CBO: Taxes Will *Shoot Up by More Than 30 Percent* Over Next 2 Years

By Terence P. Jeffrey

(CNSNews.com) - The amount of money the federal government takes out of the U.S. economy in taxes will increase by more than 30 percent between 2012 and 2014, according to the Budget and Economic Outlook published today by the CBO.

At the same time, according to CBO, the economy will remain sluggish, partly because of higher taxes.

"In particular, between 2012 and 2014, revenues in CBO's baseline shoot up by more than 30 percent," said CBO, "mostly because of the recent or scheduled expirations of tax provisions, such as those that lower income tax rates and limit the reach of the alternative minimum tax (AMT), and the imposition of new taxes, fees, and penalties that are scheduled to go into effect."

The U.S. economy, CBO projects, will perform "below its potential" for another six years and unemployment will remain above 7 percent for another three.

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Cop Gets 25 Years for Murdering Bar Owner Who Threw Him Out

Chris | InformationLiberation

Isn't it amazing the caliber of the people who are "sworn to protect us?"

From Valley Central:

He used to be known as customs officer Jose Guadalupe Elizondo, but for the next 25 years he'll be known as a prisoner.

A jury convicted the 33-year-old former Customs and Border Protection officer of first-degree murder in a fatal bar shooting in August of last year.

His sentence was handed down shortly after the verdict.

Investigators say Elizondo used his government-issued gun when he shot and killed bar owner Fermin Limon in the leg and chest, outside Limon's Punto Tres nightclub in Palmhurst.

One of the prosecutors in the case says it's always difficult to try a case involving someone once sworn to uphold the law.

"Unfortunately we had to prosecute a colleague but when you break the law you are subject to it,? said Griselda Rincon Flores. ?And I feel the jury did what was right and I feel that justice was served for Mr. Limon.

Here's the video report:

It's unfortunate this cop wasn't in Chicago. When Chicago police officer Anthony Abbate was refused another drink by bartender Karolina Obrycka, he tried his hardest to physically beat her to death:

Despite it all being captured on video, he was only sentenced to two years probation.

Judge John Fleming said he decided against jail time, explaining he did not believe the crime was serious enough and that throwing Abbate in prison would not be a deterrent to others.

"If I believed that sending Anthony Abbate to prison would stop people from getting drunk and hitting other people, I'd sentence him to the maximum," the judge said. "But I don't believe that is the case."

So in other words, sentencing him for his crime wouldn't prevent the crime from ever happening again in the future, therefor he will go unpunished. Pretty nice how our justice system works, isn't it?

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seems now days most cops are in competition to see who can show the general public who,s the boss and how far above the law cops are.
Probation for a crime that would send any citizen away for years on a first offense! I don,t consider most cops citizens or patriots anymore,they demand to be called master ,god,boss,sir,I got a better bunch of adjectives .yep the government has gone all in on its push on them vs us.the street cop lies,his higherups cover,complain and internal affairs covers,then they file and the d.a. sends tothe judge and after you tell public defender not guilty 3 times then she reads report and questions why were you arrested? Like I,ve said all along A FALSE AND PUNITIVE ARREST.now i,m sure they will find ways to harrass friends,neighbors,etc. through any means they can.wouldn,t be the first time

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Texan freed by DNA test after 25 years exonerated

By WILL WEISSERT

AUSTIN, Texas (AP) ? A Texas appeals court on Wednesday formally exonerated a man who spent nearly 25 years in prison for his wife's 1986 fatal beating, reaffirming a judge's decision to set him free last week after DNA tests linked the killing to another man.

The Texas Court of Criminal Appeals declared Michael Morton innocent of killing his wife, Christine, and made him eligible to receive $80,000 from the state for each year of confinement, or about $2 million total.

Morton, 57, was convicted on the basis of circumstantial evidence and sentenced to life in prison. He maintained over the years that his wife and their 3-year-old son were fine when he left for work at an Austin grocery store on the day she was killed, and that an intruder must have attacked her.

[...]The Innocence Project has accused the prosecutor who originally handled the case, Ken Anderson, of deliberately concealing non-DNA evidence that likely would have helped Morton avoid being convicted in the first place. Anderson, who is now a district judge in Williamson County, has not responded to repeated requests for comment made through his court administrator.

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Obama's "Millionaire Tax" Collected Over Next Ten Years Will Plug 4 Months Worth Of Deficit

by Tyler Durden

In order to keep the ongoing class warfare waged by the administration in perspective, today the CBO was kind enough to score the revenue impact of the proposed and much debated Buffett Tax, now appearing in non-populist literature as "Surtax on Millionaires." According to the Budget Office, said tax which is the source of substantial consternation among the population, would generate, over the next decade, a grand total of... drum roll... $453 billion. Why the drum roll? Because as we pointed out a few days ago, the US closed the 2011 fiscal year having added $1.23 trillion in debt (a number which would have been $1.4 trillion absent some year end settlement gimmickry). In other words, last year the US government had on average a $100+ billion deficit each month. In yet more other words, the great populist gimmick that is the Buffett Tax will have the great benefit of generating, between 2011 and 2021 enough money to plug a debt hole, at the rate America currently spends money, of 4 months.

From the CBO:

Dear Mr. Leader:

As you requested, CBO and the staff of the Joint Committee on Taxation (JCT) have estimated the budget impact of S. 1660, the American Jobs Act of 2011, as introduced in the Senate on October 5, 2011. CBO and JCT estimate that, in total, enacting S. 1660 would decrease deficits by about $6 billion over the 2012-2021 period (see enclosed table). That estimated deficit reduction of $6 billion over the coming decade is the net effect of $447 billion in additional spending and tax cuts in titles II through III and $453 billion in additional tax revenue from the surtax specified in title IV.

S. 1660 is similar to S. 1549, the American Jobs Act of 2011, as introduced in the Senate on September 13, 2011. Provisions in title I, II, and III related to both federal revenues and spending are identical for the two bills. The only difference between the bills is that S. 1660 replaces the provisions in title IV (Offsets) of S. 1549 with a surtax of 5.6 percent, starting in 2013, on a taxpayer's modified adjusted gross income in excess of $1 million (or $500,000 in the case of a married individual filing a separate return), indexed for inflation. JCT estimates that title IV of S. 1660 would increase revenues by $453 billion over the 2012-2021 period, whereas title IV of S. 1549 would increase revenues by $450 billion over that period.

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