Showing posts with label taxes. Show all posts
Showing posts with label taxes. Show all posts

Wednesday, August 19, 2009

Tax revenues from gun industry reflect record sales

In case you've been in an alternate universe or don't have any gun-nut buddies, it's not new news that there is one part of the economy that's been doing very well under the administration of gun-grabber Obama.

Guns and ammo have been selling like hotcakes since a month or two before the fall election when it became obvious to gun owners that John McCain and Sarah Palin were going to lose to Obama.

The panic has subsided in the last month or so to just brisk business, but the numbers being reported are now indicating how big the guns and ammo buying surge has been since the election of Guns & Ammo Salesman of the Year, President Barack Hussein Obama.

The monthly newsletter from gunbroker.com includes this report.
Gun Sales Push Excise Taxes to New Highs
NEWTOWN, Conn. – During a time period of great economic uncertainty, firearm and ammunition sales have continued to increase throughout the country.

According to the most recent Firearms and Ammunition Excise Tax Collection Report, released earlier today by the Department of the Treasury, firearm and ammunition manufacturers paid more than $109.8 million in the first calendar quarter of 2009; up 43% over the same time period reported in 2008.

This dramatic increase follows a 31.3 percent increase in excise taxes from the previous quarter (4Q, 2008) and eight straight months of increased FBI background checks – another strong indicator of firearm sales.

A third reliable source, the National Sporting Goods Association (NSGA), reported that in 2008, "Hunting and Firearms" equipment was the only category to grow double digits and only one of seven categories that exhibited growth. NSGA's forecast for 2009 shows "Hunting and Firearms" as one of only two categories to exhibit growth.

Manufacturers of firearms and ammunition pay a federal excise tax -- a major source of wildlife conservation funding -- on all firearms and ammunition manufactured (11% on long guns and ammunition and 10% on handguns).

This latest excise tax report which covers the time period of January 1, 2009 through March 31, 2009, shows that $33.0 million was collected in taxes for pistols and revolvers, $38.9 million for long guns and $37.8 million for ammunition. Compared to the same quarter in 2008, collections were up 65.5% for handguns, 42.9% for ammunition and 28.3% for long guns.

Translation to Sales

Using the latest collections as an indicator of sales, a projection of $1.03 billion was generated in the first quarter (calendar year) of 2009. Please keep in mind that although excise taxes are one of the best indicators of industry performance, they only report what the manufacturers paid in taxes and do NOT reflect retail mark-up and final retail sales.

Pistols and revolvers: $33,043,554.83 / .10 = $330,435,548.30 = $330.4 million for handguns

Long guns: $38,979,972.16 / .11 = $354,363,383.27 = $354.3 million for long guns

Ammunition: $37,846,038.52 / .11 = $344,054,895.64 = $344.0 million for ammunition

Total estimation for the quarter: $1.028 billion.
Now is that ironic or what, that the one segment of the economy that Obama, Nancy Pelosi and the other gun-grabbers want to shut down completely is the one area doing really well?

As the D.A. on Law & Order once said, "Sometimes life is a funny old dog."

Saturday, June 20, 2009

A scary bedtime fairy tale for your grandchildren

Once upon a time, long, long ago in a land far away, a Democrat candidate for President was honest. He announced early in the campaign, "I will raise your taxes." For those who have forgotten about those olden days, or were born since, the candidate was a man named Walter Mondale. Who?

Most people have forgotten about Walter Mondale, but he was Vice President under President Jimmy Carter, perhaps the most forgettable President of recent history, so a memory lapse is understandable.

Mondale also suffered the indignity of running against a Republican nominee who was not only wise but also had a terrific sense of humor and a great gift of comedic timing, Ronald Reagan. And Reagan was wise enough to recognize an error when he heard Mondale's tax-hike promise and countered with a promise of his own that he would not raise taxes if elected.

In the first televised debate, Mondale put in an unexpectedly strong performance, questioning Reagan's age and capacity to endure the grueling demands of the presidency (Reagan was the oldest person to serve as president — 73 at the time — while Mondale was 56). However, in the next debate on October 21, 1984, Reagan effectively deflected the issue by quipping, "I will not make age an issue of this campaign. I am not going to exploit, for political purposes, my opponent's youth and inexperience."

In the election, Mondale was defeated in a landslide, winning only the District of Columbia (which has never been won by a Republican candidate) and his home state of Minnesota (and even there his margin of victory was less than 3,800 votes[4]), thus securing only 13 electoral votes to Reagan's 525. The result was the worst electoral defeat for any Democratic Party candidate in history, and the worst for any major-party candidate since Alf Landon's loss to Franklin D. Roosevelt in 1936.

So the joke was on Mondale, the Democrat who told the truth about his plan to raise taxes. But enough of fairy tales. Wait, let me tell one more. Once upon a time there was a Democrat candidate for President who promised again and again that he would not raise taxes. The people believed him and he got elected. Now some 120 days since, reality has begun to set in.


Saturday, January 17, 2009

Pre-inauguration Chicago politics as usual for Obama

So far, so bad, to turn a phrase. President-elect Barack Obama hasn't been sworn in yet, but so far, its been Chicago politics as usual. No surprise. As Dr. Phil says, How's that working out for you? New TV Ad points out that Obama has faltered in his initial decisions - seeking billions of taxpayer dollars for federal bailouts and surrounding himself with a team of individuals mired in scandals.

From OurCountryPAC

Wednesday, December 17, 2008

Watchwords of the coming Obama Presidency

Every now and then a politician slips up and utters the truth. Such episodes are normally called gaffes. Obama committed one yesterday.

The One announced his choice for Education Secretary, one of his basketball-playing buddies from Chicago, and with the announcement tossed in a sweetener, a paltry $10 billion for “early childhood education,” which according to the Noo Yawk Times has educators all “atremble.”

After years of what they call backhanded treatment by the Bush administration, whose focus has been on the testing of older children, many advocates are atremble with anticipation over Mr. Obama’s espousal of early childhood education.

In the presidential debates, he twice described it as among his highest priorities, and his choice for secretary of education, Arne Duncan, the Chicago schools superintendent, is a strong advocate for it.

And the $10 billion Mr. Obama has pledged for early childhood education would amount to the largest new federal initiative for young children since Head Start began in 1965. Now, Head Start is a $7 billion federal program serving about 900,000 preschoolers.

“People are absolutely ecstatic,” said Cornelia Grumman, executive director of the First Five Years Fund, an advocacy group. “Some people seem to think the Great Society is upon us again.”

Despite the recession, Mr. Obama has emphasized his interest in making strategic investments in early childhood education. Asked if the financial troubles might force him to scale back, Jen Psaki, a spokeswoman for the transition, said, “We simply cannot afford to sideline key priorities like education.”

Uh, hold on a minute there Cornelia. I survived President Lyndon Johnson’s “Great Society” which even liberal historians agree was a dismal failure. LBJ, AKA Lend ‘Em Billions Johnson, spent billions on welfare programs that in the end resulted in more poverty in America, not less.

But the President-elect who is so ignorant of history that he prefaces his biggest whoppers with the Nixonian lie “Let me be perfectly clear” is also apparently ignorant of LBJ’s negative legacy, since he refers to his $10 billion funding promise as “making strategic investments.

In case you’re not educated yet on Obamaspeak, let me be perfectly clear what a “strategic investment” is: A whopping big tax hike. Sorta like spreading Joe the plumber’s wealth around. And now we have a new Obamaspeak uttered in the context of his federal education plans.

Even though federal control and funding of public education is miniscule – with the sole exception of unworkable federal “reforms” such as the infamous “No Child Left Behind” regulations – Obama said he does have a plan for reforming our public schools: “Rhetorical outreach.”

When I heard that term uttered on Fox TV news last night, I realized that here we have the watchwords of the Obama Administration. “Rhetorical outreach” describes exactly what Obama does best, in fact the only thing he has any experience with, the man who will soon be President who has never run nothing but his mouth. Us rednecks have two other words for "rehetorical outreach:" B.S.

“Rhetorical outreach” is how he plans to make the oceans recede and sunshine break through all over our troubled planet. Plus a $1 trillion economic incentive package. Plus a few billion here and a few billion there for any pet program he cares to add to his “Great Society II.”

As the late Sen. Everett Dirksen said, a few billion here and a few billion there and after a while it adds up to some real money. And where will all these billions come from? The Federal Reserve has already lowered the fed bank’s interest rate for loans to our nation’s banks to 0 percent.

Where do we go from here? Negative interest rates? “OK bankers, step right up, the Fed bank will pay you 1 percent to take our free money!”

There ain’t no free lunch. Somebody has to pick up the tab for “strategic investments” by your federal guvmint. It’s called tax increases.

And while I’m on the topic of “strategic investments” by your federal guvmint, Obama also announced yesterday another gov.-given “right.”

The Washington Post breathlessly reports today on “President-elect Barack Obama's call to bring high-speed Internet to all Americans.

So far, Obama has not put a price tag on that “right” but an industry trade group has tossed the figure of $25 billion on the table for discussion.

So in addition to ordering the oceans to recede and the sun to shine all over the world, Obama will also end “the heartbreak of dial-up.”

In case you’re trying to add up all the billions and trillions Obama has already promised, forget it. Uncle Sam is already officially bankrupt.

Here's a short editorial to make you sit up straight, courtesy of the Washington Examiner:

The United States of America is bankrupt. Don’t believe it? Consider this: Federal obligations now exceed the collective net worth of all Americans, according to the New York-based Peter G. Peterson Foundation. Washington politicians and bureaucrats have essentially mortgaged everything We the People own so they can keep spending our tax dollars like there’s no tomorrow.

The foundation’s grim calculations are based on Sept. 30 consolidated federal statements, which showed that Americans’ total household net worth, diminished by falling stock prices and home equity, is $56.5 trillion. But rising costs for unfunded social programs like Medicare, Medicaid and Social Security increased to $56.4 trillion – and that was before the more recent stock market crash, $700 billion bank bailout, and monster federal deficits chalked up in October and November.

“Given more recent developments, it’s clear that America now owes more than its citizens are worth,” said Foundation president David M. Walker, who has been trying to warn Americans of the coming financial tsunami for years, to no avail. So, after Uncle Sam bails out bankers, Wall Street gamblers, carmakers and over-their-head homeowners, who’ll bail out Uncle Sam?

And one more perhaps unrelated news item caught my eye this morning, a story about the mysterious galactic stuff called “dark energy.”

"We've discovered this incredible dark energy; we don't understand what the hell it is," said Lawrence M. Krauss, a physicist at Arizona State University.

Now there’s a Freudian slip of the tongue if I ever heard one. One of these days, the truth about “dark energy” will be revealed and it will not be a physicist who discovers it. The Bible tells us what it is now and where it is: Hell, the place that Jesus Christ described as “outer darkness.”

So that's my God and grits report for today. Can't believe I didn't get in a word about guns.

Sunday, November 2, 2008

Evidence of Obama's Changing Position on Tax Cuts: $50K in 2003

Matt Lewis at Townhall.com has the latest figures on "how low can Obama go for tax hikes..."
CBS-4 has posted a 2003 TV interview where Barack Obama says tax cuts should only go to “working families … that are making 50, 60, 70 thousand dollars a year”. This comes on the heels of Bill Richardson saying Obama’s tax relief would define middle class as “$120,000 and under” -- and just days after Joe Biden defined “middle class” as $150,000. Remember, Obama’s original promise was not to raise taxes on anyone making less than $250,000.

So, $50K for an Obama tax hike. We're almost down to the $42K level which will hit us when Obama follows through on his promise to repeal the Bush tax cuts. I predict if voters put Obama in office, before long they'll be talking about the "good ol' days under President George W. Bush."

Friday, October 31, 2008

Bill Richardson Lowers Obama's Tax-Hike Ceiling to $120K!

First Obama told Joe the Plumber unless he made $250,000 or more, he wouldn't have to worry about a tax hike in his plan to "tax the rich 5 percent" and give the other 95% a tax cut. Never mind that 40 % don't pay any income taxes to start with. Obama don't do math, he does politics. Then the "rich" threshold magically dropped to $200,000 in an Obama campaign ad. Then Joe Biden drops it to $150,000. Now Obama campaigner Bill Richardson drops it again to $120,000.

But let us not forget that Obama also promises to repeal the Bush tax cuts, which means you'll be getting a massive tax hike if you make as little as $42,000. That's change you can believe in. Spare change to rattle in your pocket after Obama takes all your folding green for his Socialist programs.

Thursday, October 30, 2008

How low can Obama go? Low enough to raise your taxes

RNC ad asks, how low does Obama's standard of "rich" go when he's planning tax increases? They shoulda reminded voters that his tax-hike threshold goes way on below $150,000, his campaign's latest definition of "rich." Obama has made it a campaign motto that repealing the "Bush tax cuts" will be numero-uno priority. That means if you make more than $42K, your taxes will go up.

Change you can believe in, especially when you see the tax withholding on your paycheck under "President Barack Obama." I don't know about you, but that title ain't no thrill up my leg. That's a cold chill running up my back and all over. Lord, deliver us from "President Barack Obama!"

Wednesday, October 29, 2008

Guess who wants to redistribute your wealth?

Just in time for Halloween, Obama's scary plan to "redistribute" your money. (Translation, raise taxes.)

Let's go for a twofer. If Obama's tax-hike plans to "spread the wealth around" isn't scary enough, how about Obama's statement that Iran is "just a tiny little country" that "doesn't pose a serious threat" to anyone? Muslim nutjobs building nuclear bombs and vowing to wipe Israel off the map are "not a serious threat"? Only serious enough to start World War III, that's all.

Heck, we're on a roll here, let's go for a threefer. More Obama scary statements about sitting down to chat with the world's leading terrorist states.

Saturday, October 25, 2008

Obama's Middle-Class Tax-Cut Scam

What really will happen to the middle class under Obama's business tax-hike plans?

Tuesday, October 21, 2008

Barney Frank promises to raise your taxes

Barney Frank, the Congressman who birthed and burped Fannie Mae and Freddie Mac and other assorted leftwing disasters, has got a plan to get us out of the mess he created: Raise taxes!

Keep the hits coming, Barney. With friends like you and Joe Biden, Obama don't need no enemies.

Friday, October 10, 2008

Vote for Obama if you want higher taxes, no security

Negotiate with terrorists, raise your taxes, lots of good reasons to vote AGAINST Obama.

http://www.OurCountryDeservesBetter.com

Tuesday, October 7, 2008

Friday, October 3, 2008

New McCain Ad: Barack Obama Tax-Cutter?

Tax-Cutter Barack Obama? Amazing how so many are swallowing his huge whoppers.

Friday, August 15, 2008

"The One": Higher taxes, pain at pump


Remember Walter Mondale's famous rallying cry for President? "I will raise your taxes."

McCain remembers and Obama hasn't been around long enough to know who Mondale is.