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“Collective” Praise by School Children
Now back at the Florida Headquarters from Ohio then Nashville (nearly adjacent to the EIB network) J
I wanted to post a personal email I sent to a couple of friends last night that are occasional readers and commenters here at NSL, though not on the flattering side. I have taken the liberty of nominal editing and redaction of some actual personal numbers in this republished letter, but you can trust that they were just the same significant, at least to me.
I’d hope that while the left is taking a page out of the Mao Tse-Tung songbook of “collective” praise by school children for the leader (mmm, mmm, mmm) that some might read the article (below) about the “real world” and learn something about how finance actually works, but then again that is why they say about SOME teachers: ”those that can do, do …. while those that can’t do, teach.” New York is worried and perplexed about why the income tax revenues from the recent piled on tax of the “wealthy” this year is not meeting expectations even after adjustment for the recession. The truth is (and to their future and intensified dismay) because it was enacted just this year the “wealthy” have not yet been able to implement their “end game” economic plans. This year down 20% but look out for additional exodus from New York that will not only erode some of the planned increase, but take money off the table that previously existed under the prior tax structure. You might say, “well, that is a state problem,” but they can’t run away from the Federal Government. This is the naiveté of the left. These people are the primary employers in the country and just watch them move investment & production offshore because of this type of stuff and cap & trade, etc. [Just like Obama did in 2008 with the proceeds of his book sales income invested almost entirely in foreign investments.]
Though just a small player in the financial world, I am a “tax refugee” from Ohio myself. I make most of my income from stocks and the stock market. My margin cost (i.e. investment interest) can run to 50% of my gross proceeds (and has been 80% in the past). Ohio is one state that does not recognize the legitimate expenses of producing income and wants to tax the gross not the net. Even the Federal Government allows this type of expense though be it “below the line” as they say and then they also have an “unfair” “run off” of Schedule “A” deductions and of course taxing the gross through AMT outrage. Any self respecting “progressive” won’t see anything wrong with this at all and others will justify it by accusing and citing what they personally didn’t like about George Bush or some ad hominem comment like that, but the bottom line is this is costing governments “revenues” and they just can’t seem to grasp that.
One example is that I myself now file as a Florida resident (and you can be sure I am dotting the i’s and crossing the t’s religiously on the residency game). I went ahead and calculated my hypothetical OHIO taxes for 2008 (just for personal humorous entertainment since I became a refugee in 2007). Well, I laughed when the computer gave me the answer. Even though the rate is about 30% lower than CA, if I were an Ohio resident in 2008 I would have sent them a check for $XX,XXX. If they had responded favorably and reasonably to my petitions to have margin or investment interest deductible against investment income, I would have only had to pay around $XX,XXX in taxes. A couple of Republicans proposed this legislation (which I think I may have influenced) but the “progressives” shot it down. Their “progressive” ignorance not only cost them the $XX,XXX extra tax they wanted from me but the amount I would have paid if they had allowed investment interest deduction as well. In short they lost it all. You say “no big deal” but remember I am not the only one. I meet “tax refugees” down here all the time. Ted Turner is one by his own admission. (though I didn’t meet him)
If teachers or people want their children to learn something that will be of value apart from some inane mantra about the leader however creepy it may seem, they should teach them the lessons of this article (just think how delicious the response would have been if it were George Bush they were singing about 2001-08). Since people still have certain freedoms the schemes of the left are doomed to failure, but I think they know this and realize that they will have to deal with what we once thought of “as” our freedoms. [just for starters take note of the Baucus health care bill requiring the young & healthy to buy health insurance or pay $3,800 +/- “tax” under penalty of fine and imprisonment in the gulag (most likely un-constitutional now ….. pending future vacancies) in order to subsidize health care for the older and other uninsured (which now looks like will include “illegal aliens” by simply declaring them legal). Just think what a world wide health care magnet that will make us…….we’re so wonderful]
About the article below, read it, memorize it and don’t forget it…………. They already tried this with the aviation and marine industries during Clinton and it failed so badly that Teddy Kennedy led the repeal himself. But along the way it cost untold thousands of jobs and was a “net income loss” for the Treasury. The Democrats bragged about it being a luxury tax on the rich. No “rich” person paid the tax and none were denied luxury yachts or private jets or non-jet aircraft, yet they (the rich) still created a lot of jobs…….overseas. What is it they say about what the deffinition of insanity is? But what the hell, change is coming. (heard that before too) http://news.yahoo.com/s/ap/20090927/ap_on_re_us/us_taxing_the_rich
Shameless “Mainstream Media” Scandal
I found with great amusement that Palm Beach Post published yesterday (Wednesday 9/16/2009) for the first time a so called “Breaking News” 
story and detailed the saga of a Florida International coed 20 year old Hanna Giles and 25 year old political activists James O’Keefe video sting on ACORN’s willing assistance in fraudulent house financing, counseling for tax evasion conspiracy, enable and counseling an illegal activity (prostitution) and facilitating the smuggling of illegal under age girls to be used in the sex trade business as prostitutes (sex trafficing) in numerous of their branch offices. This is a story that is 6 or 7 days old but the mainstream media has been conspicuously absent on the story.
At last the New York Times mentioned the story yesterday without any discussion or explanation of the merits of the story, but used their article as a battering ram against Conservatives ….. unbelievable. ACORN has now been stung in 5 separate cities and as I understand it there are quite a few more feet to fall on this matter. The initial response by ACORN was that it was “doctored” and was a vendetta and not based in reality, but today admitted (what else could they do) that this was unacceptable behavior. I have been calling for Obama to disavow this ACORN group, but like the mainstream he remained silent until AFTER his cover was provided by ACORN itself when they issuing a self-condemnation statement. A couple of days ago the Senate voted 83-7 to cut off ALL funding by the US Taxpayer to ACORN. I wonder where those coward 9 other Senators were when the vote was taken? Let’s see if
The thrust of the NY Times article was to complain that the “right” has been trying to draw a non-existent link between Obama and ACORN ever since the primaries. Since the NY Times has chosen to invoke this line of attack please allow me to set the record straight. That comment from the NY Times is a cheap attempt to disassociate Obama from ACORN and is itself a cover up such actual association. Obama’s association with Acorn is long and deep. Even in this last primary season, the Obama campaign paid ACORN $888,000 for campaign services. That’s right, Obama paid a “tax exempt organization” (for those of us in the professional tax industry that would be 501-c-3 non profit corporation) in order to assist in his campaign (under the gise of voter registration and we know how fraud laden that little operation was) especially after they came out and announced support for Obama. ANYWAY…….that is not just a single event, but he has had a long-term association with ACORN.
I am enclosing at the end of this post a copy of page one (Title Page) of the N. District of Illinois Civil Case Docket in an action by ACORN against CitiBank in 1994 with Obama serving as a Page One Lawyer in the 2nd position on the listing of Lawyers representing ACORN after he joined the recently granted “class action” status of the Buycks-Roberson v. CitiBank with his own cases against CitiBank that he filed himself. [FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000]. There are numerous other examples of continued close contact between Obama and ACORN over the years from training their employees to consulting. [It doesn’t seem his training of their employees was a very effective endeavor.] Not to mention that during the campaign Obama addressed ACORN in a speech (available on video for all to see) in which he promised that they (ACORN) would have a seat at the table (if he was elected President) in establishing policy for his administration.
For those of you new to Next Stop Lauderdale, Buycks-Roberson v. CitiBank was a landmark case against the banking industry by ACORN resulting in an “out of court” settlement that led to a chain reaction of events where the Democrats in Congress pursuaded Fannie May to re-write their loan standard downward (on the basis of “affordable housing”) and that became the first domino in the current housing crisis resulting in the subsequent current collapse of the banking industry and a national recession. For a full white paper exposing this story and the fact that Obama is probably the single most responsible politician connected to the current financial crisis and recession go HERE. (You can forget those protests of Obama himself as he asserts that he “inherited” this mess from Bush).
I would like to conclude by saying that these two brave kids Giles & O’Keefe are indeed the Woodward & Bernstein of this current generation. They are probably deserving of a Pulitzer Prize award for Investigative Reporting but don’t look forward to that since the vast majority of the 18 Board Members are from Liberal Mainstream Publications or Liberal Academic Institutions and these are the same crowd that selectively has chosen to ignore this story since it didn’t follow their own story line and bias.
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ACORN’s Shocking Criminal Conspiracy
One thing I found interesting this week. Once Again ACORN is caught with egregious conspiracy to commit a crime this time involving illegally obtaining home loan, Federal Tax Evasion counseling, condoning illegal activity and facilitating human trafficking of alien illegal minors for prostitution and conspiring to prepare fraudulent tax returns to obtain non-withheld credits based on declaration of children in illegal trafficking for “Earned Income Tax Credit” and after multiple indictments throughout the country on voter registration you hear nothing from the beloved mainstream press about the incident ……..and now get this. The (Democratic) officials in Baltimore (the scene of the crime) decide not to investigate ACORN but to investigate the two videographers that set up the sting and recorded the incident. Wonder if they ever investigated 60 Minutes when they did any of the hundreds of similar stings on television. It will be interesting to see if honest people of goodwill allow this stand in Baltimore or if they are all corrupt.
I am sitting back and going to wait for those that respond to this letter by asserting wrongs of the Republicans as though anything is on the same level as Human Trafficking of minors for sexual purposes. Also I am sure the defenders and those that are defenders by their silence see nothing wrong with this because how much less is this than the murder of innocent babies that doesn’t seem to bother them either. Further tax evasion (not tax avoidance) doesn’t seem to be a problem because multiple leaders of the Democratic party practice the same while talking of tax fairness out of the other side of their pocket book. The mainstream press should be ashamed and are fully complicit in this type of activity due to their continued silence in disrespect to their Constitutional responsibility and have in effect provided “safe harbor” for the evil this represents and not inadvertantly. You say it is isolated? ………..and I laugh. I do have to hand it to the Census Bureau who fired ACORN as a contractor for the Census in 2010 as a result of this. I wonder who is going to defend this no matter how circuitiously the defence is postulated.
You say this wasn’t a crime, and I’ll correct you and say it was a “criminal conspiracy” and you might say where was the conspiracy and I’ll say that the person (the ACORN Accountant) that provided most (not all) of the criminal counseling offered to prepare the tax return for a discounted price (for a “new” business) which closed the criminal loop with an offer to participate and induce the crime. This is sort of like the average run of the mill hooker/John sting where they police cannot move until there is offer to commit a crime (description of services) and a price to play.
How criminal must those be in the Administration be that hired ACORN in view of their repeated fraud and criminal indictments throughout the country over the past several voter cycles. Everyone with an ounce of honesty knows this is a politicall pay back off.
It is time for Obama to stand up and condemn this organization regardless of the personal cost it is to his fund raising machine if he has an ounce of integrity. His failure to do so will link to his personal culpability since he has worked so closely with them in the past. For goodness sakes, he has appologized for every other evil as he sees it that he didn’t personally commit since he was inagurated. …….I’m waiting.