Friday, August 21, 2015
Saturday, July 25, 2015
Friday, July 10, 2015
California is once again leading the way in financial irresponsibility by subsidizing health care for illegal alien children, further burdening the state’s taxpayers.
The LA Times reports that the subsidized healthcare is a part of a $115.4 billion budget and would be available to 170,000 children at the age of 18 or younger. The cost is expected to be $132 million when fully implemented. The program will begin in May.
The Los Angeles Daily News features proponents of subsidized healthcare to illegal children saying that the state can afford to help low-income illegal children because California has billions of dollars in surplus.
Even if this were true, why does the burden have to be on us taxpayers? They are the ones who came here illegally. Yes, the children are here through no fault of their own but the sad reality is that children are often victims of bad circumstance through no fault of their own. For instance, if their parents are arrested for tax embezzlement, that’s not the children’s fault but we don’t reward the unlawful behavior of tax embezzlement as a result.
But the dirty little secret is that California is not as financially sound as the left would have you believe. In fact, the financial system is in dire straits, and a sizable portion is due to illegal immigration.
First, a little background: California would not be in this position if not for rogue, judicial activist judges. The people of California voted for Proposition 187 in 1994 by a vote of 59% to 41%, which prohibited illegal aliens from access to welfare programs, including public education and health care. This was back when Californians had common sense.
Saturday, April 18, 2015
This was the horrible week in which millions of Americans paid their taxes to the ever increasing and intrusive federal government. This year, the tax burden has grown with Tax Freedom Day appearing on April 24, meaning that Americans will spend approximately one third of the year working for government before they can provide for their families.
Taxes are certainly oppressive in this country. Compared to last year, tax revenue increased 4.3% to $1.478 trillion in the first 6½ months of the 2015 fiscal year. Even worse, the insatiable federal government continues to spend money with reckless abandon. Through April 1 of this year, the budget deficit was an astounding $439 billion, a significant increase from 2014.
Not only are taxes and deficits increasing, but the actual size of the federal tax code is exploding. When the income tax was created in 1913, the tax code was only 400 pages. It increased to 26,000 pages by 1984 and has tripled in size in the last 30 years. Since the implementation of Obamacare in 2010, the federal tax code has increased another 3,300 pages, resulting in more rules and regulations for Americans to decipher. Today, the federal tax code is over 74,000 pages of bureaucratic nonsense, making it impossible for the average American to complete their own tax return. It is no surprise that 94% of Americans need professional assistance in finishing their tax return.
Monday, September 9, 2013
Tuesday, July 23, 2013
President Obama’s former car czar, Steven Rattner, now says that federal taxpayers should bail out the entire city of Detroit. In a Friday op-ed for the New York Times, Rattner writes, “neither the state nor the federal government has evinced any inclination to provide meaningful financial assistance. That’s a mistake. No one likes bailouts or the prospect of rewarding Detroit’s historic fiscal mismanagement. But apart from voting in elections, the 700,000 remaining residents of the Motor City are no more responsible for Detroit’s problems than were the victims of Hurricane Sandy for theirs, and eventually Congress decided to help them.”
Saturday, November 3, 2012
THE BIG FAIL: Obama Said That “Some Of The Businesses We Encourage Will Fail” But His Investments With Taxpayers’ Dollars Have A Dismal Record Of Success
Today, Obama Said “Some Of The Businesses We Encourage Will Fail.” OBAMA: “Today, there are thousands of workers building long-lasting batteries and wind turbines and solar panels all across the country. Jobs that weren’t there four years ago. And sure, not all technologies we bet on will pan out. Some of the businesses we encourage will fail. But I promise you this, there is a future for manufacturing here in America. There’s a future for clean energy here in America. And I refuse to cede that future to other countries.” (President Barack Obama, Remarks At A Campaign Event, Green Bay, WI, 11/1/12)
OBAMA TANKED MILLIONS OF TAXPAYER DOLLARS ON FAILED COMPANIES
A123 SYSTEMS: In October 2012, Taxpayer-Backed A123 Systems, A Maker Of Rechargeable Lithium-Ion Batteries For Electric Cars, Filed For Bankruptcy. “A123 Systems Inc. (AONE), a maker of rechargeable lithium-ion batteries for electric cars, filed for bankruptcy after failing to make a debt payment that was due yesterday. The company listed assets of $459.8 million and debt of $376 million as of Aug. 31 in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware. Chapter 11 is the section of the Bankruptcy Code used by companies to reorganize.” (Dawn McCarty and Craig Trudell, “Electric Car Battery Maker A123 Systems Files Bankruptcy Papers,” Bloomberg Businessweek, 10/16/12)
ABOUND SOLAR: Abound Solar Was Given A $400 Million DOE Loan Guarantee For “Plans To Open A Massive Solar-Panel Plant In Tipton,” Indiana. “Abound Solar Inc., a Loveland, Colo.-based manufacturer that plans to open a massive solar-panel plant in Tipton, has raised $110 million from investors and closed on a $400 million government loan guarantee to increase its production capacity, the company announced Tuesday.” (“Abound Solar Completes Financing For Tipton Plant,”Indianapolis Business Journal, 12/15/10)
- In July 2012, Abound Solar Announced It Would File For Bankruptcy And Lay Off 125 Employees. “Abound Solar, which filed for a Chapter 7 liquidation in U.S. Bankruptcy Court in Delaware, had said last week that it planned to shut down and would lay off 125 employees.” (Caroline Humer, “Abound Solar Files To Liquidate in Bankruptcy,” Reuters, 7/2/12)
AMONIX SOLAR: In July 2012, “Amonix Solar Manufacturing Plant In North Las Vegas, Heavily Financed Under An Obama Administration Energy Initiative, Has Closed Its 214,000-Square-Foot Facility 14 Months After It Opened.” (Hubble Smith, “Amonix Closes North Las Vegas Solar Plant After 14 Months, Heavy Federal Subsidies,” Las Vegas Review-Journal , 7/18/12)
- Since Obama Took Office, Solar Company Amonix Has Received Over $20 Million In Combined Stimulus Grants, Tax Credits, And DOE Funding. (The White House, Accessed 11/1/12; Department Of Treasury, Accessed 11/1/12; Department Of Energy, Accessed 11/1/12)
Sunday, October 21, 2012
Taxpayers Are Paying Millions For Workers At An Electric Car Battery Factory That Has Yet To Produce A Single Battery
WORKERS AT A BATTERY MAKER THAT RECEIVED $151 MILLION FROM THE STIMULUS SPEND THEIR DAYS PLAYING BOARD GAMES AND WATCHING MOVIES
Workers At Stimulus Funded Battery Plant “Have So Little Work To Do That They Spend Hours Playing Cards And Board Games, Reading Magazines Or Watching Movies.” “Workers at LG Chem, a $300 million lithium-ion battery plant heavily funded by taxpayers, tell Target 8 that they have so little work to do that they spend hours playing cards and board games, reading magazines or watching movies. They say it’s been going on for months.” (Ken Kolker, “Volt No Jolt: LG Chem Employees Idle,” WOOD-TV [Holland, MI], 10/18/12)
- “‘There’s No Work, No Work At All. Zero Work,’ Another Current Employee Said. ‘It Is What It Is. What Do You Do When There’s No Work?’” (Ken Kolker, “Volt No Jolt: LG Chem Employees Idle,” WOOD-TV [Holland, MI], 10/18/12)
Taxpayers Have Spent $7 Million Paying The Idle Workers. “A Target 8 analysis of federal records shows taxpayers spent $7 million to train workers and have paid more than $700,000 for workers’ health and dental insurance.” (Ken Kolker, “Volt No Jolt: LG Chem Employees Idle,” WOOD-TV [Holland, MI], 10/18/12)
- 40 Percent Of The $133 Million Spent By The Company So Far Has Gone To Foreign Companies. “The company has spent $133 million so far, most for construction and equipment, records show. About 40% has gone to foreign companies — mostly to Korea, a Target 8 analysis shows.” (Ken Kolker, “Volt No Jolt: LG Chem Employees Idle,” WOOD-TV [Holland, MI], 10/18/12)
- $533,000 From The Stimulus Award Was Spent On The Groundbreaking Ceremony. “The company also spent more than $533,000 of that federal grant for the groundbreaking, records show.” (Ken Kolker, “Volt No Jolt: LG Chem Employees Idle,”WOOD-TV [Holland, MI], 10/18/12)
“[Workers] Say The Last Of The Materials Needed To Make Battery Cells, Including Chemicals, Was Shipped Back To Korea.” “They say the last of the materials needed to make battery cells, including chemicals, was shipped back to Korea. It’s not clear if that includes any of the $1.8 million in materials paid for with that federal Recovery Act money. Workers say they made test battery cells, starting late last year, perhaps 100,000 or more, and that they did a good job. They say they produced perhaps 4,000 a week. But, they say, that worked ended for the most part last December.” (Ken Kolker, “Volt No Jolt: LG Chem Employees Idle,” WOOD-TV [Holland, MI], 10/18/12)
Monday, September 17, 2012
CHICAGO (MarketWatch) -- The Treasury Department is resisting General Motors' push for the government to sell off its stake in the auto maker, The Wall Street Journal reports. Following a $50 billion bailout in 2009, the U.S. taxpayers now own almost 27% of the company. But the newspaper said GM executives are now chafing at that, saying it hurts the company's reputation and its ability to attract top talent due to pay restrictions. Earlier this year, GM presented a plan to repurchase 200 million of the 500 million shares the U.S. holds with the balance being sold via a public offering. But officials at the Treasury Department were not interested as selling now would lead to a multibillion dollar loss for the government, the newspaper noted.
Via: Market Watch
Via: Market Watch
Friday, August 24, 2012
The Democratic National Convention will be Charlotte’s most prestigious event, bringing tens of thousands of visitors and worldwide exposure. It’s the crowning achievement of the city’s two-decade quest to become a world-class convention destination.
What’s less known are the tens of millions of dollars in taxpayer money spent to compete in the convention business and the wildly inflated projections of economic impact used to justify the Convention Center’s construction and expansions.
In fact, the city of Charlotte and the Charlotte Regional Visitors Authority have not scrutinized how the Convention Center has performed. Elected officials who oversee it do not understand it.
Yet they have continued to pour money into the convention business, even in the face of a national glut of meeting space and Charlotte’s inability to fill its building.
The Charlotte Convention Center has cost taxpayers as much as $30 million annually for construction debt, operating losses and incentives worth of hundreds of thousands of dollars to win business. The promised payback from the investment hasn’t materialized.
Meanwhile, Charlotte residents pick up much of the tab: Most Convention Center funding comes from a countywide 1 percent tax on restaurant and bar bills – a majority of which is paid by Mecklenburg County residents who dine out.
Read more here: http://www.mcclatchydc.com/2012/08/20/162854/selling-charlotte-dnc-convention.html?utm_source=twitterfeed&utm_medium=twitter&utm_term=news#storylink=cpy
Monday, August 20, 2012
Contrary to what voters were led to believe, California took the unprecedented step this month to give banks and struggling homeowners up to $100,000 in taxpayer funds to reduce underwater mortgages.
Originally, banks and lenders were supposed to pay 50 percent of the cost of reducing the principal for those whose homes are worth less than their mortgage. But when the banks refused, California took the controversial step of paying the entire amount, up to $100,000.
"We thought, you know, 50-50 was much more attractive and we'd have much more traction with lenders, and it just didn't turn out to work as well as we would have liked," said Diane Richardson, legislative director of the California Housing Finance Agency.
The program, known as the Hardest Hit Housing Market fund, is part of a $7.6 billion federal effort to help underwater homeowners in 18 states. California received $2 billion. But when banks and lenders who service loans refused to write down even a small portion of the negative equity loans, California decided to use the taxpayer money to pay 100 percent of the mortgage reduction.
Richard Green, a professor of real estate at the University of Southern California, said it's not what taxpayers signed up for.
"I think taxpayers would be furious at the idea that everybody gets completely off the hook for this," Green said. "There are people that say, look, I've been a renter all these years, I've been paying my mortgage all these years, why am I bailing out these people who made a bad decision? I think the politics of it are very combustible."
Thursday, August 9, 2012
IRS supervisors ignored employees who tried to warn agency higher-ups of fraud in a program designed to collect taxes from immigrants, resulting in the agency paying out potentially bogus refunds.
The Treasury inspector general for tax administration said the IRS even eliminated some methods employees had used to figure out questionable refund requests, and that the agency doesn’t have the ability to verify applicants’ identity or foreign status.
Investigators “found an environment which discourages employees from detecting fraudulent applications,” said J. Russell George, the inspector general.
The IRS pays out $6.8 billion in refunds to taxpayers who file using Individual Taxpayer Identification Numbers (ITINs), who are generally immigrants, here both legally and illegally. The amount of fraud was not stated.
The agency said it has put new checks in place to try to crack down on fraud, with employees getting training from the Homeland Security Department on how to verify documents when an immigrant applies for an ITIN.
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