Tuesday, October 28, 2008

Was Reagan Earned Income Tax Credit Marxist?

Are you getting stressed by these elections proceedings? It is one thing to be competitive and to want to win but it's another to be so dishonest as to start throwing all kinds of labels on your opponent. McCain-Palin is trying to make taxes the political football and they are playing on people's ignorance (lack of knowledge) to score political points.

McCain-Palin tried the paling around with terrorists but that didn't seem to have the desired effect. There is talk about everything except the problems we now face - record unemployment (750,000 lost jobs since January 2008), foreclosures, sub-prime mortgage crisis, public education, medicare, insurance premiums, college tuition and lack of leadership.

Now Obama is a Marxist, socialist because supposedly he wants to spread the wealth around. Wasn't it Ronald Reagan that implemented a tax policy that gave the working poor money back on their taxes? Wasn't this money taken from higher income earning Americans so that those at a lower income bracket could be given a piece of the American pie?

This was Reagan's trickle down economics, the Earned Income Tax Credit. Under Reagan and now Bush, the wealth has been re-distributed upwards towards the top 1% of the population. Does Palin-McCain have a label for this too? Here's one Robin Hood economic strategy or Cops and Robbers.

The Income Tax Act was enacted in 1862 and saw the establishment of the office of Commissioner of Internal Revenue. Now known as the IRS, it was the body that administered the collection of taxes, power to assess, levy and enforce the tax laws through prosecution and property and income seizures.

The Income Tax Act was established to support the Civil War and was based on the basic principles of graduated or progressive taxation and withholding income tax at source. At the time of the Civil War, a person whose income was between $600 to $10,000 per year paid an income tax rate of 3%. Those with incomes higher than $10,000 paid a larger rate.

As far back as 1913, the 16th Amendment to the Constitution made income tax a permanent feature of the U.S. tax system. This amendment gave Congress full legal authority to tax incomes of both individuals and corporations. What's more socialist than the State bailout of Wall Street to the tune of $750B, except that it is necessary to avoid a complete collapse of the entire banking system around the world?

With this legislation in place, there was a huge rise in annual internal revenue collections in the fiscal year 1918 which reached the billion-dollar threshold. By 1920, tax revenues had risen to well over $5.4 billion and by World War II with increased employment tax collections continued to rise even higher.

For McCain to grandstand on political platforms talking about spreading the wealth around is dishonest, deceitful or disingenuous because his tax plan is structured similar to Obama's Tax Plan, except who gets the tax breaks - examine the two proposals for yourself here.

Monday, October 20, 2008

McCain vs. Colin Powell and Leadership Factor

Colin Powell, soldier and statesman has condemned McCain's use of robo-calls as a means to divide the country by inference along racial lines. America is a land of opportunity, inclusion and we used to be proud of our status in the world. This is the main reason so many people from all walks of life flock to our shores.

Powell was born in Harlem, New York to two Jamaican immigrants said that Obama is a transformational figure that has earned his support over several months. Whereas McCain demonstrated poor judgment in his pick of Sarah Palin as Vice-President.

On MSNBC today, a Former National Security Advisor Zbigniew Brzezinski says among other things that McCain is unpredictable, veers, we waited for the British to act and we followed, and we waited for the French to suggest a summit and we're following so we are in deep crisis with no real leadership.

If we as a people are going to ignore some of the best brains in the country and act contrary to good judgment, we would be perpetrating an inexcusable injustice to our young children, the ones that now have no say in this process and we have to act on their behalf.

McCain may be erratic but his most dangerous quality is the one that Former National Security Advisor Zbigniew Brzezinski identified - he's unpredictable - this is one that we cannot afford or play roulette with at this point in our history.

Friday, October 17, 2008

McCain Misleads Self-employed Joe Plumbers

McCain is now brandishing around Joe the Plumber and other small business people as examples to demonstrate how Obama's Tax Plans would hurt small businesses. So here's some factual research from Internal Revenue Service (IRS) starting out with self-employed:

Self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance). McCain is now also misleading self-employed Joe the Plumbers but he's decided to drop Joe Six Packs.

Maximum earnings subject to SE tax. Only the first $94,200 of your combined wages, tips, and net earnings in 2006 is subject to any combination of the 12.4% social security part of SE tax, social security tax.

There are other forms of small businesses such as a partnership or S Corporation. According to the IRS, a partnership generally is not a taxable entity and an S Corporation does not pay tax on its income.

Therefore, it seems that if Joe the Plumber has $250,000 to buy a plumbing business he needs to speak to an Accountant, get the Profit & Loss Statement, client list for the business entity and decide what type of business he would set up in order to determine what taxes he would pay. The real Joe the Plumber, with a license #, runs his business in Amarillo, Texas - does he make $250,000 and if he does, he probably has an Accountant or at least a bookkeeper?

To run on the campaign trail and talk in these general terms as if he would be taxed as an individual on $250,000 while operating a business is not only ludicrous but misleading because no one in his right mind would approach something this important in this fashion.

McCain not everyone is erratic, quick to judge, lack the ability to conduct research on issues, cannot comprehend simple bookkeeping and lacks common sense. Whenever in doubt, seek the advice of an expert on small business such as the IRS and an Accountant not McCain-Palin or Obama.

Thursday, October 16, 2008

Health Care Crisis Voices of Uninsured

As we prepare to vote on November 4th, we live in America (the greatest nation in the world) and there are 47 million people amongst us that are uninsured. This is a shame and don't say that you don't want another parent, the government, because you already have a pair.

How could McCain-Palin defend the unborn and the inherent rights of the unborn but ignore the rights of the living - these are real people with real stories? Who amongst us is willing to have these voices heard and who will speak for them? If the republicans and the right wing is so religious, do they believe what God has told us - that we are our brothers' keeper?

Are we so selfish that we can only care about ourselves? Are we not concerned about the under-privilege amongst us? Do you believe that 47 million people is just a statistic or are you like some of us and feel that this is a tragedy?

Some very special people amongst us, doctors of the American Medical Association (AMA) who have taken a Hippocratic Oath to care are forced to so with pre-conditions, insured patients come first. These good doctors have highlighted the plight of these desperate people:
  1. They can't afford health insurance.
  2. They have pre-existing conditions.
  3. They have limited access to health plans and benefits.
  4. Regardless, these people live sicker and die younger.
The AMA has put forward the broad solutions to this health care crisis as follows:
  • To provide all Americans with a means to purchase health care coverage.
  • To give individuals choices to select the appropriate coverage for themselves and their families especially, their children.
  • To promote market reforms that enable this new approach.
If you are one of the 47 million people that are becoming this faceless statistic, come forward, get involved, learn more, stay connected to your plight by contacting Voice for the Uninsured and finally, get out and VOTE.

Sunday, October 12, 2008

McCain-Palin Double Talk Express

After watching an excerpt of Sarah Palin's speech today (October 12th) in St. Clairsville, Ohio, it prompted this straight talk to show that Palin-McCain are definitely not country first but politics first.

Sarah Palin said that her opponent wants to change things and go forward but Obama spends an awful lot of time looking at the past Bush-McCain last eight years because this is where you find blame.

Here's a relevant question for Sarah Palin - why is she looking back on abortion? Haven't we closed that chapter in women's lives? Is she looking back on abortion so that she too can find blame? Or is that she's looking to take our nation of progressive women backwards?

She said that McCain-Palin will balance the budget in their first term in office. In her own words, this is how they will do this:

Impose a spending freeze in all but the most vital functions except military spending, they wouldn't stop spending on our troops because they have to come home with a victory.

McCain-Palin will only spend on job training because they have to put America back to work. Does she know that there are about 756,000 of us currently unemployed? Or does she see this like some who say that 94% of us have jobs?

Palin-McCain will bring tax relief to every American.

This sounds very good as a stump speech but let's examine the reality of this so-called team of straight talk express mavericks that are traveling on the Double Talk Express.

How are you going to balance a budget by giving tax relief to every American? Tax relief to every American means that as government, you are reducing the amount of money you are collecting. Literally, can you balance your budget if you are earning less money? Does she think that you are stupid? What is this double talk?

This is obviously in response to Obama's Tax Cuts for everyone, EXCEPT those that earn over $250,000 so McCain-Palin jumps to their defense by trying to fool us the middle-class folks that earn $40,000 and up to $250,000.

They will freeze all spending except for the soldiers in the war because they have to come home with victory. We are spending $10B each month on the war in Araq. When does Palin-McCain expect this victory? When do they plan to come home with this victory?

This is a stubborn and bone-headed attitude. Let the Iraqis spend their $80B surplus looking after themselves. Prepare a responsible way to withdraw our troops and rather than a spending freeze in these hard times, invest the money we are currently spending in Iraq here at home on ourselves.

It took Bush-McCain eight years to rack up the current debt but Palin-McCain will (bring down) balance the debt in their first term i.e. four years. What a team of mavericks? Do you see how much more hardship this will create? This is like if you bought a home for $250,000 with a fixed mortgage term of 20-years at 5% interest and a manageable monthly payment. Then you receive notice that there's been an adjustment, your mortgage has to be paid back in 10-years so your payment has now quadrupled. What would this do to your life and budget?

In simple terms, this is what Palin-McCain is suggesting about balancing the government budget and reducing the debt. More ludicrous is that Palin-McCain said they will impose a spending freeze but yet they plan to buy back all the bad mortgages at their old values 2-3 years ago, not even the current values. Who are they buying these mortgages back from - the banks?

Who are they helping once again - the rich and privilege? Do you not get it, the mavericks for the rich? Did the $700B bailout not have a plan for these failed mortgages added to it already? I guess McCain doesn't like who that buy-back plan is helping. These mavericks take from the poor and give to the rich so you decide.

As Governor, Palin eliminated property taxes - true but what she has not told you is that she raised the sales taxes at the same time that she did that. Give in one hand and take more in the other hand. Let's examine Sarah Palin's maverick for the people at work. A property tax is an annual tax (once per year). You could set up a tax jar and drop all your loose change and plan to accumulate that tax.

A sales tax you pay every time you make a purchase all year round for all time, no way to avoid it so in the end you continually pay much more than you would have paid in property tax. Do you get it? Don't be fooled again - it's the old bait and switch game - these are no mavericks.

Friday, October 10, 2008

Palin Supports Alaska Secessionsts McCain Flip Flops

I agree that we should support our troops and give them all the resources not only in war but when they return home and need assistance re-assimilating into society.

My daddy too was a soldier and served his country heroically and with honor but being a good soldier is not necessarily a quality to be President. As I read the Rolling Stone 10-page article that Tim Dickinson wrote and I thought that he reported facts of McCain's record as a soldier and a person.

The McCain that we saw abruptly suspend his campaign and asked to cancel the first debate, is the same McCain that Dickinson's article portrayed very accurately. When you get to be McCain's age, it is very hard to re-wire yourself - your character is already formed and no one can re-mold you. If you visit this youtube video, you will see evidence of McCain flip flops in his own words, not yours, not that one or mine but his.

Palin is married to Todd Palin someone who was a member of the Secessionists Alaska Party and since Sarah Palin has addressed their convention on more than one occasion; would you consider palling around with Secessionists grounds for treason? This is not someone accusing her, this is Sarah Palin in her own words as recently as 2008.

Tuesday, October 7, 2008

Domestic Terrorist - College Educator Professor

This Olbermann's video on political jackass is clear evidence that Sarah Palin does not read much otherwise she would realize that Bill Ayers is now a PhD professor at a College. Are all his students palling around with a domestic terrorist? Has the college hired a domestic terrorist? Are all his fellow colleagues at the College palling around with a domestic terrorist?

Do you see Palin how you suffer from a severe case of foot in mouth disease? Talk about what's really hurting us - mortgage meltdown, sub-prime loans, foreclosures, unemployment, health care, social security and our kids public education - give us your plan to help us with these multitude of issues that are affecting us right now, today. Please don't blow us off as you did with Gwen Ifill in the VP debate because we will cut you down to size on November 4th.

Monday, October 6, 2008

McCain Erratic Behavior no Maverick

John McCain isn't a maverick and Rolling Stone contributing editor, Tim Dickinson separates the facts from the fiction on the Republican presidential candidate.

The John McCain that Tim Dickinson revealed in his article in Rolling Stone gives a closer look at a life and career of recklessness and dishonesty. The real elitist, McCain attended Episcopal High School, an all-white, all-boys boarding school across the Potomac in Virginia, where tuition today tops $40,000 a year.

In March 2008 McCain told The Wall Street Journal that he is "always for less regulation" but by September with the Bush government forced to bail out the nation's biggest insurance firm and brokerage house, McCain said that he would regulate the financial industry and end the "casino culture on Wall Street".

McCain's flip-flopping is the commitment he's taking to advance his own career by whatever means necessary and always reach for attention and glory by stretching the truth or outright deception.

Smith one of McCain's GOP colleagues has gone on record of saying that he's temperamentally unsuited to be commander-in-chief. The former senator from New Hampshire said that McCain's "temper would place this country at risk in international affairs and the world perhaps in danger. In my mind, it should disqualify him". Senator, Thad Cochran of Mississippi said that "the thought of his being President sends a cold chill down my spine. He is erratic and he's hotheaded".

You can read Tim Dickinson's ten page article at Rolling Stone for yourself and see why McCain's 11th-hour theatrics in September to abruptly suspend his campaign and run to Pennsylvania Avenue to help with the bailout debate at the last minute is no coincidence. It is so much like the reckless character that he's so famously known by his GOP colleagues.

Wednesday, October 1, 2008

Saving Plans for College Avoid Student Loans

This week as the discussions began about Bush-McCain $700B bailout plan for Wall Street banks, several commentators have been highlighting that a credit squeeze would mean that it would become difficult to borrow money and get student loans for college tuition.

If you have very young children and want to ensure that their college education is paid for without difficulty, here are a few tips that will help you accomplish your goal:

1. Plan your pregnancy so that you are mentally and financially prepared to cope with the responsibility of having a child.

2. Start to save for your child's education from the day he/she is born. Both parents and grandparents can set aside $25-$50/month in a trust fund to mature when the child celebrates its 18th birthday or is accepted to college.

3. Research various savings plans, annuities or scholarship funds, such as a 529 plan.

4. Follow your child's progress as he/she starts school and get tutors or support to keep him confident and motivated.

5. Extra-curricular activities are important to help kids stay focus and challenged because they have to balance school with the other activities thus developing skills for life's many challenges.

6. There are certain tax benefits as the plan participant.

7. Each state now has at least one 529 plan available but it's each state's decision to offer plans and the structure so it's important to research the features and benefits in depth before investing.