All Posts Tagged With: "FairTax"
For the sake of full disclosure, and ensuring people don’t accuse me of taking his words out of context, you can see the full transcript of the conversation between Obama and Joe here. I’m going to focus on one sentence that Obama said:
I think when you spread the wealth around, it’s good for everybody.
One can argue a hundred different opinions on this topic, and there’s been a lot of comments around how this is a Socialist agenda (and many consider this to be pretty obvious). However, the new argument from the Left is that there’s nothing new here …
As expected, President Bush signed HR 3221 into law this morning, making billions of federal dollars available to home owners, shoring up Fannie Mae and Freddie Mac, and providing closer oversight of the financial aspects of home ownership to the Administration and Congress.
What a shame.
After speaking with a good friend of mine that is a CPA, the tax incentives, particularly the $7,500 tax credit (a topic which is burning up the search engines at this time), are going to make life harder for tax preparers, tax payers, and probably increase the cost of running the IRS. As I’ve said before, There are going to be a lot of problems keeping track of this.
Plus, this is just an unfair competition with banks. The government …
Well, it took almost 3 months, but Congress finally passed the bill today, on older version of which was passed by the House in May, after some considerable back and forth between the Senate and the House. The bill is HR 3221 (pdf), titled: “Housing and Economic Recovery Act of 2008″.
The entire bill is over 600 pages long. The table of contents is 7 pages. And technically, this is a bill that began its life over a year ago. Sponsored by none other than Nancy Pelosi. And apparently Bush is planning to sign.
He should not.
Touted by most of the media is the section that provides up to a $7,500 tax credit is 1,800 words. And the media manage to mention it …
We’ve kept it pretty loose here at TCR with regard to the continued havoc being wrought by Hillary Clinton against her party. Every day, the lack of her stepping down extends further and further the demise of Democrats and Obama’s chance to manipulate his way into high office.
Amazingly enough, however, the party faithful are undeterred and completely convinced that their nominee is the right person for this job. It is odd to see serious grownup people behave at a level of maturity that doesn’t seem to align with how those people deal with everything else in their lives.
I wish I were talking only about Democrats.
I would contend that Barack Obama and John McCain are not the best representatives of their parties.
Not so much because tinkering with the economy on a regular basis is messy as much as having Congress doing the tinkering is just dangerous. Remembering that the Prime Directive of nearly every member of Congress is “Do nothing that interfere with my re-election”, and the corollary is “Take care of my deep pocket special interests”, it is exceptionally difficult to trust anything that Congress does, especially when it is wrapped up in the “we’re here to help” blanket.
So today (Thursday), the House passed a bill to spend yet another $300 billion that we don’t have in order to firmly entrench the new entitlement: home ownership.
We won’t spend any time bemoaning the end of apartment dwelling as we know it. Nor the fact …
You may recall a few months ago I mentioned I had started reading The FairTax Book. It only took about 5 or 6 hours of reading time, but it kept bouncing around in priority, and I just finished a couple of days ago.
It is really tough to explain the whole idea in a few short sentences (making the book a great resource if you want to be able to speak intelligently to the subject). I was cynical of the idea before reading the book, and now I’m convinced it is the right way to both solve our current tax issues and help stimulate our sadly sagging economy.
Forgive me if I make this sound too simple, and I know it really isn’t, but what …