Have nothing to do with the [evil] things that people do, things that belong to the darkness. Instead, bring them out to the light... [For] when all things are brought out into the light, then their true nature is clearly revealed...

-Ephesians 5:11-13

Tag Archives: Taxes

Census Bureau Reports 62 Million more Takers than Payers

 

Attack of the Giant Leeches

The latest Current Population Survey, a joint venture between the Bureau of Labor Statistics and the Census Bureau , showed 148 million “benefit takers” compared to the benefit providers – workers in the private sector – who number less than 90 million. According to Terence Jeffrey, the senior editor at CNSNews, that’s a ratio of 3:2 and it’s only going to get worse: “As more Baby Boomers retire and as ObamaCare comes fully online … the number of takers will inevitably expand. Eventually there will be too few carrying too many, and America will

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Social Security Stops Seizing Refund Checks for Decades-Old Debts

Social Security Poster: old man

Social Security Poster: old man (Photo credit: Wikipedia)

Mary Grice, a resident of Maryland, was expecting her refund checks of $4,462 from the IRS and the state of Maryland. They never came. Instead she got a letter from the Social Security Administration (SSA) saying that they took them to settle a debt owed by her father – in 1977. When the Washington Post learned that she was filing suit over the matter, things began to happen. She told them: “It was a shock. What incenses me is the way they went about this. They gave me no notice.”

Her attorney, Robert Vogel, amped up the issue, putting the SSA on the defensive. Their explanation was spotty. Apparently

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Fewer IRS Audits again this year

English: Anti-United States Internal Revenue S...

The whining from IRS Commissioner John Koskinen began almost from the day he was sworn in as the latest head of the dreaded agency back in December: not enough funding, not enough agents, not enough audits, too many responsibilities, nobody cares, oh darn.  Last year the IRS audited less than 1 percent of all returns from individuals, the lowest rate since 2005. Whined Koskinen, this year “the numbers will

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Al Sharpton Adroitly Sidesteps Charges he was an FBI Informant, with the Media’s help

“Reverend” Al Sharpton’s denials have just enough ring of truth about them that the media are accepting them at face value. On Monday The Smoking Gun’s three investigative reporters published their nearly 30-page exposé “Al Sharpton’s Secret Work as FBI Informant” based on documents they obtained from the FBI under the Freedom of Information Act. On Tuesday the media began publishing his denials.

USA Today’s lead read:

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Senator Levin Castigates Caterpillar for Using Legal Loopholes

Caterpillar logo

Caterpillar logo (Photo credit: Wikipedia)

Using the power of the bully pulpit as chairman of the Senate Permanent Subcommittee on Investigations, Michigan Senator Carl Levin attacked Caterpillar on Tuesday for using loopholes in the law to save the company an estimated $2.4 billion in taxes since 2000. Executives from Caterpillar as well as the company’s accounting firm PriceWaterhouseCoopers (PWC) were called on the carpet for

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Connecticut’s Governor as King Canute

Seal of the Governor of Connecticut.

Seal of the Governor of Connecticut. (Photo credit: Wikipedia)

This article first appeared at the McAlvany Intelligence Advisor on Monday, March 31, 2014:

King Canute appears to have been reincarnated in the body of Connecticut Governor Dannel Malloy. On Thursday, the governor announced, with great fanfare, that by raising the state’s minimum wage to $10.10 an hour, he will be simultaneously raising people out of poverty, restoring business confidence, and bringing days of wine and roses back to the Nutmeg State:

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British Think Tank Predicts Financial Catastrophe for US

Titled “The Government Debt Iceberg”, the latest report from The Institute of Economic Affairs (IEA) in London was meant primarily for British eyes, but there’s enough in there to concern Americans worried about how

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Rosy CBO Report Leaves out Critical Factors

At first reading the latest report on the government budget and the economy released on Tuesday by the Congressional Budget Office (CBO) is all sunshine and roses. In its summary of the 182-page report the CBO noted that deficits this year (from last October to next September) will be even lower than initially estimated, dropping to $514 billion, down from $680 billion last year and $1.1 trillion in 2012. And, in the very short run at least, further declines in deficits are expected through 2015, perhaps touching a low of

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Argentina’s economy is cratering, again

While Wall Street declined by 3 percent over global growth concerns last week, few were noting or even interested in the 11 percent decline in the Merval, Argentina’s stock market index. It hit a high of 5,970 on Tuesday, January 21, the day before the Argentina government devalued its currency, and closed at 5,337 on Monday. The peso itself has been in decline far longer, having lost nearly

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Free Market Alternatives to Obamacare Already Exist

More than a year ago, Dr. Barbara Bellar, a medical doctor with a JD degree, was running for office as an Illinois State Senator, and provided a sound byte that continues to reverberate across the internet, having been viewed as of this writing some 3,675,000 times. The clip lasts less than two minutes, including laughter and applause from her audience, to whom she said:

So let me get this straight. This is a long sentence:

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Swiss banks are now IRS agents

Bloomberg’s note on Monday that Swiss banks were having a hard time complying with the terms of an agreement between the Swiss government and the US Department of Justice hardly caused a ripple of media concern much less outrage. The time for such expressions is long past.

In accordance with the deal cut back in August 2009 the Department of Justice now has the power to force Swiss banks to

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Oklahoma Senator Tom Coburn Releases His Annual “Wastebook”

This article was first published by The McAlvany Intelligence Advisor on Friday, December 20th, 2013:

In his press release announcing the publication of his annual “Wastebook” summarizing 100 examples of egregious, wasteful, and outrageous government spending, Oklahoma Senator Tom Coburn tried to make himself appear “holier than thou” by

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Senator Tom Coburn’s “Holier-than-Thou” release of his 2013 “Wastebook”

In Tuesday’s press release Senator Tom Coburn (R-Okla.) announced the publication of his annual “Wastebook” which highlights Congress’ “most egregious spending” while at the same time distancing himself from the big spenders and earmarkers in Congress who provided fodder for his book:

While politicians in Washington spent much of 2013 complaining about sequestration’s impact on domestic programs and our national defense, we still managed to provide benefits to the Fort Hood shooter, study romance novels, help the State Department buy Facebook fans and even help NASA study Congress…

What’s lacking is the common sense and courage in Washington to make those choices – and passage of fiscally-responsible bills – possible.

Coburn then provided some teasers out of the 100 examples in his Wastebook:

The Popular Romance Project has received nearly $1 million from the National Endowment of the Humanities (NEH) since 2010 to “explore the fascinating, often contradictory origins and influences of popular romance as told in novels, films, comics, advice books, songs and internet fan fiction…

The military has destroyed more than 170 million pounds worth of useable vehicles and other military equipment [in Afghanistan] … rather than sell it or ship it back home…

In January, 2013, Congress passed a bill to provide $60.4 billion for [victims of] Hurricane Sandy. However, instead of rushing aid to the people who need it most, state-level officials … spent [$65 million of it] on tourism-related TV ads…

Since NASA is no longer conducting space flights, they have plenty of time and money to fund … the “Green Ninja” in which a man dressed in a Green Ninja costume teaches children about global warming.

While promoting his book recently on CBS News, Coburn tried to distance himself from any responsibility for such “egregious spending” by asking rhetorically: “Where was the adult in the room when this was going on?” Interviewer Nancy Cordes then asked if any of his previous editions of Wastebook had made any impact or had reduced or eliminated any of the more outrageous examples of waste:

Cordes: Have you ever gotten any traction in Congress, where members say “We’re actually going to get rid of this?”

Coburn: No. They don’t pay attention to it. It’s hard work to get rid of junk, it’s hard work to do oversight, it’s hard word to hold agencies accountable. And so what they would rather do is look good at home, get re-elected, and continue to spend money, and that’s Republican and Democrat alike.

What Cordes failed to ask at that moment would have been the perfect follow-on question:

How does your effort, then, and your voting record, separate you from them? Doesn’t this Wastebook of yours cost a lot of taxpayer money? Isn’t this part of your attempt to look good at home while providing cover for your own votes for some of these projects? Isn’t this part of your attempt to continue to get reelected?

Unfortunately there is no record of Cordes asking, or of Coburn’s response. But in July 2007 when Coburn criticized pork-barrel spending by Nebraska Senator Ben Nelson that would benefit Nelson’s son’s employer with millions of dollars of taxpayer money, newspapers in both Nebraska and Oklahoma noted that Coburn himself failed to criticize similar earmarks that he voted for that benefited his own state of Oklahoma.

In May, 2012 Coburn voted for H.R. 2072, to reauthorize the Export-Import Bank with increased lending limits backed by taxpayer monies from $100 billion to $140 billion. According to analysts assessing his vote, the federal government has no constitutional authority to risk taxpayers’ money “to provide loans the private sector considers too risky to provide.” Those analysts added:

Indeed, U.S. government-backed export financing is a form of corporate welfare, and if the Ex-Im Bank goes bust (as happened to Freddie Mac and Fannie Mae), the taxpayers will get stuck holding the bag.

Perhaps Coburn can be forgiven for not knowing that such wasteful spending is part of a plan to reduce America’s influence in the world, first clearly laid out when Coburn was just 10 years old, in 1958 in Indianapolis, Indiana. At a meeting in December, candy maker Robert Welch spoke for three days to some friends about the direction the country was headed, claiming it was part of a plan to “surrender American sovereignty, piece-by-piece and step-by-step, to various international organizations…”. Part one of that plan was:

Greatly expanded government spending for every conceivable means of getting rid of ever larger sums of American money as wastefully as possible.

Other parts included:

Higher and then much higher taxes…

An increasingly unbalanced budget despite the higher taxes…

Greatly increased socialistic controls over every operation of our economy and every activity of our daily lives. This is to be accompanied naturally and automatically by a correspondingly huge increase in the size of our bureaucracy and in both the cost and reach of our domestic government.

Coburn’s report illustrates the success of that plan to which he himself is contributing. The man has feet of clay. He not only is the author of Wastebook but a contributor to it as well.

 

 

 

 

 

CBO report: the rich pay most of the taxes while the poor get checks

Jane Wells, a business news reporter for CNBC, after reviewing the latest report from the Congressional Budget Office (CBO) on who pays income taxes in America, claimed that the rich pay them all. The CBO, wrote Wells, showed that the top 20 percent pay nearly 93 percent of all income taxes, while the top 40 percent

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Ryan-Murray debt agreement gives away sequester cuts, sells out tea party conservatives

In announcing the budget agreement hashed out during secret negotiations over the past two weeks, Rep. Paul Ryan (R-Wis.) said:

I’m proud of this agreement. It reduces the deficit without raising taxes. And it cuts spending in a smarter way. It’s a firm step in the right direction…

This was for public consumption. In fact, now that the agreement has passed the House and will likely shortly pass the Senate, it will

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Judge declares Detroit bankrupt, gives OK to cut pensions and burn creditors

In the opening to his hour-long statement to a packed courthouse on Tuesday, federal bankruptcy court Judge Steven Rhodes said:

It is indeed a momentous day. We have here a judicial finding that this once proud and prosperous city can’t pay its debts. It’s insolvent.

It’s eligible for bankruptcy. At the same time it has an opportunity for a fresh start.

He reeled off the list of problems the city is facing:

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NJ Governor Christie Denies Running for President

Newly reelected New Jersey Governor Chris Christie was busy over the weekend explaining that his focus is back on running New Jersey and not worrying about running for president in 2016. For instance, in an interview on ABC’s “This Week” Christie said:

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S&P Downgrades France’s Debt again, to Third Tier, Halfway to Junk

In its announcement that credit rating agency Standard and Poor’s (S&P) was cutting its rating on France’s debt for the second time in less than two years, the agency minced no words:

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The Bubble in the Caribbean: Puerto Rico

This article was first published at The McAlvany Intelligence Advisor on Wednesday, October 30, 2013:

The complacency of municipal bond holders ended in July with the filing for bankruptcy by Detroit, an unhappy town of just 700,000 owing more than $18 billion to investors. Haircuts there have variously been estimated to be between 15 and 60 percent.

Since then, those holders have been looking around to find the next shoe to fall, and they have found it:

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Even Lower Gas Prices are Coming, says CNBC

On Friday Anthony Grisanti was jubilant. Writing for CNBC, he predicted that gas prices, down significantly from where they were in April, would continue to slide by at least another 10 cents per gallon, perhaps more. That would bring the average price, currently at $3.29 a gallon, closer to

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Many of the articles on Light from the Right first appeared on either The New American or the McAlvany Intelligence Advisor.

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