Tammy Bruce: Money/Capitalism Archives

Money/Capitalism Archives

McCain Suggests Gas Tax Holiday

And other fantastic tax and economic measures. These are the proposals that illustrate the dynamic difference between Marxists (Obama and Clinton) and a man who at least isn't a leftist, and might even be pulled back into the Authentic Conservative framework if we demand it aggressively enough. For whatever his reasons, these proposals reflect the conservative principle of keeping government accountable and spending and taxes low, or at least lower. I need to see more details, but this is a good start.

McCain plan to target tax code, gas prices

An end to earmarks, a gas-tax holiday, government-backed mortgages -- they're all part of an economic-revival plan that a top aide to GOP Sen. John McCain described Tuesday as "big and ambitious." The presumed Republican nominee also wants to create an alternative system for paying income taxes and double the income tax exemption for dependents, McCain said during a Tuesday speech at Carnegie Mellon University in Pittsburgh.

The senator from Arizona is proposing an income tax system that offers two basic rates and a "generous standard deduction," he said. McCain would let Americans choose between the new system and the present one...

The presidential candidate also called for doubling the federal income tax exemptions for dependents, from $3,500 to $7,000.

McCain said he wants Congress to declare a summer gas-tax holiday, suspending the 18.4-cent gas tax and 24.4-cent diesel tax from Memorial Day to Labor Day this year...As for Medicare, McCain plans to tweak the prescription drug benefit to exclude taxpayers who can afford medicine without government assistance...

Despite the promised assault on corporate loopholes, McCain said he would use the money saved via his proposals to ease the burden on employers by lowering the business income tax from 35 percent to 25 percent.

Posted by Tammy · April 15, 2008 09:53 AM · Permalink · Comments (5)
Money/Capitalism

Theories of Taxes

Maynard contemplates tax day (bumped from last year)

The picture above, in case you were wondering, is John Collier's artistic rendition of Lady Godiva. She graces our presence because her notorious ride was in fact a tax protest. Every now and then, at a domestic tax demonstration, there are rumors that a similarly-clad rider will appear. I don't know whether it ever really happens.

We live in a world where just about everything is taxed, sometimes overtly and sometimes with subtlety. Aside from being the source of government revenue, each tax is a little piece of social engineering, causing people to change their behavior to avoid paying. Sometimes this behavior modification is deliberate, such as the high cigarette taxes designed to discourage sales. Other times it's accidental, such as the "yacht tax" of a few years ago, which drove boat builders out of business.

Here are some fundamental tax types:

Consumption taxes, such as sales tax, which tax you for stuff you use
Production taxes, such as income tax, which tax you for your productivity
Property taxes, which tax you for stuff you own
Transfer taxes and fees, which tax you for transactions in which non-consumable goods change hands
Taxes on capital gains and investment income, which tax you on the growth of assets you hold
As the final insult, there's a death tax

Excessive taxes can suck the life out of an economy. Some types of taxes are more toxic than others. A strong economic argument can be made favoring the consumption tax over the alternatives. Taxing consumption rather than production encourages savings, which are an essential part of the foundation upon which a prosperous economy is built. Also, taxing consumption levels the playing field with respect to domestic production, since all goods are taxed at the same rate regardless of origin, instead of having domestic goods weighed down by built-in taxes. Unfortunately, it's politically awkward for an elected official to advocate rational tax policy, because the political opposition strives to make good ideas sound ugly. Lowering or (gasp!) eliminating capital gains and income taxes appears to be a sop to the rich, and indeed it will make the lives of the rich easier. Of course, the rich take care of themselves in any case; a simpler tax structure makes their job less inefficient, and also makes it easier for the less-than-rich to aspire to riches. But that's a hard message to get across in a world where the misery merchants reinforce a sense of individual helplessness.

The FairTax organization is promoting an ambitious plan to abolish the IRS and replace the existing tax structure with a national sales tax that will generate the same level of revenue. That sounds like a wonderful idea to me. Imagine an end to income taxes and record keeping and all the other intrusive nonsense we put up with in order to assure the government takes its "fair" share of the fruits of our labor. But you can see this movement, as great as it is, faces an uphill battle.

Let's talk about the history of income tax for a moment. Another April 15 disaster was the sinking of the Titanic in 1912. Immediately afterwards, the Sixteenth Amendment was ratified, authorizing the American government to levy a tax on income. And the rest, as they say, is history.

Income tax rates have gone up and down over the years. Here is an interesting historical chart. You'll see some high marginal rates in the early years, but these only applied to the very very very rich. When we got into WWII, the income level at which confiscatory rates cut in dropped precipitously, and they stayed pretty much in place until Ronald Reagan's tax cuts. The high rates didn't affect the average wage earner, but they created a firm barrier against becoming rich through a salary. This made for what amounted to a national wage cap. Getting rich required, among other things, some very creative accounting.

As a practical matter, between George Bush's inclination to spend money and the Democratic inclination to take money, I don't imminently expect any tax reforms that will do more good than harm. If any of you are in a position to conjure up Lady Godiva, now would be a good time.

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Posted by Maynard · April 15, 2008 12:30 AM · Permalink · Comments (13)
Big Government | Economy/Economics | Maynard Post | Money/Capitalism | Politics

Clinton Tax Returns Released

Clinton with the Emir of Dubai, arguably his most important employer?

We're just starting to get some information, and let's just say there are more questions than answers.

Most had thought the Clinton's made $50 million since Billy Jeff left office. Not so. The Clintons' joint return more like $109.2 million in the last 7 years.

More soon...

OK, the return for 2007 isn't a return at all--it's a "summary." And they've actually asked for an extension of time to file for 2007. How strange when you have a team of people doing your taxes for you. It's not as though Hill and Bill sit around the kitchen table trying to figure out their taxes after working a 10 hour day and helping the kids with homework. They have released a summary of returns for years past, however, with the Clintons' joint returns reveal their making more than $109 million in the past seven years. And to think Hillary complains about the oil companies their their profits!

Most are noting the most interesting thing, the source(s) of $18 million in income left unaccounted for.

One thing we do know, and I've noted many times on Tammy radio, is the cozy financial relationship between Bill Clinton and the Dubai and United Arab Emirates. Back in 2006, Newsmax reported on part of that relationship.

Dubai's 'Boycott Israel' Sheik Funded Bill Clinton

Former President Bill Clinton has accepted at least $1.6 million from the United Arab Emirates, including $300,000 from a Dubai sheik who adamantly backs the country's controversial boycott of Israel.

On Jan. 17, 2002, Mr. Clinton was paid $300,000 to address the Science, Technology and Arts Royal Summit in Dubai at the invitation of Crown Prince and U.A.E. Defense Minister Sheik Mohammad bin Rashid Al Maktoum...Mr. Clinton accepted another $300,000 from the Dubai regime for a speech in 2005. And his presidential library in Little Rock has collected seven-figure sums from several Arab governments participating in the anti-Israel boycott, including Dubai.

In September 2005, the New York Sun reported:

"When the library opened last year, a computer display in the exhibit halls included information on some, but not all, donors. The Saudi Royal Family and the governments of Dubai, Kuwait, and Qatar all gave $1 million or more."

That's just the tip of the iceberg. The relevant question is, how much money have the Clintons received via Bill from the Islamist sheiks of Dubai, and when did they start receiving it?

Dick Morris has some more recent questions about the mysterious relationship between the Clintons and the depraved UAE:

The Clinton's Hypocrisy on Dubai

Hillary Clinton and her campaign repeatedly highlight her ardent feminism, her lifelong advocacy of workers’ rights, her consistent support for unions, and her love of Israel.

But those principles go right out the window if there’s money involved. When it comes to lining their pockets, the Clintons have a double standard. While Hillary chastises American corporations and employers for lay-offs and opposition to greater union organizing rights, Bill is paid big bucks that go into their joint bank accounts to legitimize the anti-Semitic, anti-worker, anti-union, and anti-woman Arab state of the UAE and its emirates of Dubai.

It’s not just Bill’s $1.2 million Dubai speaking fees that have enriched the Clintons, and its not just the million dollar contribution by the Emir of Dubai to the Clinton Presidential Library that has endeared the Islamic monarchy to them.

It’s much more that that: Bill Clinton was personally responsible for delivering the ruler of Dubai and Prime Minister of the U.A.E., Sheikh Mohammed bin Rashid Al Maktoum, to a partnership with Yucaipa Cos., headed by Bill and Hillary’s uber-fundraiser Ron Burkle.

Bill Clinton is a paid adviser and member of the Board of Directors of Yucaipa. Together, the Sheik and Yucaipa have formed a new company, Dubai Investment Group Limited, to jointly invest Yucaipa funds and the Sheik's personal funds.

So Bill Clinton is now an adviser and member of the board of directors of a company that is in partnership with the government of Dubai — a part of the world that blatantly discriminates against women, abuses workers in violation of international law, outlaws unions, deports strikers, and bans Israelis and their products from ever entering the country.

One of the most important things we need to know about a presidential candidate is to whom they may owe favors. Are their personal interests more tied up with a foreign country than they are with the American people? Is there an overwhelming foreign interest controlling the decisions and action of that person? Or, at th every least, do their financial relationships reveal an sympathy for tyrants?

I think it's safe to safe, ranging from the Dubai relationship and the Ron Burkle relationship, the Clintons are beholden to Islamists who run a despotic, racist, Jew-hating tyranny. I've always noted BJ's sex addiction makes him a security risk for this nation. Well now we can add the appearance of both of them being bought by an Islamist nation. Their apparent effort to keep hidden the source(s) of that $15-18 million does seem to indicate that they feel the American people wouldn't like what they see.

WSJ: Bill Clinton May Get Payout of $20 Million

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Posted by Tammy · April 4, 2008 02:10 PM · Permalink · Comments (4)
Hypocrisy | Money/Capitalism

The Best Thing About John McCain?

Cindy. Beautiful. Smart. Fabulously wealthy. Heiress to a beer empire. Part owner of a baseball team. Successful and respected businesswoman. Loves the country. I'm beginning to think the wrong McCain is running.

Posted by Tammy · April 3, 2008 09:35 PM · Permalink · Comments (7)
Authentic Feminism | Good News | Money/Capitalism | Politics

The Pig Book--How Politicians Are Wasting Our Money

Citizens Against Government Waste has released its annual listing of how politicians are wasting our tax dollars on ridiculous pet projects. And to think its these same people who somehow found the time to take their hands out of our pockets to condemn the oil industry which at least makes their profits fairly and legitimately

Annual 'Pig Book' Sees Steep Rise in Number of Lawmakers' Pet Projects

Another attempt to put a moratorium on earmarks — local pet projects slipped into legislation —- failed Wednesday, a day after House Speaker Nancy Pelosi insisted that an earmark freeze was still a possibility. The House voted against a Republican-backed plan 215 to 199.

Republicans timed their effort to coincide with the release of the annual Congressional Pig Book, distributed by the watchdog group Citizens Against Government Waste. The pig book details pork-barrel spending and was rolled out with pig-costumed staffers pushing barrels.

Overall pork barrel spending went up 30 percent in the 2008 fiscal year and the number of pet projects jumped by 337 percent — to more than 11,600. The cost of all the earmarked projects was $17.2 billion

According to the book, the top three lawmakers slipping pet projects into bills are all Republicans on the Senate Appropriations Committee — Sens. Thad Cochran of Mississippi with $892 million; Ted Stevens of Alaska with $469 million and Richard Shelby of Alabama with $465 million.

So the Big Three are Republicans. I think this is a perfect of illustration of what I mean when I say politicians are all the same, and a politician having an (R) after his or her name no longer automatically means they're a conservative.

Some of the more absurd uses of our tax dollars?

$1.9 million for the Charles B. Rangel Center for Public Service at The City College of New York. The project was slipped into the Labor/Health and Human Services spending bill by none other than Rep. Charles B. Rangel, the Democratic chairman of the House Ways and Means Committee.

$188,000 for the Lobster Institute in Maine. This was added by Maine's Republican Sens. Olympia Snowe and Susan Collins, along with Rep. Thomas Allen. It is said to be a cooperative program of "research and education with the lobster industry." Among other programs, the institute has been working on an underwater "lobster cam" and touts one of its achievements as the creation of lobster biscuits for dogs.

As for the presidential candidates, New York Sen. Hillary Clinton is listed as being named on 281 earmarks, among them $390,000 for jazz music at Lincoln Center. The other Democrat in the race, Illinois Sen. Barack Obama, is listed on 52 earmarks, including $1.6 million for the Shedd Aquarium in Chicago. The aquarium receives 2 million visitors a year and has 36 corporate backers.

Arizona Sen. John McCain, the expected Republican presidential nominee, did not request any earmarks this year. He issued a statement instead lauding CAGW for issuing the book.

I must say, I'm impressed. Good for him.

Money Quote of the Day

"The penny is worth less than any other currency."

Uh, yeah. It should warm your heart to know this gem comes from our very own Treasury Secretary Henry Paulson.

Don't get me wrong, pennies irritate me, but if we were going to eliminate them because they're worth less than everything else, well, you get my point. Still, last time I checked, 100 of the little irritants still added up to a whole dollar. I suppose the issue is you really can't get anything for the penny. You do need a bunch of them to matter.

One good argument for its banishment--the U.S. Mint estimated that by the end of last year it began to cost more than its actual worth to produce the penny. Sad.

One good use--Snoopy my cat loves to play with the penny jar. You know, the jar that needs to get filled up with pennies so you can get a dollar. Or two. In the meantime, It's one of the less expensive cat toys in the house.

Posted by Tammy · February 29, 2008 10:38 AM · Permalink · Comments (10)
Money/Capitalism

Citibank and The Selling Out of America to Brutes

The big news today was the bailout of Citigroup by Islamist 'kingdom' Abu Dhabi. While many of us are extremely disturbed by the continuing selling out of American infrastructure to the Islamist world, the Financial Times shed some light on what the 'investment' really means.

'Putting off day of reckoning'

Sixteen years ago, the largest bank in the US was on the ropes, its balance sheet crippled by bad debts, especially on commercial real estate and Latin American loans.

Citicorp, as it was then known, turned to a top client in the Middle East for help, securing a $600m investment from Prince Alwaleed bin Talal of Saudi Arabia for convertible shares paying a cumulative annual dividend of 11 per cent.

Now Citigroup, its balance sheet threatened by bad residential real estate loans and related securities, has once again turned to a top client in the Middle East.

his time it is receiving a $7.5bn cash infusion from the investment arm of the Abu Dhabi government for convertible stock yielding 11 per cent...Prince Alwaleed has earned a 10-fold return on his original investment even after Citi's nearly 50 per cent share price decline over the last year.

Now, Citigroup is without a long-term leader, following the departure this month of Chuck Prince as chief executive.

It faces serious risks that its mortgage-related losses could rise even further. More broadly, there is a commonly held belief that Citigroup, in its current form, is simply too big and complicated to be run successfully.

Most of us are already concerned with the apparent Islamist effort to takeover a great deal of American infrastructure. Most of us are already rightly concerned about allowing oppressive, tyrannical nations to have such control over us. Take a look, as an example, of what our own CIA says about the United Arab Emirates, of which Abu Dhabi, is the capitol:

Trafficking in persons:

Current situation: the United Arab Emirates is a destination country for men, women, and children trafficked from South and East Asia, Eastern Europe, Africa, and the Middle East for involuntary servitude and for sexual exploitation; an estimated 10,000 women from sub-Saharan Africa, Eastern Europe, South and East Asia, Iraq, Iran, and Morocco may be victims of sex trafficking in the UAE; women also migrate from Africa, and South and Southeast Asia to work as domestic servants, but may have their passports confiscated, be denied permission to leave the place of employment in the home, or face sexual or physical abuse by their employers; men from South Asia come to the UAE to work in the construction industry, but may be subjected to conditions of involuntary servitude as they are coerced to pay off recruitment and travel costs, sometimes having their wages denied for months at a time; victims of child camel jockey trafficking may still remain in the UAE, despite a July 2005 law banning the practice; while all identified victims were repatriated at the government's expense to their home countries, questions persist as to the effectiveness of the ban and the true number of victims

Tier rating: Tier 2 Watch List - UAE is placed on the Tier 2 Watch List for its failure to show increased efforts to combat trafficking in 2005, particularly in its efforts to address the large-scale trafficking of foreign girls and women for commercial sexual exploitation.

Illicit drugs:

The UAE is a drug transshipment point for traffickers given its proximity to Southwest Asian drug-producing countries; the UAE's position as a major financial center makes it vulnerable to money laundering; anti-money-laundering controls improving, but informal banking remains unregulated.

This is the scum we have allowed to essentially take a controlling interest, with massive profits, of Citigroup.

Bottom line: It's time to divest from Citigroup. Check your 401ks and any other portfolio that has a collection of stocks. If you do own stock, divest, and let Citigroup know why. If you have Citibank credit cards, cut them up. Pay your bills, but add nothing more to the massive profits that will flow into the Jew-hating, misogyny of the Islamist Middle East.

Not only is rejecting Citigroup the moral thing to do, the FT article clearly indicates getting out of Citigroup is very probably the smart money move as well. Consider:

Telegraph: Citigroup’s Abu Dhabi deal is 'desperate'

and...

Reuters: Citigroup Abu Dhabi deal signals trouble ahead

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Posted by Tammy · November 27, 2007 10:50 PM · Permalink · Comments (7)
Death of Right and Wrong | Incompetence | Just Wrong | Money/Capitalism | War on Radical Islam

Oprah Just Got Richer

And boy she needs it.

Posted by Tammy · October 9, 2007 01:53 PM · Permalink · Comments (1)
Celebrity | Money/Capitalism

The Real Price of Lettuce

Lettuce Head

The County of San Diego has figured out how much it costs the their local taxpayers to take care of illegal aliens (HT Pat S.). Amazing how expensive the McCain/Kennedy/Bush 'cheap labor' really is. What this amounts to, of course, is taxpayer subsidies for corporations, via the rank moral failure of the establishment of a new slave labor class.

We're all better than this, and Mexicans certainly deserve better, like their own country not being a Narco Government and actually worth living in.

Immigrant cost study officially received by county board

San Diego-- Direct expenditures by the county of San Diego in the 2006-07 fiscal year on behalf of illegal immigrants totaled $101.5 million, according to a report presented Tuesday to the Board of Supervisors.

Nearly half of that sum – $48.5 million – was spent by the Sheriff's Department to house inmates in area jails, according to the report by John Weeks, a San Diego State University professor and director of the school's International Population Center...

Weeks estimated that there are nearly 210,000 illegal immigrants living in San Diego County, comprising 6.8 percent of the population.

That means that the county directly spends $527 for each person, and that those expenditures amount to $35.21 per resident, his report says.

The figures only include county expenses, not those of hospitals and schools, which are funded privately or by other levels of government.

Supervisor Dianne Jacob said the costs of illegal immigration come out of the general fund. “That's money we could be spending on others things – fixing our roads, our libraries, our parks, our trails,” she said.

Posted by Tammy · September 27, 2007 07:23 PM · Permalink · Comments (7)
Corruption | Immigration | Money/Capitalism

Apple Surrenders; Offers Credits to Whiners

I understand how some people could be angry about the iPhone price cut if they bought their phone for the high price on the same day, and now apparently Apple has received so many angry e-mails, they're offering credits to those who bought the phone within the past 14 days. If that's you, here's your info:

Apple's Jobs Sorry for iPhone Price Cut

Apple Inc. (AAPL) CEO Steve Jobs apologized and offered $100 credits Thursday to customers who shelled out $599 for the most advanced model of the iPhone, only to have the company unexpectedly slash the price $200 in a push to boost holiday sales.

In a letter on the company's Web site, Jobs acknowledged that Apple disappointed some of its customers by cutting the price of the iPhone's 8-gigabyte model and said he has received hundreds of e-mails complaining about the price cut...

Jobs said Apple will hand out $100 credits for Apple's retail and online stores to iPhone customers who aren't eligible for a rebate.

An Apple spokeswoman said the company did not have an estimate of how much the credits would cost Apple. Under Apple's refund policy, customers who bought an iPhone within 14 days of the price cut can get a refund of the price difference if they have the original receipt.

Now, the Jobs letter on the Apple site doesn't refer to a 14 day time limit for the store credit. I'll be personally checking that out.

Posted by Tammy · September 6, 2007 04:50 PM · Permalink · Comments (1)
Money/Capitalism | Science & Technology

'Wicca' Teacher Wins Lottery

Need....More....Doritos...

Wicca guy Lotto winner

And he's gonna need it for his future healthcare costs considering it appears he follows the Never-Miss-A-Meal version of Wicca.

Wicca. Oh brother.

Wicca teacher claims 1 Mega ticket

NOTTINGHAM, Md. - Elwood "Bunky" Bartlett says a New Age book store made it possible for him to become an overnight multimillionaire.

He and his wife, Denise, were on their way to the shop where he occasionally teaches Wicca and Reiki (RAY'kee) healing when they stopped at a liquor store and bought two $5 Mega Millions tickets for Friday night's estimated $330 million jackpot. On Sunday, he said one ticket was a winner.

"If it wasn't for this place I wouldn't have won the lottery," Bartlett said Sunday at Mystickal Voyage, the New Age shop.

One could also guess that if it wasn't for the Doritos he wanted he wouldn't have won, either.

I'm just sayin'.

UPDATE:

Pete in Comments thinks we may have finally found out what happened to Mason Reese!

WICCA SECT UPDATE WITH VIDEO!

Wicca Guy confirms he will continue to be a part of the McDonalds-Wendy's-Burger King sect of Wicca.

Posted by Tammy · September 3, 2007 12:33 PM · Permalink · Comments (10)
Cultural Commentary | Money/Capitalism

How to Buy American

With the toy recall now expanded to over 9 million toys, as we've just discussed on the show, here are a variety of links to help you by American. Over 80 percent of the toys here in America are made in China. I'll be posting separately on how and why that has happened, but for right now, here are the links I promised:

www.americanplastictoys.com (also a HT to Ray in Dearborn-istan. American Plastic Toys is based in Michigan).

www.shopforamerica.com

www.howtobuyamerican.com

www.usmadetoys.com

This is just a start. If any of you readers have any other ideas, links, suggestions, for completely American-made products please post them in comments. It will help all of us.

Posted by Tammy · August 15, 2007 09:58 AM · Permalink · Comments (8)
Children | Internationalism | Money/Capitalism | Shopping | democracy

Corporate Tax Reform, Anyone?

A post by Maynard

You've heard Democrats advocating a tax hike on "the rich", who aren't (so they tell us) paying their "fair" share. The charge is a silly one, but it's also dangerous to refute. If elections are going to be decided by a class war, then it's not safe to stand against the masses.

The irony is that, under our progressive tax structure, the bulk of taxpayers pay little or no Federal income tax, and the top income earners pay the lion's share. The exact numbers vary depending upon how you analyze, but the big picture is clear. For example, here's a Congressional Budget analysis from 1999. Looking at the section labeled "Share of Total Individual Income Taxes", the lowest quintile (20%) of taxpayers are listed as paying negative 2% of Federal taxes (meaning these people get more refunds than they paid in), and the next 20% pay 1%. Meanwhile the high-earning 20% pay 79% of Federal income tax. And the trend over the recent era has been for the high-income-earners to shoulder an increasing share of the tax burden.

In light of this, it's a bit weird for the Democrats to rile up the big group that pays 0% in order to make them angry at the small group that pays 80%. But that's politics, and I won't pretend to be surprised.

So it's fun and games as usual in Washington, but meanwhile the foreigners are eating our lunch. Here's a frustrating article in The Economist about how our tax-cutting foreign rivals are drawing business away from America. America needs to examine its corporate tax policy, or our businesses —and thus our workers — will pay the price.

How much should the corporate tax rate be cut? Alan Auerbach of the University of California, Berkeley, says it would make sense for America to move more in line with other countries. Unfortunately, in the current political climate, even that idea seems outlandish. But Mr Hubbard, for one, thinks things would be different if voters realised who actually pays the tax. The evidence, he says, suggests that the burden of the corporate tax falls disproportionately on workers. For instance, a study by Kevin Hassett and Aparna Mathur of the American Enterprise Institute, looking at 72 countries over 22 years, suggests that a 1% increase in corporate tax rates results in a 0.8% reduction in manufacturing wage rates. Other studies paint a similar picture. If workers understood that corporate taxes are a toll on the common man, wouldn't they clamour for a rate cut?

These were facts that Ronald Reagan could understand and communicate to the people. I'm not sure who in the national spotlight is willing and able to carry the message today. George Bush has been a tax cutter, but he's also been a spender, and not a great communicator.

Posted by Maynard · August 7, 2007 02:26 AM · Permalink · Comments (4)
Economy/Economics | Maynard Post | Money/Capitalism

RNC Donations Crash on Amnesty Anger

Your outrage over this issue is not only being felt by individual Senate Moneys, but also by the Republican National Committee. Senate Republican leader (now that's an oxymoron if I ever heard one) Mitch McConnell revealed his contempt for you when he declared last week that the amnesty bill...

...[W]on't cost "a single member of either party'' at the polls next year and predicted the bipartisan compromise will win Senate approval next month..."This is a divisive issue'' for both parties, said McConnell, a Kentucky Republican. But, he said, "I don't think there's a single member of either party next year who is going to fail to be re-elected over this issue.''

Funny enough, the backlash is already affecting the GOP, in one of the more serious ways--financially. In a surprising act revealing how dire the situation has become, the RNC has called off its entire phone solicitation program, letting go all of its 65 phone solicitors, and shutting the entire effort down.

RNC fires phone solicitors

The Republican National Committee, hit by a grass-roots donors' rebellion over President Bush's immigration policy, has fired all 65 of its telephone solicitors, Ralph Z. Hallow will report Friday in The Washington Times.

Faced with an estimated 40 percent fall-off in small-donor contributions and aging phone-bank equipment that the RNC said would cost too much to update, Anne Hathaway, the committee's chief of staff, summoned the solicitations staff last week and told them they were out of work, effective immediately, the fired staffers told The Times...

There has been a sharp decline in contributions from RNC phone solicitations, another fired staffer said, reporting that many former donors flatly refuse to give more money to the national party if Mr. Bush and the Senate Republicans insist on supporting what these angry contributors call "amnesty" for illegal aliens.

"Everyone donor in 50 states we reached has been angry, especially in the last month and a half, and for 99 percent of them immigration is the No. 1 issue," said the former employee.

To force the RNC to shut its phone fundraising operation is a remarkable accomplishment. Congratulations. This is what hurts them the most and is immediately felt, let; McConnell fantasize about what '08 may or may not bring. What Senate Monkeys like him must face, as Howard Beale made so clear, is we're mad as hell and we're not going to take it anymore.

I want to make one thing very clear--you must not let up. The senate has taken this entire week off, but they resume The Big Screw on Monday, June 4th. Even though Memorial Day weekend is over, our job isn't. The senate and the president are panicking. They've suddenly received a reminder that they're not in charge, you are. Our job will not be over until that bill is dead.

I'll leave you with another comment by McConnell, who perhaps unwittingly, grasped for one moment a Big Truth about what we're thinking:

Some lawmakers were uneasy, however, about trying to explain the complex bill to voters. Sen. Mitch McConnell, R-Ky., the minority leader, said opposition from the political extremes is "pretty obvious from the phone calls that all of us are getting. However, the American people would like us to do something."

Yeah, we sure would: It involves a swear word and performing a sex act on yourself. Go for it Mitch.

Bank Analyst: "America's Reliance on China Has Never Been Greater"

Every day reminds us how important the election of November 2008 will be. This frightening example of 'the new world order' and globalization illustrates how dangerous it is to do business with the devil.

Stormy US-China ties seen amid trade tensions

US-China ties are headed for turbulence as combative US lawmakers threaten Beijing with punitive trade sanctions that could draw the ire of Chinese leadership.

A week of high-level talks in Washington failed to end their biggest dispute, Chinas undervalued currency, opening the prospect of a trade war between the world's richest and the most rapidly growing nation, analysts said. The Pentagon warned Friday that cash-flush China was militarizing under an opaque budget and that Beijing's ballistic nuclear missiles could now strike the United States...

Anti-China trade bills being drafted in Congress "could ultimately disrupt bilateral trade flows, and more importantly, capital inflows from China," warned Bank of America strategist Joseph Quinlan.

"Americas financial sugar daddy" is China, because it has capital "for a nation that abhors savings, worships spending and is addicted to other peoples money."

"While this is a worrisome development in and of itself, even more worrisome is that the United States has decided to play hardball with China over trade at a time when Americas financial dependence on that nation has never been greater," Quinlan said...

Washington is also concerned China is spending its mountain of foreign reserves on its military. An annual Pentagon report on Friday said China could be "planning for pre-emptive military options in advance of regional crises."

Romney Worth Up To 250 Million Dollars

And here we expect politicians like this to relate to us and understand what the average American needs and wants. Which is primarily, of course, to be left alone and have our nation defended. But when you've got this kind of money, there will always be a sense that you know better, and may even be better than the 'regular' people.

Romney's estimated wealth in millions

Republican presidential candidate Mitt Romney, who made his fortune as a management consultant, is expected to report financial assets between $190 million and $250 million, an adviser said Friday.

Aides to the former Massachusetts governor said his assets have been held in a blind trust that he and his wife set up when he took office in 2002. The adviser who provided the estimate of his assets cautioned that the number is based on 2005 and 2006 financial activity and could amount to a bigger total once the disclosure report is filed later this year...

Romney also has a blind trust for his children and grandchildren that is estimated to hold assets between $70 million and $100 million, the adviser said. Those assets do not benefit Romney or his wife and are not required to be reported in federal financial disclosures.

You know I like success and think people should have as much money as possible. Money is the only thing that guarantees our personal freedom. But when it comes to politicians, there is something to say about th impact of being so removed from the regular American experience.

I don't claim to have any answers (yet), but I'm just not so sure the mega-wealthy are the people we want making our decisions any more.

Posted by Tammy · May 11, 2007 03:12 PM · Permalink · Comments (9)
Money/Capitalism | Politics

Made Late by Non-Turbo TurboTax? The IRS Promises To Be Gentle

If you were jamming to get your taxes done at the last minute, you weren't the only one. It seems so many people were piling on late last night, figuring they would e-file and all would be well. Not so fast--apparently the TurboTax servers couldn't keep up and the queue got longer and longer making some of us hard working taxpaying Americans...late!

But don't worry--the IRS, in an effort to make it appear as though they care and really aren't out for your blood, won't penalize you for being late if, in fact, your lateness was caused by the TurboTax backlog.

IRS Won't Penalize TurboTax E-Filers For Server-Related Delays

A flood of last-minute tax filers swamped the servers of the company that makes the popular TurboTax and ProSeries tax software Tuesday, forcing taxpayers to wait hours for confirmation that their electronic returns had been submitted successfully.

But taxpayers will not be penalized for late returns due to the server delays.

IRS spokesman Bruce Friedland said filers who encountered delays with Intuit's servers will not be penalized if their returns rolled in late. The reprieve also extends to people who tried to file Tuesday night but could not..."THE IRS will hold affected taxpayers harmless. They will not be penalized for filing late. We will do everything we can to assist taxpayers affected by this situation," IRS spokesman Bruce Friedland told NBC4's Jinah Kim. "If people couldn't efile last night, we encourage them to file as soon as they can.

Gee, thanks. Now can you send me back all those tax dollars of mine that have paid for free illegal alien health care and the 60 million bucks we're sending to the so-called Palestinian "security services"?

I know, silly questions.

Posted by Tammy · April 18, 2007 09:16 PM · Permalink · Comments (0)
Big Government | Internet/Communication | Money/Capitalism

I Want a Hotel On Park Place

Sure, charity is good, but charity takes money. So, I'll put hotels on all my properties, and get as much of everyone else's money as possible. And in the process of getting rich, I'll devote a portion of my income to charity. Bottom line: the more money I have, the better for charity.

And I know I'll do much better if I do it with the little dog as opposed to the iron. But really, nothing will hold me back. Except maybe jail. Whatever happens, just make sure you have the cash if you land on my square.

Posted by Tammy · March 28, 2007 04:53 PM · Permalink · Comments (5)
Gadgets/Toys | Money/Capitalism

Suze Orman Knows Money, But Not Men

And just when you thought the celebrity news couldn't get any more personal or surprising. Boy, were we wrong. For some reason, Suze Orman, the world famous money guru, not only announced herself a lesbian to a New York Times Magazine reporter (that I can understand if one is asked and does not want to lie), but then went even further. She noted she's never, ever been with a man, and then labeled herself a 55-year-old virgin. I've been hesitant to blog about this only because I'm probably the last person who should comment on an adult's sexual admissions. But I do know some of you may want to chime in, so here goes.

First, I have a brief Suze Orman encounter story. I had always heard rumors about her, and my gaydar was always off the chart with her, but I never really thought about. Then, in 2003 when my book, "The Death of Right and Wrong," was published, I was booked (for the first and apparently last time) on "The View." There's an entire story with that, as you can imagine, but it will wait for another time. This was way before the Rosie O'Donnell train wreck.

Suze Orman was booked for the same episode and as I was waiting in the green room she walked into the room with her hand outstretched, introduced herself, and had very nice things to say to me. She then outed herself, by introducing her "partner" to me and my publisher's publicist. When she left the room, the publicist, still in some shock, said, "Well, you learn something every day." Yes, indeed we do.

During all of Orman's public life, she has clearly been discreet about her personal life. She's in a business where talking about sexual preference isn't necessary. My work is a different story. Gay politics intrudes in our lives virtually every day. If my being gay wasn't relevant to my perspective on some issues, I would prefer to lead as discreet a life as Orman has. And while I could argue that the focal point of her work transcends gay politics, one indication of why she may have come out now is revealed in the subject matter she addresses next--the financial cost to her and her partner because they are unable to marry.

In the preview article linked to this story, Orman makes a point about estate taxes:

Orman says they'd like to get married, and both "have millions of dollars in our name. It's killing me that upon my death, K.T. is going to lose 50 percent of everything I have to estate taxes. Or vice versa."

Now, I'm not sure if it was arranged ahead of time for her to come out to the NYT, or if the NYT decided it was going to out her, but it will be interesting to see how people react to her admission. Since you're reading this blog, you're probably a group that will have the same opinion of her you did before this. It will be interesting to see how Americans in general respond, and what tack the discussion takes.

Posted by Tammy · February 24, 2007 12:06 AM · Permalink · Comments (18)
Celebrity | Money/Capitalism | Relationships | Social Commentary

Bank of America Defiant, Vows Credit Cards for Illegals

After weeks of heat from Americans, Bank of America CEO Kenneth Lewis made it clear he doesn't care what Americans think, and issued a patronizing opinion piece via the Wall Street Journal explaining why they intend to continue with their credit cards for illegal aliens program. If you haven't acted yet, the time is now.

When Bank of America announced their plan to give credit cards to people without social security numbers or a credit history, they also insisted that it was not a marketing plan aimed at illegal aliens. Even though the marketing would be in Spanish, targeting Hispanics in the Los Angeles area. Yeah, no illegal aliens in that bunch.

With that absurd denial, BofA exposes the fact that they know what they're doing is at least unseemly, and at worst, supporting an illegal activity simply because there's money to be made. Normally that sort of action is left to criminals, not a major financial institution.

BofA is finally feeling the heat of reaction since this little project of their was announced, resulting in an op/ed piece on the Wall Street Journal by the CEO insisting (again) how this has nothing to do with marketing to illegal aliens. He also notes, inexplicably, how good it is to "bring foreign nationals" into the American banking system. Reality check for BofA Chief Executive Kenneth Lewis: al-Qaida relies on access to the American banking system. So do drug dealers, drug cartels, money launderers, and every other criminal element out there who are foreign nations intending to do this nation harm. To say nothing of the fact that assisting and legitimizing illegal aliens at a time when this nation's infrastructure is collapsing because of their use and abuse.

Boycott efforts and certain congressmen think otherwise during this time of war.

Bank of America defends immigrant card program

Bank of America Corp. is defending its decision to offer credit cards to people who don't have U.S. Social Security numbers, amid criticism that the program effectively endorses illegal immigration.

The bank's pilot program, revealed last week, focuses on Hispanics in the Los Angeles area.

It has spurred opposition in Congress and from grass-roots groups who say many illegal immigrants could benefit, and that the program might foster identity theft, money laundering and terrorism.

Bank of America Chief Executive Kenneth Lewis defended the program on Thursday in The Wall Street Journal. This came after some groups called for a boycott of the No. 2 U.S. bank by assets. They say their efforts are bearing fruit. William Gheen, director of the National Illegal Immigration Boycott Coalition, said his group has collected hundreds of e-mails from people vowing to cancel accounts and move mortgages. The group said it has more than 11,000 signatures on its petition calling for a boycott of Bank of America.

"What Bank of America is doing is illegal, or should be," Gheen said...

In his Thursday opinion piece, Lewis admitted it is not pleasant to be caught a century later in the "heated" national immigration debate, and that he was "feeling the passion."

Still, he pledged to continue the card program, which he said complies with the USA Patriot Act and other laws.

Lewis said illegal immigrants can obtain cards at many U.S. banks and businesses, and that Bank of America requires other identification to open accounts.

He has got to be kidding! He thinks this is an issue of identification? So, they accept the Mexican Matricular card, and that's supposed to make everything OK? Or perhaps, since illegals are responsible for the massive expansion of identity theft, perhaps they'll get a credit card with your name on it. Wouldn't that be nice?

And the argument that others are doing it makes it okay for them to do it. Please. The truth of the matter is Wells Fargo Bank has also been doing aggressive outreach to illegals when it comes to home loans and other products. That bank (and scores of others) also does not deserve your support. BofA's arrogance with this issue is especially irritating. They're doing this because they feel it will make them money. Let's prove them wrong. Send them a message that the group of people they should be concerned about is you, not the leeches in this nation illegally, draining our health care system, battering our roads and highways, responsible for a majority of gang crime, and perpetrators of massive identity theft. Let BofA learn that their little scheme to make a profit from illegal immigration will, in fact, backfire and cost them money.

if you have a bank account, credit card, stocks or other Bank of America financial products, cancel them, and let BofA know why you've done so. In the article BofA days they haven't experience "unusual business activity" as a result of the boycott. That's a true as their saying this is not a program for illegals. Bottom line is, BofA has put all of its customers financial security at risk by providing credit to people who can as easily leave this country, and their debts, behind without any concern of being pursued. And who will pay that bill when that happens? You, of course. Your interest will go down, fees will go up, and it will be your money that will fund the interest illegals receive on any account they may have as well. It is your money backing up these credit cards.

But this excuse of why allowing illegals to gain access to our banks is my favorite:

He [Lewis] also agreed with former U.S. Treasury Secretary John Snow [the John Snow who, as Treasury Secretary, thought it would be just dandy to have the Islamist nation of Dubai/United Arab Emirates control the majority of our seaports.--ed] the government could better enforce money laundering and terrorist financing laws by encouraging foreign national consumers to enter the "financial mainstream."

James Angel, a professor at Georgetown University's McDonough School of Business, said: "From a homeland security perspective, we want undocumented workers in the financial system, so they can be tracked."

This is priceless, It is the equivalent of saying we should let bank robbers have easy access to banks because at least we'll know where they are. If there are people who want to engage in terrorist financing and money laundering, the last thing we want is to help facilitate their activity so we can watch them. The least we should expect from our Homeland Security is that they don't need to allow illegal foreign nations access to our banking system in order for them to be able to do their job. If they do need to open our system to them to 'track' and stop them (from doing what we allowed in the first place) then we're in a heck of al ot of trouble. Sheesh.

In addition to canceling your BofA accounts, not just to make a point, but also to protect your finances and investments, join up with the Illegal Immigration Boycott Coalition and spread the word. The IIBC also has a secondary site, Boycott Bank of America, where they have posted their list of all the banks that cater to illegal aliens by accepting the Mexican Matricula card as the only ID someone needs to open an account. I can tell you now, even though I do not bank with BofA, after reading their list I found out my bank also accepts the Mexican Matricula card. I will be switching to a bank that does not. When you choose a new bank, let them know why you have chosen them. It's important these businesses know their decision-making is appreciated and supported.

Americans for Legal Immigration also have great research, coverage, and ways to get involved.

« Close It

When is $165,200 A Year Not Enough?

When you're a lawyer in a robe.

Low pay threatens judiciary, Roberts warns

Pay for federal judges is so inadequate that it threatens to undermine the judiciary's independence, Chief Justice John Roberts says in a year-end report critical of Congress.

Roberts said the judiciary will not properly serve its constitutional role if it is restricted to people so wealthy that they can afford to be indifferent to the level of judicial compensation, or to people for whom the judicial salary represents a pay increase.

Issuing an eight-page message devoted exclusively to salaries, Roberts says the 678 full-time U.S. District Court judges, the backbone of the federal judiciary, are paid about half that of deans and senior law professors at top schools...

Federal district court judges are paid $165,200 annually; appeals court judges make $175,100; associate justices of the Supreme Court earn $203,000; the chief justice gets $212,100.

Gee, let's compare this, shall we?

Top Coal Miner Salary: $65,000 a year
Job: Getting the fuel we need to make sure our nation continues to function. Dig hundreds of feet into the Earth to mine coal. Risks: Lung cancer, gas explosions, tunnel collapse, maiming, death.

Top Enlisted Member of our Military Salary: $64,000 a year
Job: Defend and protect the United States, in part by confronting and killing our enemies. Be shipped off to serve in a barren desert to face a terrorist enemy who doesn't wear a uniform and tries to kill you remotely. Deal with American media which tells you day after day that you can't win the war and your service useless, while American senators call you the "terrorist." Risks: Maiming, death, being arrested for murder when you actually kill the enemy.

Top Salary for a District Court Federal Judge: $165,200 a year
Job: Referee legal fights, make declarations about what the law means, "interpret" the Constitution. Go to an air-conditioned suite where people treat you like God because you're a lawyer in a robe. Have your assistant bring you coffee as you sit in your cushy chair contemplating legal nuances in cases that affect other people's lives. Sometime you have to walk to a courtroom, where you sit on a bench higher than everyone else, and listen to arguments and testimony about a case. At the end, you read a little bit more, proclaim your decision while you have your clerks write it up for you. Risks: Becoming arrogant, greedy and fat.

So, let's see here. Justice Roberts tells us that lawyers who become judges can't be trusted to be 'Independent" (i.e. fair, and not corruptible) unless they make a truck load of money. Yet, it appears non-lawyer regular people can be trusted to do incredibly dangerous and brave work for comparatively not a lot of money at all. So the real issue here is not what people are paid, but what people become; ergo, the so-called Elite in this nation cannot be trusted with anything, and lawyers should never become judges.

Yeah, Justice Roberts, I see why you're so concerned about the quality of person who will want to be a judge considering the work involved and the overall situation. Apparently, all the good people in America are wearing a uniform, not a robe.

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Made Late by Non-Turbo TurboTax? The IRS Promises To Be Gentle

I Want a Hotel On Park Place

Suze Orman Knows Money, But Not Men

Bank of America Defiant, Vows Credit Cards for Illegals

When is $165,200 A Year Not Enough?