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“This is the most atrocious thing I’ve seen in the history of the 15 years I’ve been a lobbyist. Pat Murphy has acted like a jack-booted Nazi,” said Ed Failor Jr., president of Iowans for Tax Relief, a conservative taxpayers’ rights group from Muscatine with 50,000 members…



Filed under: Politics, , , , , , , , , , , , , , ,

Obama’s Health Secretary Pays $7,040 in Back Taxes After 3 Years

WIRE: Health and Human Services nominee Kathleen Sebelius has corrected three years worth of tax returns after finding “unintentional errors.”

Sebelius alerted senators to the changes in a letter dated Tuesday that was obtained by The Associated Press. She says the changes involved charitable contributions, the sale of a home and business expenses….

Cites “unintentional errors…”

Filed under: Obama, , , , , , , , , , , , , , , , , , , , , , , ,

Hotel Industry Annoyed With Congressional ‘Hypocrisy’ After Senators Take Lavish Trips

WIRE: The U.S. Senate last month passed a measure limiting “luxury” spending for corporate travel by recipients of federal bailout funds. Two weeks later, about two dozen senators of both parties left town for political meetings on the Florida coast…

Filed under: Humor/Irony, Politics, , , , , , , , , , , , , , , , , , ,

Thousands Protest Obama Spending at Orlando Tea Party

Thousands gathered at the amphitheater along Lake Eola for a Boston Tea Party-style protest against President Barack Obama’s economic stimulus plan…



Filed under: Economics, Politics, , , , , , , , , , ,


90% TAX

“Spurred on by a tidal wave of public anger over bonuses paid to executives of the foundering American International Group, the House voted 328 to 93 on Thursday to get back most of the money by levying a 90 percent tax on it…”

Chris Dodd Added Loopshole Allowing AIG Bonuses at the Request of Obama…

Filed under: Politics, , , , , , , , , , , , , , ,

Congress Sends Obama ‘Massive’ Spending Bill, $410 BILLION

“Congress is sending President Barack Obama a massive bill funding domestic programs and awarding lawmakers their cherished pet projects after more than a week of partisan debate.”

“Senators passed the measure by voice vote after voting 62-35 to shut down debate. The White House says Obama will sign the bill. It finishes up last year’s budget business, which stalled as Democrats feuded with former President George W. Bush…”

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Nearly 10,000 Protest Obamas Spending Spree; Source: OC Register
Nearly 10,000 Protest Obama’s Spending Spree; Source: OC Register

Obamanomics; Source:
Obamanomics; Source:

Filed under: Economics, Obama, , , , , , , , , , , , , , ,

Obama Trade Pick Found to Have Tax Problems (But It’s OK)

“Word today that yet another Barack Obama appointee has a little problem with taxes — a $10,000 problem.

Ron Kirk, the former mayor of Dallas who would be the White House chief trade representative if confirmed, didn’t pay taxes on some speaking fees he donated to his alma mater and he tried to write off the full $17,000 costs of his Dallas Mavericks season tickets.”

Ron Kirk, Obama Pick for Chief Trade Rep.; Source: LA Times

Ron Kirk, Obama Pick for Chief Trade Rep.; Source: LA Times

Filed under: Obama, , , , , , , , , , , , ,

Stocks Slip For Second Straight Day on Obama Budget, $1 Trillion Tax Hike

US Session Key Developments

  • President Obama Offers $3.75 Trillion Budget; $1 Trillion Tax Hike
  • Durable Goods Orders Plummets More Than Forecast
  • Aflac, AIG Surge 17.69% and 13,04% on $316 Billion Medicare Cut

Stocks Slip For Second Day on Obama Budget, $1 Trillion Tax Hike

Wall Street was not happy today after President Obama unveiled a $3.75 trillion budget that would include $1 trillion in new taxes. Indeed, the new tax plan would lift Bush’s $338 billion tax cuts for the top two income tax brackets. As far as accounting standards are concerned, the Obama tax plan would also repeal the LIFO (last in-first out) tax rule in an effort to raise $61 billion. Macroeconomic data continued to paint a bleak picture of the economy. Durable Goods Orders fell by 5.2% in January after economists had anticipated the number to fall by only 2.3%. The previous month’s number was revised substantially downward, from -2.6% to -4.6%. When excluding transportation, December’s figure was revised downward from -3.6% to -5.5%. New Home Sales helped alleviate some of the pain. Despite falling by 10.2% from the previous month, December’s figure was actually revised substantially upward; it was revised from -14.7% to -9.5%. Overall most of the equity losses came from Health Care and Consumer Discretionary with the latter reacting to the Durable Goods news. Financials surprisingly swung upward for a second straight day. Some of the biggest movers in the sector were the insurers as Obama vowed to slash $316 billion from Medicare. With Medicare having less money to compete with its competitors in the private sector, it was likely seen that the insurers would pick up some of the market share that Medicare would lose. As such, Aflac and AIG surged 17.69% and 13.04%, respectively.

DJIA        7182.08      -88.81        -1.22%

The Dow started the day off in positive territory but then moved into the red half-way through the trading session. Health Care, a defensive sector, slipped by 3.97; making it the worst performer in the index. Financials actually rallied for a third straight day despite overall negative sentiment.

NASDAQ      1391.47      -33.96         -2.38%

The NASDAQ saw only the Energy and Financial sectors rally today, by 0.96% and 0.50%, respectively. Health Care tanked more than it did from within the Down, sinking more than 5.0%.

S&P500      752.8          -12.07        -1.58%

Financials in the S&P 500 were led by insurance giants. Aflac, AIG and Metlife, each gained 17.69%, 13.04%, and 8.80%. Volatility dipped just a tad, from 44.67 to 44.66.

Filed under: Economics, Obama, Stocks, , , , , , , , , , , , , , , , , , , , ,

Why Louisiana Governor Jindal Rejected Stimulus Money, Meet The Press (Video)

Governor Jindal Presents Case For Not Accepeting Stimulus Money

Governor Jindal Presents Case For Not Accepeting Stimulus Money

“The best thing they could have done, for example, is to cut taxes on things like capital gains (on) the lower tax brackets to get the private sector spending again…”

“We made mid-year reductions, $341 million dollars…”

“In Louisiana…we’re going to have to do more with less…”

“It makes no sense for us to take temporary federal dollars and create permanent state obligations…”

Filed under: Economics, Obama, , , , , , , , , , , , , ,

Obama to Tax Wealthy, Taxes Rise From 16% to 19% Of Economy

Taxes Rise From 16% to 19% of Economy…

Rate Jumps From 35% to 39%

Obama Halo

Obama and His Halo

Filed under: Economics, Obama, , , , , , , , , , , , ,