President Barack Obama proposed a one-year extension of Bush-era tax cuts for families earning less than $250,000 a year but would let them rise for wealthier Americans, a move that both shifts the election debate to tax rates and sets the table for a showdown with Republicans in Congress.
- from today's WSJ.
All told, federal taxpayers last year received $1.08 trillion in credits, deductions and other perks while paying $1.09 trillion in income taxes, according to government estimates.
Only about 8 percent of those benefits went to corporations. (The write-off for corporate jets equals about .03 percent of the total.) The bulk went to private households, primarily upper middle-class families that Obama has vowed to protect from new taxes.
-from "Most Tax Breaks Go to Middle-Class Households, Not to 'The Rich' or Corporations," by
I don't want the federal government being the nanny for the middle-class. I want it to leave us alone.
Choose my instruction instead of silver,
knowledge rather than choice gold,
for wisdom is more precious than rubies,
and nothing you desire can compare with her.
-Proverbs 8: 10 -11 (NIV 1984)
Two things I ask of you, O Lord;
do not refuse me before I die:
Keep falsehood and lies far from me;
give me neither poverty nor riches,
but give me only my daily bread.
Otherwise, I may have too much and disown you
and say, ‘Who is the Lord?’
Or I may become poor and steal,
and so dishonor the name of my God.
-Proverbs 30: 7 - 9. (NIV 1984)