Archive for the ‘tax’ Category

Mark Levin Reminds Americans that Values Count

March 24, 2009

Republicans need to review the past in order to effectively move into the future.

And Republicans need to regain their core values fast in order to effectively work through the current Obama Administration’s march toward socialism.

The Republican past is not John McCain, much as he is loved and admired.

And though many of us think about Ronald Reagan, we must grasp the values and not the personalities we need now — a personality will rise in his or her own time.

Mark Levin’s book  “Liberty and Tyranny” is an effort to get us all to think again about the values we need.

Judd Gregg, who nearly became Barack Obama’s Commerce Secretary, seems to have regained his good thinking and is now speaking out about the Obama budget.

“It just seems inappropriate and irresponsible to spend so much that we send along a huge debt to our children and grandchildren,” he said today on the Fox News Channel.

Good Republican thinking.

“This is a massive spending document that increases government and taxes dramatically.”

So is that a good thing?

Republican cannot allow Rahm Emanuel, Robert Gibbs and the others to define them.  Democrats fear a united conservative movement and have worked hard to make the discussion about Limbaugh or Steele.

The discussion is not about who.  The discussion is about the values and how best to achieve them.

Related:
Republicans: If You Can’t Agree On Core Values Now, Commit Harakiri

 Republicans Must Hang Together, or One By One

Michelle:
http://michellemalkin.com/2009/03/2
4/congrats-mark-levin/

 Liberated “Almost Commerce Sec” Gregg: Obama’s Harshest Budget, Debt Critic

 U.S. Seeks Expanded Power to Seize Firms

 Because of Obama, Our enemies sense weakness

Senators Ready To Abandon Missile Defense:
http://senatus.wordpress.com/2009/03/24/lev
in-hopes-missile-defense-compromises-lead-t
o-russian-assistance-on-iran/

GOP sees signs of life in Northeast

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Sen. Bill Nelson on Obama Budget: Need to ‘Rework This Whole Thing’

March 24, 2009

Sen. Bill Nelson, a member of the Senate Budget Committee, said the Obama budget will have to be revised in light of the latest Congressional Budget Office projections.

By Mary Lu Carnevale
The Wall Street Journal

The Florida Democrat said in an interview on Fox News Channel this morning that “we’re going to have to go back and rework this whole thing, and that’s going to be done this week in the Budget Committee.” He later added that “Kent Conrad, our chairman of the Budget Committee, is definitely going to have to be Merlin.” CBO numbers released Friday show federal deficits over the next decade will exceed President Barack Obama’s projections by $2.3 trillion.

Conrad, a North Dakota Democrat, had warned on Friday that cuts would be forthcoming. “The reality is, we are going to have to make adjustments to the president’s budget if we want to keep the deficit on a downward trajectory,” he said.

So where does Nelson say the money is coming from? “You have to finagle with the numbers,” he said. “You want to keep on the three main themes of the president, which is the environment, health and education.”

Pressed for specifics, Nelson said: “Well, you’re going to have to redo health care so that some of its upfront costs are less, so that you bring down the cost over the 10-year period. Likewise, you’re going to have to speed up the revenues coming in from such things as possibly a cigarette tax, possibly — as the cap-and-trade — going into climate control.”

Getting cap-and-trade legislation – opponents call it “cap and tax” — and a higher cigarette tax through Congress, however, might require more than one Merlin.

VP adviser: AIG bonus tax may go too far

March 22, 2009

Vice President Joe Biden‘s economic adviser warned Sunday that a congressional plan to tax American International Group Inc. executives’ bonuses may go too far in using the tax code as a tool for retribution.

President Barack Obama has not said whether he would veto some version of a House-backed plan to heavily tax the $165 million in bonuses. Biden economist Jared Bernstein said it’s important to look at what version of the proposal comes out of the Senate.

“I think the president would be concerned that this bill may have some problems in going too far — the House bill may go too far in terms of some — some legal issues, constitutional validity, using the tax code to surgically punish a small group,” Bernstein said in a television interview. “That may be a dangerous way to go.”

Democratic and Republican leaders in the Senate also have expressed concern about the plan’s approach to dealing with the AIG bonuses.

American International Group received billions in taxpayer dollars to keep its doors open but still paid employees the bonuses their contracts required. Populist anger led the House to impose a 90 percent tax on bonuses paid this year to companies that needed government bailout money.

Obama and his top advisers called the bonuses outrageous and condemned them. Bernstein said the administration must be focused on the big picture, not just one company.

“What happened at AIG, vis-a-vis these bonuses, is a symptom of a much larger problem,” he said. “And we cannot lose sight of the larger problem, which is stabilizing financial markets,”

Bernstein appeared on ABC’s “This Week.”

Dodd Caper, House Vote on 90% Tax, Highlights Founders Hopes; Modern Reality

March 21, 2009

When the House voted last week and passed a 90% tax on those rascals who got bonuses after the federal government bailed out their companies, many thoughts went through my mind.

The furor over $165 million in bonuses American International Group Inc. paid some of its employees while receiving billions of dollars in federal bailout money has tarnished Senator Christopher Dodd, certainly.  It seems he was caught in a lie, first saying he added a measure to protect the taxpayer by removing the bonuses, and then saying he protected the bonuses but under pressure from others.

And people in his state are making noise that he should be removed: which I’d be doing if I lived there.

But people forget and Dodd has done a lot for many voters in his state which may decide to retain him in the future.

Unfortunately, a Republican member of the House, Rob Simmons, may have already decided to take on Dodd in the election due to the AIG snafu….

For Dodd, too bad he wasn’t just elected last November…then his reelection would be six years away….

Dodger Dodd Dogged By AIG
From CNN:
http://www.cnn.com/2009/POLITICS/03
/21/aig.dodd/index.html?section=cnn_latest

Dodd’s Stock Way Down Even Before AIG
http://news.yahoo.com/s/ap/20090
321/ap_on_re_us/aig_outrage_dodd_3

Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn. ... 
Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn. listens to witness testimony on Capitol Hill in Washington, Thursday, March 19, 2009, during the committee’s hearing on bank regulation and supervision.(AP photo/Harry Hamburg)

And although my consitituional law and American history lessons are a little vague, here is what we might discuss about the House action on the 90% tax…..

John Marshall believed that the greatest danger to a strong Union would be the state legislatures, which were too likely to be swayed by the people’s fleeting and irrational passions.

I love that notion of fleeting and irrational passions.

This is one of the reasons the Founders wanted a strong federal government and also one of the reasons that Senators serve 6 year terms while House members serve two year terms. 
.
It was understood that members of the House would stand closer to their people, through reelection, at all times.

Thus, members of the House are more subject to the fleeting and irrational passions of their people.Of course, the Founders had no idea how much our modern media including the Internet, You Tube, cable TV, et al could fuel and fan those fleeting and irrational passions…..

 

This explains why the Senate slowed down action on the House’s 90% tax measure in their chambers….

Wkipedia says this about the Senate, which is subject to debate but worth thinking about: “The Senate is a more deliberative body than the House of Representatives because the Senate is smaller and its members serve longer terms, allowing for a more collegial and less partisan atmosphere that is somewhat more insulated from public opinion than the House.”

On the 90% tax itself, I am reminded of these quotes:

“An unlimited power to tax involves, necessarily, a power to destroy,” said Daniel Webster, in the case of McCulloch v. Maryland.

John Marshall said this just a bit differently: “That the power to tax involves the power to destroy … [is] not to be denied.”

It should also be noted why many commentators have said that the tax, used as a punishment, is illegal.
.
Punishment by tax is unconstitutional becaue that is the kind of trickery pulled to punish our Founders the colonists: by the King of England.

There could be a legal challenge to this bill: telling us again that rushed legislation is often bad legislation….Like the stimulus….

The Senate has to decide next week what it thinks of this 90% tax…..so just taking a ‘time out” over the weekend may be the only modern relief from the fleeting and irrational passions.

Related:

See Michelle Malkin:
Calls For Dodd in Conn.
http://michellemalkin.com/2009/0
3/21/liveblogging-the-lexington-k
y-tea-party/

Experts Say Courts Would Uphold Congress on 90% Tax
http://www.bloomberg.com/apps/news?pi
d=20601087&sid=aC_hgTeumc70&ref
er=worldwide

President, Treasury, Congress “undermining efforts to shore up the economy”

March 21, 2009

“By week’s end, I was more depressed about the financial crisis than I’ve been since last September. Back then, the issue was the disintegration of the financial system, as the Lehman bankruptcy set off a terrible chain reaction. Now I’m worried that the political response is making the crisis worse. The Obama administration appears to have lost its grip on Congress, while the Treasury Department always seems caught off guard by bad news.”

That from Joe Nocera in The New York Times.
http://www.nytimes.com/2009/0
3/21/business/21nocera.html?_r=1&hp

I agree with Joe 100% but he is a lot smarter than me!

Related:

Bonus backlash hits Wall Street

American Democracy With Checks and Balances is Broken; Media, Congress Failing

Obama’s Radicalism Is Killing the Stock Market

 Obama Spending, Tax Plans Likely Out The Window As CBO Predicts Much More Debt

Obama, Geithner, Congress Squandering Confidence Needed For Recovery

***********************

From Joe Nocera in The New York Times:

Yes, the $165 million in bonuses handed out to executives in the financial products division of American International Group was infuriating. Truly, it was. As many others have noted, this is the same unit whose shenanigans came perilously close to bringing the world’s financial system to its knees. When the Federal Reserve chairman, Ben Bernanke, said recently that A.I.G.’s “irresponsible bets” had made him “more angry” than anything else about the financial crisis, he could have been speaking for most Americans.

But death threats? “All the executives and their families should be executed with piano wire — my greatest hope,” wrote one person in an e-mail message to the company. Another suggested publishing a list of the “Yankee” bankers “so some good old southern boys can take care of them.”

Or how about those efforts to publicize names of individual executives who received bonuses — efforts championed by Attorney General Andrew Cuomo of New York and Barney Frank, chairman of the House Financial Services Committee. To what end?

How does outing these executives fix skewed compensation incentives, which have created that unjustified sense of entitlement that pervades Wall Street? No, it’s mostly about using subpoena power to satisfy the public’s thirst for blood. (In light of the death threats, when Mr. Cuomo received the list of A.I.G. bonus recipients on Thursday, he promised to consider “individual security” and “privacy rights” in deciding whether to publicize the names.)

Then there was that awful Congressional hearing on Wednesday, in which A.I.G.’s newly installed chief executive, Edward Liddy, was forced to listen to one outraged member of Congress after another rail about bonuses — and obsess about when Treasury Secretary Timothy Geithner learned about them — while ignoring far more troubling problems surrounding the A.I.G. rescue.

Oh, and let’s not forget the bill that was passed on Thursday by the House of Representatives. It would tax at a 90 percent rate bonus payments made to anyone who earned over $250,000 at any financial institution receiving significant bailout funds. Should it become law, it will affect tens of thousands of employees who had absolutely nothing to do with creating the crisis, and who are trying to help fix their companies.

Meanwhile, the real culprits — like Joseph J. Cassano, the former head of A.I.G.’s financial products division— are counting their money in “retirement.” Nobody on Capitol Hill seems much interested in getting that money back. (And the bill does nothing about bonuses that were paid before 2009, meaning that most of those egregious Merrill Lynch bonuses, paid at the end of last year, will not be touched.)

Read the rest:
http://www.nytimes.com/2009
/03/21/business/21nocera.html?hp

Obama, Geithner, Congress Squandering Confidence Needed For Recovery

March 21, 2009

“What we need today is more optimism and more confidence,” Larry Summers said.

“Consumer confidence is slightly up. The market is slightly up,” Biden said.

“We need confidence to make this recovery work,” President Obama said.

 Psst: Obama; Biden Was Supposed To Be the Gaffe Prone Guy

I believe all that.  I also know that the president, his team, Tim Geithner, Larry Summers, Joe Biden, Chris Dodd, Harry Reid, Nancy Pelosi, Barney Frank and a host of others are frittering away the confidence Americans and many others in the world like China need to make the recovery work….

“The whole congress should have their income taxed at 90% because of their incompetence,” said former Arkansas Governor Mike Huchabee today on Fox.[Pelosi+Congress.jpg]
http://cristyli.blogspot.com/

And Mister President, do I believe “Nobody messes with Joe?”

“Give me a f &^*$% ing break.”

 

You can’t urge confidence while spending trillions of taxpayers dollars and then spend, waste, an entire legislative week on $167 million with nothing to show for the effort except for a loss of confidence.

Congress this last week sent a torpedo into confidence in banks, companies like AIG, the Treasury, the White House, truth, honesty and themselves.

Why wait?  Follow the Grassley and Japanese way, congress: kill yourselves and save us the expense of a revolt……

The pain of your living, moronic behavior in a time of crisis is killing me and it should be killing you.  The wrong guy is going to die if the economy worsens: the taxpayer.

After the mass Seppuku (切腹 ) on Capitol Hill, the president can fire Geithner in an attempt to bring back some confidence. Some iota of confidence.  At least firing Geithner will be a pro-active step.

But nobody seems ready to do the right thing; even though I did the right thing by sending in my professionally (no Turbo Tax for me) prepared IRS forms yesterday….

And are we expected to have confidence in the president’s budget and allow rapacious spending on health care, energy, climate change and education?

Not after yesterday’s CBO report and not after what we”ve seen since Barack Obama and this congress go into the act….

Please see all the goodies at Michelle Malkin’s house….
http://michellemalkin.com/2009/03/2
1/saturday-open-thread-7/


President Obama, Joe Biden, Tim Geithner, Larry Summers, Chris Dodd, Harry Reid, Nancy Pelosi, Barney Frank and a host of others are running off to spend our money too fast and we have lost confidence…..

Related:
Bonus backlash hits Wall Street

American Democracy With Checks and Balances is Broken; Media, Congress Failing

Obama’s Radicalism Is Killing the Stock Market

 Obama Spending, Tax Plans Likely Out The Window As CBO Predicts Much More Debt

Obama: Why Are We Saving Geithner and His Incestuous Relationship With Wall Street?

Finance, one of America’s great industries, being destroyed by Congress during crisis?

For Cuomo, AIG, Financial Crisis Is His Political Moment

 Did Obama White House Fuel AIG Bonus Mess To Enact Tougher Rules With Public Support, “Outrage”?

[Commentary]
Martin Kozlowski, WSJ

Congressional Insanity 90% Tax on Bonuses

March 19, 2009

The Associated Press said that the 90% tax passed the House….

The bill will take 90% of any bonus money paid to employees of companies, like AIG, who have accepted bailout money….

The vote was 328-93.

Said House Speaker Nancy Pelosi: “We want our money back and we want our money back now for the taxpayers.”

Republicans called it a legally questionable ploy to paper over Obama administration missteps.

http://michellemalkin.com/2009/0
3/19/putting-on-a-great-show-kab
uki-in-the-house/

http://www.frugal-cafe.com/publi
c_html/frugal-blog/frugal-cafe-bl
ogzone/2009/03/19/alice-throu
gh-the-looking-glass-tax-aig-to-ob
livion/

Punishment by tax is unconstitutional becaue that is the kind of trickery pulled to punish our Founders the colonists: by the King of England.

There could be a legal challenge to this bill: telling us again that rushed legislation is often bad legislation….Like the stimulus….

So are the Democrats sure they want to vote on a 90% tax for AIG and others like them?

Guess who loves this good thinking?  Nancy Pelosi and Charlie Rangel.

These guys are eating my lunch….

Second idea; the Democrats want to rush this to a vote in the House: the same kind of brainless conduct that brought us the stimulus and the AIG bonuses in the first place.

“Give me a f *&$%# ing break.”

Related:
Pelosi, Rangel rushing to tax AIG and other bonuses 90%; This caused a revolution once…

Associated Press says the House passed the 90% Tax:
http://news.yahoo.com/s/ap/20090
319/ap_on_go_co/aig_outrage

Related:
Economic Recovery? “These guys are eating my lunch”

Lawmaking by Stampede Made the Stimulus, Now We’ll Tax ‘Bonuses’ the Simulus Allowed?
.
Obama On Geithner Sounds Like “Brownie, you’re doing a heck of a job”
.
Pelosi, Rangel rushing to tax AIG and other bonuses 90%; This caused a revolution once…

AIG Bonus Snafu: Boomeranging Into the Faces of Democrats?

“Dodd The Dodge” — Senator Weasels Away The Truth; And Not Artfully

Obama the centrist, pragmatic problem-solver is gone: now liberal spendathon, no accountability
.
News at eleven followed by Jay Leno and Barack on the National Barack Channel….

Obama, Pelosi: Anything to Win

Obama,

A Democrat Did Something Good Today: John Lewis Says 13 Companies Took Bailout Money, Owe Taxes

March 19, 2009

Another nail in Geithner’s coffin.

Good going John Lewis!

***********************

By STEPHEN OHLEMACHER, Associated Press

At least 13 firms receiving billions of dollars in bailout money owe a total of more than $220 million in unpaid federal taxes, a key lawmaker said Thursday.

Rep. John Lewis, D-Ga., chairman of a House subcommittee overseeing the federal bailout, said two firms owe more than $100 million apiece.

“This is shameful. It is a disgrace,” said Lewis. “We are going to get to the bottom of what is going on here.”

The House Ways and Means subcommittee on oversight discovered the unpaid taxes in a review of tax records from 23 of the firms receiving the most money, Lewis said as he opened a hearing on the issue.

The committee said it could not legally release the names of the companies owing taxes. It said one recipient had almost $113 million in unpaid federal income taxes from 2005 and 2006. A second recipient owed almost $102 million dating to before 2004. Another was behind $1.1 million in federal income taxes and $223,000 in federal employment taxes.

“If we looked at all 470 recipients, how much would they owe?” Lewis asked.

Lewis said the panel plans to review tax records from other firms receiving federal money, but he was unsure if it would look at every firm.

“We’re not done,” he said.

Banks and other firms receiving federal money were required to sign contracts stating they had no unpaid taxes, Lewis said. But he said the Treasury Department did not ask them to turn over their tax records.

Read the rest:
http://news.yahoo.com/s/ap/20
090319/ap_on_go_co/bailou
t_delinquent_taxes

http://michellemalkin.com/2009/0
3/19/ugh-gop-minn-gov-pawlenty
-studying-mileage-tax-satellite-b
ased-tracking/

Pelosi, Rangel rushing to tax AIG and other bonuses 90%; This caused a revolution once…

Pelosi, Rangel rushing to tax AIG and other bonuses 90%; This caused a revolution once…

March 19, 2009

Punishment by tax is unconstitutional becaue that is the kind of trickery pulled to punish our Founders the colonists: by the King of England.

So are the Democrats sure they want to vote on a 90% tax for AIG and others like them?

Guess who loves this good thinking?  Nancy Pelosi and Charlie Rangel.

These guys are eating my lunch….

Second idea; the Democrats want to rush this to a vote in the House: the same kind of brainless conduct that brought us the stimulus and the AIG bonuses in the first place.

“Give me a f *&$%# ing break.”

*********************

By STEPHEN OHLEMACHER, Associated Press

Democrats are rushing through a legally questionable tax on employee bonuses from bailed-out firms to paper over the failure of the Obama administration and key lawmakers to stop those payouts, Republicans charged Thursday.

“The Democratic bill brought to the floor today is constitutionally questionable,” said Rep. Mike Pence, R-Ind. “It’s obviously a transparent attempt to divert attention away from the truth that Democrats in Congress and this administration made these bonus payments possible.”

Democrats rushed a bill to the House floor on Thursday to levy a 90 percent tax on bonuses paid to employees with family incomes above $250,000 at companies that have received at least $5 billion in government bailout money. A vote was expected later Thursday.

“We figured that the local and state governments would take care of the other 10 percent,” said Rep. Charles Rangel of New York, chairman of the tax-writing House Ways and Means Committee.

Read the rest:
http://news.yahoo.com/s/ap/20
090319/ap_on_go_co/aig_outrage

Related:
http://michellemalkin.com/200
9/03/19/first-they-came-for-aig-bonuses/

 Economic Recovery? “These guys are eating my lunch”

Related:
Lawmaking by Stampede Made the Stimulus, Now We’ll Tax ‘Bonuses’ the Simulus Allowed?
.
Obama On Geithner Sounds Like “Brownie, you’re doing a heck of a job”

 AIG Bonus Snafu: Boomeranging Into the Faces of Democrats?

“Dodd The Dodge” — Senator Weasels Away The Truth; And Not Artfully

Obama the centrist, pragmatic problem-solver is gone: now liberal spendathon, no accountability
.
News at eleven followed by Jay Leno and Barack on the National Barack Channel….

Obama, Pelosi: Anything to Win

Obama, Congress, Treasury, Fed: Shameful Mismanagement of Your Money, Recovery

Did Obama White House Fuel AIG Bonus Mess To Enact Tougher Rules With Public Support, “Outrage”?

Fed to pump another $1 trillion into U.S. economy “from thin air”

Tax Marijuana, Health Benefits? Obama Will Fiddle While It All Burns….

March 15, 2009

The “tax everything” fervor in America just now makes one wonder who will pay our bills?  Mexican drug cartels?  But what will be left that we want to save if we continue down the road now rolled out by Obama and Joke Biden?

*************

Could marijuana be the answer to the economic misery facing California? Democratic state assemblyman Tom Ammiano thinks so. Ammiano introduced legislation last month that would legalize pot and allow the state to regulate and tax its sale – a move that could mean billions of dollars for the cash-strapped state. Pot is, after all, California’s biggest cash crop….

From Time Magazine:

http://news.yahoo.com/s/time/200
90313/us_time/08599188495600

Related:

http://michellemalkin.com/2009/03/15
/administration-is-open-to-taxing-healt
h-benefits/

Obama wants to ‘discuss’ with Taliban? Taliban threatens to kill aid workers

 Rosy Talk From Obama and Gang is BS

 Obama, Biden Chat Up Economy; Congress Talking “Stimulus II”

Obama: Fire Geithner

 Obama: Stop Thinking About What Might Be Gained; Think What May Certainly Be Lost

http://riggword.wordpress.com/200
9/03/15/obama-says-dont-worry-
be-happy-now/

*******************

Obama Could Tax Health Benefits

Fox News
.
President Obama’s top economic advisers on Sunday disputed claims that the administration is receptive to the idea of taxing employee health benefits, but would not rule out the option. 

“He is open to all ideas,” said Austan Goolsbee, of the White House Council of Economic Advisers, on “FOX News Sunday.” 

Adviser Christina Romer, appearing on NBC’s “Meet the Press,” also would not take the option off the table. 

But both played down an article in The New York Times Sunday that said advisers were acknowledging the president would not oppose efforts by Congress to tax health benefits, even though he is not personally proposing the change. 

“That was highly overstated. That is not in the president’ budget,” Goolsbee said. “There are some people in Congress who are pushing this, but this is not the president’s idea.” 

Read the rest:
http://www.foxnews.com/politics/first1
00days/2009/03/15/obama-adviser-
rule-taxing-health-benefits/

 

A bonfire: your money going up in smoke?