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- Community Reinvestment Act of 1977 created during Carter Administration.
- Under the Clinton Administration, the Democrat Congress poured fire on it by enacting the Financial Services Modernization Act of 1999.
- This created the environment for predatory lending by Wall Street and was guaranteed by Fannie and Freddie.
- Banks were sued if they did not make loans to low-income, minority consumers.
- John McCain warned Congress about these problems (So did Ron Paul).
- Congress did not listen.
- Media did not report.
- Why would they? Home prices were skyrocketing because of the flood of buyers (re: demand) into market compared to the limited supply of homes.
- Low-income consumers begain to default on their loans they could not afford.
- Banks began to foreclose.
- Housing prices began to tank. The Market began to get nervous.
- Congress did NOTHING.
- A veritable snowball of foreclosures continued. Housing prices bottomed out.
- Fannie/Freddie and Wall Street fat cats jumped ship with “golden parachutes” (one as much as $25 million) because of “accounting inaccuracies.”
- Henry Paulson firmly plucks a number out of the air (or some other orafice) and tells Congress it will cost $700 Billion to fix this mess.
- The House does not pass the “Bailout Bill.”
- The Market dives 777 points.
- The Senate, ignoring the Constitution, takes a tabled bill about mental health and adds approximately $700 Billion to it with some provisions to bailout the economy. It passes.
- The House, which narrowly defeated the bill just four days earlier, decides it is a better idea to pass the aformentioned un-Constitutional Bill sent from the Senate, with an additional $110 Billion of bacon attached. (Apparently in the current economic climate of thousands of foreclosures, repossessions, lay-offs and unenployment, not to mention and expensive two-pronged war in the Middle East, it is way more palatable to foist over $810 Billion on the taxpayers of the US and not just $700 Billion). Good idea.
- With the Bush Administration, Treasury Secretary, Chairman of the Federal Reserve, Democratic Leadership, Republican Leadership and the Mainstream Media (MSM) telling us we “need” this bailout bill, or we will be living in a recession/depression until the next ice age, the Dow drops another 157 points on the great news!
- The President signs the bill into Law.
Check this out from the IRS Website: you can receive a telephone tax refund for 2006 only. According to the IRS:
“In general, anyone who paid the long-distance telephone tax will get the refund on their 2006 federal income tax return.”
“The IRS is making it easier for taxpayers by offering a standard refund amount between $30 and $60, so they don’t need to gather old phone bills. Taxpayers who choose the standard amount will only need to fill out one line on their tax returns. The standard amount is based on actual telephone usage data and the amount applicable to a family or other household reflects the long-distance phone tax paid by similarly sized families or households. Using this amount is the easiest way for taxpayers to get their refunds and avoid gathering 41 months of old phone records.
Businesses and nonprofits must fill out the new Form 8913 and base their refund requests on the actual amount of tax they paid.”
“Individual taxpayers can take a standard amount from $30 to $60 based on the number of exemptions claimed on their tax return. For those claiming:
• one exemption, the standard refund amount is: $30
• two exemptions, the standard refund amount is: $40
• three exemptions, the standard refund amount is: $50
• four exemptions or more, the standard refund amount is: $60″
The catch is:
“To get the telephone tax refund, you must have paid the tax. If you don’t have your telephone bills, the only way to be sure if you paid the tax for long distance is to check with your service provider.”
Sign me up for the $60!