Are we headed for 20,000+ on DJIA?
Are we headed for 20,000+ on DJIA?
Zero Hedge says there are seven things that the middle class can’t afford anymore:
VACATIONS - A vacation is an extra expense that many middle-earners cannot afford without sacrificing something else.
NEW CARS – Very few people who earn the median income can afford to buy a new car or truck.
EMERGENCY SAVINGS – Most members of the middle class don’t have at least six months of emergency savings, however, and some working people have no such savings.
RETIREMENT SAVINGS – As of late, around 20% of people near 65 have not saved anything for retirement at all, and the majority of people — 59% — worry that they don’t have enough money saved for retirement…
TO PAY OFF DEBT – More than 160 million Americans have credit cards.” “The average credit card holder has at least three cards.” “On average, each household with a credit card carries more than $15,000 in credit card debt.”
MEDICAL CARE – a shocking 66% of households say they’ve had to choose between paying for food and paying for medical care — 31% say they have to make that choice each and every month.
DENTAL CARE – According to the CDC, nearly one in four adults between the ages of 20 and 64 have untreated dental caries (like cavities or infections)
Written by Richard Rahn on To The Point News
Tuesday, 28 October 2014
After last week’s ruling wherein a federal court failed to permanently bar the Internal Revenue Service from targeting conservative groups, there can be no doubt that liberty and the IRS are incompatible.
The IRS continues to seize bank accounts of individuals and businesses without a court determination of wrongdoing.
The IRS is supporting the Organization for Economic Cooperation and Development’s (OECD) initiative to the automatic exchange of individual and business financial account information in tax matters between governments.
The IRS code is now so complex — something like 77,000 pages no one can understand — that everyone is at risk.
Officials of the Obama administration and the IRS have demonstrated time and time again that they are willing to misuse their powers for partisan political purposes. Now, in essence, the court has said it is OK, provided they promise not to do it again. If there are no consequences for bad behavior, one would be naive to believe it will not be repeated.
Congress has the power to correct the above-mentioned abuses. If Democrats continue to hold one or both houses of Congress, it is almost a certainty that no real reform will occur, because it is not in their political interest to do so.
The Republicans could and should make the necessary reforms, but even if they control both houses of Congress, they may be too timid to do so. Still, there is at least a chance they will do the right thing.
What is a voter to do — if one wants to try to preserve what remains of liberty? One who votes for almost any Democrat for Congress is likely voting for continuing and perhaps expanding the IRS offenses — so those who value economic liberty have no choice but to vote against the Democrat.
Congress needs to pass legislation that gives the right to taxpayers to hold individuals within the IRS personally accountable for political targeting or other improper uses of power.
That is, IRS employees must have their sovereign immunity protections taken away from them.
The potential problems an IRS employee might have with the loss of such protection is of far less danger to the republic than the danger that politically corrupted, irresponsible and renegade IRS employees pose to the public.
IRS employees should be no more protected than are people in the private sector who misbehave. Also, every IRS communication to any taxpayer should be signed by the individual in the IRS who is specifically responsible for the content and accuracy of the communication — no more anonymous letters and phone calls.
Most IRS employees are very well paid, and thus it is not unreasonable that they should be expected to take personal responsibility for each of their actions.
The new Congress needs to take action regarding the abuse of asset forfeiture, particularly at the IRS, which has gone on far too long. No American should have his bank accounts or other assets seized without being convicted of wrongdoing in an appropriate court of law. The basic function of government is to protect person and property, not steal property from innocent citizens as the IRS and other government agencies have been doing for decades.
As noted above, the OECD has been pushing for automatic exchange of tax information between governments, and this proposed protocol has been enthusiastically supported by the Obama administration.
If the protocol is ratified by the Senate, it would be up to the administration to decide which countries would be privy to our private financial and tax information — Russia, China, Venezuela or others.
This would subject American citizens to blackmail, extortion, identity theft and other injustices by foreign governments and individuals within those governments who may be hostile to Americans.
Officials in the administration assure us that they will protect the confidentially of our personal information and not share it with countries that will not protect it. Have they not heard of Edward Snowden?
Private companies and individuals can be held liable for not protecting confidential information. There should be no lesser standard for those in government. It is called being accountable for one’s words and actions.
Congress could quickly get rid of many of the IRS outrages mentioned above if it would go to a territorial system of taxation (only taxing income earned inside the country’s borders), which the vast majority of countries have done. It would eliminate the need for most cross-border information-sharing.
Congress should immediately prohibit the IRS from asset forfeiture before conviction of wrongdoing.
Nonprofit organization tax exemption or deduction should be automatic with the IRS only being allowed to take away exemptions after clear evidence of wrongdoing.
Finally, if the current tax code were replaced with a simple flat-rate income or consumption tax, most of the abuse problems would go away — and much liberty would be restored.
Richard W. Rahn is a senior fellow at the Cato Institute and chairman of the Institute for Global Economic Growth.
#3 Ole Miss 7, #24 LSU 10
Locally #6 Oregon 59, California 41
Oregon State loses to Stanford in a rout!
Appearing at a Boston rally for Democrat gubernatorial candidate Martha Coakley on Friday, Hillary Clinton told the crowd gathered at the Park Plaza Hotel not to listen to anybody who says that “businesses create jobs.”
“Don’t let anybody tell you it’s corporations and businesses create jobs,” Clinton said.
“You know that old theory, ‘trickle-down economics,’” she continued. “That has been tried, that has failed. It has failed rather spectacularly.”
The last thing this country needs is a person who believes this nonsense!
UPDATE: This from Godfather Politics:
“If corporations and businesses don’t create jobs, then who or what does? Government? Governments don’t create jobs. All government jobs are “created” by taking money from businesses, corporations, and workers through taxes. If businesses and corporations didn’t exist, government wouldn’t have any money to tax, thus, there wouldn’t be any government jobs.
“Microsoft was founded in 1975. Prior to this date, Microsoft did not employ anybody. Today, Microsoft employs 126,000 people worldwide. Microsoft does not stand alone as a corporation. Millions of other people are employed indirectly from a company like Microsoft.
“The same is true of Apple, General Electric, Wal-Mart, and every other big company that liberals seem to hate for their “greed.””
The state of California has done it again – leading the way in all thing fascist and “progressive.” California has ordered any insurance company doing business within their state to immediately cover abortions. No exceptions.
California’s insurance companies are complying and sending out notices to all of their customers that their insurance plans MUST now cover abortion. Here is a portion of a letter Kaiser Permanente sent to a California church letting them know about the change…
The new California law allows churches to receive exemptions from the contraceptive mandate – meaning that churches don’t have to provide contraceptives and chemical abortifacients — but they do have to provide surgical abortions!
The law is obviously ridiculous and is already being challenged, but it’s a harbinger of things to come. The Alliance Defending Freedom (ADF) has filed complaints with the US Department of Health and Human Services and the California Department of Managed Health Care for the egregious trampling of religious freedom.
This is wrong in so many ways.
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