In Follow-Up To Yesterday

I thought I should give you some encouragement on the tax reform bill as by now if you’ve watched the Lame-street Media you’ve been inundated with all the bad that’s gonna happen because of this “GOP Tax Scam”.

Hat-tip Ben Shapiro of The Daily Wire, when Ireland lowered its corporate tax rate from 40% (wow!) to 12.5% in 1995 it resulted in a whopping 23% GDP growth.  Ireland benefited greatly with over $277 billion worth of U.S. direct foreign investment. Now those companies can come back home to America.

What’s more, the tax reform bill is like a giant “permission slip” to companies holding profits abroad to repatriate that money. Under the old tax plan they would be taxed 35% when bringing profits back to America -ouch! Under the tax reform they’ll be taxed at new ultra-low rates: 8 percent for profits invested in real estate and other hard assets abroad, and 15.5 % for profits in cash and stock and other liquid assets.

This makes it affordable for Apple to repatriate the $252.3B cash it currently holds overseas. Apple would be able to take advantage of a one-time tax break, paying just 15.5% tax on the cash, rather than the 35% it would have had to pay previously. If Apple decides to make the move taking advantage of the one-time opportunity and brings all their hoarded cash back to the US, it would pay $39.1B in tax!

Now that’s no small potatoes Nancy & Chuck-U. 15.5% of something is better than 35% percent of nothing!

Aloha, Mikie ~just a blogger (fightin’ like a girl)

~Psst, tired of politics? Check out Travel in the Categories drop down menu (right side panel) for my blogs posted from interesting locations during my travel adventures.

American Olympic Athletes To Pay Taxes on Medals & Prizes Earned in London (and Other Interesting Olympic Tidbits)

I don’t know, maybe it’s because they didn’t build that Olympic Stadium or the roads leading to it, but American Olympians who win gold medals this year will face nearly $9,000 in federal income tax per medal, and silver medalists will pay a bit over $5,300. According to Americans for Tax Reform these hard-working athletes representing the United States face a top income tax rate of 35% even though I’d venture to say hardly any of them are millionaires or billionaires.

That’s a 19-medal smile!

Isn’t that beautiful?

Yes, sadly the USA is the last of the developed countries to tax income produced outside the country. Another good example of why we need comprehensive tax reform. Don’t try a do-over. It’s too screwed up. Do a flat tax a fair tax or maybe even the 9-9-9, but the current tax code stinks!

Other Interesting Olympic Tidbits:

• The 1912 Olympic games in Sweden was the last time gold medals were made of solid gold.
• It’s up to the host country to make the medals which are now alloys. London’s gold medals weigh just under a pound and contain gold, silver (92.5%) and copper.
• Eight female badminton players (from China, Indonesia & S. Korea) were disqualified from the 2012 Olympics for intentionally losing early matches to draw easier opponents going forward.
• Police recovered Tristan Gale’s 2002 gold medal from the Salt Lake City Games (skeleton-racing champion) at a local pawn shop a week after it was stolen in a burglary.
• A gold medal from the 1980 “Miracle on Ice” hockey team was auctioned in 2012 for $310,700.
• During the Opening Ceremony last week NBC censored out a 6-minute tribute to victims of the 2005 London subway terror attack victims cutting to a Ryan Seacrest interview with Michael Phelps.
• Further emphasizing that Islamic terrorism does not exist, the IOC rejected repeated calls for a moment of silence at the London games for the 11 Israeli athletes & coaches murdered in 1972 in Munich (this is my first memory of Islamic terrorism 40 years ago).
• Mitt Romney served as President of the Salt Lake City Winter Olympic committee UNPAID for 3 years and put the money-losing venture into the black.

Aloha, Mikie ~just a blogger (fightin’ like a girl)

What About Tax Reform?

So much blather about the debt ceiling, but without spending cuts and major TAX REFORM that’s all it is -talk. This bears repeating until the nimrods in Washington get it. There are a lot of reasons (power, greed and favoritism to name a few) for them not to get it, so it’s up to us. We will never have any real economic recovery without tax reform.

Here’s what some people like about the FairTax:

• Yo – drug dealers and politicians paying their fair share? Revolutionary!
• Politicians like to talk about redistributing the wealth, I like talking about redistributing the power.
• Hey, that full paycheck looks good on you!
• It will eliminate all taxation for the poor via the prebate.
• Under the Fair Tax I could buy you a drink and do your taxes at the same time.
• Level the playing field. Everyone is a consumer. Everyone is a taxpayer.
• Not even the politicians can get out of paying under the FairTax.
• Would you like to keep your entire paycheck and pay taxes when you want to?
• How would you like to have FICA, Medicare & Federal Tax withholding put back into every payday?
• Want to hear that rushing-wind sound of jobs coming back to America?
• The Fair Tax…eliminates the underground economy.
• I love it. Every international tourist or visitor contributes to our economy!
• FairTax: A plan even Charlie Rangel can understand!
• Fair and Simple.

Support H.R. 25 and ask your representatives to too! Be sure to see my Tax Reform Category (on the right side panel) to raise your tax reform IQ!

Aloha, Mikie

Dare2Kerr@gmail.com

A Very Simple Explanation of The Fairtax

This is one of the simplest explanations I have come across on the FairTax. Please check it out and pass it on.

Our economy will not improve unless and until we get meaningful tax reform!

Be sure to see the Tax Reform Category (on the right side panel) to raise your tax reform IQ!

Aloha, Mikie

~PS check out the new page I recently added to this website at the top right under Get Off Your Butts, titled Heed This Warning.

Guaranteed Tax Reform Within a Year!

Kentucky Senator Rand Paul said,

“Americans pay more in taxes than food, clothing and housing combined!”

And not only Americans, this cancer has its tentacles worldwide. What’s the big common denominator in all of it? Cut off the blood supply to this beast.

Choking the unholy alliance between unions and government and enacting real tax reform are the keys to fiscal balance and economic prosperity.

We would have guaranteed tax reform within a year

IF . . . . . . . . . . . . . . . . . .

we got the unions under control, AND if every member of the Senate Finance Committee and House Ways & Means Committee had to fill out their own taxes by hand.

Here’s a start. Use these names and this website to contact the Senate and House subcommittee members to make this tax reform suggestion!

And be sure to see my Tax Reform Category (on the right side panel) to raise your tax reform IQ!

Aloha, Mikie

Dare2Kerr@gmail.com

Holy Cattle – This Just in from the IRS

Yesterday’s Daily Caller reports:

The Internal Revenue Service says it will need a battalion of 1,054 new auditors and staffers

and new facilities at a cost to taxpayers of more than $359 million in fiscal 2012 just to watch over the initial implementation of President Obama’s healthcare reforms. Among the new corp will be 81 workers assigned to make sure tanning salons pay a new 10 percent excise.

Does this look like a president who now understands what ‘We the People’ want in the way of deficit reduction? If this isn’t a case for a total tax reform I don’t know what is. Do you think the IRS came out with this on their own? I doubt it, they are at the beck and call of the administration which continually talks out of both sides of their mouth.

The President’s budget does not include a single difficult decision, yet he says he is willing to compromise and work with the House Majority. Where’s the leadership here? This makes them the villains when they do come up with the real substantial cuts necessary. It’s the same with the GOP being forced to shut down the government if they push for conditions on raising the debt ceiling.

First of all, everyone needs realize that shutting down the government is not a bad thing. It’s called Time Out!

Mitch Daniels, a likely GOP presidential candidate tells it like it is regarding doing the hard work of deficit reduction,

“When infinite demand meets finite supply, you have a problem.”

But even better, Daniels admits his fellow Republicans need to admit this too and get down to work. Just like senator Rand Paul says, it’s not just Republican vs Democrat, it’s can the country sustain that level of debt?  Answer:  Not even!

Please urge your Congressmen and women to get serious on the budget (and part of this is tax reform). All entitlement programs need to be cut (medicare, medicaid and social security) and there needs to be means testing to qualify for entitlements. Here’s all you need to do:  find your state on this map and away you go!

Aloha, Mikie

Dare2Kerr@gmail.com

Have Uncle Sam Help You Pay For Your Alpacas

Sorry gang, I missed my Tax Reform Friday edition so here it is:

Tax reform is one of the most important things we need to change in our government as it is a huge hole that continually

sucks production and capital out of our economy.

Be sure to see my Tax Reform Category (on the right side panel) to raise your tax reform IQ!

Aloha, Mikie

Dare2Kerr@gmail.com

Tax Eye-Opener

Here are only some of the taxes Americans pay each year: 

We're so broke, we haven't paid attention!

• Accounts Receivable Tax
• Building Permit Tax
• Capital Gains Tax
• CDL license Tax
• Cigarette Tax
• Corporate Income Tax
• Court Fines (indirect taxes)
• Dog License Tax
• Federal Income Tax
• Federal Unemployment Tax (FUTA)
• Fishing License Tax
• Food License Tax
• Fuel permit tax
• Gasoline Tax
  
• Hunting License Tax
• Inheritance Tax Interest expense (tax on the money)
• Inventory tax IRS Interest Charges (tax on top of tax)
• IRS Penalties (tax on top of tax)
• Liquor Tax
• Local Income Tax
• Luxury Taxes
• Marriage License Tax
• Medicare Tax
• Property Tax
• Real Estate Tax
• Septic Permit Tax
• Service Charge Taxes
• Social Security Tax
• Road Usage Taxes (Truckers)
• Sales Taxes
• Recreational Vehicle Tax
• Road Toll Booth Taxes
• School Tax
• State Income Tax
• State Unemployment Tax (SUTA)
• Telephone federal excise tax
• Telephone federal universal service fee tax
• Telephone federal, state and local surcharge taxes
• Telephone minimum usage surcharge tax
• Telephone recurring and non-recurring charges tax
• Telephone state and local tax
• Telephone usage charge tax
• Toll Bridge Taxes
• Toll Tunnel Taxes
• Traffic Fines (indirect taxation)
• Trailer registration tax
  

  Read about and push for tax reform for a better future

• Utility Taxes
• Vehicle License Registration Tax
• Vehicle Sales Tax
• Watercraft registration Tax
• Well Permit Tax
• Workers Compensation Tax
  

NOTE: There’s been a lot of talk of tax reform. Obama even mentioned it in his recent State of the Union address, but tax reform will not come from politicians. They reap too much in power and campaign contributions giving favored tax treatment to special interest groups, big business and their friends.

TAX REFORM WILL ONLY COME FROM THE BOTTOM UP -FROM THE PEOPLE!

Be sure to see my Tax Reform category (in the right side panel) to raise your tax reform IQ.

Aloha, Mikie

Dare2Kerr@gmail.com

Not Great For the ‘Little Guy’

Okay this will only take 1 minute, so if you hate Glenn Beck grit your teeth and watch it. He is just the messenger. Unfortunately you won’t see it anywhere else.

Now, if you cherish your freedom, watch it again and pass it on and urge your House and Senate representatives to REPEAL and REDO OBAMACARE! I’ve made it easy to do:

House Members by State

Senate Members by Name or State

And, if you don’t think this is gonna result in massive health care costs and taxes I want to know what you’re smoking!

Aloha, Mikie

Dare2Kerr@gmail.com

Special Tax Favors

Over the last 5 days I wasted a lot of time doing GET taxes for the State of Hawaii (for the privilege of doing business -ha!) and Federal and State Estimated taxes that are due on Jan 20th. I hate it!

Most people probably wouldn’t admit it, but I’ll bet everybody is or has been at one time or another a little bit intimidated by the IRS or State Tax Dept. Naturally those in thick with the politicians who have the proper amount of influence and willingness to grease the skids, aren’t intimidated by the IRS because they’re used to having the tax code modified (600 changes in 2010 alone) to favor their personal or business situation.

A quick Google search -key words “special tax consideration” netted me 7,460,000 results in 0.10 seconds. Is it any wonder that by the IRS’ own admission, our tax code now has 3.8 million words, which would fill 11,045 single-spaced pages? And compliance is expensive! FairTax.org estimates citizens and businesses spend about $300 million every year to figure out our taxes!

If you don’t qualify for special tax consideration, here’s some friendly advise.

There’s a better way -Simplify the Tax code!

It can be done but not without a lot of Americans like you and me writing Congress demanding tax reform. Here’s how to contact your Congressmen and women and here’s a list of all US Senators. They’re waiting for your call (with special operators standing by -NOT). The truth is you have to be persistent, leave a message with their staff and tell them you expect them to support tax reform to help get the country and the economy back on track.

Get informed be a part of the change we so desperately need.

Be sure to check out the Tax Reform category (in the right side panel) to raise your tax reform IQ!

Aloha, Mikie

Dare2Kerr@gmail.com