Ax D. WhiteMan Show
PayRoll Tax Fiasco Makes 999 More Relevant than Ever
Last Updated on Friday, 17 February 2012 12:00 Written by Ax D. WhiteMan Friday, 17 February 2012 11:01
The current legislative controversy occupying our political heroes on Capital Hill is the extension of the PayRoll Tax Cut. This is the latest volley in class warfare tactics that began in earnest in late 2010 when the Obama administration agreed to extend the "Bush Era Tax Cuts" in return for getting a "PayRoll Tax Cut." At the time the deal was made, this blog predicted that this would become a main feature of Obama's class warfare strategy for for re-election.
The class warfare strategy is simple:
-100% of wage earners pay PayRoll Taxes. - About 50% pay Income Taxes (with 10% paying 80% of them.)
-Obama is for cutting taxes for the 100% - GOP is for maintaining Tax Cuts for the rich 10%
One need not be a math major to understand the political advantage in the above argument goes to Obama.
While much of the above argument is based on deceiving the public about the current burden of taxes that are born by "the rich," conservatives need to understand that it is also effective because it also contains an element of truth. The Federal Treasury makes no distinction between revenue received from the two sources. Both are dumped into the same "General Fund." Additionally, since 2009, the amount of revenue generated by each source is roughly equal. Graphically the Federal Revenue distribution looks like this:
For those that are less graphically oriented, the last years of the above data table source is:
As you can see Federal Revenues generated by "PayRoll Taxes" are within a single digit percentages of variance from income taxes. It is this "Truth" that people of limited means do pay a significant role in funding the Federal Government, that gives some element of "truth" to the administrations class warfare populism. It is also at least plausible that this tax cut has played a roll in the slight economic uptick of the last two quarters.
Why the GOP suddenly co-opts Democrat language about having to "pay for" this tax cut, rather than extoll the virtues of "tax cuts" is a mystery to me; and might I infer, to the authors of 999.
We've done significant analysis of 999 here, and fielded hundreds of questions and comments. It is the only Tax Proposal that eliminates the false distinction between PayRoll and Income Tax revenue. In doing so, it places the interests of those in ALL income brackets in the same category; completely removing the tax system as a weapon in the ongoing battle of class warfare.
Herman Cain has indicated that he will continue to promote his 999 tax plan. We wish him well, and we hope that one of the remaining candidates signs on. 999 would go a long way in blunting Obama's biggest class warfare weapon, which just might be effective enough to win him a second term.
Welcoming Ron Paul's 3rd Party Campaign
Last Updated on Saturday, 17 December 2011 13:27 Written by Ax D. WhiteMan Saturday, 17 December 2011 12:33
Why so many seem to fear the threat of a Ron Paul 3rd Party run for President is a mystery to me. The thought that Dr. Paul would siphon primarily GOP votes and throw the election to Obama is difficult to imagine.
Ron Paul is perhaps the most sincere and dedicated politician in America. He is a genuinely likable man. Anyone who has attended a "Straw Poll" - anywhere - is likely to have met Dr. Paul; and been impressed with his clarity and conviction. Unfortunately, clarity and conviction, combined with sincerity and dedication; do not overcome the fundamental incorrectness of the conclusions that Dr. Paul reaches in his both his economic, and foreign policy analysis.
An Open Letter to @TheHermanCain
Last Updated on Thursday, 22 December 2011 11:58 Written by Ax D. WhiteMan Friday, 02 December 2011 13:40
Dear Mr. Cain,
I first "discovered" you while searching the radio dial during a cross country driving trip. We've never met, but through the miricles of email, twitter, and text messages; I consider you, and many of your your staff to be friends.
In February our little internet show analyzed the potential 2012 GOP field and concluded that "Herman Cain" was the best candidate in the group. Prior to the first GOP debate in South Carolina we wrote on our blog that "Herman Cain has the ability to make everyone else on that stage disappear" - and that's exactly what happened.
Tax Deal or Class Warfare ?
Last Updated on Tuesday, 13 December 2011 10:44 Written by Ax D. WhiteMan Wednesday, 19 January 2011 12:45
Ok, we're going to update this weeks post because it feels like nobody is paying attention to an obvious political ploy on the part of the White House. Democrat political strategy has only two components; race baiting, or class warfare. It's become somewhat maddening to us that this obvious ploy has seemed to go unnoticed by even the most vociferous opponents of the Obama Tax Deal. We point this out at the end of Mondays post, but it seems it needs to be re-emphasized. We'll try again . . .
Cain's 999 - A Closer Look
Last Updated on Sunday, 15 January 2012 16:02 Written by Ax D. WhiteMan Saturday, 15 October 2011 16:08
Former Pizza CEO, Ex Radio Host, Tea Party favourite; that's the introduction one usually hears for current GOP Presidential front runner; Herman Cain. The palpable lack of respect Mr. Cain receives is a constant source of irritation for his supporters, but it is also likely to be the undoing of his detractors.
Not even George Bush was this “Mis-Underestimated.”
Herman Cain's signature tax reform plan 999 has likewise been called; a pizza price, a catchy phrase, and an inversion of the sign of the beast. And that's all in one debate. We've searched the internet for a serious objective analysis of 999; and quite frankly found none. Several publications have written faux analysis pieces which do NO real critical analysis, but quote from other misinformed sources and draw pre-ordained conclusions.
We make no pretense that we've supported Mr. Cain's Presidency, and have done so since our February analysis of a potential field of 25 GOP hopefuls. We decided on our support for Cain based on our objective review of the strengths and weaknesses of the field, and we link to Cain's web site as a kind of full disclosure. We do however strive to be objective in analysis, and believe that our “objectivity” is infinitely more sincere than the plethora of supposeedly objective news sources that have written brazenly idiotic analysis of 999 – before proclaiming their prejudicial conclusion that; it's regressive, it kills service business, it can't pass, or it's not revenue nuetral.
In our original 999 analysis; we were skeptical of the claim of revenue nuetrality. When we ran some basic “acid test” calculations, we discovered that it was much closer to “revenue nuetral” than we expected. In our original analysis, we applied the 999 plan as follows:
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