Archive for the ‘Taxes’ Category

It’s Time for a New Style of Leadership

Monday, April 28th, 2008

Note: Luke was asked by the Pharos-Tribune to write a brief op-ed about why he was running for Congress. Below is what he wrote.

By: Luke Puckett

My name is Luke Puckett and I’m running for Congress in Indiana’s 2nd Congressional District. As a small businessman, father, and citizen I’m running for Congress because I believe that we need common sense solutions to the challenges facing our country. The status quo in Washington needs to change and the actions of this Congress offer us no hope that real change is imminent.

(Read the rest below the fold) (more…)

Not so Fast, Joe.

Thursday, March 13th, 2008

“Congressman Donnelly Opposes Democratic Budget” states the headline of the most recent press release from Rep. Joe Donnelly (D). To be strictly and technically accurate, that statement is true. In a roll call vote today Donnelly (and the two other Indiana Blue Dogs, Hill and Ellsworth) voted against HCR 312, the Democrat supported budget resolution for fiscal year 2009.

HCR 312, the Democratic budget resolution, is the largest tax increase ever. If enacted, taxes will rise by about $682 billion. The Heritage Foundation did a study of how those taxes would impact individual congressional districts both from a tax standpoint and from an economic standpoint. Tax increases have two affects, first, they directly take money from the taxpayer, second, they have economic costs like job losses and increased production costs which are passed along to the consumer in the form of higher prices.

In Indiana’s 2nd Congressional District, Rep. Donnelly’s district, the impact of the tax increase would be an additional $1,618 in taxes per taxpayer. Counting the economic costs would mean that individual taxpayers are out a total of $3,148 per capita as a result of the tax increase. It is also estimated that 2,111 jobs would be lost in the 2nd District as a result of the Democrats budget.

To look at the entire situation surrounding that dismal budget resolution, however, presents a slightly different picture. Rep. Donnelly and his fellow Blue Dogs have proclaimed themselves to be fiscal conservatives. At times they have cast conservative votes. There is a difference though between casting occasional conservative votes or even just conservative votes on key votes, while neglecting the overall series of actions that a true fiscal conservative would take.

On March 12 the House considered and voted on a resolution to consider HCR 312, the budget resolution. That March 12 resolution was not the budget resolution, but if it had been defeated it would have at least slowed down the passage of the actual budget resolution. On that roll call vote, Joe Donnelly, Baron Hill, and Brad Ellsworth joined their Democratic majority and voted to allow the House to consider the fiscal year 2009 budget resolution.

Here is why that vote was not a good vote: everyone who voted on that measure realized that even if they voted against the actual budget resolution, the tax raising unemployment generating budget resolution would pass because a Democratic majority controls the House. Therefore, if one was going to be wholly principled on the matter, he or she would have to vote against the initial resolution and the actual budget resolution.

Donnelly and his fellow “conservative” Democrats were only half-principled on this matter of the budget and it is disingenuous of them to portray themselves as advocates of the hard-working middle class American.

A Tax Increase for Everybody

Friday, February 15th, 2008

Who said that Washington’s not fair?  Here is a partial list of tax increases that will happen automatically over the next few months and years if something is not done. 

When the economy slows down we don’t need more taxes.

 Hat tip: Green Eyeshade blog.

2008:

  • The exemption for the Alternative Minimum Tax (AMT) will decrease from $44,350 to $33,750 for single filers and from $66,250 to $45,000 for married couples filing jointly.
  • Taxpayers will not be allowed to deduct their state and local general sales taxes from their federal income tax. 
  • Taxpayers will not be able to adjust their income for qualified tuition and related expenses.
  • Businesses will not be able to claim a tax credit for research, experimentation, and development activities.
  • First-time homebuyers in the nation’s capital will no longer be able to claim a tax credit.

2011:

  •   The marginal income tax rates will increase as follows:

                    –35% bracket will increase to 39.6%

                    –33% bracket will increase to 36%

                    –28% bracket will increase to 31%

                    –25% bracket will increase to 28%

                    –10% and 15% brackets will condense to 15%

Here’s what it comes down to: Unless something is done to curb spending and control government, our taxes are going to increase.  Unfortunately, our tax policy is pretty complex right now so some politicians can offer short term solutions that provide temporary relief for some but still leave the underlying problems intact. 

As part of his solution to reduce the tax burden on the American people, Luke Puckett has declared his support for a two-year moratorium on pork spending.  Luke realizes that now, especially as economic uncertainty is on the rise, the American people need to be free to keep more of their own money and the Government must tighten it’s belt just like everyone else.