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
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