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  • Latest United Nations Push For Global Taxation

    The United Nations recently formalized a broad set of global taxes and penalties that it wants to impose on developed nations in the Northern Hemisphere, and especially the US. The UN wants to raise some $400 billion annually to send to lesser developed nations in the Third World. And the kleptocrats at the UN want to implement these huge new taxes by the end of this year while President Obama is sure to be in office.

    These new taxes include a 1% income tax on all billionaires worldwide, a tax on all financial transactions (stocks, bonds, etc.), a tax on currency transactions, a carbon tax on developed nations, a tax on commercial airline flights from the US to Europe, a tax on oil and gas extracted offshore, a global tobacco tax, etc. Oh, and one more: control of the Internet.

    Since the UN does not have the legal authority to impose these taxes, it will attempt to structure these new taxes as "treaties" with member nations. US treaties are signed by the President and ratified by the Senate. The House of Representatives has no say when it comes to treaties. The question is, would President Obama sign such a treaty? And would the Senate ratify it? I would like to say no.

    You need to read the information I have included (and documented) in today's E-Letter carefully and consider it seriously before the election on November 6. We cannot allow our country to be subjected to UN defacto control vis-a-vis these onerous taxes. Above all, we cannot allow the UN to control the Internet. There is a choice in the upcoming election, and we need to speak loudly!

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  • Cut a Check, Mr. Buffett

    Last week, Warren Buffett again came out in favor of higher taxes for the rich like himself. The next day, President Obama echoed Buffett's comments, proving that they were no more than a carefully orchestrated piece of political rhetoric. Even so, Buffett's article is a good starting point for a discussion of why some people pay higher rates of taxes than those who are rich.

    This week, I'm going to dissect Buffett's statements about his own tax rates and those of his staff. I'll also review the various categories of income that qualify for preferential tax treatment and why they are set up that way. In the end, you'll find that special tax treatment is often associated with activities that provide capital for economic growth as well as the requirement to take the risk of losing all of your money.

    I'll end up by showing a way that individuals, including Mr. Buffett, can make voluntary contributions toward reduction of the national debt without the unnecessary step of raising taxes. If Mr. Buffett feels strongly that he should pay more for government, he can just send them a check. Unfortunately, the real issue isn't that taxes on the rich have become too small, but that the government's appetite for tax revenue has grown too big.

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  • Obama’s Plans to Help(?) Small Business

    IN THIS ISSUE:

    1.  Does Small Business Need a Bailout?

    2.  Obama & the Democrats to the Rescue

    3.  What’s Not to Like About TARP III?

    4.  Higher Taxes Hurt Only 3% of Small Businesses – Wrong!

    5.  President Obama’s “September Surprises” So Far

    6.  My Thoughts on the Surprising Mood of the Electorate

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  • The Largest Tax Increase in US History

    Back in 1948, President Harry Truman nicknamed the 80th Congress the 'do-nothing Congress.' Today, we sometimes find ourselves wishing that we could return to the days when Congress was accused of inaction. Unfortunately, the stage may now be set for that wish to be granted, but the consequences will be far from favorable. By allowing the Bush tax cuts to expire, Congress could levy one of the largest tax increases ever, all by just doing nothing.

    While President Obama and the Democratic leadership claim that they want to keep all of the Bush tax cuts in place for everyone making under $250,000 per year, they also know that they are going to build up huge budget deficits unless they find ways of generating some tax revenues. With cap-and-trade legislation and its expected tax revenues all but dead, the Dems are going to have to figure out some other way to pay for their march toward socialism.

    The expiration, or 'sunset', of the Bush tax cuts could provide the necessary tax revenues they seek and all without having to cast a vote in favor of a tax increase. This week, I'll discuss the possible effects of a huge tax increase during a fragile economic recovery as well as the possibility that Congress may just sit on their hands and do nothing in order to fill their insatiable need for tax revenues.

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  • Obama's Assault on the Poor

    During the 2008 presidential campaign, then-candidate Barack Obama promised he would cut the taxes of 95% of working Americans. Most agree that he delivered on this promise with the 'Making Work Pay Tax Credit' (part of the $787 billion stimulus bill), which gave most individuals a paltry $400 refundable tax credit or $800 for working families. So, a question that naturally comes to mind is, how's that tax cut working out for you?

    The answer, unfortunately, is that it's not working out very well at all, especially for those in lower-income households. While the stimulus bill did provide some modest temporary payroll tax cuts for most working Americans, other Obama administration initiatives may effectively negate that relief by increasing taxes and/or the costs of goods and services. These tax and price increases are among the most regressive I've ever seen, meaning that they will hit the poor a lot harder than any other demographic group.

    You won't see this analysis in the mainstream press, so read on to see what kind of change Obama is really bringing about.

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