich” would pay a lot less in taxes. The left would get an end to these appalling wars and national security state along with single-payer health. Yeah, that would mean for the poor a safety-net that mean something and for all a final affirmation of their rights to privacy.

    But that would be too imaginative for the media and the weapons-manufacturers who fund them. It would be too imaginative for the people — yes Obama’s right — who seek solace in guns and religion. It would be too imaginative for the left who can’t stand to see a single person make a dime when they’re scared of their own shadows. It would have been too imaginative for the Imperialist Presidency ™. Mostly, it would have been too imaginative for Senator Clinton who has designs on Iran, for Senator Obama who loves his poster of Colin Powell as much as my son loves his poster of David Wright, and for McCain who might lose the chance to blow the world in two.

    Taxes? Gimme a fookin break.

  17. So what’s going to happen when we can’t bend over anymore because we have all been, with the exception of course of the corporations and very wealthy,drained and barely able to put food on the table? I wonder if people will just stop paying taxes. Really, I mean it, I wonder if people will just freakin stop?

    Great post DCap, and Kelso, I’ve reread yours about three times now. So, are you saying there’s no hope at all?

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