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Disorderedliberty

Member Since 19 Aug 2010
Offline Last Active Sep 20 2010 10:00 AM
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Topics I've Started

CBO Predicts Recession Next Year if Bush-Era Tax Cuts are Allowed to Expire and Schedul...

23 May 2012 - 11:49 AM

On January 1, 2013, tax cuts enacted under the Bush Administration are set to expire. On that same date, incremental automatic spending cuts, totaling approximately $2 trillion, are set to kick in. According to a study released yesterday by the Congressional Budget Office [CBO], the combined effect of these tax increases and spending cuts will lead to a recession in the first quarter of 2013. Specifically, the CBO points out that under this double whammy of automatic tax increases and spending cuts, 

[w]hich will occur under current law, growth in real (inflation-adjusted) GDP in calendar year 2013 will be just 0.5 percent, CBO expects—with the economy projected to contract at an annual rate of 1.3 percent in the first half of the year and expand at an annual rate of 2.3 percent in the second half.…


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Casey and Schumer—A Misguided Focus on Expatriates

18 May 2012 - 11:32 AM

Yesterday, Senator Bob Casey (D-PA) and Senator Chuck Schumer (D-NY) proposed new legislation that they contend would prevent expatriates from skirting U.S. taxes. It appears that the legislation was sparked by widespread reports that Facebook co-founder Eduardo Saverin renounced his American citizenship before Facebook’s IPO this week, allegedly in order to evade millions of dollars in U.S. taxes. The proposal by Casey and Schumer, called The Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy, targets individuals with a $2 million net worth, or an average income-tax liability of at least $148,000, who renounce U.S. citizenship. Under the proposal, such individuals are presumed to have renounced their citizenship for tax-avoidance reasons and, unless they can prove their actions were not based upon tax avoidance, they are:  (1) subject to a 30% capital gains tax; and (2) barred from re-entering the country. …

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Crony Capitalists Take LightSquared into Bankruptcy Court Pending Congressional Investi...

16 May 2012 - 12:10 PM

LightSquared files for Chapter 11 Bankruptcy Protection. Last Monday, LightSquared, a firm that wants to build a new, 4g wireless network in order to offer wholesale internet access to commercial clients and other potential users, filed for protection from its creditors in federal bankruptcy court in Manhattan. In its bankruptcy petition LightSquared, which is based in Virginia, listed assets of $4.48 billion and liabilities of $2.29 billion, as of Feb. 29th of this year. LightSquared’s bankruptcy filing came after the failure of negotiations with the firm’s major creditors, who had demanded that one of LightSquared’s major financial principals, billionaire Philip Falcone, step away from the company. …

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Obama’s “Wall Street Reforms”—All Talk and no Action

14 May 2012 - 01:17 PM

Because of public uproar and anger over the abuses, real or perceived, in the nation’s banking industry, President Obama was given a historic, political opportunity to take Wall Street to task. So, after more than 3 years in office, how many criminal cases have been brought against the high-ranking bankers on Wall Street, whom the President accuses of causing the worst financial recession in recent U.S. history? Uh, none. Well then, how many of the financial institutions that President Obama believes are becoming dangerously close to being “too big to fail” have been targeted with antitrust or divestiture actions? Uh, none. …

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House Votes to Cut DOJ Salaries by $1 Million in Response to Fast and Furious Ston...

09 May 2012 - 11:21 AM

Yesterday, the House of Representatives passed, by voice vote, an amendment sponsored by Representative Trey Gowdy (R-SC) cutting salaries of employees of the U.S. Department of Justice [DOJ] by $1 million. Gowdy, a member of the House Oversight and Government Reform Committee, proposed the amendment as a response to DOJ’s failure to comply with the Committee’s requests for information regarding its investigation into the ill-advised Operation Fast and Furious, under which the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives [ATF] recklessly allowed approximately 2000 U.S. weapons to flow across the border into the hands of Mexican drug cartel members. Weapons found near the site where Border Patrol Agent Brian Terry was murdered were among those that the ATF allowed to fall into the hands of the Mexican criminal syndicates. …

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