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The financial institutions have done nothing wrong, except take advantage of the rules that Obama and his crooked Democrat cronies allowed to be put in place. Yet Obama is determined to make the financial industry the Boogeyman in this “crisis,” and to legislate more socialism.
Promoting even more massive government, Obama is proposing new protection from capitalism for us stupid citizens, as Obama put it “to tamp down the kind of deceptive lending practices and complicated contracts he said often hurt consumers.” So what do we get for our $3.6T and counting—the Consumer Financial Protection Agency.
By 2012 this agency will consist of around 100,000 people sitting around playing Dominoes and watching reruns of The Jeffersons all day—at taxpayers’ expense. However, if we must have protection, I suggest the first target of this new agency be the US Government’s own Internal Revenue Service. They certainly qualify, per Obama’s comment. The IRS takes our money in advance and puts it in an account, supposedly for us. Right!
By April 15 you must have filed to recover some of your money, and the IRS certainly makes it easy to get that money back, as noted by U.S. Representative Jim DeMint (R-SC)
“The federal tax code with its 44,000 pages, 5.5 million words, and 721 different forms is a patchwork maze of complexity and a testament to confusion over common sense.”
So in Obama’s own words from this Washington Post article, the IRS itself uses
“those ridiculous contracts — pages of fine print that no one can figure out.”
I would take trying to understand the “fine print” of any private sector financial institution document over trying to understand the IRS tax code any day! The IRS can do essentially whatever it chooses to do keep the money you have deposited in “their” bank account, and they can use any “crisis” they want to play with the system, as showcased here.
“Congress enacted an income tax in October 1913 as part of the Revenue Act of 1913, levying a 1% tax on net personal incomes above $3,000, with a 6% surtax on incomes above $500,000. By 1918, the top rate of the income tax was increased to 77% (on income over $1,000,000) to finance World War I. The top marginal tax rate was reduced to 58% in 1922, to 25% in 1925 and finally to 24% in 1929. In 1932 the top marginal tax rate was increased to 63% during the Great Depression and steadily increased, reaching 94% (on all income over $200,000) in 1945. Top marginal tax rates stayed near or above 90% until 1964 when the top marginal tax rate was lowered to 70%. The top marginal tax rate was lowered to 50% in 1982 and eventually to 28% in 1988. During World War II, Congress introduced payroll withholding and quarterly tax payments.”
Here’s the wrap:
We don’t need another government agency, nor do we need protection from Capitalism. We need protection from the government. Any potential harm that could be done by the private financial sector pales in comparison to what our government agencies do to taxpayers routinely. And the most egregious financial institution to the American people is the IRS.
There are good potential solutions to the tax code, and the government knows it. The Fair Tax and the Flat Tax are two such potential fixes. Easy to calculate, and free from government manipulation, and very different from the status quo. Obama agrees, as indicated in the same Washington post article:
“…But what I will not accept, and I will vigorously oppose, are those who do not argue in good faith. Those who would defend the status quo at any cost.”
Based on this comment, I predict Obama will be arguing with “self.” I suspect that Obama’s proposed fix for capitalism won’t apply to the status quo of the tax code. Because what all good Marxist need is a bully like the IRS to give their beatdowns.
That’s my rant!
© 2009 Kevin Jackson – The Black Sphere All Rights Reserved