Tags: economy

free govt money

Income Tax Filing Delayed

Since most taxpayers get income-tax refunds each year, most file as early as possible.

But this year, the early birds will have to wait until mid- to late February.

The problem: congressional procrastination.

Lawmakers waited until last month to make last-minute tax-law changes. The Internal Revenue Service said recently those changes will require the agency to "reprogram its processing systems" for a few provisions that were extended in the law enacted in mid-December.

Who will be affected?

First, the IRS said the delays will affect those who "itemize" their deductions on Schedule A. Itemized deductions include such things as charitable donations, mortgage interest, medical expenses and state and local taxes.

About one-third of all taxpayers typically itemize their deductions each year. Nearly two-thirds take the "standard" deduction.

The delay also will hit taxpayers affected by some recently reinstated deductions. "People claiming any of these three items -- involving the state and local sales tax deduction, higher-education tuition and fees deduction and educator-expenses deduction -- as well as those taxpayers who itemize deductions on Form 1040 Schedule A will need to wait to file their tax returns until tax processing systems are ready, which the IRS estimates will be in mid- to late February," the IRS said in its recent statement.

The delay affects both taxpayers who file the old-fashioned paper way as well as those who file electronically.

The IRS said it will post updated information on its website (www.irs.gov). This will include an updated copy of Schedule A and updated state and local sales-tax tables.

"Several other forms used by relatively few taxpayers are also affected by the recent changes, and more details are available" on the IRS site.

IRS Commissioner Doug Shulman says "the majority of taxpayers will be able to fill out their tax returns and file them as they normally do."

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obama communist

Obamcare is Unconstitutional & Unsustainable

Not only is Obamacare fiscally unsustainable, it’s unconstitutional according to a U.S. District Court Judge in my old high school stomping grounds around Richmond, Virginia.

I agree with a 2002 Jeopardy champion's take on Obamacare. James Pethokoukis is the Money & Politics columnist for Reuters Breakingviews. Previously, he was the business editor and economics columnist for U.S. News & World Report. Pethokoukis has written for many publications including The New York Times, The Weekly Standard, Commentary, USA Today, and Investor\'s Business Daily. Pethokoukis is also an official CNBC contributor. In addition, he has appeared numerous times on MSNBC, Fox News Channel, Fox Business Network, The McLaughlin Group, CNN, and Nightly Business Report on PBS. A graduate of Northwestern University and the Medill School of Journalism.

Pethokoukis wrote for Reuters yesterday that, "In the end the Supreme Court will determine the constitutionality of Obama’s healthcare reform. If the majority should rule that Americans can’t be forced to buy insurance or face a fine — as the law would require — the entire plan could implode. But whichever way the high court rules, the massive overhaul will itself need an overhaul, if not a complete scrapping, if America is going to get healthcare spending under control and prevent it from bankrupting the U.S. government.

Much of the reform is built around a simple tradeoff. Insurers are required to accept everyone who applies. In return, everyone has to buy a policy. While this means insurers have to accept folks with expensive pre-existing illnesses, they are theoretically compensated with more customers, both sick and healthy. But without the individual mandate, an adverse selection problem emerges — only sick people currently lacking coverage would have an incentive to seek insurance."

In short, the U.S. healthcare system would get even pricier while still leaving vast numbers of Americans without insurance. A more expensive system would mean government healthcare spending would rise even faster.

Even if the White House overturns the Virginia ruling, the system would still require major reform. A detailed review of the law’s fiscal impact by Obama’s own chief healthcare actuary predicts it will save less than originally envisioned. The increase in long-term Medicare hospitalization outlays, for instance, is still scheduled to double to 4 percent of GDP from under 1.7 percent currently.

So even if the law should meet the standard of constitutionality, it fails the standard of sustainability. And there’s no court of appeal for that.

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obama bs

DemocRAT Disinformation on Taxes

The fact that the Democrats are blocking the tax cut deal between the White House and GOP questions whether Democrats are capable of governing according to the will of the American people or in a bipartisan manner.

The baseless notion that the wealthy do not pay their fair share of taxes is a Democrat created falsehood. The fact is the wealthy contribute over 85% of federal personal income taxes.

In 2006, the latest available year from CBO, the top 20% of income earners paid 86.3% of all federal income taxes. This is an increase of over 6% from 2000, when the top 20% paid 81.2 percent. During the same period, the bottom four quintiles all saw their share of the federal income tax burden fall sharply:

The bottom 20 percent of income earners’ share of federal income taxes fell from -1.6 percent in 2000 to -2.8 percent in 2006;
The next 20 percent’s share declined from 1.1 percent to -0.8 percent;
The middle quintile’s share dropped from 5.7 percent to 4.4 percent; and
The fourth quintile’s share decreased from 13.5 percent to 12.9 percent.
Each of these four quintiles’ shares was an all-time low.

The class warfare that the Democrats perpetuate is based on false pretenses. Class warfare plays out bitterly in society and pits Americans against one another.

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nancy pelosi

Federal Income Taxes on Middle-Income Families at Historically Low Levels

Voters don't want to hear it but federal income taxes are at a forty year low and federal spending is at an all time high. Modest revenue increases, including expanding the federal income tax to all earners and massive cuts in federal spending are the only solutions to the current economic crisis.

The federal bureaucracy is rampant with waste, fraud and mismanagement. At least a third (33%) of the federal bureaucracy needs to be eliminated in an orderly fashion over the next decade. The federal income tax system must be simplified and broadened to include all earners.

Federal Income Taxes on Middle-Income Families at Historically Low Levels — Center on Budget and Policy Priorities

Politicians will never tell you the truth. It's against their nature. People lose weight by burning more calories than they eat. The deficit will be reduced when the Federal government takes in more money than they spend.

This is not rocket science. Politicians lie to get elected and they spend like drunken sailors to get re-elected. The deficit will never be fixed without term limits or a Euro style default crisis in the United States.

I'd set the massive economic crisis over/under at 10 years and take the under. I'd set the term limits over/under at infinity and take the under also! We're our own worst enemy.

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hypocrite

Dirty Harry Wants to Repay Harrahs ASAP

The Council for Citizens Against Government Waste (CCAGW) today reacted with disgust to reports regarding a surreptitious move by Senate Majority Leader Harry Reid (D-Nev.) to legalize online gambling for just poker. The attempt is an abuse of the legislative process to benefit one of Sen. Reid’s largest campaign contributors, Harrah’s Entertainment, Inc., in Las Vegas.

The legalization of online gambling has been controversial. In fact, Sen. Reid himself previously opposed the idea. Earlier this year, however, the House Financial Services Committee held hearings on the legalization of online gambling, ultimately approving legislation to regulate it. The Senate has not acted on the issue. Both Politico and The Wall Street Journal have reported on Reid’s attempts to attach language to the tax bill that would legalize only online poker, which would benefit casinos in the state of Nevada disproportionately, and Harrah’s Entertainment, Inc. in particular, since the company owns the World Series of Poker.

“This latest episode of congressional chicanery should be called Harry Plotter and the Senate Chamber of Secrets, since the Majority Leader apparently views the legislative process and the Senate itself as a venue to reward his political allies,” said CAGW President Tom Schatz. “Whether one supports the legalization of online gambling or not, an online gambling bill had a thorough vetting in the House Financial Services Committee and was approved. Now, Sen. Reid is trying to bypass the bill and slip in a provision that will be an early Christmas gift to his pals at Harrah’s. The Senate should reject this outrageous proposal.”

During Sen. Reid’s beleaguered senate campaign, according to Politico, “The company, through its employees and political action committee, contributed $83,000 to Reid’s reelection campaign, making it his fourth most generous supporter, according to the non-partisan Center for Responsive Politics.” The Wall Street Journal stated that the language that Sen. Reid is trying to graft onto the tax bill “could limit the ability of other companies to enter the market.”

It is common knowledge in Las Vegas that Harrahs bused its on duty employees, under close supervision, to the polls and intimidated them to vote for Reid. MGM Mirage did the same with its employees. Harrahs & MGM properties dominate the Las Vegas strip.

“Taxpayers already believe that Congress is rigged. This latest example of blatant self-dealing confirms their suspicions. The midterm elections were an unambiguous message that this kind of abuse of power needs to stop,” concluded Schatz. “Apparently, Sen. Reid just didn’t hear that message over the noise of the slot machines that helped give him an election windfall.”

CCAGW is the lobbying arm of Citizens Against Government Waste, the nation’s largest nonpartisan, nonprofit organization dedicated to eliminating waste, fraud, abuse, and mismanagement in government.

http://www.cagw.org/

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Fascism

Olbermann Liberal Fascist Rant

In a special "rant" Tuesday, Keith Olbermann, the face of Progressive fascism, tore into President Obama over his tax cut compromise, calling him "goddamned wrong" and accusing the president of betraying his base (liberal fascists).

Olbermann called the compromise, a "searing and transcendent capitulation," saying that Obama had "bowed" to the rich by accepting tax cuts that will bring no benefit to the economy. He also expressed shock that the Democrats had been forced to compromise on an issue that, to Olbermann, they could have easily won.

"This President negotiates down from a position of strength better than any politician in our recent history," he said.

But Olbermann reserved his greatest ire for what he perceived as the administration's arrogant and dismissive attitude towards the base of the Democratic party. He said that a "senior member" of the administration had tried to sell him on the deal on Monday. When Olbermann told him that "the base has just vanished," the official said that "they must not have read the details."

This set off the most evil man in the world:

"There, in a nutshell, is this Administration. They didn't make a bad deal -- we just don't understand it. Just as it was our fault, Mr President, for not understanding your refusal of even the most perfunctory of investigations of rendition or domestic spying or the other crimes of the Bush Administration, or why you have now established for those future Administrations who want to repeat those crimes, that the punishment for them will be nothing.
Just as it was our fault, Mr. President, for not understanding Afghanistan. Just as we didn't correctly perceive, sir, the necessity for the continuation of Gitmo. Or how we failed to intuit, President Obama, your preemptive abandonment of single payer and the public option. Or how we couldn't have foreseen your foot-dragging on "Don't ask, don't tell." Just as we shouldn't have gotten you angry at your news conference today and made all the moderate Democrats wonder why in the hell you get publicly angry so often at the liberals who campaigned for you and whether you might save just a touch of that sarcasm and that self-martyrdom for the Republicans. And of course, Mr. President how we totally betrayed your Administration by not concluding our prayers every night by saying "Thank you for preventing another Great Depression, you are entitled to skate along on your own wonderfulness indefinitely and if you get less than you could have on health care reform or taxes, well, that'll be okay, we're happy to pay $10,000 for a $300 car because hey, it could've been $20,000, right? And because we only expect you to do one thing correctly during a presidency and you had pretty much cleared that obligation when it proved that you were, indeed, not John McCain."

Olbermann noted that independent Senator Bernie Sanders has threatened to filibuster the tax bill, and said he should be supported in doing so:

"It is not disloyalty to the Democratic party to tell a Democratic president he is wrong; it is not disloyalty to tell him he is goddamned wrong...it is not disloyalty to remind the President that he was elected by people to whom he had given a clear outline of what he would do for them, and if he does not steer out of the skid of what he is doing to them, he will not only not be re-elected, he may not even be re-nominated."

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free govt money

$200,000 College Education

Currently, Northeastern alum Kelli Space, 23, is $200,000 in debt because of her student loans. She must pay federal student loan agency Sallie Mae $891 per month -- and by next November, that figure will nearly double. And although she has a full-time job, she doesn't make nearly enough to pay off her massive debt. So she's is turning to the public for help.

Space started a website called Two Hundred Thou which is devoted to telling her story and asking readers to chip in. On the site's FAQ page, Space explains her situation in earnest: twohundredthou.com/

I was 18 and the first person in my family (including extended family!) to attend college. Therefore, not only was excitement consuming me, but my parents didn't exactly know how college would or wouldn't affect my salary in the future. We applied for scholarships during the summer but they heard -- as much as I did -- that cost of tuition should never keep you from attending a great school. So... we made the mistake of following such romantic advice. Cue regret.

The site will track Space's progress as she collects money from her readers -- so far, she's raised $6,283.06, leaving $193,716.94 to go.

After doing my due diligence, I believe this is a legitimate debt and not a scam.  I have been in contact with Kelli and I admire her resourcefulness and honesty.  Thousands of kids everyday solicit donations for education pursuits, If you want to contribute great, if not it's fine too. Kelli has not received a dime in financial aid from the state or federal governments or from the private college.

Most of the left wing progressive commenters on Huffington Post have chastised Kelli for not taking advantage of the student aid available to many college students. As usual, these dumb ass radicals don't realize that the money the government gives out comes from working people who pay income tax. There is no FREE money for anything.  Libtards are great at spending other people's money but they won't reach into their own pockets, even to help one of their own. See the negative responses from the Huffington Post readers  here: www.huffingtonpost.com/2010/11/22/kelli-space-two-hundred-thousand-in-debt_n_787074.html#comments

A single dollar is huge when thousands of people respond as many have already.  Americans are the most generous people on earth.  Voluntary private donations, and private charities directly giving aid and assistance is an American traditional, which is much more cost effective and Constitutional than federal entitlements.

What do you think of Space's plan?  Will you contribute? Let us know in the comments section.
bureaucrat

Back to Work for the Lame Ass Congress

Listed below are 10 specific spending cuts that Congress can get to work on when it returns. Many, many more spending cuts have been recommended by a variety of budget experts-but here is a start:

1. Repeal ObamaCare
Save taxpayers over $1 trillion dollars.
Only six months after implementation, the new health care law has proven to be a bureaucratic nightmare that has already raised insurance premiums and forced some insurers to cancel coverage plans. A clear majority of the American people have made it clear that they oppose this unconstitutional law that diminishes the quality of health care while increasing its cost.

2. Completely End TARP
Save taxpayers roughly $16 billion. [ii]
All banks should face the consequences of their actions. Taxpayers should not be forced to bailout banks that engaged in risky behavior. By canceling TARP once and for all, taxpayers will be saved billions of dollars.

3. Reduce Government Employment to 2008 Levels
Save taxpayers $35 billion over the next 10 years.
Since 2008, federal government employment has grown by 188,000 (excluding temporary Census workers.) Meanwhile, the private sector has lost over 7.9 million jobs. [iii] Taxpayers in the private sector cannot afford to pay for the excessive number of government employees that do not perform necessary functions of government. The federal government should institute policies to reduce the workforce to 2008 levels.

4. Freeze Federal Pay
A pay freeze would save taxpayers $5 billion annually. With benefits included, the average federal government employee is paid $123,049--while the average private sector employee receives only $61,051 annually. After adjusting for inflation, federal employee wages increased 36.9 percent while private sector wages rose only 8.8 percent since 2000. In order to restore fiscal sanity, the number of federal government employees should be frozen until the budget is balanced.

5. Sell Excess Federal Property
Save taxpayers up to $15 billion.
According to the Office of Management and Budget, the federal government is holding on to $18 billion in property that it does not need. Requiring the federal government to sell excessive property could potentially save taxpayers billions of dollars.

6. End Tax-Payer Funding and Subsidizing for Abortions Domestically & Overseas
Save Taxpayers $739 million
President Obama rescinded the Mexico City Policy, allowing tax dollars to flow to groups that promote abortion under the category of International Family Planning. In FY 2010 $648.5 million was appropriated for this effort. Additionally, in FY 2009 federal funds were awarded to well known abortion advocacy organizations such as the Guttmacher Institute, Planned Parenthood Federation of America, SEICUS, and the Population Council.

7. Privatize Fannie Mae and Freddie Mac
Reforming Fannie and Freddie Mac could save taxpayers at least $30 billion. So far, taxpayers have been forced to spend $145 billion to bailout the irresponsible actions of Fannie Mae and Freddie Mac. Action must be taken immediately to privatize the current government sponsored mortgage-backing companies. If Congress delays reforming Fannie and Freddie Mac, taxpayers will likely be on the hook for billions more dollars.

8. Eliminate Subsidies for Amtrak
Save taxpayers $202 million a year. Despite the fact that the majority of trains remain fairly empty, government-run Amtrak runs an abundance of trains daily. In fact, Amtrak actually loses money on most of its train routes. Taxpayers are forced to pay $32 per Amtrak passenger to make up for these losses. Yet riders still complain regularly about spotty Amtrak service and frequent delays. The private sector could likely provide a better quality train service at a lower cost.

9. End Energy Subsidies
Save taxpayers $20 billion a year. Over the last 30 years, energy subsidies have failed to produce any promising results. The private sector is fully capable of investing in energy technology. Unfortunately, government subsidies have crowded out private investment in energy. While it may take some time, the private sector has already begun to produce more efficient energy sources.

10. Reduce Federal Farm Subsidies
Completely ending the peanut & sugar subsidies would save taxpayers $1.3 billion annually. Federal farm subsidies are America's largest corporate welfare program costing taxpayers more than $245.2 billion since 1995. Despite the claims that farm subsidies go to struggling family farmers, two-thirds of farm subsidy checks go to the wealthiest 10 percent of farmers. It is hard to justify that taxpayers should be forced to pay for the hobby farms of rich celebrities such as David Rockefeller, Ted Turner, or Scottie Pippen.
obama Arrogance

The Obamanation Continues

Shares of Apollo Group (NASDAQ:APOL) traded at a new 52-week low yesterday of $34.20. Approximately 2.3 million shares have traded hands yesterday vs. average 30-day volume of 5 million shares.

Apollo Group closed at $34.37, approximately 19.3% below its 50-day moving average of $42.57. SmarTrend will be monitoring shares of APOL to see if this bearish momentum will continue.

In the last five trading sessions, the 50-day MA has fallen 2.56% while the 200-day MA has slid 1.21%.

In the past 52 weeks, shares of Apollo Group have traded between a low of $34.80 and a high of $66.69 and are now at $34.37, which is 52% of that high price. The stock has fallen 6.2% since the Downtrend alert was issued.

Apollo was a 5 Star rated value stock by Morningstar and a strong analyst BUY at the beginning of the year.  Then Obama went to war against "for-profit" education.  Obama's actions speak louder than his teleprompter. Obama despises capitalism because he is a pro Marxist Statist. 

We reap what we sow. Electing a Marxist to the Office of President of the United States will always yield a crop of tyranny and financial disaster for the American people to consume.