Category: TAXES

Obama And the USSC

obama3I am disturbed, but not surprised by some of the comments made by Barrack Obama as regards the role of a Justice of the Supreme Court and thereby, what we will get in the replacement for Justice David Souter, who is retiring, next month. Those comments give us a frightening view of what we have in store from anyone Obama might nominate.

There are many, including the Washington Post… hardly a bastion of liberal thought… who have counseled Obama to look for judicial restraint:

Alas, the once-dominant species of liberal proponents of judicial restraint has relatively few surviving members. Obama should find them – why not Jose Cabranes, the excellent judge whom President Clinton appointed to the 2nd Circuit? – and help


Fairtax: The Video

This is good. It’s less than 3 minutes, the winner of a contest put on by The Fairtax folks, and makes the point about the importance of the Fairtax and the distinct value of American Capitalism. Watch it.


When The Majority Gets Desperate

Democrats are starting to become more audacious where they hold sway.  In your state, they have probably already tried:

  • Giving in to Unions with Prevailing Wage and Fair Share
  • Giving in to Populist attempts to circumvent the Constitution
  • Giving in to attempts to minimize the value of the family by elevating gay unions as marriage
  • Giving in to solutions lacking real problems, such as Worker’s Compensation Physician’s Choice
  • Giving in to their lust for spending, a long-term need for greed that feeds a push to raise taxes… yes, your state government is probably trying right now to raise your taxes!

If you don’t believe all this, just look to Iowa.  Smack dab in the middle of the country, normally expected to be a follower, …


Hope for a Change

Or is it change for a hope?  I admit my confusion on this issue.  The American public was told during the 2008 Presidential campaign that things would be different.  So far, it’s more of the same, only worse.  It seems like the entire country has gone stark, raving mad.

To wit, as the Obama Administration’s Cabinet nominees wind their way through the approval process, we find that not one, not two, not three, but four have a prior history of not paying their taxes.  What is going on here?  The best thing to come out of this mess is that the American taxpayer, at last count, is ahead some $176,000.  Could this be President Obama’s plan to fund this massive “economic stimulus” package that is …


Repeal the Estate Tax

The headline on the front page of yesterday’s (Monday, January 12, 2009) Wall Street Journal read “Obama Plans to Keep Estate Tax”.  This is the opening salvo of President-Elect Obama’s tax hike and wealth redisribution plan.

In 2009, estates of less than $3.5 million per person and $7 million per couple are exempt from taxation.  The value of estates over that are taxed at 45%.  Under current tax law, signed by President Bush in 2001, there is no estate tax in 2010.  As I joke with my clients, if you’re going to die, do it in 2010, because under current law, in 2011 the estate tax reverts to Clinton-era levels–a $1 million exclusion, with the rest taxed at 55%.

Here’s why the estate tax, in …


Congress May Have A Deal For Bailout

From the New York Times late last night:

WASHINGTON — Congressional leaders and the Bush administration reached a tentative agreement early Sunday on what may become the largest financial bailout in American history, authorizing the Treasury to purchase $700 billion in troubled debt from ailing firms in an extraordinary intervention to prevent widespread economic collapse.

Officials said that Congressional staff members would work through the night to finalize the language of the agreement and draft a bill, and that the bill would be brought to the House floor for a vote on Monday.

The bill includes pay limits for some executives whose firms seek help, aides said. And it requires the government to use its new role as owner of distressed mortgage-backed securities to make


Are Treasury and Congress Doing The Right Thing?

I’m surprised there has not yet been a run on my bank.  The way that Bush, Paulson and Congressional Leaders are reacting to the liquidity angst on Wall Street would make you think there’s no money left, and we only have days or perhaps hours to get our money safely out of the hands of our bankers.

Of course, nothing could be further from the truth.

But wrapped up in that fear is some of the reality that our economy is dependent upon the use of credit throughout the business and consumer world to keep things moving.

When you think about it, that sounds a little more scary than I thought it would.

In other words, if we all had plenty of cash, could easily …


Is The Crisis Abated?

On Sunday I shared some initial thoughts about the Fed take-over of Fannie Mae and Freddie Mac. If you read it, you know I’m not exactly happy about the outcome.  My friend Bithead shared some great thoughts Monday, and I don’t disagree that something needed to be done.   He and I both agree dumping the CEOs was necessary.

And on Monday the Stock Market reacted very favorably to the news, with a huge rise in the Dow (500 points, settling up 289), with a strong positive impact to the banking industry.

But I’m still convinced that the solution divides the interests of those in the government now set to manage the affairs of these companies.  Everyone who looks at this right now is breathing …


Government Mortages: The New Balancing Act

Today US Treasury Secretary Henry Paulson announced plans for the new Federal Housing Finance Agency (FHFA) to take Freddie Mac and Fannie Mae into conservatorship.   The power to do this was provided in HR 3221 which was passed in July.

The move includes replacement of the CEO of both organizations, and an infusion of about $200 billion.  In return, the Treasury gets $1 billion in preferred stock from each company without providing the cash for it up front (I’m assuming this will work like a stock option).

From the Wall Street Journal:

It is unclear how much the government’s intervention will ultimately cost taxpayers. In exchange for agreeing to provide as much capital as needed to the companies as they cope with heavy losses on


Gasoline idiocy from the left

(Cross-posted from BitsBlog)

John Cole is miffed at Obama for suggesting that the solution for oil supply problems is to find more. Apparently to Cole, that’s not painful enough for us.

Look, I know that there are people who are suffering because of high gas prices. I’m one of them, although I know that, like many of you, I can probably afford the prices more than a lot of people. My problem with this is that I think democrats should be solidly be on the side of finding alternative energy. Rising gas prices have made a difference. I’ve noticed a lot more people riding MARTA in Atlanta – a LOT more. I’d be willing to bet many of these people were like me, before


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