Bill Clinton Meltdown
Will COURAGEOUS BILL Admit His Role
FOR ONCE!!

Full article Ted Kennedy's Comments About Bill and Hillary's Lying

GATHER.COM

Bill Clinton Helped Cause The Housing Crisis.

September 27, 2008 05:21 PM EDT

Full article Gather.Com

Excerpts:

...Enter Bill Clinton

In 1995, as a result of interest from President Bill Clinton's administration, the implementing regulations for the CRA were strengthened by focusing the financial regulators' attention on institutions' performance in helping to meet community credit needs.

These revisions with an effective starting date of January 31, 1995 were credited with substantially increasing the number and aggregate amount of loans to small businesses and to low- and moderate-income borrowers for home loans.

These changes were very controversial and as a result, the regulators agreed to revisit the rule after it had been fully implemented for seven years. Thus in 2002, the regulators opened up the regulation for review and potential revision.

Part of the increase in home loans was due to increased efficiency and the genesis of lenders, like Countrywide, that do not mitigate loan risk with savings deposits as do traditional banks using the new subprime authorization.

This is known as the secondary market for mortgage loans. The revisions allowed the securitization of CRA loans containing subprime mortgages.

The first public securitization of CRA loans started in 1997 by Bear Stearns. The number of CRA mortgage loans increased by 39 percent between 1993 and 1998, while other loans increased by only 17 percent.

Congress Lies Low To Avoid Bailout Blame

By TERRY JONES

INVESTOR'S BUSINESS DAILY

Posted Thursday, September 18, 2008 4:30 PM PT

To hear today's Democrats, you'd think all this started in the last couple years. But the crisis began much earlier. The Carter-era Community Reinvestment Act forced banks to lend to uncreditworthy borrowers, mostly in minority areas.

Full article INVESTOR'S BUSINESS DAILY Includes Charts Showing Barack Obama, Chris Dodd Hillary Clinton Leading Money Recipients From Fannie and Freddie

Excerpts:

Age-old standards of banking prudence got thrown out the window. In their place came harsh new regulations requiring banks not only to lend to uncreditworthy borrowers, but to do so on the basis of race.

These well-intended rules were supercharged in the early 1990s by President Clinton. Despite warnings from GOP members of Congress in 1992, Clinton pushed extensive changes to the rules requiring lenders to make questionable loans.

Bill Clinton Meltdown

Lenders who refused would find themselves castigated publicly as racists. As noted this week in an IBD editorial, no fewer than four federal bank regulators scrutinized financial firms' books to make sure they were in compliance.

Failure to comply meant your bank might not be allowed to expand lending, add new branches or merge with other companies. Banks were given a so-called "CRA rating" that graded how diverse their lending portfolio was.

It was economic hardball.

"We have to use every means at our disposal to end discrimination and to end it as quickly as possible," Clinton's comptroller of the currency, Eugene Ludwig, told the Senate Banking Committee in 1993.

And they meant it.

Bill Clinton Meltdown

In the name of diversity, banks began making huge numbers of loans that they previously would not have. They opened branches in poor areas to lift their CRA ratings.

Meanwhile, Congress gave Fannie and Freddie the go-ahead to finance it all by buying loans from banks, then repackaging and securitizing them for resale on the open market.

That's how the contagion began.

With those changes, the subprime market took off. From a mere $35 billion in loans in 1994, it soared to $1 trillion by 2008.

Wall Street eagerly sold the new mortgage-backed securities. Not only were they pooled investments, mixing good and bad, but they were backed with the implicit guarantee of government.

Fannie Mae and Freddie Mac grew to become monsters, accounting for nearly half of all U.S. mortgage loans. At the time of their bailouts this month, they held $5.4 trillion in loans on their books. About $1.4 trillion of those were subprime.

Bill Clinton Meltdown

As they grew, Fannie and Freddie grew heavily involved in "community development," giving money to local housing rights groups and "empowering" the groups, such as ACORN, for whom Barack Obama once worked in Chicago.

Warning signals were everywhere. Yet at every turn, Democrats in Congress halted attempts to stop the madness. It happened in 1992, again in 2000, in 2003 and in 2005. It may happen this year, too.

Since 1989, Fannie and Freddie have spent an estimated $140 million on lobbying Washington. They contributed millions to politicians, mostly Democrats, including Senator Chris Dodd (No. 1 recipient) and Barack Obama (No. 3 recipient, despite only three years in office).

Bill Clinton Meltdown

The Clinton White House used Fannie and Freddie as a patronage job bank. Former executives and board members read like a who's who of the Clinton-era Democratic Party, including Franklin Raines, Jamie Gorelick, Jim Johnson and current Rep. Rahm Emanuel.

Collectively, they and others made well more than $100 million from Fannie and Freddie, whose books were cooked Enron-style during the late 1990s and early 2000s to ensure executives got their massive bonuses.

They got the bonuses. You get the bill.

NEW YORK TIMES

Fannie Mae Eases Credit To Aid Mortgage Lending

By STEVEN A. HOLMES

Published: September 30, 1999

Full article Steven A. Holmes

Excerpts:

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Bill Clinton Meltdown

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

WIKIPEDIA

Full article WIKIPEDIA

Regulatory changes 1995

In July 1993, President Clinton asked regulators to reform the CRA in order to make examinations more consistent, clarify performance standards, and reduce cost and compliance burden.[15]

Robert Rubin, the Assistant to the President for Economic Policy, under President Clinton, explained that this was in line with President Clinton's strategy to "deal with the problems of the inner city and distressed rural communities".

Bill Clinton Meltdown

Discussing the reasons for the Clinton administration's proposal to strengthen the CRA and further reduce red-lining, Lloyd Bentsen, Secretary of the Treasury at that time, affirmed his belief that availability of credit should not depend on where a person lives, "The only thing that ought to matter on a loan application is whether or not you can pay it back, not where you live."

Bentsen said that the proposed changes would "make it easier for lenders to show how they're complying with the Community Reinvestment Act", and "cut back a lot of the paperwork and the cost on small business loans".[13]

In 1995, the CRA regulations were substantially revised to address criticisms that the regulations, and the agencies' implementation of them through the examination process, were too process-oriented, burdensome, and not sufficiently focused on actual results.

The agencies also changed the CRA examination process to incorporate these revisions.[15] Information about banking institutions' CRA ratings were made available via web page for public comment.[13]

Bill Clinton Meltdown

The Office of the Comptroller of the Currency (OCC) also revised its regulations, allowing lenders subject to the CRA to claim community development loan credits for loans made to help finance the environmental cleanup or redevelopment of industrial sites when it was part of an effort to revitalize the low- and moderate-income community where the site was located.[25]

During March 1995 congressional hearings William A. Niskanen, chair of the Cato Institute, criticized the proposals for political favoritism in allocating credit and micromanagement by regulators, and that there was no assurance that banks would not be expected to operate at a loss.

Bill Clinton Meltdown

He predicted they would be very costly to the economy and banking system, and that the primary long term effect would be to contract the banking system. He recommended Congress repeal the Act.[26]

###

Bill Clinton

From Wikipedia, the free encyclopedia

Full Profile of Bill Clinton Wikipedia

William Jefferson "Bill" Clinton (born William Jefferson Blythe III, August 19, 1946)[1] served as the 42nd President of the United States from 1993 to 2001.

He was the fifteenth Democrat elected to that office. He was the third-youngest president; only Theodore Roosevelt and John F. Kennedy were younger when entering office.

Bill Clinton Meltdown

He became president at the end of the Cold War, and as he was born in the period after World War II, is known as the first Baby Boomer president.[2]

His wife, Hillary Rodham Clinton, is currently the United States Secretary of State. She was previously a United States Senator from New York, and also candidate for the Democratic presidential nomination in 2008.

Bill Clinton Meltdown

Clinton was described as a New Democrat and was largely known for the Third Way philosophy of governance that came to epitomize his two terms as president.[3]

His policies, on issues such as the North American Free Trade Agreement and welfare reform, have been described as "centrist."

[4][5] Clinton presided over the longest period of peace-time economic expansion in American history, which included a balanced budget and a reported federal surplus.[6][7]

Based on Congressional accounting rules, at the end of his presidency Clinton reported a surplus of $559 billion. On the heels of a failed attempt at health care reform with a Democratic Congress, Republicans won control of the House of Representatives for the first time in forty years.[8]

Bill Clinton Meltdown

Two years later, he was re-elected and became the first member of the Democratic Party since Franklin D. Roosevelt to win a second term as president.[9] Later he was impeached for obstruction of justice, but was subsequently acquitted by the U.S. Senate.[10][11]

Clinton left office with an approval rating at 66%, the highest end of office rating of any president since World War II.[12] Since then, he has been involved in public speaking and humanitarian work. Clinton created the William J. Clinton Foundation to promote and address international causes such as treatment and prevention of HIV/AIDS and global warming.

Bill Clinton Meltdown

Bill Clinton Meltdown To Editorials

__________Looking at JFK'S Tax Cuts__________

JFK'S appeal to congress, for tax cuts, totally respected free market principles, limited government spending and the need to seriously cut taxes for the rich, corporations and everyone. JFK's pleas to the American public and congress were loaded with quotes like the following:

"and this administration pledged itself last summer to an across the board top to bottom cut in personal and corporate income taxes, to be enacted in 1963..."

This meant, all brackets, no matter how rich or poor, plus a cut for corporations, yes it included those evil corporations, so loathed and vilified by President Obama and today's Democrats. None of today's LIBERAL DISEASE, class warfare came from JFK.

The Kennedy tax cuts caused such growth, that just four years after enactment, congress felt compelled to enact a tax surcharge to cool off economic growth, and did so in 1969. JFK'S cuts for the top bracket, were almost 5 times greater than those of George Bush.

JFK cut the top rate, 21%, G W Bush cut that rate 4.6%. So even though JFK'S cuts resulted in a difference of tens of millions more, than the Bush cuts, for the richest taxpayers (in today's dollars), the poor likewise made exceptional gains. Certainly every taxpayer did.

The poor, actually were relatively poor, then, thus their gains were very meaningful.

Conversely, this Obama, $862 billion disaster, a full 16 months after its promise of "millions of shovel ready jobs" has devastated black employment and worse--black teen employment. 3.5 million promised, 2.2 million, lost.

The Democrat Party of JFK had none of the deceit and class warfare, of today's Democrat Party. Back to Taxable Income.

Line 44 is the actual tax that all "net taxpayers" pay. The amount of that tax depends on the amount and the highest rate--reached. The 4 major tax we've had, required massive "tax law" changes. All of them cut most or all rates, which lessened the payment previously due, for the same amount of taxable income.

___Why Was Not A Single Tax Rate Cut By President Obama?___

Had anyone received a true tax cut/rate cut, the government collections from each person would be less in the future. This is the opposite of President Obama's goal. He wants to continue to make "net taxpayers" pay more, to redistribute to welfare recipients, his largest single voting bloc.

President Obama's action are giving America a shrinking pie, for a larger workforce. He is perfectly comfortable with this result of REDISTRIBUTION.

At the time of the Stimulus, the president was not about to acknowledge, that the increased refunds, shelled out in the Stimulus, came from INCOME REDISTRIBUTION or from something given the label of CREDITS, having practically nothing to do with tax payments made by anyone.

Had he done so, the outrage against the so-called "tax cuts for 95%" would likely have jeopardized his chances of ramming through, his veto proof legislation, overnight. Legislation, that not a single congressman had a chance to read.

Keep a watchful on President Obama and Democrats to exempt the bottom rate, from a rate increase. IRS stats show that 140 million file a tax return. Close to 50 million pay no income taxes, millions of those pay no taxes of any kind. The group contributes just 2.89% of total income tax payments, but overall collects hundreds of billions back and cash payments and services used. Singles, under 25, with no dependents, who keep their job, and act responsible pay practically all of the 2.89% and receive virtually nothing, compared to the rest.. There are not many votes from those under 25.

Insidious Government--Sets Up An Outrageous, 2nd Tax For Net Taxpayers--The AMT Tax

Net taxpayers are those married couples with 1 dependent or no dependents, starting at about $42,000 of Adjusted Gross Income. Responsible, non-welfare recipient, SINGLES, are the most mistreated of all taxpayers, SINGLES become net taxpayers at just $9,350, starting in 2011, after a temporary--on of many--income redistribution CREDITS, expires in 2010.

At a certain point, middle class taxpayers, with somewhat higher incomes, get hammered with further confiscation of their earnings, resulting from a second tax--the AMT.

Democrat Woodrow Wilson Gave America The Income Tax in 1913

This AMT Tax is simply another example of how all government programs insidiously start out with their sly promise of Utopian results, with just the rich paying.

Slowly, steadily, inexorably, the tax in each of these schemes, moves to the lucrative revenue pot of the middle class. The inevitable result for responsible, persevering, hard working Americans, little by little and barely noticeable, while busy at work, each day, is the increased expropriation of their daily labor.

This results have been identical for the 1913 income tax, the 1935 social security tax, the 1965, Medicare and Medicaid taxes, this the AMT tax in 1978 The misnamed Earned Income Tax Credit, the recent S-Chip tax, and all of the many welfare programs, each one a true horror story of promises vs. results.

In the 1960's, it was discovered that 20 millionaires, and 155 other high income individuals used loopholes to pay no income taxes, so the AMT tax was enacted to deal with such situations. Ironically, many of these returns, escaped income taxes as a result of huge contributions to charitable institutions, done by truly caring Americans.

The AMT tax now ensnares 4. 2 million taxpayers and requires special legislation every year, to keep it from taxing almost 20 million more. Allowing for inflation, it reaches people with only 1/5 the income of those it originally targeted

Net Taxpayers 2nd Monstrous Payment

Not That Another Horror is Needed Here, But The Following Should Prove Interesting

There is more on this topic after topic 4, if you would like more details on this subject.

_____________________________________________________________

The Large Amount of Redistribution Received Through the IRSAllows Virtually All Welfare Payments In AdditionHere is what IRS Publication 596 says about the regular welfare payments

Earned income credit has no effect on certain welfare benefits. Any refund you receive because of the EIC and any advance EIC payments you receive will not be considered income when determining whether you are eligible for the following benefit programs, or how much you can receive from these programs.

It lists all the biggies--food stamps, monthly cash payments, medicaid, low income housing, etc.

Medicaid and supplemental security income (SSI).

Supplemental Nutrition Assistance Program (food stamps).

Low-income housing.

Temporary assistance for needy families (TANF) benefits may be affected. Please check with your state.

So when you hear stories about welfare recipients doing better than people who work, non-stop year after year, they are not exaggerating.

Alaska for instance, in just one of these welfare goodies--the (TANF) program, pays $923 a month--$11,076 a year, for 3 dependents.

___PROVING THE MASSIVE REDISTRIBUTION TO YOURSELF____

If you would like to prove to yourself, the possibilities in INCOME REDISTRIBUTION,

Go to the H & R Block tax calculator and fill in the following:

Married filing jointly

Age 26 or higher

Income $28,000

Verify zero (0) taxes paid for yourself along with 0 income and 0 taxes paid for your spouse.

Dependents--Select 3 from drop down menu, click to expand for each dependent. List age of each dependent, 11 years or younger. Check lived with you, for each of the 3

Spouse--age 26 or higher, (separate entries)

PART ONE __________________

1. The General Explanation

2. The Specific Explanation

3. Proof Shown on IRS Form 1040

4. Prove To Yourself The Massive Redistribution Amounts, Using A Tax Calculator

For those with a solid understanding of redistribution, you might prefer to move directly to Proof Shown on IRS Form 1040, that not a single person received a tax cut.

__There Have Been No Tax Cuts--The General Explanation__

HEADLINE:___"Poll Reveals Most Americans Don't Know They Got a Tax Cut." A February 5-10 New York Times/CBS News poll found that only 12 percent of respondents "think the Obama Administration has... decreased taxes for most Americans."

Those doubtful Americans are indeed correct.

In the case of the so-called Stimulus Package, the president's own page, RECOVERY.ORG, claims $288 billion in "tax cuts."

Were plenty of GOODIES, handed out, in that questionable piece of legislation? No doubt, they were.

The goodies received, however, come from INCOME REDISTRIBUTION and DEBT CREATION, along with increased "allowances" for dependents, and a tiny amount from an increased deduction for new car purchases, for a few. None are from tax reductions, or using the exact language of the Times/CBS poll--"decreased taxes."

The type of subterfuge, used to pass the Stimulus, is becoming increasingly dangerous, as politicians even presidents of the United States engage in verbal jiu jitsu, using those two forms of deception-INCOME REDISTRIBUTION and DEBT CREATION.

__________________The Specific Explanation__________________

Euphemisms Known as CREDITS

The Beltway uses the (IRC) the Internal Revenue Code, for certain schemes, then blends them in with tax "LAWS." Creating these Euphemisms--CREDITS--from nowhere, than redistributing income, through them, by way of Form 1040, is apparently legal, but should be halted. Any tax break should be from an actual payment made to government and should require separate tax legislation, under the tax laws.

Isn't A Tax Credit, Just A Credit Against A Tax Payment?

It was precisely that, before the 1970's. Most credits have simply become tools for REDISTRIBUTION.

How is this so? The beautifully titled First Time Home Buyer's Credit, gives $8,000, to individuals, including, in some cases, those who have paid no taxes to begin with and who very possibly, are already getting $8000 plus, of the earnings of others.

The "oh so compassionate sounding" Make Work Pay Credit" gives single people making less than $3000, a new and of a new and second gift of $400, on top of the gift already received from diligent sounding "Earned Income Tax Credit" for those over 25, who just happen to vote, much more frequently than those under 25, who do not qualify with the same amount of income. Married Couples get $800 from Make Work Pay.

So a lucky recipient, who paid zero income taxes, can conceivably wind up with $16,000 plus, of the earnings of others, possibly yours. Some very generous politician, pulls a lever, casts a vote, and presto, this magic occurs.

_____________Two Methods of Redistribution____________

Method 1: Through transfers, from taxes paid by "net taxpayers" millions received a larger refund under the stimulus plan, than they would have without it. A whopping portion of this went to those who were already receiving more than they were paying, it simply increased what they were receiving in eye-popping amounts.

Below, you will first, see it proven on IRS Form 1040, then, if you choose, how to easily calculate these results, to prove to yourself, how massive, these redistribution amounts are.

Therefore, the transfer of other taxpayers' money to favored constituencies, does not, has not and will not, cut anyone's tax payments.

Method 2: When the government creates a new benefit, by printing money, (unmatched by accompanying wealth creation) and not a single person in the United States has actually cut the tax payment he made, this is simply the creation of new debt.

____THE PROOF: IRS Form 1040--Summarized in Categories___

Category: (Income) Total of Taxes Already Paid or Due on Most Forms of Income

Lines 7-22, represent income on which taxes are due; wages, interest, capital gains, etc. Payments from these sources of income, are actual payments to the treasury. Line 22 summarizes these and shows them as TOTAL INCOME,

Category: (Adjusted Gross Income) Summarizes Specific Deductions Allowed, Against Tax Payments

Lines 23-36, Specified Deductions May Be Subtracted "Off the Top" Whether or Not, Taxpayer Later Elects To Itemize Personal Deductions or Take The Standard Deduction. These deductions--adjustments--represent valid CREDITS to "Net Taxpayers."

All taxpayers are eligible, for these adjustments, however, a limited number, each year, face job related moving expenses or contribute to Individual Retirement Accounts (IRA's) etc. Those who do, subtract these adjustments to arrive at Adjusted Gross Income (AGI)--line 37.

Since adjustments only apply to some taxpayers, TOTAL INCOME line 22 and ADJUSTED GROSS INCOME, line 37 are the same for a majority of taxpayers. The Adjusted Gross Income final amount on line 37 is repeated on line 38

Category: (Tax and Credits) Deduct Personal Deductions and Exemptions

Elect To Either Itemize or Take the Standard Deduction and Personal Exemptions.

Every Taxpayer is eligible and receives these deductions automatically, on a properly filed return.

Line 43 is where taxpayer arrives at TAXABLE INCOME,

This is the point at which, and the only point, where a true tax cut takes place, for "net taxpayers." A true tax cut--cuts rates. It has done so for each of the four tax cuts in U.S. history.

Since 2003 and through 2010, brackets have been as follows 10%, 15%, 25% 28%, 33%, 35%. None of these were touched, in the Stimulus. In fact, if congress does not prevent the 2003 tax cuts from expiring, on January 1, 2011, each is scheduled to increase.

__________Looking at JFK'S Tax Cuts__________

JFK'S cuts for the top bracket, were almost 5 times greater than those of George Bush.

JFK cut the top rate, 21%, G W Bush cut that rate, 4.6%. So even though JFK'S cuts resulted in a difference of tens of millions more, than the Bush cuts, for the richest taxpayers (in today's dollars), the poor likewise made exceptional gains. Certainly every taxpayer did.

JFK'S appeal to the public and congress leading up to those tax cuts, constantly had statements like the following:

"and this administration pledged itself last summer to an across the board top to bottom cut in personal and corporate income taxes, to be enacted in 1963..."

Notice, no class warfare, no CREDIT, gimmicks, no deception, just honest to goodness tax cuts.

Today, consumer laws have "truth in advertising" etc.

Wouldn't it be nice if we had "truth in tax cuts."

POSSIBLY THE FINAL TAKE FOR ZERO TAX CUTS

1. Invent A "Credit" GiveAway, Worth $8000

2. Proof of Zero Tax Cuts Shown on IRS Form 1040

3. Prove To Yourself The Massive Redistribution Amounts, Using A Tax Calculator

For those with a solid understanding of redistribution, you might prefer to move directly to Proof Shown on IRS Form 1040.

__________The Treachery of Redistribution__________

HEADLINE:___"Poll Reveals Most Americans Don't Know They Got a Tax Cut." A February 5-10 New York Times/CBS News poll found that only 12 percent of respondents "think the Obama Administration has... decreased taxes for most Americans."

Those doubtful Americans are indeed correct.

In the case of the so-called Stimulus Package, the president's own page, RECOVERY.ORG, claims $288 billion in "tax cuts."

Plenty of GOODIES, were indeed handed out, in that questionable piece of legislation.

The goodies received, however, come from INCOME REDISTRIBUTION and DEBT CREATION.

Other goodies were thrown in to increase refunds such as increased "allowances" for dependents, and a tiny amount from an increased deduction for new car purchases, for a few.

None are from tax reductions, or using the exact language of the Times/CBS poll, from--"decreased taxes."

The type of subterfuge, used to pass the Stimulus, is becoming increasingly dangerous, as politicians even presidents of the United States engage in verbal jiu jitsu, using those two forms of deception-INCOME REDISTRIBUTION and DEBT CREATION.

____Is a Tax Credit, a Credit Against a Tax Payment?____

No, in most cases! It was--precisely that--before the 1970's. Today, most credits have simply become tools for REDISTRIBUTION.

Some true credits still exist such as "adjustments" to ADJUSTED GROSS INCOME.

Soaring Redistribution Amounts, Transferred To Non-Taxpayers

How does this redistribution happen? The beautifully titled First Time Home Buyer's Credit, gives $8,000, to individuals, including, in some cases, those who have paid no taxes to begin with and who very possibly, are already getting $8000 plus, of the earnings of others, through other so-called CREDITS.

June 2010-Inspector Gen'l Report: Prisoners Get $9 Million Via Home Buyer's Credit

..."Nearly 1,300 prison inmates wrongly received more than $9 million in tax credits for home buyers despite being locked up when they claimed they bought a home, a government investigator reported Wednesday"...

..."The investigator said 241 of the inmates were serving life sentences

In all, more than 14,100 taxpayers wrongly received at least $26.7 million in tax credits"...

Aren't you happy to see your daily labor going there? But wait, there's more.

The "oh so compassionate sounding" Make Work Pay Credit" gives single people making less than $3000, a new and additional gift of $400, on top of the gift already received from the diligent sounding "Earned Income Tax Credit" for those over 25, who just happen to vote, much more frequently, than those under 25.

Under 25, with the same amount of income-- fuhgetaboutit!!

Married Couples get $800 from the Make Work Pay Credit, they can get up to $5667, from the Earned Income Tax Credit, $8000 from the Home Buyers Credit, plus others.

So a lucky recipient, who paid zero income taxes, can conceivably wind up with $16,000 plus, of the earnings of others, possibly yours--this is redistribution.

Some very generous politician, pulls a lever, casts a vote, and presto. Like the 70's rock hit proclaimed--It's Magic!!

Incidentally, practically every state pays all welfare payments, cash and benefits, on top of these goodies.

DEBT CREATION: When the government creates a new benefit, by printing money, (unmatched by accompanying wealth creation) and not a single person in the United States has actually cut the tax payment he made, this creates additional deficits.

President Obama has created soaring and unimagined deficits, thus piling trillions onto total debt.

THE PROOF: IRS Form 1040--Summarized in Categories

______________Category (INCOME)______________

Total of Taxes Already Paid or Due on Most Forms of Income

Lines 7-22, represent income on which taxes are due; wages, interest, capital gains, etc. Payments from these sources of income, are actual payments to the treasury. Line 22 summarizes these and shows them as TOTAL INCOME,

________Category (ADJUSTED GROSS INCOME)________

Summarizes Specific Deductions Allowed, Against Tax Payments

Lines 23-36, Specified Deductions May Be Subtracted "Off the Top" Whether or Not, Taxpayer Later Elects To Itemize Personal Deductions or Take The Standard Deduction. These deductions--adjustments--represent valid CREDITS to "Net Taxpayers."

All taxpayers are eligible, for these adjustments, however, a limited number, each year, face job related moving expenses or contribute to Individual Retirement Accounts (IRA's) etc. Those who do, subtract these adjustments to arrive at Adjusted Gross Income (AGI)--line 37.

Since adjustments apply to relatively few taxpayers, TOTAL INCOME line 22 and ADJUSTED GROSS INCOME, line 37 are the same for a majority of taxpayers. The Adjusted Gross Income final amount on line 37 is repeated on line 38

___________(Category) TAX and CREDITS___________

Deduct Personal Deductions and Exemptions

Elect To Either Itemize or Take the Standard Deduction and Personal Exemptions.

Every Taxpayer is eligible and receives these deductions automatically, on a properly filed return.

_________TAX RATES: The True Test________

Line 43 is where taxpayer arrives at TAXABLE INCOME,

This is the point at which, and the only point, where a true tax cut takes place, for "net taxpayers." A true tax cut--cuts rates. It has done so for each of the four tax cuts in U.S. history.

Since 2003 and through 2010, rates have been as follows--10%, 15%, 25% 28%, 33%, 35%. None of these were touched, in the Stimulus. In fact, if congress does not prevent the 2003 tax cuts from expiring, on January 1, 2011, each is scheduled to increase.

__________Looking at JFK'S Tax Cuts__________

JFK'S cuts for the top bracket, were almost 5 times greater than those of George Bush.

JFK cut the top rate, 21%. G W Bush cut that rate, 4.6%. So even though JFK'S cuts resulted in a difference of tens of millions more, than the Bush cuts, for the richest taxpayers (in today's dollars), the poor likewise made exceptional gains. Certainly every taxpayer did.

JFK'S appeal to the public and congress leading up to those tax cuts, constantly had statements like the following:

"and this administration pledged itself last summer to an across the board top to bottom cut in personal and corporate income taxes, to be enacted in 1963..."

Notice, no class warfare, no CREDIT gimmicks, no deception, just honest to goodness tax cuts.

Today, consumer laws have "truth in advertising" etc.

Wouldn't it be nice if we had "truth in tax cuts."

--------------------OPTIONAL------------

If you would like to prove to yourself, the possibilities in INCOME REDISTRIBUTION,

Go to the H & R Block tax calculator and fill in the following:

Married filing jointly

Age 26 or higher

Income $28,000

Verify zero (0) taxes paid for yourself along with zero (0) INCOME.

At the section, responding to SPOUSE--age 26 or higher. Fill in zero (0) INCOME and zero (0) TAXES PAID for your spouse.

As you proceed, check to make sure that a new screen has not revised any info you have filled in, e.g. make sure marital status has not gone back to single on a new screen.

Dependents--Select 3 from drop down menu, click to expand for each dependent. List age of 11 years or younger, for each dependent. Check lived with you, for each of the 3.

Keep income on $26,000. Fill in 0 income taxes withheld for you. Fill in 0 wages and 0 taxes withheld for spouse. Click next screen.

Go to the bottom of the new screen and expand "other credits"

Scroll down to first time homebuyer. Check "Home Purchased Before 11-7-09"--Fill in $80,000 or higher, in the adjacent space.

You should see a refund coming of $16, 065 to a taxpayer who has paid zero taxes, as noted above. JUNE@%%%%%%%%%%%%%%%%%%%%%%%%%%%_____________________________

_____________________________

June 25th Probably unnecessary

1. Invent A "Credit" GiveAway, Worth $8000

2. Proof of Zero Tax Cuts Shown on IRS Form 1040

3. Prove To Yourself The Massive Redistribution Amounts, Using A Tax Calculator

For those with a solid understanding of redistribution, you might prefer to move directly to Proof Shown on IRS Form 1040.

__________The Treachery of Redistribution__________

HEADLINE:___"Poll Reveals Most Americans Don't Know They Got a Tax Cut." A February 5-10 New York Times/CBS News poll found that only 12 percent of respondents "think the Obama Administration has... decreased taxes for most Americans."

Those doubtful Americans are indeed correct.

In the case of the so-called Stimulus Package, the president's own page, RECOVERY.ORG, claims $288 billion in "tax cuts."

Plenty of GOODIES, were indeed handed out, in that questionable piece of legislation.

The goodies received, however, come from INCOME REDISTRIBUTION and DEBT CREATION.

Other goodies were thrown in to increase refunds such as increased "allowances" for dependents, and a tiny amount from an increased deduction for new car purchases, for a few.

None are from tax reductions, or using the exact language of the Times/CBS poll, from--"decreased taxes."

The type of subterfuge, used to pass the Stimulus, is becoming increasingly dangerous, as politicians even presidents of the United States engage in verbal jiu jitsu, using those two forms of deception-INCOME REDISTRIBUTION and DEBT CREATION.

____Is a Tax Credit, a Credit Against a Tax Payment?____

No, in most cases! It was--precisely that--before the 1970's. Today, most credits have simply become tools for REDISTRIBUTION.

Some true credits still exist such as "adjustments" to ADJUSTED GROSS INCOME.

Soaring Redistribution Amounts, Transferred To Non-Taxpayers

How does this redistribution happen? The beautifully titled First Time Home Buyer's Credit, gives $8,000, to individuals, including, in some cases, those who have paid no taxes to begin with and who very possibly, are already getting $8000 plus, of the earnings of others, through other so-called CREDITS.

June 2010-Inspector Gen'l Report: Prisoners Get $9 Million Via Home Buyer's Credit

..."Nearly 1,300 prison inmates wrongly received more than $9 million in tax credits for home buyers despite being locked up when they claimed they bought a home, a government investigator reported Wednesday"...

..."The investigator said 241 of the inmates were serving life sentences

In all, more than 14,100 taxpayers wrongly received at least $26.7 million in tax credits"...

Aren't you happy to see your daily labor going there? But wait, there's more.

The "oh so compassionate sounding" Make Work Pay Credit" gives single people making less than $3000, a new and additional gift of $400, on top of the gift already received from the diligent sounding "Earned Income Tax Credit" for those over 25, who just happen to vote, much more frequently, than those under 25.

Under 25, with the same amount of income-- fuhgetaboutit!!

Married Couples get $800 from the Make Work Pay Credit, they can get up to $5667, from the Earned Income Tax Credit, $8000 from the Home Buyers Credit, plus others.

So a lucky recipient, who paid zero income taxes, can conceivably wind up with $16,000 plus, of the earnings of others, possibly yours--this is redistribution.

Some very generous politician, pulls a lever, casts a vote, and presto. Like the 70's rock hit proclaimed--It's Magic!!

Incidentally, practically every state pays all welfare payments, cash and benefits, on top of these goodies.

DEBT CREATION: When the government creates a new benefit, by printing money, (unmatched by accompanying wealth creation) and not a single person in the United States has actually cut the tax payment he made, this creates additional deficits.

President Obama has created soaring and unimagined deficits, thus piling trillions onto total debt.

THE PROOF: IRS Form 1040--Summarized in Categories

______________Category (INCOME)______________

Total of Taxes Already Paid or Due on Most Forms of Income

Lines 7-22, represent income on which taxes are due; wages, interest, capital gains, etc. Payments from these sources of income, are actual payments to the treasury. Line 22 summarizes these and shows them as TOTAL INCOME,

________Category (ADJUSTED GROSS INCOME)________

Summarizes Specific Deductions Allowed, Against Tax Payments

Lines 23-36, Specified Deductions May Be Subtracted "Off the Top" Whether or Not, Taxpayer Later Elects To Itemize Personal Deductions or Take The Standard Deduction. These deductions--adjustments--represent valid CREDITS to "Net Taxpayers."

All taxpayers are eligible, for these adjustments, however, a limited number, each year, face job related moving expenses or contribute to Individual Retirement Accounts (IRA's) etc. Those who do, subtract these adjustments to arrive at Adjusted Gross Income (AGI)--line 37.

Since adjustments apply to relatively few taxpayers, TOTAL INCOME line 22 and ADJUSTED GROSS INCOME, line 37 are the same for a majority of taxpayers. The Adjusted Gross Income final amount on line 37 is repeated on line 38

___________(Category) TAX and CREDITS___________

Deduct Personal Deductions and Exemptions

Elect To Either Itemize or Take the Standard Deduction and Personal Exemptions.

Every Taxpayer is eligible and receives these deductions automatically, on a properly filed return.

_________TAX RATES: The True Test________

Line 43 is where taxpayer arrives at TAXABLE INCOME,

This is the point at which, and the only point, where a true tax cut takes place, for "net taxpayers." A true tax cut--cuts rates. It has done so for each of the four tax cuts in U.S. history.

Since 2003 and through 2010, rates have been as follows--10%, 15%, 25% 28%, 33%, 35%. None of these were touched, in the Stimulus. In fact, if congress does not prevent the 2003 tax cuts from expiring, on January 1, 2011, each is scheduled to increase.

__________Looking at JFK'S Tax Cuts__________

JFK'S cuts for the top bracket, were almost 5 times greater than those of George Bush.

JFK cut the top rate, 21%. G W Bush cut that rate, 4.6%. So even though JFK'S cuts resulted in a difference of tens of millions more, than the Bush cuts, for the richest taxpayers (in today's dollars), the poor likewise made exceptional gains. Certainly every taxpayer did.

JFK'S appeal to the public and congress leading up to those tax cuts, constantly had statements like the following:

"and this administration pledged itself last summer to an across the board top to bottom cut in personal and corporate income taxes, to be enacted in 1963..."

Notice, no class warfare, no CREDIT gimmicks, no deception, just honest to goodness tax cuts.

Today, consumer laws have "truth in advertising" etc.

Wouldn't it be nice if we had "truth in tax cuts."

--------------------OPTIONAL------------

If you would like to prove to yourself, the possibilities in INCOME REDISTRIBUTION,

Go to the H & R Block tax calculator and fill in the following:

Married filing jointly

Age 26 or higher, for you and spouse, when she comes up

Income $28,000 For you. Zero for spouse,

Verify zero (0) taxes paid for yourself along with zero taxes paid for spouse, where necessary

As you proceed, check to make sure that none of the information reverts back to anything different that what you've filled in.

Dependents--Select 3 from drop down menu, click to expand for each dependent. List age of 11 years or younger, for each dependent. Check lived with you, for each of the 3.

Look for "other credits"

Scroll down to first time homebuyer. Check "Home Purchased Before 11-7-09"--Fill in $80,000 or higher, in the adjacent space.

You should see a refund coming of $16, 065 to a taxpayer who has paid zero taxes, as noted above.

Hi Wayne

There is "factual" proof that Barack Obama has not cut taxes for a single American.

This proof is shown, using IRS Form 1040, proving that Income Redistribution and Debt Creation accounted for almost 100% of the goodies, with some other benefits coming from increased allowances for dependents, which went mostly to those who pay no "net taxes" to begin with and a tiny, tiny amount in a new deduction (purchase of new car) for those who do pay "net taxes."

Even this car deduction for legitimate taxpayers did not come from a tax cut, rather it was simply a new deduction.

Shouldn't such a blatant lie be known and understood and discussed by every caring, informed American, no matter what his political leanings?

An optional feature of the article, directs readers to the H&R Block Tax Calculator with instructions (amount of income, dependents, marital status and credit information) to show that millions of Americans who pay zero taxes to begin with can get at least $16, 065 of other taxpayers' earnings and that in most states, they are still eligible for all their monthly welfare payments of cash, food stamps, low income housing etc.

http://ezinearticles.com/?Tax-Cuts-For-95%?-Not-True-Mr.-President---Zero-Tax-Cuts---100%-Redistribution-and-Debt-Creation&id=4338899

Message above sent to:7-5 Jane Jamison--Wayne Allyn Root

One Through Five

Candidates

1. 17% Spending Limit--Federal 17%__Total Government--25% by 2021

Kennedy Quote

2. Tabor Laws by 2013

3. Balanced Budget Amendment Presented by 2016

4. Immigration Laws Changed To Bring The Most Productive and Proper Number of Citizens, With No Prejudice Toward Any Country.

5. Require Photo Id's For Voting, Make Vote Fraud a felony, with a required prison sentence for violators

6. All welfare recipients Must Reciprocate With Some Form Of Works

FLAT Tax

$33000 Exemption

(35,267,743 x 17%=) 1674859 x17=28472603