Tax

warning: Creating default object from empty value in /home/theliber/public_html/modules/taxonomy/taxonomy.pages.inc on line 33.

Again: Bill O'Reilly Distorts Facts and Truth

Recently on his show, Bill O'Reilly' expressed this about the Buffet Rule: "If the Buffet Rule is passed and millionaires have to pay more in taxes then they will invest less than they do now." This is the kind of misrepresentation of his opinion as fact is a primary example of why most FOX News viewers are more misinformed than other viewers of like networks. Where does Bill O'Reilly come up with this? Why would he make this up when he knows there is no proof of this? What could be his motivation? Perhaps he can convince his gullible audience to lower his taxes. After-all, that is what works best for him (even though it hurts the majority of his audience not to mention the US economy).

Time for the UN-distorted facts, from Bloomberg News:

Global investors overwhelmingly support President Barack Obama’s proposed tax increase for those earning annual incomes of $1 million or more in an effort to reduce the deficit.

Doesn't sound like investors want to back-off at all, instead they think this will encourage more investing from the uber wealthy. Wait, the story continues...

up
6646 users have voted.

Ballooning Government Debts

A government debt is a government claim against personal income and private property – an unpaid tax bill. – Hans F. Sennholz "All democracies institute programs for current voters and shift the debt to future workers, even the unborn. Social Security, Medicare, prescriptions drug benefits for seniors are prime examples in America." Many U.S. States are battling public debt. Steve Forbes believes that the Obama's stimulus money to these States has only delayed their 'moment of truth'. Governor Chris Christie of New Jersey is praised by Forbes for reeling the spending back to 2006 levels and trying to negotiate with the public employee unions. "Under-funded public employee retirement and health care contracts are a major portion of the debt."

up
6158 users have voted.

S.3816

S.3816 also known as `Creating American Jobs and Ending Offshoring Act' was sponsored by Dick Durbin (D-IL) an had eight co-sponsers. The republicans filibustered this bill and then blocked it.

The basics of this bill included:

1) a tax holiday for companies that returned jobs to America from overseas. (up to 24 months)
2) No more tax deductions or tax credits for the cost of an American job offshoring transaction
3) Eliminate the deferral of tax on income of a controlled foreign corporation attributable to property imported into the United States by such corporation or a related person, except for property exported before substantial use in the US and for agricultural commodities not grown in the US in commercially marketable quantities.

The whole bill can be viewed here: http://thomas.loc.gov/cgi-bin/query/z?c111:S.+3816:

up
4225 users have voted.