Posts Tagged ‘balanced budget’
« Older Entries |Changes We Can Believe In – American Voters Hit List #1 – Barney Frank D-Massachusetts
Sunday, November 2nd, 2008
Changes We Can Believe In – American Voters Hit List #1 – Barney Frank D-Massachusetts
Voters will be voting many members out of Congress that have failed us this year. I sincerely hope that these are among top priorities for American voters across the nation this election year
Barney Frank
Chairman of the House Financial Services Committee
Barney Frank has clearly let America down in a position which should have been instrumental in providing financial governance for our free market system. His inattention to primary fudiciary responsibilities in his position has caused All Americans a great deal of grief, yet he is not and will continue to not recognize his own failure:
O’Reilly Blasts Barney Frank On Fannie Mae Mess!!
From the Earl Henry Sholley for Congress Website:
Chairman Barney Frank blames the Republicans and the lack of regulation for the financial meltdown. He refuses to accept any culpability for the current crisis, and keeps making excuses for his role. He loudly denies any involvement in the mess, and even says that he tried to reform Fannie Mae and Freddie Mac.
Here is Barney Frank’s tax and spend mentality/solution:
“There are a lot of very Rich People to Tax down the road and recover some of this money.”:
Shame on Massachusetts voters if they don’t come out in droves and fire this pompous illiterate financial zombie who was supposed to be a primary gatekeeper for our financial systems!!!
Voters in Massachusetts should be ashamed to reelect Barney Frank to office.
Most of the rest of the Nation hopes that Massachusetts will support our best interests by firing Barney Frank and electing Sholley to Congress.
“I believe in less government, fewer taxes, term limits, and public service, not personal enrichment. I will only serve two terms. We have many serious problems that must be solved quickly such as high energy prices, illegal immigration, loss of jobs, the banking crisis, inflation, judicial activism, and protecting our citizens from those who would do us harm. Congress is not doing the Peoples’ will. This is not a time for humor, smart quips, or petty partisan politics. I believe in getting the job done. We need common sense and deliberate action. Where there is a will, there is a way. I want to get America moving again.”
Earl Henry Sholley
Barney Frank took $42,350 from Freddie Mac & Fannie Mae.
Engineer2
American Voters know which politicians failed us in the Mortgage Meltdown!
Tags: american voter hit list, balanced budget, barney frank, economy, massachusetts voters, Mortgage Crisis, Taxes, voters fire congress
Posted in Houston, John Faulk, National Issues, The U.S. Government | No Comments »
Why Are Democrat States Having More Economic Problems Than Republican States?
Wednesday, October 29th, 2008
Here we are (The American Taxpayer) being run over again by an antiquated 2 party political system in an election year. Many of us are going to cast our votes in opposition instead of for the candidate we’d really like to see in office. Blame goes out in all directions… we just don’t have a mature electoral system allowing multiple choices like Japan and other Countries!
Who would have ever thought we’d see the Governor of New York (Eliot Spitzer) predicting a $47 Billion Dollar Budget Deficit for New York over the next 4 years or “California’s Terminator” (Arnold Schwarzenegger) setting on the side of the road with a tin cup?
Over the last year Dallas home prices have dropped just a little over 2% where San Francisco and LA home prices have dropped over 10x as much.
Americans need to take note that Republican States like Texas aren’t having near the problem Democrat States are in this down economy right now and ask themselves if they really want to extend these failed “spread the wealth” political philosophies to the entire country.
Anyone with open eyes can see that the Socialistic push by the Democrat Party not only will not work for America, but that it isn’t already.
Texas has no problems, but we are Republican.
Texan taxpayers don’t need or want to pay for Democrat mistakes in other states and we definitely don’t want to see the country so desperate for change that we are drug down into your mire this election year!
California – you need to repeal Proposition 13 and start excising realistic property taxes!
New York – you should have been in on the forefront of governance, safeguarding the nation against abject free market plundering.
We are truly sorry for your 165,000 projected job losses on Wall Street, but they “screwed” the rest of us, and now you not only want the “Nation’s Taxpayer’s Mercy”, but you want us to play the same pathetic Democrat game you are playing this election year?
My best advise: Look at and remodel your State’s Economy after what we’ve done in Texas… as Republicans!
Engineer2
Tags: Arnold Schwarzenegger, arnold's tin cup, balanced budget, california budget deficit, democrat states with economic problems. democrat states, economy, eliot spitzer, new york budget deficit, republican states, Taxes, Texas Economy
Posted in Houston, John Faulk, National Issues, The U.S. Government, Voices of the 18th Congressional District | No Comments »
Houston Mortgage Problems – 10 years in the making? Where was Sheila Jackson Lee?
Saturday, October 18th, 2008
Houston Mortgage Problems – 10 years in the making. Where was Sheila Jackson Lee?
I’m a Mad Voter. I’m mad as hell, and I don’t know who to believe any more!
Like many of of us, I am not particularly happy with two choices or voting for the lesser of two evils.
We have ACORN indiscretions and Presidential Candidates shoveling us all kinds of garbage…
All I really know for sure is that Sheila Jackson Lee in 14 years hasn’t served Houston, Texas or Americans.
Sheila Jackson Lee never came forward to stop this bloody mess!
John Faulk would have.
Vote John Faulk when you enter the voting booth. Let’s do our best as Texans & Americans to replace ineffective lawyers with established economists and accountants this year! I hope the rest of the nation will follow our lead.
More than ever we need Congress people representing us with backgrounds in economics and finance rather than law.
Note that Sheila Jackson Lee turned her back on the American public, Texas, the Congressional Black Caucus and Houston when she turned about and voted for this atrocious Senate Economic Bailout Plan, stuffed with obscene “pork”.
We don’t need lawyers in Congress, like Sheila Jackson Lee, we need someone like John Faulk with a strong background in economics representing us right now!
Let’s elect John Faulk to Congress this year!
Engineer2
Tags: bailout plan, balanced budget, economist, economy, Houston, houston economics, Houston Mortgage Problems, Houston Voters, John Faulk, Mortgage Crisis, Sheila Jackson Lee
Posted in Houston, John Faulk, National Issues, Sheila Jackson Lee, The U.S. Government, Voices of the 18th Congressional District | No Comments »
Bad Decisions & Stupid Mistakes Have Created an Economic Nightmare
Monday, October 13th, 2008
Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy. Instead, I submit the following three step Common Sense Plan.
I. INSURANCE
a. Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity.
b. In order for a company to accept the government-backed insurance, they must do two things:
1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage.
a. Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes.
b. Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while working with the borrower—again limiting foreclosures and ruined lives.
2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps underperforming executives from being paid when they don’t do their jobs.
c. This backstop will cost less than $50 billion—a small fraction of the current proposal.
II. MARK TO MARKET
a. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate.
b. This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks—and it costs the taxpayer nothing.
III. CAPITAL GAINS TAX
a. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing.
b. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down.
This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to stand up, speak out, and fix this mess.
Tags: bad economic decisions, balanced budget, capital gains tax, economic nightmare, economy, insurance, mark to market, Mortgage Crisis, Taxes
Posted in National Issues, Voices of the 18th Congressional District | No Comments »
How To Balance A Federal Budget
Saturday, October 11th, 2008
I just heard Neil Cavuto state that people are skeptical, to put it mildly, that John McCain and Governor Palin actually could balance the budget. My answer is YES. After Clinton campaigned on reducing federal spending and reducing taxes accordingly, he reneged. The election was in 1992. He took office in 1993. The first thing he did was raise taxes. The American people immediately reacted by electing a Republican congress for the first time since the early 1950’s. They would no longer pass bills that contained Clinton tax increases and spending increases. In fact Clinton actually reduced social spending with the workfare program.
I’ll grant that the Republicans got giddy when Bush was elected and started spending on their own like democrats (their reasoning was that since the 1950’s they were only able to get crumbs for their constituents and now was their opportunity for some benefits). We conservatives within the Republican Party were furious. We wanted Bush to veto the spending bills and veto increased budgets. But he didn’t.
So my points are a president can veto bills that increase spending, also congress can control spending on its own just as they reigned Clinton in. What about overriding vetos?
When re-election time comes every congressperson and senator wants to take home braggadocio (talking about loot) about what he/she did for constituents. If they go home to campaign with nothing to show for their term their voters are not happy. So the best thing they can do for themselves is cooperate with a strong president, pass bills that accomplish the governments job but do not spend unnecessarily or increase taxes to cover increased spending.
A courageous president can just keep vetoing bills until congress gets it right. Reagan tried this and congress outfoxed him by shutting down the government and blaming it on Reagan. Well the Republican politicians failed, I repeat failed, to back up their president. The republican leadership are wimps. Is McCain a wimp? I don’t believe so. As a matter of fact his one major contraint in this campaign is reigning in his boldness (temper). He will do the right thing even if he makes enemies. He is tough, Palin is tough.
Conservatives want a balanced budget and if republicans don’t go along they lose the conservative vote and they know it. McCain learned a few months ago that he needs conservatives. Republicans and conservatives are not synonyms. We are annoyed with Bush, we didn’t support McCain in the primary and we won’t stop pushing for a conservative approach to government. Balanced budgets, only spending that is necessary to operate our government, obey the constitution (not re-interpret it or twist it into an unrecognizable shape), incarcerate criminals, work for a living, save part of your paycheck, actions have consequences, personal responsibility, look ahead to tomorrow, take care of the kids you bring into the world to name a few conservative principles.
It doesn’t take superior wisdom to balance a budget it takes a strong, stubborn leader.
Tags: a tough leader, balanced budget, congress can control itself if it has to, conservatism, economy, John McCain, Taxes, we can balance the budget
Posted in National Issues, The U.S. Government, Voices of the 18th Congressional District | No Comments »
Will Increasing Taxes on the Rich Pay for Implementing Socialism?
Saturday, October 11th, 2008
Tax collection statistics (go down the page a little)
Summary of Collections before Refunds by Type of Return, Fiscal Year 2006:
| Type of Return | Number of Returns | Gross Collections (Rounded to the nearest million US$) |
|---|---|---|
| Individual Income Tax | 133,917,068 | 1,236,259,000,000 |
| Corporate Income Tax | 2,453,741 | 380,925,000,000 |
| Employment Taxes | 31,182,071 | 814,819,000,000 |
| Gift Tax | 255,651 | 1,970,000,000 |
| Excise Taxes | 942,145 | 57,990,000,000 |
| Estate Tax | 58,279 | 26,717,000,000 |
| Total | 168,808,955 | 2,518,680,000,000 |
During Fiscal Year (FY) 2006, the IRS collected more than $2.2 trillion in tax net of refunds, about 44 percent of which was attributable to the individual income tax. This is partially due to the nature of the individual income tax category; containing taxes collected from working class, small business, self employed, and capital gains. Of the Individual Income Tax, the top 5% of income earners pay 60% of this amount.
Look at the Top Brackets Column
| Partial History of U.S. Federal Income Tax Rates Since 1913 |
||||
|---|---|---|---|---|
| Applicable Year |
Income brackets |
First bracket |
Top bracket |
Source |
| 1913-1915 | - | 1% | 7% | Census |
| 1916 | - | 2% | 15% | Census |
| 1917 | - | 2% | 67% | Census |
| 1918 | - | 6% | 73% | Census |
| 1919-1920 | - | 4% | 73% | Census |
| 1921 | - | 4% | 73% | Census |
| 1922 | - | 4% | 56% | Census |
| 1923 | - | 3% | 56% | Census |
| 1924 | - | 1.5% | 46% | Census |
| 1925-1928 | - | 1.5% | 25% | Census |
| 1929 | - | 0.375% | 24% | Census |
| 1930-1931 | - | 1.125% | 25% | Census |
| 1932-1933 | - | 4% | 63% | Census |
| 1934-1935 | - | 4% | 63% | Census |
| 1936-1939 | - | 4% | 79% | Census |
| 1940 | - | 4.4% | 81.1% | Census |
| 1941 | - | 10% | 81% | Census |
| 1942-1943 | - | 19% | 88% | Census |
| 1944-1945 | - | 23% | 94% | Census |
| 1946-1947 | - | 19% | 86.45% | Census |
| 1948-1949 | - | 16.6% | 82.13% | Census |
| 1950 | - | 17.4% | 84.36% | Census |
| 1951 | - | 20.4% | 91% | Census |
| 1952-1953 | - | 22.2% | 92% | Census |
| 1954-1963 | - | 20% | 91% | Census |
| 1964 | - | 16% | 77% | Census |
| 1965-1967 | - | 14% | 70% | Census |
| 1968 | - | 14% | 75.25% | Census |
| 1969 | - | 14% | 77% | Census |
| 1970 | - | 14% | 71.75% | Census |
| 1971-1981 | 15 brackets | 14% | 70% | IRS |
| 1982-1986 | 12 brackets | 12% | 50% | IRS |
| 1987 | 5 brackets | 11% | 38.5% | IRS |
| 1988-1990 | 3 brackets | 15% | 33% | IRS |
| 1991-1992 | 3 brackets | 15% | 31% | IRS |
| 1993-2000 | 5 brackets | 15% | 39.6% | IRS |
| 2001 | 5 brackets | 15% | 39.1% | IRS |
| 2002 | 6 brackets | 10% | 38.6% | IRS |
| 2003-2008 | 6 brackets | 10% | 35% | IRS |
As You Go Down the Right Hand Column You See What Groups It Takes to Collect Enough Taxes Now
Who Pays Income Taxes? See Who Pays What
For Tax Year 2006
|
Percentiles Ranked by AGI |
AGI Threshold on Percentiles |
Percentage of Federal Personal Income Tax Paid |
|
Top 1% |
$388,806 |
39.89 |
|
Top 5% |
$153,542 |
60.14 |
|
Top 10% |
$108,904 |
70.79 |
|
Top 25% |
$64,702 |
86.27 |
|
Top 50% |
$31,987 |
97.01 |
|
Bottom 50% |
<$31,987 |
2.99 |
|
Note: AGI is Adjusted Gross Income With this bar chart if you add percents starting at the top and work down you can see what income groups are required to be used to meet 100% of the Ferederal Governments income needs Bar chart. The government must include the middle class.
|
||
|
The very top chart shows $2.5 billion collections (2006), this graph shows expeditures of about $410 billion and $425 billion (2005). I had to use different years because that’s what I could find on the internet. Government expenses increases every year so the gap is probably smaller.
It has been a well known fact for many years that the middle class must be taxed at significant levels.
I tried to bring together these charts to explain and clarify why the government needs more than taxes from just the rich. Larry Elder came along and did a great job in just a few words. Here is his column. Be mindful of what I said before. When you increase tax rates on the rich they reduce their taxable income by not selling stocks, by investing in tax free municipal bonds and investing in other countries. High income earners mainly senior executives also have a tax law provision that lets them defer income until later years when they either need it or tax rates are lower. This is why in the tax rate chart above you see the rates coming down. When the rates are lower they take income and pay the taxes on it.
Tags: balanced budget, benefits of lower tax rates, economy, federal tax spending and revenues, Larry Elder, Mortgage Crisis, Sheila Jackson Lee is a tax and spend lefty, Taxes, taxing the rich more is futile
Posted in National Issues, Sheila Jackson Lee, The U.S. Government, Voices of the 18th Congressional District | No Comments »
Cutting the Federal Budget – Let’s Start With the Post Office
Friday, October 10th, 2008
Cutting the Federal Budget – Let’s Start With the Post Office
The US Postal Department continues to bleed red ink but no Federal Institution wants to lay employees off.
None of us really need Saturday delivery. If we eliminated Saturday delivery it could effectively cut 16-20% out of a $75-$80 Billion/yr budget, tomorrow.
I am not sure how much taxpayer money would be saved since the USPO is partially self supporting, but they are bleeding “red ink” due to competition by the Internet and competitive couriers.
John McCain is right though, we are going to have to look at and cut every government expense possible from the federal level down.
Engineer2
Tags: balanced budget, budget cutting, economy, federal budget, government spending cuts, USPO
Posted in National Issues | No Comments »
A Tin Cup for the Terminator
Friday, October 10th, 2008
A Tin Cup for the Terminator
Arnold, it doesn’t set well with the rest of the nation, especially Texans to see you jump 1st in line asking for a $7 Billion taxpayer handout to bail out California when you haven’t even taken action to repeal Proposition 13.
Who would have ever thought they’d see the “Terminator” setting on the street corner extending a tin cup?
California is on the “street corner” begging for Americans everywhere to donate to their ridiculous defeciet situation partially brought on by their own liberal property tax exclusions.
It seems that everywhere I look America’s financial problems have been brought on by liberal policies.
Taxpayers in Texas and most of the rest of the nation can’t hear you until you take action to clear up your own mess there. Surely the “Kennedy Pillow Talk” isn’t obfuscating sound judgment at your age!
You are not going anywhere until those $600 sq/ft houses drop down to a realistic price. Those million dollar mansions are partially artificially value inflated by the fact that you are not collecting realistic property taxes on them.
It will be OK, there are plenty of investors waiting on the sideline there in cash positions. I know that as fact because I have a brother who moved just down the road from Google headquarters a few years ago. He is setting there “chomping at the bits” waiting for an opportunity to buy with a substantial cash position himself.
And you want us to pay for what????
That $7 Billion you are asking the nations taxpayers for is backward looking. What are you going to do about next year’s $20-30 Billion Deficit, if you don’t act now?
The “Terminator” better “buck up” and move to repeal Prop 13 now! Most of the rest of the nation pays “realistic” property taxes. There is no reason Californians should be exempt, nor is there any reason the rest of the nation should pick up your slack.
We are all going to have to make difficult choices in this economic downturn. You’d better get to “terminating” a large portion of California’s budget now!
You’re not the only “municipality” stuck short, and everybody in charge better get to slashing. There’s a pretty good chance that most municipalities at local, city and state levels are going to be stuck severely short this year and probably for several years. All you can do is slash and cut services, that’s where we’re all at, so pull the bottle out of your mouth and get to work.
Any resolution of debt with taxpayer funds afforded to any entity must come with core problem solutions or there is no reason to dole it out.
Engineer2
Tags: $7 Billion Bailout, balanced budget, california, economy, Mortgage Crisis, Prop 13, Proposition 13, repeal proposition 13, Taxes, tin cup terminator
Posted in National Issues | No Comments »
