Monday, July 16, 2012

Romney states any further reporting of income is not required.

By whom?

Romney freely states he does not want anyone scrutinizing his tax returns. He states he doesn't want people scrutinizing his wife's tax returns. So, we at least know she has tax returns now.

The reason stated is that it would bring up issues that could hurt his political aspirations. Really?

Then he goes on to say Teresa Heinz Kerry was a very wealthy woman that never released her tax returns. He is making an analogy to Heinz Kerry? In regard to his wife? Really? Wow. Teresa's activities were well known, though. She was widely traveled to Africa and involved with charities. I don't think there is a comparison to the transparency we saw with Teresa.

The work of the Teresa and H. John Heinz III Foundation (click title to entry - thank you) focuses on health and the environment. Our work supports a wide variety of events, activities, and programs. 

One of our premier programs is the annual Women's Health and the Environment Conference. This conference series explores the impact of our physical, psychological, and economic environments on the health and well-being of women. 

An exciting foundation event was the Campus Earth Summit. While the event took place several years ago, its findings ...

I don't believe the analogy is correct. Teresa received wealth from her family, she was very transparent about it and she used it with compassion, not self-indulgence. Not to say she was uncomfortable. That isn't the case, but, the Heinz wealth is very different in its etiologies and uses than Bain Capital. There really is no analogy that I can see. 

Besides, she had her detractors. It never ceases to amaze me how Democratic women are always, without exception, villainesses. They are attacked regularly by the Right Wing as powerful vamps. I really think the GOP is scared of powerful women. 

Democratic women frequently are affiliated with compassionate enterprises. Secretary Clinton was first involved with The Children's Defense Fund before being involved with politics. Teresa Kerry was simply seeking people in need as a focus in her life. She had many outreaches not dissimilar to The Gates Foundation and its activities. They enjoy giving back. They are proud of themselves for being involved with efforts to assist others from impoverished states of health and economy. So, the attacks on Democratic women are grossly wrong, but, are convenient for the political Right Wing of the USA.

A more contemporary example was when Dennis Miller stated, "Would you want to sit next to MIKE-A Brzezinski? Of course that was a slam against her feminity by making her name, usually pronounced MEEKA (like the meek shall inherit the Earth) sound masculine. Powerful women to the Right Wing are emasculinating. So, while her name is spelled Mika, it is not pronounced that way. It was a direct insult to her femininity and the fact she has been writing very empowering books for women. When men attack a woman for her femininity while asserting her prowess in business or government, it only reflects their own insecurities. I thought that went out in the sixties; evidently not.

"Knowing Your Value" (click here for Amazon)

I sincerely believe the hypermasculine content of the Bush/Cheney administration reflects more insecurity to advance war than any other time in the nation's history. That hypermasculine content is superfluous and out of step with contemporaries in any other nation. I sincerely believe the political Right Wing is afraid of women and their ability to be feminine in the same roles they have as men. THAT is not a well integrated personality. It just isn't.

The bill the Republicans never passed - American Jobs Act - Subtitle E of Title IV

Continuing with "Offsets" to The American Jobs Act
Subtitle E -- Dual Capacity Taxpayers

Sec. 441.  Modifications of Foreign Tax Credit Rules Applicable to Dual Capacity Taxpayers

(a) IN GENERAL.—Section 901 of the Internal Revenue Code of 1986 (relating to credit 
for taxes of foreign countries and of possessions of the United States) is amended by 
redesignating subsection (n) as subsection (o) and by inserting after subsection (m) the following new subsection:

Sec. 901. Taxes of foreign countries and of possessions of United
        States (click title to entry - thank you)

The contradictory statements below are from the US Chamber of Commerce

A dual capacity taxpayer is a multinational company click here) that pays a levy to a foreign country and also receives a specific economic benefit from that foreign country. Nearly all dual capacity taxpayers are U.S. based oil and gas companies that have operations in foreign countries....

...Limiting the creditability of foreign taxes paid by dual capacity taxpayers would impose double taxation on these taxpayers and make them uncompetitive in the global market....

So, let me get this right, the primary Dual Capacity Taxpayers are oil and gas companies, yet, they are uncompetitive in the global market place. This is the USA Chamber of Commerce making the argument that US Oil and Gas Companies are uncompetitive in the market place. 


And whom is it that owns the Republicans in the US House and Senate, exactly? And why is it the Republicans obstructed the President's Job's Bill? The COST? It wasn't the cost, it was the fact their cronies were disgruntled over NOTHING, but, their greed.

And why is it Republicans see deregulation and tax reduction as the answer to job creation? Because it works? No. Because it feeds their cronies regardless of the suffering of the American citizen.

Uncompetitive in the global market. What a joke!

‘‘(1) GENERAL RULE.—Notwithstanding any other provision of this chapter, any amount paid or accrued by a dual capacity taxpayer or any member of the worldwide affiliated group of which such dual capacity taxpayer is also a member to any foreign country or to any possession of the United States for any period shall not be considered a tax to the extent such amount exceeds the amount (determined in accordance with regulations) which would have been required to be paid if the taxpayer were not a dual capacity taxpayer

The tax burden to the USA by the petroleum industry has been absorbed by the USA Treasury. This Offset requires the USA to receive their taxes along with the foreign nation.

The Petroleum Industry pays less taxes operating in foreign countries. They not only receive subsidies from the USA Treasury, they don't pay taxes to the USA Treasury.

Last time I checked Nova Scotia, Canada has a 17% tourism tax. It is applied to hotels, food and all the amenities a tourist would encounter including shops where tourists occur. As a tourist that tax is paid. Nova Scotia is a beautiful place with wonderful people, there are many reasons to travel there. The tax is simply part of the vacation a person takes.

When the tourist comes home to the USA they don't claim "I am a Dual Capacity Citizen Taxpayer," they simply pay the taxes due to the USA Treasury. 

I remind the Petroleum Industry has legitimate costs to their business. They are allowed to reduce their tax burden while the USA Treasury absorbs their costs and accepts a lower tax rate. So, for all the claims the petroleum industry creates jobs, the salaries paid to those employees are absorbed by the USA Treasury to the extent they can be deducted from profits. So, don't tell me the petroleum industry isn't taken care off if they are not exempt from a Dual Capacity Taxpayer.

(b) CONTRARY TREATY OBLIGATIONS UPHELD.—The amendments made by this 
section shall not apply to the extent contrary to any treaty obligation of the United States.

The Offset is not breach treaties which are passed by the Congress after negotiations with the President. This strictly applies only to the IRS tax forms.

(c) EFFECTIVE DATE.— The amendments made by this section shall apply to amounts that, if such amounts were an amount of tax paid or accrued, would be considered paid or accrued in taxable years beginning after December 31, 2012.

This Offset was not even immediate. The petroleum industry would have time to ready themselves to pay those taxes so it would not effect operations today. The ADJUSTMENT of the petroleum industry would not begin until immediately after midnight on New Years Eve of 2012.

That provision is definitely a paradigm the Plutocrats understand. Definitely. The learning curve would be short. The stroke of midnight, New Years Eve, tears start to roll. Be prepared with hankies for friends affiliated with same.

Sec. 442.  Separate Basket Treatment Taxes Paid on Foreign Oil and Gas Income

(a) SEPARATE BASKET FOR FOREIGN TAX CREDIT.—Paragraph (1) of section 
904(d) of the Internal Revenue Code of 1986 is amended by striking ‘‘and’’ at the end of 
subparagraph (A), by striking the period at the end of subparagraph (B) and inserting ‘‘, and’’, and by adding at the end the following:

      Subtitle A - Income Taxes
        Subchapter N - Tax Based on Income From Sources Within or Without
              the United States
           Subpart A - Foreign Tax Credit (click here)
Sec. 904. Limitation on credit
(d) Separate application of section with respect to certain
        categories of income
(1) In general.--The provisions of subsections (a), (b), 
        and (c) and sections 902, 907, and 960 shall be applied 
        separately with respect to--
                    (A) passive category income, and
                    (B) general category income.
             (C) combined foreign oil and gas                   income (as defined in section                  907(b)(1)).’

‘‘(C) combined foreign oil and gas income (as defined in section 907(b)(1)) (below).’’

(1) Personal exemptions
        For purposes of subsection (a), the taxable income in the case
      of an individual, estate, or trust shall be computed without any
      deduction for personal exemptions under section 151 or 642(b).

Internal Revenue Code:Sec. 151. Allowance of deductions for personal exemptions (click here)

President Obama has gone to every extent to make sure none of the Offsets effect 'the individual' because they are the STRENGTH of the economy. Don't tell me he doesn't know what he is doing, he does. His focus in extremely consistent.

The Obama Mandate for Recovery is to empower the Middle Class as consumers and provide every aspect of that consumerism at all levels of income. Where the incomes of Americans begin to reach a level of unfairness in loss of tax payments; adjustments have to occur. We have a national debt to pay down. Those best to help the most need to participate in a way the empowers the USA. Unfairness in the tax code is draconian. 

The continued tax cuts for all would be wonderful, no one denies that, but it is not possible. NOT POSSIBLE. It will not injure the USA economy. The greatest number of consumer comes from the Middle Class. Maximizing the power of the Middle Class consumer adds income/profit to those wealthy when that wealth comes from business. I don't care if it is small business or Wall Street big box stores. The Middle Class consumer is the venue of growth. Look to the Friday after Thanksgiving to understand that paradigm is real.

When job growth occurs the income through the entire economy is exponential. So, while the wealthy would be paying more in taxes to the US Treasury, they would be receiving more income. They wouldn't feel it. Guaranteed.

The Republicans are simply wrong. They never came to the side of President Obama to end the disaster that occurred in 2008 beginning in 2007. 

I'll start here next time.

Subtitle F – Increased Target and Trigger for Joint Select Committee on Deficit Reduction
Sec. 451.  Increased Target and Trigger for Joint Select Committee on Deficit Reduction