Tag Archives: Scam

News

Global warming: 2000 new record low temperatures in October

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October 2012 temperature records: (click for larger image)
October 2012 temperature records: (click for larger image)

From Watt’s Up With That ? blog. (H/T Bad Blue)

Excerpt:

In the continental USA, there were 137 high temperature type records versus 857 low temperature type records this past week , a 6-1 difference. Last week there were 1154 low temperature type records putting the two week total for October at 2011. There were also 24 new snowfall records set this week in the upper plains.

Remember, the whole reason Obama was so keen to reward his campaign fundraisers who own green energy companies that are now bankrupt was because of the fear of global warming.

Remember Solyndra, the solar panel maker?

Look:

Eight months before solar panel maker Solyndra filed for bankruptcy, the company’s politically connected backer sought to hold on to lucrative tax breaks in the event the company went out of business, according to court documents.

The new information was revealed on Wednesday by the U.S. Internal Revenue Service, which filed an official objection to Solyndra’s bankruptcy reorganization plan.

The failure of Solyndra, the company President Obama held up as an example of government backing for renewable energy jobs, is a political weapon for Republicans ahead of the November elections as they highlight energy policies more favorable to fossil fuels.

[…]Solyndra’s bankruptcy plan could prove a further embarrassment to the administration if it is seen rewarding risk-driven venture capitalists ahead of unsecured creditors such as suppliers and laid-off staff.

In its court filing on Wednesday, the IRS opposed Solyndra’s plan. If approved by creditors, a holding company would emerge from bankruptcy with no employees or business operations – but as much as $350 million in tax breaks that could be used by Solyndra’s investors, including Argonaut Ventures.

Argonaut is the investment arm of a foundation tied to the Democratic fundraiser, Oklahoma billionaire George Kaiser. Most of the tax breaks would come in the form of Net Operating Losses (NOLs) which could be used to offset future taxable income.

Meanwhile, under the bankruptcy plan Solyndra’s creditors would receive pennies on the dollar, the IRS said, adding that the principal purpose of the plan is “tax avoidance.”

[…]The IRS cited emails from Kaiser to one of the venture firm’s managing directors.

[…]Solyndra has said in recent court filings it may not be able to repay any of the $528 million that the U.S. government had lent in 2009 to promote clean energy businesses.

Republicans have seized on Solyndra’s failure to accuse the White House of rushing the $528 million loan in part to help the venture capital backers. The Obama administration has said the loan was based on the merits of Solyndra’s business prospects.

Global warming fraud, cronyism and corruption. And they did everything they could to block domestic energy production, like blocking the Keystone XL pipeline and all the thousands of jobs that would have created. Do we really need four more years of this?

News

Assessing Obama’s claims about income inequality in America

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From Zero Hedge.

Excerpt:

Tonight’s stunning financial piece de resistance comes from Wyatt Emerich of The Cleveland Current. In what is sure to inspire some serious ire among all those who once believed Ronald Reagan that it was the USSR that was the “Evil Empire”, Emmerich analyzes disposable income and economic benefits among several key income classes and comes to the stunning (and verifiable) conclusion that “a one-parent family of three making $14,500 a year (minimum wage) has more disposable income than a family making $60,000 a year.” And that excludes benefits from Supplemental Security Income disability checks. America is now a country which punishes those middle-class people who not only try to work hard, but avoid scamming the system. Not surprisingly, it is not only the richest and most audacious thieves that prosper – it is also the penny scammers at the very bottom of the economic ladder that rip off the middle class each and every day, courtesy of the world’s most generous entitlement system. Perhaps if Reagan were alive today, he would wish to modify the object of his once legendary remark.

And it gets worse for those who don’t report their income:

If the one-week-a-month worker maintains an unreported cash-only job on the side, the deal gets better than a regular $60,000-a-year job.  In this scenario, you maintain a reportable, payroll deductible, low-income job for federal tax purposes. This allows you to easily establish your qualification for all these welfare programs. Then your black-market job gives you additional cash without interfering with your benefits. Some economists estimate there is one trillion in unreported income each year in the United States.

This really got me thinking. Just how much money could I get if I set out to deliberately scam the system? I soon realized that getting a low-paying minimum wage job would set the stage for far more welfare benefits than you could earn in a real job, if you were weilling to cheat. Even if you dodn’t cheat, you could do almost as well working one week a month at minimum wage than busting a gut at a $60,000-a-year job.

SSI pays $8,088 per year for each “disabled” family member. A person can be deemed “disabled” if thy are totally lacking in the cultural and educational skills needed to be employable in the workforce.

If you add $24,262 a year for three disability checks, the lowest paid welfare family would now have far more take-home income than the $60,000-a-year family.

Why am I getting up early every morning and going in to work to pay for the lifestyles of these other people? Well – this is how the Democrats are able to get elected. They buy  votes from the people who are dependent on government by paying them off with money taken from people who work for a living. And they think that this Robin Hood redistribution of wealth is noble and compassion. I am “greedy” because I want to tax cuts to keep more of what I earn.

News

Obama-connected General Electric paid no taxes on $14 billion profit

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From the Weekly Standard, a possible explanation of why GE CEO Jeffrey Immelt is tightly linked to Barack Obama.

Excerpt:

General Electric, one of the largest corporations in America, filed a whopping 57,000-page federal tax return earlier this year but didn’t pay taxes on $14 billion in profits. The return, which was filed electronically, would have been 19 feet high if printed out and stacked.

The fact that GE paid no taxes in 2010 was widely reported earlier this year, but the size of its tax return first came to light when House budget committee chairman Paul Ryan (R, Wisc.) made the case for corporate tax reform at a recent townhall meeting. “GE was able to utilize all of these various loopholes, all of these various deductions–it’s legal,” Ryan said. Nine billion dollars of GE’s profits came overseas, outside the jurisdiction of U.S. tax law. GE wasn’t taxed on $5 billion in U.S. profits because it utilized numerous deductions and tax credits, including tax breaks for investments in low-income housing, green energy, research and development, as well as depreciation of property.

“I asked the GE tax officer, ‘How long was your tax form?'” Ryan said. “He said, ‘Well, we file electronically, we don’t measure in pages.'” Ryan asked for an estimate, which came back at a stunning 57,000 pages. When Ryan relayed the story at the townhall meeting in Janesville, there were audible gasps from the crowd.

Meanwhile, Obama’s General Motors bailout is going to cost taxpayers at least $23.6 billion dollars.

Excerpt:

The Treasury Department dramatically boosted its estimate of losses from its $85 billion auto industry bailout by more than $9 billion in the face of General Motors Co.’s steep stock decline.

In its monthly report to Congress, the Treasury Department now says it expects to lose $23.6 billion, up from its previous estimate of $14.33 billion.

The Treasury now pegs the cost of the bailout of GM, Chrysler Group LLC and the auto finance companies at $79.6 billion. It no longer includes $5 billion it set aside to guarantee payments to auto suppliers in 2009.

Obama’s millionaires and billionaires get another bailout and taxpayers get the bill.

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