The pending Senate immigration bill would bring a minimum of 33 million people into the country during its first decade of operation, according to an analysis by NumbersUSA, a group that wants to slow the current immigration rate.
By 2024, the inflow would include an estimated 9.2 million illegal immigrants, plus 2.5 million illegals who arrived as children — dubbed ‘Dreamers’ — plus roughly 3.4 million company-sponsored employees with university degrees, [...]
Senior MPs called on David Cameron to consider stripping the boss of Google from his role as a government adviser tonight after he suggested that his company’s contribution to the British economy was more important than paying its fair share of tax.
Politicians from all three parties rounded on Google’s executive chairman, Eric Schmidt, after he defended its use of loopholes to minimise its UK tax bill. He insisted that Google [...]
1,293,625 have signed. 1 million in just 36 hours! Let’s get to 2,000,000
Posted: 12 April 2013
It’s unbelievable, but Monsanto and Co. are at it again. These profit-hungry biotech companies have found a way to gain exclusive control over the seeds of life – the source of our food. They’re trying to patent away varieties of our everyday vegetables and fruits like cucumber, broccoli and melons, forcing growers to pay them [...]
Former Treasury Secretary Hank Paulson spoke with Judy Woodruff in an interview airing on Bloomberg Television at 9:30 pm/ET this Friday. Paulson said that he “had to pinch himself” in reaction to the news that Fannie Mae generated record profits last year. “I could hardly believe what I was reading.”
Paulson also said that the U.S. needs to slow the growth of entitlement programs and raise more tax revenue by closing [...]
From Charles Hugh Smith:
… The Patient Protection and Affordable Care Act (PPACA), i.e. Obamacare, is a neutron bomb for employment. A neutron bomb is an enhanced-radiation thermonuclear weapon that famously leaves buildings, autos, etc. intact but kills all the people, even those inside buildings, vehicles, etc.
Obamacare will act as a neutron bomb on employment in the U.S. for two basic reasons:
1. It is immensely complex, and already-marginalized small business owners [...]
The federal income tax is a bad joke and it needs to be abolished. All over the nation, hard working American families are being absolutely crushed by oppressive levels of taxation, and our politicians are constantly coming up with new ways to extract money from all of us every single year. Meanwhile, many ultra-wealthy Americans and many of the most profitable corporations in the country pay little to nothing in taxes. [...]
from Fox Business, via Eduardo89rp:
Peter Schiff: The Real Fiscal Cliff Is Dollar Crisis! Buy Gold! Buy Silver! Own Real Things!!!
Obama Admin Looks To Control Americans’ $19.4 Trillion In Retirement Accounts
Remember that old phrase, “I’m from the government, and I’m here to help”?
Well, it looks like we are hearing it again, at least on the issue of keeping Americans’ retirement funds safe.
The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a [...]
Ronald Reagan did it. George W. Bush did it. On Monday, Barack Obama did it.
Each president used an inaugural address to herald his intent to push tax changes during his term. Reagan and Bush were successful, but experts say Obama faces high hurdles to achieve the tax code revamp he has in mind.
Still, the mention signals that Obama is not giving up on his desire to require tax revenue hikes [...]
Within two days of the President having been re-elected, reports of coming gun control legislation championed by liberal California senator Diane Feinstein began to surface across the internet. Believed to be just rumors at first, the Newtown school shooting brought the proposals to the forefront of American politics.
Today, those rumors became reality.
President Obama has moved to introduce new legislation, by way of Congress and delegated Executive Orders, that promises [...]
The Internal Revenue Service warned employers in a new regulatory proposal not to come up with clever schemes to avoid Obamacare’s employer health insurance mandate.
The IRS said it would soon issue “anti-abuse rules” to discourage employers from taking advantage of any regulatory loopholes.
“The Treasury Department and the IRS are aware of various structures being considered under which employers might use temporary staffing agencies (or other staffing agencies)… to evade application of section [...]
‘We can’t simply cut our way to prosperity. Cutting spending has to go hand-in-hand with further reforms to our tax code so that the wealthiest corporations and individuals can’t take advantage of loopholes and deductions that aren’t available to most Americans. And we can’t keep cutting things like basic research and new technology and still expect to succeed in a 21st century economy. So we’re going to have to continue [...]
In this week’s Republican address, Florida senator Marco Rubio suggests there are much bigger problems than marginal tax hikes, which President Obama strongly supports.
“Americans are struggling to find or keep middle class jobs for two reasons: because our economy is not creating enough of these jobs and because too many of our people don’t have the education or skills required for the jobs that are being created,” says Rubio. ”A limited [...]
Every year average Americans pay dozens of different types of taxes, and yet many of our politicians are very open about the fact that they want to raise rates even higher and invent even more ways to bleed us all dry. Someday historians will look back and be absolutely amazed at how stupid we were. We have the most complicated tax code in all of human history and at [...]
House Democratic leader Nancy Pelosi says she’s hopeful lawmakers can come to a deal to avoid a year-end ‘fiscal cliff” – but any agreement has to include tax rate increases for the wealthy.
She told morning show This Week that she can’t accept a deal that caps deductions and closes some loopholes but does not alter current tax rates for the wealthy.
The California Democrat says ‘just to close loopholes is far [...]
Although it may seem counterintuitive, raising taxes on the rich does not actually increase the amount of taxes the government collects. How could this possibly be the case? According to Professor Antony Davies, it is because the many loopholes in federal income taxes, capital gains taxes, and many other taxes, enable people to partially avoid these taxes. Perhaps instead of discussing how to raise tax revenues, we should spend our [...]
WASHINGTON — President Obama yesterday announced he’s jetting off on a victory lap around Southeast Asia, despite a new government report warning the Jan. 1 fiscal cliff will plunge the US into a recession and drive the unemployment rate up to 9.1 percent.
Obama and Congress have just 52 days to reach a deal to avoid sailing off that precipice, when a devastating double whammy of tax hikes and budget cuts [...]
Former house majority leader Gephardt warns of a possible 2,000-point drop in market within the next few weeks with bad news coming out from congress
There is some risk that the public could hear some “histrionics” from Democrats and Republicans playing to their bases as Congress works on spending cuts and tax reform, all of which could severely unsettle the markets, the former House majority leader said Wednesday.
“If it looks like [...]
U.S. House Speaker John Boehner said Republicans would be willing to accept new tax revenue to reduce the nation’s budget deficit if it’s accompanied by a tax overhaul and changes to entitlement programs.
Speaking in Washington a day after President Barack Obama’s re-election, Boehner of Ohio said all sides are “closer than many think” to being able to revise the tax code.
“Shoring up entitlements and reforming the tax code — closing special interest loopholes and deductions, [...]
by Charles Hugh-Smith of OfTwoMinds blog,
Raising taxes is the “solution.” Too bad incomes are declining. What will raising taxes do to household savings, spending and the economy?
We all know cutting Federal spending is politically impossible, so that leaves raising taxes as the only “solution” to the “fiscal cliff.”
Since most income tax revenues flow from household income, let’s look at some charts of the workforce and household income:
As a percentage of the [...]
The top tax bracket for U.S. corporations stands at 35 percent, one of the highest rates in the world. So how is it possible that a giant of American business, General Electric, paid nothing in federal taxes last year, even as it made billions in profit?
And should the CEO of GE, Jeffrey Immelt, be advising the president on business?
For two years, President Obama has been talking about the need for corporate tax reform, [...]
Like Mr Romney, I have labored in the private equity vineyards and am familiar with many of the loopholes available to practitioners of that art. But Mr Romney unearthed crevices that I never knew existed and worked the tax code to greater advantage than I’ve ever heard of a private equity executive doing.
April 30, 2012
President Obama’s top energy and environmental officials are casting their work as a core piece of White House efforts to boost the economy while using rough-and-tumble language to parry Republican attacks.
Four speeches over four days by Interior Secretary Ken Salazar and EPA Administrator Lisa Jackson signal a political all-hands-on-deck approach to defending the White House’s economic record ahead of the 2012 elections.
“The fact is we can’t create [...]
General Electric, one of the largest corporations in America, filed a whopping 57,000-page federal tax return earlier this year but didn’t pay taxes on $14 billion in profits. The return, which was filed electronically, would have been 19 feet high if printed out and stacked.
The fact that GE paid no taxes in 2010 was widely reported earlier this year, but the size of its tax return first came to light when [...]
If the threats issued by Anonymous are to be believed, then Internet users, globally, should be prepared for this Saturday, the 31st of March, for it is on this day that Anonymous plans to take down the Internet, confirms a Pastebin post. Anonymous have drawn up a rough plan of how they plan to carry out this task. They plan to attack the 13 root DNS servers of the Internet. While [...]
March 28, 2012
The U.S. Senate may soon consider a new package of sanctions targeting Iran’s oil revenues, Democratic Majority Leader Harry Reid said on Tuesday.
The legislation would focus on foreign banks that handle transactions for Iran’s national oil and tanker companies, and include a host of measures aimed to close loopholes in existing sanctions.
The Obama administration’s latest set of penalties signed into law in December have made it increasingly difficult [...]
(Reuters) – The Obama administration proposed on Tuesday the first rules to cut carbon dioxide emissions from new U.S. power plants, a move hotly contested by Republicans and industry in an election year.
The Environmental Protection Agency’s proposal would effectively stop the building of most new coal-fired plants in an industry that is moving rapidly to more natural gas. But the rules will not regulate existing power plants, the source of [...]
From Points and Figures:
Obama has been all out in his assertion that we need to tax the rich to bring in more revenue so we can get this pesky deficit under control. He doesn’t mention that he accelerated the level of deficit spending so we are now careening off a fiscal cliff. His logic and thought process to higher taxes equating higher levels of revenue are also very much off [...]
This needs to much more attention. Here is a copy of the letter they submitted to the SEC.
TL;DR The Volcker Rule would “restrict banks from making certain kinds of speculative investments that do not benefit their customers.” (Thanks Wikipedia). The “certain kinds” proviso is one of many loopholes that OWS apparently wants to close. That’s my reading at least, please let me know if I’m wrong.
Edit: expanded the Wikipedia quote.
It’s always a pleasant surprise to see a TV program have a long form discussion on a fairly technical topic. Readers should enjoy the RT interview of Caitlin Kline and Alexis Goldstein of Occupy the SEC on its Volcker Rule comments. They discussed the major areas they were concerned with and some loopholes in the draft regulations.
[The following profile is part of a series on long-term unemployment in America.]
John Schmidt has been unemployed for 150 weeks. Due to various loopholes, the government is still sending him checks.
“It’s absolutely retarded, but I’m not going to turn it down.”
Schmidt has been unemployed since April, 2009 when he lost his job as a database architect at JC Penney. He says he was fired for health reasons.
In his first year of [...]
Uploaded by CapitalAccount on Feb 22, 2012
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Well-known analyst Merideth Whitney says the middle class is being “De-Banked” in her view, due to new regulations that go “too far in the other direction” in regulating wall street. But is this really true, or do the new regulations just punish the little guys or the yet-to-be (and maybe never become-at-all financial start-ups) financial services firms at the expense of the big boys [...]