Wednesday, 24 June 2009

• uhhhh...didn't Obama say we wouldn't get tax increases?????

  I contacted my State Legislator about legislation I was objecting to concerning tax increases & the ridiculous amount of money the administration is spending...this is his response that explains so much....

  Dear Sandy,
   
  Thank you for contacting me regarding the Obama Administration.  I appreciate you taking the time to share your concerns with me.
   
  President Barack Obama is tasked with the difficult responsibility of confronting the troubling challenges Alaskans and all Americans are currently in.  In an effort to resolve these challenges, President Obama proposed and/or signed into law several controversial pieces of legislation.  While I do not disagree with every piece of legislation that this Administration has introduced thus far, I find myself opposing a large majority of their decisions.
   
  The troubling theme throughout the Administration's Budget is a massive increase in the following: government spending, national debt, national deficit, and taxes.  In contrast, I believe that decreasing taxes and reducing government spending are the best methods to help Alaskans and all Americans strengthen their financial security.
   
             The President's Budget (H.Con.Res. 85) will increase taxes by $574 billion over five years and $1.154 trillion over ten years.  These tax increases will include taxes on investors, small businesses, energy, and even charitable donations.  What I find most troubling about H.Con.Res. 85 is the creation and implementation of a "national energy tax."  This energy tax will institute a cap-and-trade program that will require businesses to purchase permits for their emissions.  These increased costs will be passed onto the countless Alaskans and Americans nationwide, who already are struggling to pay the ever increasing cost of energy.  This national energy tax will cost the average American household an additional $3,128 per year.  With hardworking Alaskans already paying a higher energy price than the national average, I simply find this proposal unacceptable.
   
             The Obama Administration's Budget will also nearly double government spending from $2.983 trillion in 2008, to $5.1 trillion in 2019.  With this massive increase in government spending, using your hard earned tax dollars, the national debt will double in just over 5 years and triple in 10 years.  With this ever increasing debt, the President's Budget will run into a legal problem, exceeding the allowable debt limit for the federal government.  How does H.Con.Res. 85 address this issue? Easy.  The Democratic Budget proposal simply raises the allowable debt limit by 9.2%, to $13.223 trillion in 2010.
   
             In 2010, President Obama's budget will increase taxes on all taxpayers that earn more than $200,000 individually, or $250,000 as a household.  This tax increase, alone, would raise an estimated $637 billion.  However, the majority of those affected by this tax increase would be small business owners who pay taxes on this income as part of their individual tax returns.  Small businesses in Alaska, as well as the entire Nation, create a vast majority of all new jobs.  Raising taxes on small business owners will reduce job creation and economic growth, which is something I do not believe benefits Alaskans now or ever.
   
             The current Administration's Budget also raises taxes on capital gains.  For couples who earn over $250,000 annually, any earnings from stock investments will be taxed an additional 5%, from 15 to 20%.  From the onset of this nation's recent economic troubles, shareholders and investors have been incredibly impacted by the declining stock market.  These tax increases will discourage future investments during a time when new investments are vital to improving our economy.  The President's Budget will also increase taxes on charitable donations by individuals making more than $200,000 annually.  These tax increases will reduce charitable giving by $9 billion a year, during times when non-profit organizations desperately need financial support from those more fortunate.
   
  This is the type of fiscal mismanagement that many of us have recently seen from Wall Street.  However, this is not the type of financial leadership we should expect from the President of the United States and his cabinet.  For these aforementioned reasons, I chose to vote no on H.Con.Res. 85, when it came to the House floor on April 2, 2009.  The Obama Administration has not acted in this Nation's best interest on many occasions. Alaskans and Americans nationwide need an Administration who: recognizes the need for energy independence through development of domestic resources, reduces the tax burden on the taxpayers, and does not choose to represent a select few at the expense of many.  With President Obama's first 100 days in office completed, I anxiously hope that the current Administration can better serve Alaskans than it has done thus far.
   
  Once again, thank you for expressing your views on this issue.  If you haven't already, I would encourage you to sign up for my e-newsletter at http://donyoung.house.gov/IMA/issue_subscribe.htm and my YouTube channel at http://www.youtube.com/profile?user=RepDonYoung.   Doing so will allow me to provide you with updates on this and other important issues.  If I can be of any assistance in the future, please do not hesitate to contact me

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