Truth: About 46.4% of US households paid no federal income taxes in 2011. So nearly half of us WILL NOT see higher income taxes after our fall off the fiscal cliff. (Tax Policy Center)
Truth: We DO NOT have a revenue problem. If Obama gets his 40% on tax payers reporting $250,000 and more, the difference in revenues will cover less than 2 weeks of our expenses.
Truth: Upon his nomination for secretary of the Department of the Treasury in 2008, it emerged that Tim Geithner had not paid $35,000 in self-employment taxes from 2001-2004. The media dictates our vetting process. The light of blame was centered on his use of software.
Truth: Obama served as a Senior Lecturer and never a law professor at the University of Chicago. There are more mysteries around his formal education and claims.
Truth: Working Americans will face a 2% increase in their first 2013 pay check. FICA withholding returns to 6.2% from the 4.2% we have experienced these past two years.
Keep seeking the truth.
Thursday, December 27, 2012
Thursday, December 20, 2012
Costs of Spending
I often catch Special Report with Bret Baier on Fox News (5pm here). He has been doing comprehensive reporting of the federal government spending and the truths about the fiscal cliff. Last night he showed a chart that was very telling. It seems with all the bluster in Congress and Obama claiming yesterday that "they" just don't like him (what an ego), we continue to be spending more on interest than they are talking about cutting!
All our debt and deficits cost us interest. Of course, we all know about loan interest like on cars and homes and credit cards and business loans. Money costs $. The more you borrow and the worse your credit rating, the more $ you have to have to pay "the piper".
We are on the brink of our credit rating being lowered which will mean what? Class? That's right -- higher interest rates and more "revenues" necessary to service our debt.
Here's the link to last night's report. You can fast forward to about 2:30 to see the chart I referenced. Let me know what you think.
http://www.foxnews.com/on-air/special-report-bret-baier/videos#p/86927/v/2046355471001
til later
All our debt and deficits cost us interest. Of course, we all know about loan interest like on cars and homes and credit cards and business loans. Money costs $. The more you borrow and the worse your credit rating, the more $ you have to have to pay "the piper".
We are on the brink of our credit rating being lowered which will mean what? Class? That's right -- higher interest rates and more "revenues" necessary to service our debt.
Here's the link to last night's report. You can fast forward to about 2:30 to see the chart I referenced. Let me know what you think.
http://www.foxnews.com/on-air/special-report-bret-baier/videos#p/86927/v/2046355471001
til later
Wednesday, December 19, 2012
Five Obamacares to begin 1/1/13
There are five increases in taxes ahead in the new year thanks to Obamacare.
First is a surtax of 3.8% on unearned income for those with incomes greater than $250,000. Without action by Congress and Obama, the top rate on dividends will jump to a high of 43.4% and on capital gains to 23.8%.
Second is to help with the cost Medicare's hospital insurance, a 0.9% increase on individuals making more than $200,000 and couples with income greater than $250,000.
Manufacturers and importers of certain medical devices will be taxed 2.3%.
Those who itemize deductions this year can claim deductions for medical expenses on what exceeds 7.5% of their income minus exceptions and deductions. This limit rises to 10% in 2013. Two years ago Bob and I had medical expenses that we could deduct. No big health crisis, just tests and insurance and deductible.
Flexible Spending Accounts (FSA) allow people to shelter income from taxes to be used for medical expenses. Employers set the limits and many are set at $5,000 per year. Beginning in 2013 the government sets the limit at $2,500.
If you've read this list, you are probably thinking these only effect the very rich. We have been conditioned to believe earners of more than $250,000/year are millionaires and billionaires. The truth is they may be your neighbor, your boss, your brother-in-law. With less to spend or invest, these people will affect our economy. Believe it or not, the $ of the rich is often spent. At malls, on trips, at restaurants, at casinos, on line, into charities and on home improvements.
The Daily Caller published 12/12/12 that 18 Democratic senators are calling for a delay in implementation of the tax on medical device manufacturers and importers. I would hope these pieces can be overturned and not just put off.
til later
First is a surtax of 3.8% on unearned income for those with incomes greater than $250,000. Without action by Congress and Obama, the top rate on dividends will jump to a high of 43.4% and on capital gains to 23.8%.
Second is to help with the cost Medicare's hospital insurance, a 0.9% increase on individuals making more than $200,000 and couples with income greater than $250,000.
Manufacturers and importers of certain medical devices will be taxed 2.3%.
Those who itemize deductions this year can claim deductions for medical expenses on what exceeds 7.5% of their income minus exceptions and deductions. This limit rises to 10% in 2013. Two years ago Bob and I had medical expenses that we could deduct. No big health crisis, just tests and insurance and deductible.
Flexible Spending Accounts (FSA) allow people to shelter income from taxes to be used for medical expenses. Employers set the limits and many are set at $5,000 per year. Beginning in 2013 the government sets the limit at $2,500.
If you've read this list, you are probably thinking these only effect the very rich. We have been conditioned to believe earners of more than $250,000/year are millionaires and billionaires. The truth is they may be your neighbor, your boss, your brother-in-law. With less to spend or invest, these people will affect our economy. Believe it or not, the $ of the rich is often spent. At malls, on trips, at restaurants, at casinos, on line, into charities and on home improvements.
The Daily Caller published 12/12/12 that 18 Democratic senators are calling for a delay in implementation of the tax on medical device manufacturers and importers. I would hope these pieces can be overturned and not just put off.
til later
Wednesday, December 12, 2012
Pro Choice
Pro choice advocates cry that the woman has the right to terminate her pregnancy. (I assume she had the right to make a choice before conception. I think things are far different in cases of rape.)
Yesterday hundreds protested, marched, shouted, threw punches, and destroyed personal property in Lansing MI. Angry mob.
No, not Tea Partiers. Not even pro choice demonstrators. Union workers and many of them joined this destructive group after walking off their jobs. Schools were closed in Michigan in places like Warren because nearly 3,000 union teachers called in sick.
Michigan joined 23 other states now known as right-to-work states. Don't believe what I'm saying without checking my facts. The unemployment rates in the right-to-work states are lower than in states without that right like Illinois.
I believe the anger and maybe fear voiced in Lansing were because those people believed their blessed unions would be destroyed. That's not what the new law dictates. It simply provides employees with the choice to join the union or not.
Choice, freedom. The American way.
I'm thinking hypocrites.
til later
Yesterday hundreds protested, marched, shouted, threw punches, and destroyed personal property in Lansing MI. Angry mob.
No, not Tea Partiers. Not even pro choice demonstrators. Union workers and many of them joined this destructive group after walking off their jobs. Schools were closed in Michigan in places like Warren because nearly 3,000 union teachers called in sick.
Michigan joined 23 other states now known as right-to-work states. Don't believe what I'm saying without checking my facts. The unemployment rates in the right-to-work states are lower than in states without that right like Illinois.
I believe the anger and maybe fear voiced in Lansing were because those people believed their blessed unions would be destroyed. That's not what the new law dictates. It simply provides employees with the choice to join the union or not.
Choice, freedom. The American way.
I'm thinking hypocrites.
til later
Monday, December 10, 2012
Furnace
Our furnace was replaced entirely in 1995 when we also replaced our whole house air conditioning system. We have had few repairs. The most recent was a thermostat replacement two years ago. This morning the repairman replaced our ignitor and things are warming up.
I asked him about the expected furnace "life" and replacement cost. He thinks ours is good for several more years. A replacement of equivalent power would cost us about $4,800 but would run more efficiently.
He went on about standards of efficiency dictated by the government and about variable speed blowers. He claimed we'd save on both electricity and gas with a new unit. He was just being honest and not trying to sell me a replacement. I appreciated his candor.
When I blog about our savings at the bank, this is dedicated $ to be used for emergencies like this furnace repair. If we had to replace the entire unit we'd be digging into investments and/or using our Visa credit card that pays a little "cash back".
The rule of thumb is to keep 3 to 6 months of normal daily expenses where it can be accessed easily. That's what's in our passbook roughly. I will draw on it to cover the $300 check I just wrote the repairman.
Our expected year-end bonus check will go into this account to build it back to our normal balance. Some of the bonus will go toward our favorite charities after we have both sat together and examined our $ and discussed our expectations for 2013.
Unlike Congress we can not print $ as needed.
til later
I asked him about the expected furnace "life" and replacement cost. He thinks ours is good for several more years. A replacement of equivalent power would cost us about $4,800 but would run more efficiently.
He went on about standards of efficiency dictated by the government and about variable speed blowers. He claimed we'd save on both electricity and gas with a new unit. He was just being honest and not trying to sell me a replacement. I appreciated his candor.
When I blog about our savings at the bank, this is dedicated $ to be used for emergencies like this furnace repair. If we had to replace the entire unit we'd be digging into investments and/or using our Visa credit card that pays a little "cash back".
The rule of thumb is to keep 3 to 6 months of normal daily expenses where it can be accessed easily. That's what's in our passbook roughly. I will draw on it to cover the $300 check I just wrote the repairman.
Our expected year-end bonus check will go into this account to build it back to our normal balance. Some of the bonus will go toward our favorite charities after we have both sat together and examined our $ and discussed our expectations for 2013.
Unlike Congress we can not print $ as needed.
til later
Friday, December 7, 2012
Good Old Days
I think with the holidays here, we often reflect on fond memories of family traditions and parties in the good old days. It's nice that our memories are often good ones and those are the ones to concentrate on.
Today I was reminiscing about the good old days when I watched closely the interest rates on our little bank account and our money market at a mutual fund company. I remember the rates during Carter when we moved our savings from one bank to another to take advantage of a special. Deposit a minimum of $5,000, interest paid 13% interest except on the first $1,000 deposited! Ah, the good old days.
Those days didn't last long. Thank God. After that our bank passbook was making 4% and 5%. A safe place to stash some cash and watch it grow.
A bank does not have to issue a 1099-INT unless the bank has paid out to you at last $10. I'm afraid that so many of us will not get our annual form from our bank. Either because our savings earned less than $10 over the whole year - or - we have no savings left in this economy.
Let me just remember the good old days when our bank paid us some interest on our deposited $.
til later
Today I was reminiscing about the good old days when I watched closely the interest rates on our little bank account and our money market at a mutual fund company. I remember the rates during Carter when we moved our savings from one bank to another to take advantage of a special. Deposit a minimum of $5,000, interest paid 13% interest except on the first $1,000 deposited! Ah, the good old days.
Those days didn't last long. Thank God. After that our bank passbook was making 4% and 5%. A safe place to stash some cash and watch it grow.
A bank does not have to issue a 1099-INT unless the bank has paid out to you at last $10. I'm afraid that so many of us will not get our annual form from our bank. Either because our savings earned less than $10 over the whole year - or - we have no savings left in this economy.
Let me just remember the good old days when our bank paid us some interest on our deposited $.
til later
Thursday, December 6, 2012
Doctors
I needed to refill my medications. We use a company on line. I get an email when I'm going to run out of my pills in 2 weeks. So I said yes to their communique last week. That triggered a notice to my doctor as it had been one year since the script was written.
I heard from the medicine place via phone message which will be followed up with a letter explaining why my request could not be filled. I then got a phone call from the doctor's office. The doctor will not approve more refills without a "medicine" visit.
I have a physical scheduled in January. It's in January only because it was the first opening available when I called over two weeks ago. The doctor's employee informed me that that appointment would not be sufficient or soon enough.
At 11 this morning I will see my doctor to "discuss my medications". Seriously? I have been taking the exact same medicine for over 27 years! That's a very long time with no change. I'm curious why and how much this visit will cost me.
It's enough to raise my blood pressure....which is what this med is for. Ironic, isn't it?
I heard from the medicine place via phone message which will be followed up with a letter explaining why my request could not be filled. I then got a phone call from the doctor's office. The doctor will not approve more refills without a "medicine" visit.
I have a physical scheduled in January. It's in January only because it was the first opening available when I called over two weeks ago. The doctor's employee informed me that that appointment would not be sufficient or soon enough.
At 11 this morning I will see my doctor to "discuss my medications". Seriously? I have been taking the exact same medicine for over 27 years! That's a very long time with no change. I'm curious why and how much this visit will cost me.
It's enough to raise my blood pressure....which is what this med is for. Ironic, isn't it?
Monday, December 3, 2012
Smart Hip
My friend got a hip replacement in the middle of October. She's not a member of Obama's famous 1% earners who is not paying her fair share but she's smart to have gotten her hip in 2012. In 2013 Obamacare will increase the costs of all medical devices. My friend is a smart shopper.
http://online.wsj.com/article/SB10000872396390444620104578012281306687070.html
http://hotair.com/archives/2012/07/30/surprise-obamacare-medical-device-tax-killing-jobs-in-the-industry/
Read these to find out the damage being done to manufacturers of devices. We all know that increases in taxes to a business or even an increase in any expense a company has is passed on to the cost of the product made or service provided. The increase is passed on to the buyer.
Just a heads up and cudos to my smart friend. If you need a hip replacement, a defibrillator, a pacemaker, or any chemotherapy delivery system, make your appointment now.
'til later
http://online.wsj.com/article/SB10000872396390444620104578012281306687070.html
http://hotair.com/archives/2012/07/30/surprise-obamacare-medical-device-tax-killing-jobs-in-the-industry/
Read these to find out the damage being done to manufacturers of devices. We all know that increases in taxes to a business or even an increase in any expense a company has is passed on to the cost of the product made or service provided. The increase is passed on to the buyer.
Just a heads up and cudos to my smart friend. If you need a hip replacement, a defibrillator, a pacemaker, or any chemotherapy delivery system, make your appointment now.
'til later
Saturday, December 1, 2012
Media Painting
The news this morning tells one side only. Obama won, he deserves tax cuts on everyone except the $250,000 and above bracket. Shame on the GOP for not bending to the "mandate" of his re-election. Note: popular vote was less than 51% for Obama.
Have you ever taken a second job to make ends meet? I have. I worked 2 part time jobs one winter/spring. The first one started at 6:15am, 5 days a week. The second which was my main job started at 11:30am and I stayed until I "caught up" which was usually 5pm. Our daughter was in college and my extra work covered the tuition increase for that year and part of the next.
Have you ever cut an expense to make ends meet? We have. We no longer miss HBO. We did not cancel our cable but we removed all the premium channels. Now we get the "senior basic" rate. We called our phone carrier for our land line and had them remove long distance. We visited our Verizon Wireless and removed the international portion -- my husband rarely visits Canada but there was a time when he did several times a year.
So, the media paints the picture that revenues is the solution. The GOP will be the reason for the financial cliff plunge. Of course, they don't see the other side. The President is offering NO CUTS! He is not offering to reduce a thing but promises in the future he will.
I think 49% of Americans understand this as an empty promise, just one more empty promise. There will never be cuts in spending. In fact, he has proposed billions in "stimulus" spending. That's not what he calls it.
I think it might be important for us to go over the cliff, to feel the pain, as long as we get to clearly communicate that it is not what we want. It is because of President Obama and his mandated increase taxes on the rich but mostly because he refuses to reduce spending. Because of envy, revenge, and even hate, he demands more $ from the rich. That's why our Community Organizer and Chief is in front of the cameras out on the campaign circuit. Still hating the rich and expecting that bucket of $ to be enough.
'til later
Have you ever taken a second job to make ends meet? I have. I worked 2 part time jobs one winter/spring. The first one started at 6:15am, 5 days a week. The second which was my main job started at 11:30am and I stayed until I "caught up" which was usually 5pm. Our daughter was in college and my extra work covered the tuition increase for that year and part of the next.
Have you ever cut an expense to make ends meet? We have. We no longer miss HBO. We did not cancel our cable but we removed all the premium channels. Now we get the "senior basic" rate. We called our phone carrier for our land line and had them remove long distance. We visited our Verizon Wireless and removed the international portion -- my husband rarely visits Canada but there was a time when he did several times a year.
So, the media paints the picture that revenues is the solution. The GOP will be the reason for the financial cliff plunge. Of course, they don't see the other side. The President is offering NO CUTS! He is not offering to reduce a thing but promises in the future he will.
I think 49% of Americans understand this as an empty promise, just one more empty promise. There will never be cuts in spending. In fact, he has proposed billions in "stimulus" spending. That's not what he calls it.
I think it might be important for us to go over the cliff, to feel the pain, as long as we get to clearly communicate that it is not what we want. It is because of President Obama and his mandated increase taxes on the rich but mostly because he refuses to reduce spending. Because of envy, revenge, and even hate, he demands more $ from the rich. That's why our Community Organizer and Chief is in front of the cameras out on the campaign circuit. Still hating the rich and expecting that bucket of $ to be enough.
'til later
Thursday, November 29, 2012
Budget Tracking
Here we are -- nearing the end of November. It's time to do two things in regards to our personal budget.
First is to review our Gift Giving category so far in 2012. In light of what we budgeted and what we have expensed so far, we can better set our Christmas budget. I have asked for Christmas lists from our immediate family. I have also squirreled away just over $25 for my spouse for surprises!
Second I will print out a list of our charitable gifting so far this year. Together we will review these and decide the amounts and which charities we will give to by year end. Without answers regarding taxes ahead in 2013, we may hold off to some extent and "expense" these in 2013. Thereby reducing taxable income in a higher tax bracket year.
I use Quicken to track our cash flows. I've used versions of this software for about 20 years. I can reconcile bank statements in minutes. I keep a written register with our checkbook and make entries into Quicken. I rely on the computer to do the math. Each entry on the computer demands a category. At year end, I can print out payments to tax related items like real estate taxes, charities, medical expenses, etc.
I spend the most time in Quicken entering payments to our credit card. I split payment into categories for each charge. Here are some of my categories: Grocery, Auto:Fuel, Entertainment, Medical:Rx, Misc:Hobby. The time spent throughout the year yields accurate tracking of expenses so that we can intelligently establish our annual budget and review it.
'til later
First is to review our Gift Giving category so far in 2012. In light of what we budgeted and what we have expensed so far, we can better set our Christmas budget. I have asked for Christmas lists from our immediate family. I have also squirreled away just over $25 for my spouse for surprises!
Second I will print out a list of our charitable gifting so far this year. Together we will review these and decide the amounts and which charities we will give to by year end. Without answers regarding taxes ahead in 2013, we may hold off to some extent and "expense" these in 2013. Thereby reducing taxable income in a higher tax bracket year.
I use Quicken to track our cash flows. I've used versions of this software for about 20 years. I can reconcile bank statements in minutes. I keep a written register with our checkbook and make entries into Quicken. I rely on the computer to do the math. Each entry on the computer demands a category. At year end, I can print out payments to tax related items like real estate taxes, charities, medical expenses, etc.
I spend the most time in Quicken entering payments to our credit card. I split payment into categories for each charge. Here are some of my categories: Grocery, Auto:Fuel, Entertainment, Medical:Rx, Misc:Hobby. The time spent throughout the year yields accurate tracking of expenses so that we can intelligently establish our annual budget and review it.
'til later
Wednesday, November 28, 2012
Damned Either Way
Are the Republicans damned if they do and damned if they don't? Do they sense a gun held at their temples? If we fall off the financial cliff, the GOP will be responsible. If they surrender to Obama's demand for higher taxes on higher earners, the nation will feel the effects of a second recession. The GOP will be held responsible.
The only solution is to stick to the truth they know. Don't say they are sticking to Norquist's pledge.
Leave Bush's rates in place for one more year. Possibly maintain the 4.2% FICA payroll withholding rates. Face without fear the $100 billion budget cuts. National defense is due 1/2 of that hit but Congress can tweak the cuts toward over bloated expenditures in 2013.
If the House votes to extend Bush rates and pledge to reform taxes, send it to the Senate. Leave the bag of doo-doo in their laps and leave for Christmas break holding their heads high and standing firm behind their decision.
No more gun pointed at them but rather fingers pointed at the Senate. Our do-nothing Senate.
The only solution is to stick to the truth they know. Don't say they are sticking to Norquist's pledge.
Leave Bush's rates in place for one more year. Possibly maintain the 4.2% FICA payroll withholding rates. Face without fear the $100 billion budget cuts. National defense is due 1/2 of that hit but Congress can tweak the cuts toward over bloated expenditures in 2013.
If the House votes to extend Bush rates and pledge to reform taxes, send it to the Senate. Leave the bag of doo-doo in their laps and leave for Christmas break holding their heads high and standing firm behind their decision.
No more gun pointed at them but rather fingers pointed at the Senate. Our do-nothing Senate.
Tuesday, November 27, 2012
People Power
“When the people find they can vote themselves money, that will herald the end of the republic.”
This rings loudly now, doesn't it? This quote belongs to Benjamin Franklin, a very wise founder.
Yesterday the internet was full of the video of Jamie Foxx declaring Barack Obama as “our lord and savior.”
As if to support this, Michael D'Autuono's art titled "Truth" is part of an exhibit called “Artists on the Stump – the Road to the White House 2012.” The exhibit will be running at Boston’s Bunker Hill Community College Art Gallery until December 15.
Lord Obama with a crown of thorns, arms stretched out.....
I think I see him more as a golf playing Santa surrounded by elves who do the dirty work while he easily captures the attention of cameras and crowds.
Is Obama your Christmas Santa or your Easter Savior?
This rings loudly now, doesn't it? This quote belongs to Benjamin Franklin, a very wise founder.
Yesterday the internet was full of the video of Jamie Foxx declaring Barack Obama as “our lord and savior.”
As if to support this, Michael D'Autuono's art titled "Truth" is part of an exhibit called “Artists on the Stump – the Road to the White House 2012.” The exhibit will be running at Boston’s Bunker Hill Community College Art Gallery until December 15.
Lord Obama with a crown of thorns, arms stretched out.....
I think I see him more as a golf playing Santa surrounded by elves who do the dirty work while he easily captures the attention of cameras and crowds.
Is Obama your Christmas Santa or your Easter Savior?
Monday, November 26, 2012
Bending
This morning I'm hearing that several leading GOP voices are calling for "rates and revenues" to be on the table. Of course the GOP will bend. Bend. Bend.
The larger question remains: Will spending be cut at all? Will entitlements be cut? Will anything at all be reduced?
We have to bend. The Dem control the media and have already painted an unrelenting picture of the GOP. We were even blamed because we did not let Obama get immigration reform when he got into office.
Let us rewind that tape. In 2008 Obama was sworn in as president. The Senate and the House were Democratically controlled. Completely. Obama could have anything he wanted passed. Anything. In fact immigration might have been easier than Obamacare turned out to be.
Obama spent all his fuel on Obamacare. It was a struggle even with majorities. In March 2010, it passed 372 to 33 in the House and 68 to 21 in the Senate. Not one Republican voted for it. A total of 39 Democrats voted against it.
I think anything the GOP does or even goes along on will win them ZERO benefit in the media and the polls and the next election. We are despised haters of the middle class and lovers of the rich. There's nothing we can do about that. Let us not bend only to get our country past this largest of the financial cliffs ahead.
Yes, there are many more financial cliffs ahead. Inflation, more citizens on entitlements, much of the middle class squeezed by Obamacare, states in bankruptcy.
Will there be no end to our bending?
The larger question remains: Will spending be cut at all? Will entitlements be cut? Will anything at all be reduced?
We have to bend. The Dem control the media and have already painted an unrelenting picture of the GOP. We were even blamed because we did not let Obama get immigration reform when he got into office.
Let us rewind that tape. In 2008 Obama was sworn in as president. The Senate and the House were Democratically controlled. Completely. Obama could have anything he wanted passed. Anything. In fact immigration might have been easier than Obamacare turned out to be.
Obama spent all his fuel on Obamacare. It was a struggle even with majorities. In March 2010, it passed 372 to 33 in the House and 68 to 21 in the Senate. Not one Republican voted for it. A total of 39 Democrats voted against it.
I think anything the GOP does or even goes along on will win them ZERO benefit in the media and the polls and the next election. We are despised haters of the middle class and lovers of the rich. There's nothing we can do about that. Let us not bend only to get our country past this largest of the financial cliffs ahead.
Yes, there are many more financial cliffs ahead. Inflation, more citizens on entitlements, much of the middle class squeezed by Obamacare, states in bankruptcy.
Will there be no end to our bending?
Thursday, November 22, 2012
Thank You
In church last night the preacher's sermon encouraged lives of giving and thanking. You can give without loving but you can not love without giving.
He said that he'd read recently that younger people are not being taught to say "thank you" like we all were growing up. (Pause) "Possibly because of the entitlement mentality".
Let us not lose our manners and our sense of gratitude. My prayer is that I never forget to have a thankful heart.
Today use those two little words toward your spouse, your child, your friend,your neighbor, and your God.
He said that he'd read recently that younger people are not being taught to say "thank you" like we all were growing up. (Pause) "Possibly because of the entitlement mentality".
Let us not lose our manners and our sense of gratitude. My prayer is that I never forget to have a thankful heart.
Today use those two little words toward your spouse, your child, your friend,your neighbor, and your God.
Wednesday, November 21, 2012
Big Brother
President Obama and his administration have a "welcome" website for immigrants that now includes information about government hand-outs available, qualifications, specifics, and procedures. Some, sadly only some, in Congress are outraged.
Big Brother wants you to know what your government can do for you.
It's in the spirit of helping subsidize our lives, that Obamacare gives the IRS the power to link our financial information and our medical records -- not just the new IRS form upon which we must submit information about our healthcare insurance coverage beginning in 2014. The IRS just wants to determine if our finances qualify us for government assistance.
President Reagan once warned, "The nine most terrifying words in the English language are...I'm from the government and I'm here to help." He was right about a lot of things.
Are too many thanking Big Brother and not God?
Big Brother wants you to know what your government can do for you.
It's in the spirit of helping subsidize our lives, that Obamacare gives the IRS the power to link our financial information and our medical records -- not just the new IRS form upon which we must submit information about our healthcare insurance coverage beginning in 2014. The IRS just wants to determine if our finances qualify us for government assistance.
President Reagan once warned, "The nine most terrifying words in the English language are...I'm from the government and I'm here to help." He was right about a lot of things.
Are too many thanking Big Brother and not God?
Tuesday, November 20, 2012
Less Take Home Pay
January 2013 will bring a reset on FICA withholding. The past two years your employer has withheld 4.2% of your gross earnings, added 6.2% from his own pocket, and sent it to the Social Security Administration toward FICA (Social Security) in your name. Before that and beginning again January 1, he will withhold 6.2% of your pay and match it. That's a 2% reduction in your take home pay.
The lowest tax bracket will increase from 10% to 15% immediately. More income taxes will be withheld on all wage earners.
AMT: Over 33,000,000 Americans will return to the AMT trap. Under Bush's tax cuts, about 4,000,000 were trapped. Those affected will need to pay this tax through increased payroll taxes withheld or quarterly payments directly to the IRS.
The child tax credit will be cut in half. The earned income tax credit and the dependent care credit will be reduced. Employees will have to carefully fill out their 2013 W4s with this knowledge and have more $ withheld from their paychecks.
In my opinion, Congress is running out of time. I also believe we as Americans should stick together. Increase every one's tax picture or don't. Segregating out the "rich" will also hurt our economy. I get the feeling that this president and his followers have come to hate the rich and talk often of fair share without defining what is fair.
I assume most of the targeted and despised rich can afford to pay 4% or 5% more in their income tax. That's not the entire problem. That's 4% or 5% less they will have to spend on things including vacations, retail purchases, and investing in US businesses.
Just my opinion and I'm still allowed to voice it.
The lowest tax bracket will increase from 10% to 15% immediately. More income taxes will be withheld on all wage earners.
AMT: Over 33,000,000 Americans will return to the AMT trap. Under Bush's tax cuts, about 4,000,000 were trapped. Those affected will need to pay this tax through increased payroll taxes withheld or quarterly payments directly to the IRS.
The child tax credit will be cut in half. The earned income tax credit and the dependent care credit will be reduced. Employees will have to carefully fill out their 2013 W4s with this knowledge and have more $ withheld from their paychecks.
In my opinion, Congress is running out of time. I also believe we as Americans should stick together. Increase every one's tax picture or don't. Segregating out the "rich" will also hurt our economy. I get the feeling that this president and his followers have come to hate the rich and talk often of fair share without defining what is fair.
I assume most of the targeted and despised rich can afford to pay 4% or 5% more in their income tax. That's not the entire problem. That's 4% or 5% less they will have to spend on things including vacations, retail purchases, and investing in US businesses.
Just my opinion and I'm still allowed to voice it.
Monday, November 19, 2012
Tenth Rule
The more I reflect on Obama's agenda and mantra both during the last campaign and now as the nation fully faces the fiscal cliff, I think he has caused people who only felt a little envy to really break God's tenth commandment. He even instilled hatred on top of covet.
Moses brought down the big 10 important rules from God himself.
"Thou shalt not covet thy neighbor's wife. Thou shalt not covet thy neighbor's (goods) house or fields, nor his male or female slaves, nor his ox or ass, or anything that belongs to him."
God says not to covet anything that belongs to our neighbor. Nothing. Not his lawn, his car, his business, his pension, his socks. Nothing.
I shall continue to keep my own coveting to envy. I would hope that in America each one of us is still free enough to strive toward acquiring the best within our talents and situation.
When our daughter was young she wanted to be an artist and then a tollbooth worker and then the lady at the drive-up at McDonalds and then a lawyer. Great, be the very best tollbooth worker as you can. Be happy.
Now we are to covet and hate our neighbor who has stuff and we are told to believe that he is not paying his fair share. Of course, no one has defined fair share. We just know that he's not and it's not fair.
God help us. The words of Pastor Martin Niemöller:
"First they came for the Jews and I did not speak out because I was not a Jew.
Then they came for the Communists and I did not speak out because I was not a Communist.
Then they came for the trade unionists and I did not speak out because I was not a trade unionist.
Then they came for me and there was no one left to speak out for me."
Friday, November 16, 2012
Deficit
A deficit is the falling short of the required amount. Last month our personal budget fell short. Our deficit was not due to less revenue but more spending. The price of gasoline really shot a hole in our cash flows. We dipped into our savings account. We try to keep 3 months worth of expenses set aside at our local bank to cover most of the "what ifs" that happen to us all.
If we used up our savings and could not cover our expenses, we would increase the debt side of our balance sheet. Debt is owing someone else like Visa or Mastercard. Other normal personal debts are car loans and mortgages and the like.
Deficit is falling short within our budget and debt is what we owe others. Debt almost always implies interest expense as well which may increase our deficit spending.
The government has been operating without an approved budget for years. There are mechanisms that just forward the last budget with understood increase by category. We have been operating with deficit spending.
Our national debt is currently at over $16,061,094,000,000 increasing by $3,870,000,000 each day! We have to borrow to cover our deficits and pay interest on this growing debt.
Is this $16 trillion debt normal? The F.D. Roosevelt and Truman presidencies in the 1930s and 1940s caused the largest increase – a sixteen-fold increase in the gross public debt from $16 billion in 1930 to $260 billion in 1950. Our debt surpassed $1 trillion for the first time in 1982.
When Obama entered the White House, our budget was running a deficit of about $1 trillion a year. That's part of our increase in the national debt from $10,626,877,048,913 plus the stimulus package which cost us (you and I) $787 billion in 2009.
In review, if expenses are greater than income, the budget runs a deficit. To cover the short fall, we go into debt. Debt includes interest payments and keeps growing over time. Solutions include increasing income (government calls this revenues) and/or decreasing expenses.
One other note: A trillion is one million million. Think of the time/energy/savings it took you to accumulate your first million. Now do that one million more times. You would have a trillion.
If we used up our savings and could not cover our expenses, we would increase the debt side of our balance sheet. Debt is owing someone else like Visa or Mastercard. Other normal personal debts are car loans and mortgages and the like.
Deficit is falling short within our budget and debt is what we owe others. Debt almost always implies interest expense as well which may increase our deficit spending.
The government has been operating without an approved budget for years. There are mechanisms that just forward the last budget with understood increase by category. We have been operating with deficit spending.
Our national debt is currently at over $16,061,094,000,000 increasing by $3,870,000,000 each day! We have to borrow to cover our deficits and pay interest on this growing debt.
Is this $16 trillion debt normal? The F.D. Roosevelt and Truman presidencies in the 1930s and 1940s caused the largest increase – a sixteen-fold increase in the gross public debt from $16 billion in 1930 to $260 billion in 1950. Our debt surpassed $1 trillion for the first time in 1982.
When Obama entered the White House, our budget was running a deficit of about $1 trillion a year. That's part of our increase in the national debt from $10,626,877,048,913 plus the stimulus package which cost us (you and I) $787 billion in 2009.
In review, if expenses are greater than income, the budget runs a deficit. To cover the short fall, we go into debt. Debt includes interest payments and keeps growing over time. Solutions include increasing income (government calls this revenues) and/or decreasing expenses.
One other note: A trillion is one million million. Think of the time/energy/savings it took you to accumulate your first million. Now do that one million more times. You would have a trillion.
Thursday, November 15, 2012
Yes or No
The president's press conference yesterday included several soft ball questions, some complicated multi-part questions, and even giggles.
Ed Henry asked a simple question that only required a Yes or a No answer regarding Benghazi's attacks of 9/11/12.
In part, Mr. Henry said, "...the families have been waiting for more than two months. So I would like for you to address the families, if you can: On 9/11, as Commander-in-Chief, did you issue any orders to try to protect their lives?"
Did you issue any orders to try to protect their lives?
If you missed Obama's answer, it can be found on the internet. I just want you to think about this. He would have answered Yes if he had. I believe he did not.
We need a full investigation. There are more and more pieces to this puzzle, possible cover-up. Senator McCain has called for a select committee that could cross all divisions involved and gain clearly what happened that day and what may have been part of any cover-up.
I lived through Watergate. It was quite painful but no one died.
Ed Henry asked a simple question that only required a Yes or a No answer regarding Benghazi's attacks of 9/11/12.
In part, Mr. Henry said, "...the families have been waiting for more than two months. So I would like for you to address the families, if you can: On 9/11, as Commander-in-Chief, did you issue any orders to try to protect their lives?"
Did you issue any orders to try to protect their lives?
If you missed Obama's answer, it can be found on the internet. I just want you to think about this. He would have answered Yes if he had. I believe he did not.
We need a full investigation. There are more and more pieces to this puzzle, possible cover-up. Senator McCain has called for a select committee that could cross all divisions involved and gain clearly what happened that day and what may have been part of any cover-up.
I lived through Watergate. It was quite painful but no one died.
Wednesday, November 14, 2012
More Losses
Conveniently the large increase in food stamp recipients was not published until after last week's election. The Department of Agriculture indicated that in August 420,863 new recipients were added.
The future looks at least as grim with all the layoffs and cut backs announced recently. With the new rules of Obamacare, we expected cuts in medical device developers and producers. With the rules and regulations and desire of this president, we expected cuts in coal country. Beyond those were these cuts announced within hours of the election:
Energizer plans to cut roughly 1,500 of its workforce.
Exide Technologies announced it will be idling one of its lead-recycling operations and laying off 150 workers.
Research in Motion Ltd., the maker of BlackBerry smartphones, laid off about 200 people.
Hawker Beechcraft is laying off more employees. 240 employees will lose their jobs with the closings of facilities in Little Rock, Mesa, and San Antonio.
U.S. Cellular will cut 980 jobs.
Pratt & Whitney Rocketdyne let go of about 100 employees.
Bristol-Myers Squibb announced almost 480 layoffs.
There have been some facilities that will be closing down altogether including some Kmart and Target locations. Caterpillar Inc. will close its plant in Owatonna MN. Many restaurants are cutting work hours for all employees to under 28 or 30 hours/week thereby making them part time employees to avoid some of the hits ahead in Obamacare.
I took this information from several sources posted within 2 days of the election. More cutbacks have been announced since then. This will not be a very merry Christmas for many families.
The future looks at least as grim with all the layoffs and cut backs announced recently. With the new rules of Obamacare, we expected cuts in medical device developers and producers. With the rules and regulations and desire of this president, we expected cuts in coal country. Beyond those were these cuts announced within hours of the election:
Energizer plans to cut roughly 1,500 of its workforce.
Exide Technologies announced it will be idling one of its lead-recycling operations and laying off 150 workers.
Research in Motion Ltd., the maker of BlackBerry smartphones, laid off about 200 people.
Hawker Beechcraft is laying off more employees. 240 employees will lose their jobs with the closings of facilities in Little Rock, Mesa, and San Antonio.
U.S. Cellular will cut 980 jobs.
Pratt & Whitney Rocketdyne let go of about 100 employees.
Bristol-Myers Squibb announced almost 480 layoffs.
There have been some facilities that will be closing down altogether including some Kmart and Target locations. Caterpillar Inc. will close its plant in Owatonna MN. Many restaurants are cutting work hours for all employees to under 28 or 30 hours/week thereby making them part time employees to avoid some of the hits ahead in Obamacare.
I took this information from several sources posted within 2 days of the election. More cutbacks have been announced since then. This will not be a very merry Christmas for many families.
Tuesday, November 13, 2012
Atlas Shrugged
Three years ago I read the large book "Atlas Shrugged" by Ayn Rand. I still have little yellow stickys marking passages. I may be sharing some of those with you. Overall the book is warning about big government, intrusive government, government that picks winners and losers, government that takes from fewer and fewer makers to 'feed' the masses, and government that is the moral dictate.
Sound familiar? If you have read this tome, please share here. If you have not, get a copy and allow yourself to be swept into the world (remember it was written in the 50s) of railroads and a female center character. It has adventure, mystery, and sex. It was recently released on film in two parts. I have requested both parts on DVD when it is released.
Ms. Rand wrote this book following the huge success of her novel "The Fountainhead" in the 1940s.
"To all the readers who discovered The Fountainhead and asked me many questions about the wider application of its ideas, I want to say that I am answering these questions in the present novel, and that The Fountainhead was only an overture to Atlas Shrugged. I trust that no one will tell me that men such as I write about don't exist. That this book has been written - and published - is my proof that they do." --Ayn Rand
Pick up the book and stay tuned. The first line is answered later.
"Who is John Galt?
Sound familiar? If you have read this tome, please share here. If you have not, get a copy and allow yourself to be swept into the world (remember it was written in the 50s) of railroads and a female center character. It has adventure, mystery, and sex. It was recently released on film in two parts. I have requested both parts on DVD when it is released.
Ms. Rand wrote this book following the huge success of her novel "The Fountainhead" in the 1940s.
"To all the readers who discovered The Fountainhead and asked me many questions about the wider application of its ideas, I want to say that I am answering these questions in the present novel, and that The Fountainhead was only an overture to Atlas Shrugged. I trust that no one will tell me that men such as I write about don't exist. That this book has been written - and published - is my proof that they do." --Ayn Rand
Pick up the book and stay tuned. The first line is answered later.
"Who is John Galt?
Monday, November 12, 2012
Content of Character
Dr. King requested simply that people be judged by the content of their character and not the color of their skin. It's been a long struggle through two generations. We are much more color blind than we were when I was born in the 1950s. Doors have been opened and fears replaced with amazing stories of triumphs and successes.
In the last few years there have been some questioning the "quotas", especially at college adminitions. There have been law suits presented by qualified white hopefuls who were not admitted due to quotas. Less qualified are placed ahead of others merely because of race.
This morning there's news from the Obama administration. He has declared that the gap that persists between "whites" and others needs to be corrected in everything from credit scores/home ownership to test scores/graduation rates. I recall a phrase I heard in George W's first inaugaration. He warned about the bigotry of lower expectations.
Paul Sperry posted on www.investors.com this morning:
"Under this broad interpretation of civil-rights law, virtually any organization can be held liable for race bias if it maintains a policy that negatively impacts one racial group more than another — even if it has no racist motive and applies the policy evenly across all groups."
What to make of this? Since this president rules without the trouble of creating laws through Congress, I think he'll mandate it, executive order.
It will be wonderful to see a bunch of whites playing basketball again.
In the last few years there have been some questioning the "quotas", especially at college adminitions. There have been law suits presented by qualified white hopefuls who were not admitted due to quotas. Less qualified are placed ahead of others merely because of race.
This morning there's news from the Obama administration. He has declared that the gap that persists between "whites" and others needs to be corrected in everything from credit scores/home ownership to test scores/graduation rates. I recall a phrase I heard in George W's first inaugaration. He warned about the bigotry of lower expectations.
Paul Sperry posted on www.investors.com this morning:
"Under this broad interpretation of civil-rights law, virtually any organization can be held liable for race bias if it maintains a policy that negatively impacts one racial group more than another — even if it has no racist motive and applies the policy evenly across all groups."
What to make of this? Since this president rules without the trouble of creating laws through Congress, I think he'll mandate it, executive order.
It will be wonderful to see a bunch of whites playing basketball again.
Saturday, November 10, 2012
Trying Again
It's been over a year since my last posting. Has anyone missed me? You likely grew tired of all my facebook postings during the last year's presidential campaign. I was very hopeful but alas the takers voted and many makers did not. That's what Obama was counting on when his campaign announced last November that he would not be targeting the votes of working white males. He did not need their votes.
After days of depression, crying, and loads of praying, I have decided to turn my blog into my opinions of this second term of our socialist president. I think the truths about Obamacare will be very revealing along with how this president will dictate what he promised with his campaign of envy and smear.
This nation is divided. The takers are demanding the makers pay their fair share -- a percentage not yet revealed. I suspect it will NEVER be enough to care for the takers who are accustomed to food stamps, unemployment checks, and disability payments along with cell phones and the right to their entitled share.
I am a grandmother. I may not live long enough to witness the return to freedom in this great country. I hope I do not live long enough to witness her complete fall due to debt and envy.
I have watched and followed the likes of Star Parker, CL Bryant, Charles Payne, Mia Love, Ted Cruz, and Herman Cane. These people of color have striking stories of the results of hard work. I believe that was the key to their many successes. Hard work and opportunity.
We no longer will reward hard work. We reward laziness. I'm so sorry we call the $ gifted to them 'entitlements'. Upon this rock, a nation will falter and possible fall.
I feels good to unload. I have few to no followers. Most know me personally and have expressed love for me. By watching my blog they do not endorse or confirm my thoughts. They just understand the pain I am feeling.
After days of depression, crying, and loads of praying, I have decided to turn my blog into my opinions of this second term of our socialist president. I think the truths about Obamacare will be very revealing along with how this president will dictate what he promised with his campaign of envy and smear.
This nation is divided. The takers are demanding the makers pay their fair share -- a percentage not yet revealed. I suspect it will NEVER be enough to care for the takers who are accustomed to food stamps, unemployment checks, and disability payments along with cell phones and the right to their entitled share.
I am a grandmother. I may not live long enough to witness the return to freedom in this great country. I hope I do not live long enough to witness her complete fall due to debt and envy.
I have watched and followed the likes of Star Parker, CL Bryant, Charles Payne, Mia Love, Ted Cruz, and Herman Cane. These people of color have striking stories of the results of hard work. I believe that was the key to their many successes. Hard work and opportunity.
We no longer will reward hard work. We reward laziness. I'm so sorry we call the $ gifted to them 'entitlements'. Upon this rock, a nation will falter and possible fall.
I feels good to unload. I have few to no followers. Most know me personally and have expressed love for me. By watching my blog they do not endorse or confirm my thoughts. They just understand the pain I am feeling.
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