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  • cloroxcowboy cloroxcowboy Sep 24, 2012 1:11 AM Flag

    'Cranks and crazies' have taken over US Republicans, says Australian minister

    Wayne Swan, the Australian treasurer, says greatest threat to US economy is the 'cranks and crazies' in the Republican party.

    The Australian treasurer, Wayne Swan, in an unusually blunt criticism of US politics weeks before the presidential election, said "cranks and crazies" had taken over the Republicans and posed the biggest threat to the world's largest economy.

    Swan, one of few world leaders able to boast his country had avoided recession during the global financial crisis, also labelled the Tea Party wing of the Republicans as "extreme".

    "Let's be blunt and acknowledge the biggest threat to the world's biggest economy are the cranks and crazies that have taken over the Republican party," Swan said in a speech to a conference in Sydney.

    The Republican party's position on the US budget had led a year ago to the deadlock in negotiations, Swan said, to prevent the looming "fiscal cliff" – nearly $600bn in planned spending cuts and tax hikes that will bite early next year.

    Congress had been debating whether to increase the US borrowing ceiling but the Republicans would not budge.

    "Despite President Obama's goodwill and strong efforts, the national interest was held hostage by the rise of the extreme Tea Party wing of the Republican party," he said.

    Australian politicians rarely launch such blunt criticism of their counterparts in the US, a key strategic ally.

    Swan, named by banking magazine Euromoney as its finance minister of the year in 2011 and treasurer of a centre-left government, also called on the US Congress to resolve an agreement on the budget to support growth in the short term.

    With the US presidential campaign entering its final weeks, the spending cuts and tax rises will kick in unless Obama and Congress reach a deficit-reduction deal.

    Democrats want to make up the shortfall by increasing taxes on wealthy Americans, while Republicans favour spending cuts.

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    • The cranks and crazies are suffering from Fox induced Romnesia.

    • Great article.

      Sentiment: Buy

    • Obama Sees Middle Class Tax 1.7 Trillion Increase Victory - Read & Vote Obama if You Love It.

      The Largest Tax Hike in US History has just been upheld by the Supreme Court of the United
      States and President Obama sees this assault on the middle class as a victory.

      The already unpopular 2010 health care reform law has been converted by the court into a $1.76 trillion tax increase funded by escalating taxes to be paid the vast majority of taxpayers. The high court’s ruling leaves in place 20 tax increases in the health-care law, of those, 12 tax hikes would affect families earning less than $250,000 per year, including a “Cadillac tax” on high-cost insurance plans, a tax on insurance providers, and an excise tax on medical device manufacturers. By formally converting ‘Obamacare’ into ‘Obamatax,’ the court allows Obama to raise taxes on the middle-class.

      The decision is a distressing blow to taxpayers and represents the single largest tax increase on young people in the nation’s history. When it takes full effect, the Internal Revenue Service will have immense new power and authority to persecute and prosecute a whole new group of taxpayers.

      If the law takes full effect, it will devastate small businesses and destroy any chance for a sustainable economic recovery. It will add trillions of dollars to the national debt and push the country toward bankruptcy even faster than current projections. Any individual who believes that this decision must be overturned must do everything possible to undo the damage that has been done, especially at the ballot box on November 6.

      –Obamacare law contains 20 new or higher taxes on American families and small businesses–

      WASHINGTON, DC – Obamacare contains 20 new or higher taxes on American families and small businesses. Arranged by their respective effective dates, below is the total list of all $500 billion-plus in tax hikes (over the next ten years) in Obamacare, where to find them in the bill, and how much your taxes are scheduled to go up as of today:
      Taxes that took effect in 2010:

      1. Excise Tax on Charitable Hospitals (Min$/immediate): $50,000 per hospital if they fail to meet new “community health assessment needs,” “financial assistance,” and “billing and collection” rules set by HHS. Bill: PPACA; Page: 1,961-1,971

      2. Codification of the “economic substance doctrine” (Tax hike of $4.5 billion). This provision allows the IRS to disallow completely-legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed. Bill: Reconciliation Act; Page: 108-113

      3. “Black liquor” tax hike (Tax hike of $23.6 billion). This is a tax increase on a type of bio-fuel. Bill: Reconciliation Act; Page: 105

      4. Tax on Innovator Drug Companies ($22.2 bil/Jan 2010): $2.3 billion annual tax on the industry imposed relative to share of sales made that year. Bill: PPACA; Page: 1,971-1,980

      5. Blue Cross/Blue Shield Tax Hike ($0.4 bil/Jan 2010): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services. Bill: PPACA; Page: 2,004

      6. Tax on Indoor Tanning Services ($2.7 billion/July 1, 2010): New 10 percent excise tax on Americans using indoor tanning salons. Bill: PPACA; Page: 2,397-2,399

      7. Medicine Cabinet Tax ($5 bil/Jan 2011): Americans no longer able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non- prescription, over-the-counter medicines (except insulin). Bill: PPACA; Page: 1,957-1,959
      8. HSA Withdrawal Tax Hike ($1.4 bil/Jan 2011): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax- advantaged accounts, which remain at 10 percent. Bill: PPACA; Page: 1,959
      Tax that took effect in 2012
      9. Employer Reporting of Insurance on W-2 (Min$/Jan 2012): Preamble to taxing health benefits on individual tax returns. Bill: PPACA; Page: 1,957
      Taxes that take effect in 2013

      10. Surtax on Investment Income ($123 billion/Jan. 2013): Creation of a new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income: Bill: Reconciliation Act; Page: 87-93
      Capital Gains Dividends Other*
      2012 15% 15% 35%
      2013+ 23.8% 43.4% 43.4%

    • Obama Sees a Middle Class Tax of $I.7 Trillion Increase as a Victory read this and vote for Obama if you like it.

      –Obamacare law contains 20 new or higher taxes on American families and small businesses–

      The Largest Tax Hike in US History has just been upheld by the Supreme Court of the United States and President Obama sees this assault on the middle class as a victory.

      The already unpopular 2010 health care reform law has been converted by the court into a $1.76 trillion tax increase funded by escalating taxes to be paid the vast majority of taxpayers. The high court’s ruling leaves in place 20 tax increases in the health-care law, of those, 12 tax hikes would affect families earning less than $250,000 per year, including a “Cadillac tax” on high-cost insurance plans, a tax on insurance providers, and an excise tax on medical device manufacturers. By formally converting ‘Obamacare’ into ‘Obamatax,’ the court allows Obama to raise taxes on the middle-class.

      The decision is a distressing blow to taxpayers and represents the single largest tax increase on young people in the nation’s history. When it takes full effect, the Internal Revenue Service will have immense new power and authority to persecute and prosecute a whole new group of taxpayers.

      If the law takes full effect, it will devastate small businesses and destroy any chance for a sustainable economic recovery. It will add trillions of dollars to the national debt and push the country toward bankruptcy even faster than current projections. Any individual who believes that
      this decision must be overturned must do everything possible to undo the damage that has been done, especially at the ballot box on November 6.

    • Cloroxcowboy forte' is to whitewash.

      Whitewash: absolve a wrongdoer from blame. Great name for a Obama supporter.

    • The crazies and cranks have reduced the Grand Old party into nothing but a cult for fanatical crackpots with severe personality disorders.

      But, we knew that already from the Gingrich/Bush era before the Birther and Bagger crazies ever even arrived on the scene.

      They simply officially eliminated any possible lingering doubts.

    • American Radical Conservatism is seen as an extremist joke throughout the rest of the World. Even the UK Conservative Party prefers Obama - London Mayor Boris Johnson hammered Romney's insults in front of 80,000 people during London's Olympic Games.

    • The rest of the world looks at the Taliban in Afghanistan or Pakistan, and sees a mad extremist ideology that is a threat to global security. .
      The repubs are seen in the exact same way, though the threat from it to security and the economy is vastly higher than that posed by anyone in the third world.

 
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