Posts tagged Tax
Cody Wilson Responds To Congress Shutting Down Website With 3D Printer Gun Designs
By Tyler Durden
In just under 30 minutes, Peter Schiff and Doug Casey muse on many facets of the crumbling edifice of the status quo that is our current world.
From Gold’s relatively imminent rise to $5,000 and beyond, to investor ignorance of reality, Casey & Schiff swing from discussions of the US as political entity going forward to ‘escape from America’ plans for personal and wealth assets, and the realization that the biggest casualty (of US indebtedness), aside from individual liberty, is the value of the dollar – as taxing the middle class is unpopular with both parties – leaving only one route for the government – the inflation tax. Owning gold, silver, and foreign assets is preferred and while the rest of the world is also printing, the US is likely to beat them all.
People “are clueless with respect to the true state of the global economy,” with regard to inflation, fiat currencies, and specifically what will happen to the dollar. The conversation is wide-ranging and absolutely must-see as they remind market-watchers that “the whole thing is artificial,” as you can’t just keep printing money and monetizing debt without the dollar imploding with monetary policy descending (along with its trillion dollar coin) into ‘Three Stooges’ comedy.
The conversation weaves to some endgame discussions which bring Peter to discuss his father, who he sees as a political prisoner, and his views on the future…
“the biggest change that is coming to the global economy is a realignment of global living standards.”
There is something here for everyone…
Please note Ron Paul’s message regarding the site that this article was originally posted and linked below.
***Please note: This is the temporary home for my weekly column until my personal web page is up and running.***
Ron Paul’s Texas Straight Talk
By Ron Paul
Last week the Senate and House demonstrated again why their approval ratings are so low. The 154 page “fiscal cliff” bill was made available to Senators just three minutes before the vote was taken on the legislation. No one can read 154 pages in three minutes, so it is safe to assume that the legislation was passed without being read.
Then the House brought the lengthy and complicated bill to a vote just 22 hours after the text had been available, meaning a full reading of the legislation was not likely possible. This was a clear violation of the “three day rule” adopted by the 112th Congress, which in the name of transparency ordered the House to make legislation available to the public a full three days before a Floor vote.
Perhaps this race to a vote, amid cries of the end of the world without a solution to the manufactured crisis, explains why an even greater than usual amount of special-interest carve-outs made it into the bill.
Article 1, Section 7 of the US Constitution clearly states that “All bills for raising Revenue shall originate in the House of Representatives,” but as has been done many times, the Senate simply attached its bill to an existing House bill and claimed that this Constitutional requirement had been satisfied.
If the process was dishonest and unconstitutional, the content of the bill was even worse.
The “rescue” legislation was packed full of special tax deals for well-connected corporations with the money to hire high-profile lobbyists – usually those who have spent a good deal of time as legislators themselves.
The principle of tax cuts and breaks themselves are not the problem, however. It is incorrect to view any return of tax money to its rightful owner as money taken from the government. Wealth belongs to those who generate it not to government. However, while well-connected special interests like Hollywood and rum manufacturers were being granted targeted tax assistance, the vast majority of Americans were being hit with a significant tax increase in the form of higher payroll taxes. Rather than cut a dime from federal spending, this bill granted breaks to the corporate elites and paid for the “lost revenue” by passing the costs on to the rest of us.
The “fiscal cliff” bill also rescued other corporate interests. Included in the text was a nine-month extension of the 2008 Farm Bill. This is corporate welfare at its worst, spending billions to enrich big corporate farms with direct subsidies at the expense of small farmers — and the taxpayer.
Last week’s last minute deal was the worst of both worlds: higher taxes on nearly all Americans now and a promise to begin thinking about modest cuts in spending growth two months down the road. While there was much hand-wringing over the “draconian” cuts that would have been imposed by sequestration, in fact sequestration would not have cut spending at all. Under the sequestration plan, government spending would increase by $1.6 trillion over the next eight years. Congress calls this a cut because without sequestration spending would increase by $1.7 trillion over the same time frame. Either way it is an increase in spending, however.
I have little hope that a majority of Congress and the President will change their ways and support real spending reductions. Fortunately, increasing numbers of Americans are awakening to the dangers posed by the growth of the welfare-warfare state. Hopefully this movement will continue to grow and force the politicians to reverse course before government spending, taxing, and inflation destroys our economy entirely.
Posted by Lew Rockwell
(Thanks to Travis Holte)
By Lori Stacey
Every single member of Congress knows or should know the very basic rule stated in the US Constitution regarding which chamber can originate revenue raising bills (tax bills). But that seems to have not stopped any of the 535 members of the US Senate and US House of Representatives from once again proving that they have absolutely no intention of obeying even the most basic procedures for a tax bill becoming a legitimate law.
As many of us wrote about months ago, after the Supreme Court issued its ruling regarding Obamacare being declared a tax, millions of Americans should have been celebrating how Chief Justice Roberts had just in essence invalidated the entire bill. See my previous article, “Is Chief Justice Roberts actually sly as a fox?” That’s right. There should be absolutely NO reason for any state government or any business in America to be forced to move forward with any provisions contained in the Affordable Care Act.
Again, the constitution is very clear in this matter and every member of congress knows what type of bills each is allowed to originate. It is one of the most basic clauses in the US Constitution governing the actions of members of Congress.
Article I, Section 7, Clause 1 of the US Constitution clearly states:
All Bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with amendments as on other Bills.
After watching the deafening silence within the mainstream national news organizations and by all Democrats and Republicans in congress, I published a follow-up article as to possibly the political reasons none of them were going to even whisper the truth about Obamacare being dead in the water and can be found titled, “Demand Congress start telling the truth about Obamacare”.
As usual, there was no massive effort by We The People to demand that congress or anyone else elected to office start telling the truth about anything or even begin to adhere to our constitution for which they take an oath to obey, uphold and defend. So as a result, here we go again, all over again.
UPDATED PARAGRAPH: Unlike the Obamacare bill which was in every way a Senate bill and was not expected to ever be ruled a tax, the Senate worked out a “deal” with the Obama administration on their own version of the fiscal cliff bill which ILLEGALLY (referred to as “unconstitutionally” so as to not make it sound so bad) submitted a complete substitute tax bill knowingly in deceptive defiance to the supreme law of our land. In a late-night vote reported by the Washington Post, the House apparently went along and hurriedly passed the Senate’s version of the bill without time for any amendments by the House. This should have been the full content of the House bill with the Senate adding amendments and then going back again for another vote by the House and then back to the Senate for a final vote. In all intent and purposes this was a “Senate bill” regardless of what bill they had to gut out and substitute it with. The House would not have been voting last on a bill they were just seeing the language of for the first time if they REALLY originated its content.
In the case of Obamacare however, there is no arguing over details. It was a Senate bill that was later ruled a tax by the US Supreme Court so there was no need at the time of its passage to play switch-aroo or rope-a-dope with which bill the language would be slipped into. When it was ruled a tax, it was no longer a valid law which may explain one reason why there was so much insistence by the Obama administration that it should not be ruled a tax.
Anyone with an ounce of common sense should realize by now that the fiscal cliff bill will not solve any of our financial woes. It should not even be spoken of as a band-aid as it is nothing but a theatrical performance. Our economy is still going over the ultimate cliff and time will tell just when that occurs. For now, a more serious issue should be to raise cane about congress boldly thumbing its nose at our constitution and placing themselves above the law. Do we really want them thinking we are all so ignorant that we just don’t know any better?
Writing as a child screaming in the wilderness: If we do not finally unite in insisting that our elected leaders obey our laws, then we deserve exactly the corrupt and tyrannical government that we surely will have coming our way. The constitution cannot police itself. It needs the masses to be united in demanding that it is obeyed or suffer the rightful and lawful consequences. Just tar and feathers at this point is not going to cut it.
Lori Stacey, DC Conservative Examiner
Lori Stacey has been passionate about politics all her life. She started working on political campaigns going back to Ronald Reagan’s 2nd bid for the White House while growing up in Sacramento. In November 2010, she ran for Secretary of State of South Dakota for the Constitution Party. Lori…
Published on Dec 24, 2012
The Louis E. Carabini Distinguished Lecture, presented at the 2012 Mises Institute Supporters Summit: “The Truth About War: A Revisionist Approach”. Recorded at Callaway Gardens, Georgia, on 26 October 2012. Includes an introduction by Llewellyn H. Rockwell, Jr.
Music by Kevin MacLeod.
NOTE: This video may be reproduced for non-profit, educational purposes ONLY.
Student Loan Racketeering: Congress Critter Introduces a Bill to Make Student Loan Payments a Payroll Tax Deduction1
By Judy Morris
Bloomberg had a very interesting article about a congressional bill that was introduced that would force employers to withhold 15% of an employees’ paycheck to pay for student loan debt.
Congress will consider overhauling debt collection in the $100 billion-a-year U.S. student loan program, replacing it with automatic withdrawals from borrowers’ paychecks tied to their income — a system used in the U.K.
Legislation that Wisconsin Republican Representative Tom Petri plans to introduce as soon as this week would require employers to withhold payments from wages in the same way they do taxes. Payments would be capped at 15 percent of borrowers’ income after basic living expenses.
The bill follows growing concern about the burden of $1 trillion in outstanding student loans, which now exceed credit- card debt.
The above proposal comes on the heels of Obama’s 3/10 overhaul of the student loan program that took government guaranteed student lending away from lenders and replaced the Federal government as the direct lender. However, the banksters were still going to collect heavy fees for administering the program, even if they were no longer collecting the interest on student loans.
Obama’s student loan overhaul was modeled after a European styled socialist program and the NYT was wild about Obama’s new student loan program which is a variation of the Marxist doctrine of “from each according to his ability and to each according to his needs”.
Submitted by Katniss Everdeen
Here is the video from C-SPAN: http://www.c-spanvideo.or…
7:45am Rep. Ron Paul (R-TX), Foreign Affairs Committee Member @RepRonPaul
Topic: Congressman Paul will discuss fiscal cliff negotiations in Congress as well as the latest developments in Libya. Rep. Paul is a member of the foreign affairs committee, which will hold a hearing on Benghazi Thursday, “Benghazi and Beyond: What Went Wrong on September 11, 2012 and How to Prevent it from Happening at other Frontline Posts.”
WHDT World News is available to 6 million viewers from South Beach to Sebastian, Florida and to 2 million viewers in Boston, Massachusetts via WHDN.
WHDT broadcasts on RF channel 44 (virtual channel 9) from Palm City and is carried on cable TV channels 44 (SD) and 1044 (HD) by AT&T, on cable channels 17 (SD) and 438 (HD) in West Palm Beach by Comcast, on satellite channel 44 (SD) in West Palm Beach by DIRECTV, and on WHDN-Boston which broadcasts on RF channel 38 (virtual channel 6) from the Government Center district in downtown Boston.
More about WHDT: http://en.wikipedia.org/wiki/WHDT
By Stephen C. Webster
In a 13-minute segment broadcast Sunday night, CBS’s “60 Minutes” explored Colorado’s budding medical marijuana industry, and heard from a former drug cop turned tax enforcer who insisted that the industry has helped Denver beat the recession.
That runs contrary to President Barack Obama’s logic: he said in 2010 that legalizing marijuana is not “a good strategy to grow our economy.”
But the economic impact on Denver? According to Matt Cook, a former narcotics officer who oversees enforcement at the Colorado Department of Revenue, “it’s huge.”
Cook helped write the state’s medical marijuana law, and works as a consultant for medical marijuana businesses in the state. Speaking to “60 Minutes,” he said that the industry accounts for “over a million square feet of lease space in the Denver area.”
“Look at all the electrical contractors, HVAC contractors,” he said. “The number of ancillary businesses — it’s huge. Tax revenues exceeded, I believe the last number I heard was an excess of $20 million.”
While the state’s taxes on marijuana actually took in about $5 million during 2011, it certainly could spike as high or higher than Cook said: a recent study by the Colorado Center on Law and Policy found that legalized marijuana could pull in about $24 million in new revenue from an excise tax on marijuana production alone.
The report adds that state sales taxes on pot could generate up to $8.7 million more, with local governments seeing an additional $14.5 million just in the first year. Savings on enforcement and incarceration during that same period would also top more than $12 million, the group said.