Obama's "stimulus" plan calls for "tax cuts" in the form of checks to be sent to all Americans that meet the criteria. I warn you now: DO NOT CASH THAT CHECK!
Why, you ask?
General Motors, Chrysler and Ford took checks from our benevolent government and were told by Congress that they had to sell their corporate jets. Citigroup, Merrill Lynch and other banks took checks from our benevolent government and are now being told by Obama that they cannot purchase a corporate jet or a redecorated executive suite and are being told by Obama how much their executives can make in compensation.
What strings will be attached to your bailout? How much of your freedom are you willing to give up for a $500 or $1,000 check?
Tuesday, January 27, 2009
Financial "genius" running Treasury
On Monday 1/26/2009, our illustrious Senate voted 60-34 to confirm Timothy Geithner as Treasury Secretary. This position, among other duties, is to manage the Social Security and Medicare trust funds. The Treasury Secretary has complete authority over the TARP funds allotted in the banking bailout in 2008. In addition, Geithner will oversee the printing of money to dilute the American currency and create inflation.
It turns out that Geithner failed to pay $43K in Social Security and Medicare taxes between 2002 and 2006. His failure to pay is a result of his employer, the IMF, paying him the gross as if he were self employed. The policies of the IMF also required Geithner to fill out a request to receive the "gross up" allowance that was designed to cover these tax payments. Millions of self employed and small business owners in America have the same responsibility to pay not only their individual share of Social Security and Medicare but also the other half that usually is paid by your employer on your behalf.
Obama, John Kerry and the mainstream media outlets ran to Geithner's aid to announce that his failure to pay was an "honest mistake". It turns out that he paid for 2003 and 2004 when the IRS audited him and found the mistake, but only paid for 2001 and 2002 after he was chosen by Obama as the nominee for Treasury Secretary.
There are really only 2 angles from which you can view this.
1. Geithner lied. This was not a "mistake" at all. He deliberately avoided paying these taxes and was caught red handed. Even after the IRS exposed his error, he failed to go back and correct the 2 years' returns that weren't audited until it was apparent that this information would become public.
OR
2. It really was a mistake and he really is sorry.
Either way, this incident disqualifies him from being the CFO for the United States doesn't it? Apparently the intelligent people such as Barack Obama and 60 of our entitled Senators disagree.
It turns out that Geithner failed to pay $43K in Social Security and Medicare taxes between 2002 and 2006. His failure to pay is a result of his employer, the IMF, paying him the gross as if he were self employed. The policies of the IMF also required Geithner to fill out a request to receive the "gross up" allowance that was designed to cover these tax payments. Millions of self employed and small business owners in America have the same responsibility to pay not only their individual share of Social Security and Medicare but also the other half that usually is paid by your employer on your behalf.
Obama, John Kerry and the mainstream media outlets ran to Geithner's aid to announce that his failure to pay was an "honest mistake". It turns out that he paid for 2003 and 2004 when the IRS audited him and found the mistake, but only paid for 2001 and 2002 after he was chosen by Obama as the nominee for Treasury Secretary.
There are really only 2 angles from which you can view this.
1. Geithner lied. This was not a "mistake" at all. He deliberately avoided paying these taxes and was caught red handed. Even after the IRS exposed his error, he failed to go back and correct the 2 years' returns that weren't audited until it was apparent that this information would become public.
OR
2. It really was a mistake and he really is sorry.
Either way, this incident disqualifies him from being the CFO for the United States doesn't it? Apparently the intelligent people such as Barack Obama and 60 of our entitled Senators disagree.
Mainstream media gets it wrong on bailout and taxes
The mainstream media, the Democrats, Barack Obama and his complete staff are without exception calling the program where certain people receive checks from the federal government a "tax cut". Either they are deceiving us purposely or they need remedial education in math.
From a Reuters article on 1/27/2009
"Some $275 billion of the package would go toward tax cuts. The other $550 billion would pay for public works projects, alternative energy initiatives and the bolstering of unemployment benefits and other safety-net programs."
When you hand out money to people who pay $0 in federal income taxes it is NOT a tax cut, it is a wealth redistribution welfare payment - a gift. Was it 3rd grade where we learned that when you multiply anything by zero the answer comes out zero? I guess that rule doesn't apply if your name is Obama or if you report the news for Reuters, ABC, CBS, NBC, CNN, AP, MSNBC or NY Times.
Facts:
1. Close to 40% of our population pay $0 in federal income taxes (not counting those that don't report their income to the IRS) and 100% of these will receive a check if this bailout is passed.
2. 97% of the federal income tax bill is paid by 50% of the taxpayers.
From a Reuters article on 1/27/2009
"Some $275 billion of the package would go toward tax cuts. The other $550 billion would pay for public works projects, alternative energy initiatives and the bolstering of unemployment benefits and other safety-net programs."
When you hand out money to people who pay $0 in federal income taxes it is NOT a tax cut, it is a wealth redistribution welfare payment - a gift. Was it 3rd grade where we learned that when you multiply anything by zero the answer comes out zero? I guess that rule doesn't apply if your name is Obama or if you report the news for Reuters, ABC, CBS, NBC, CNN, AP, MSNBC or NY Times.
Facts:
1. Close to 40% of our population pay $0 in federal income taxes (not counting those that don't report their income to the IRS) and 100% of these will receive a check if this bailout is passed.
2. 97% of the federal income tax bill is paid by 50% of the taxpayers.
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