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Posted: 1:00 a.m. Wednesday, Oct. 12, 2005
Today's Nuze: October 12, 2005
By Neal Boortz
| Today's Nuze: October 12, 2005 | ||
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| Wednesday -- October 12, 2005
The president's so-called tax reform commission telegraphed its intentions several months ago when members stated that they were not going to recommend a full reform of our federal tax system, rather they were going to recommend some incremental reforms. The The FairTax Book hit the book stores and debuted at No. 1 on the New York Times Bestseller's list. Politicians and other Beltway denizens told co-author Congressman John Linder that the success of The FairTax Book was a certain indication that the people of this country were in the mood for wholesale reform. Who knew? Now we're starting to get an indication of what the tax reform commission is going to recommend. It's very simple. Tax increases, not tax reform. First: The commission is going to recommend that the cap on the home mortgage interest deduction be reduced. Currently you can deduct interest on home loans up to one million dollars. The new limit is likely to be $350,000. This means that all interest on home loans about $350,000 will not be deductible. The result? A tax increase for people who own more than $350,000 on their homes. Now this won't bother most Americans because they believe that anyone who owns a home valuable enough to stand as security for a loan in excess of $350,000 is rich, and as we all know there really should be no limit to the taxes that evil rich people pay. Political survival rule No. 1: You can never go wrong raising taxes on the rich. Second: Another tax increase. Right now your employer can deduct the cost of any health insurance it pays for on your behalf. The tax reform commission wants to limit that deduction. Does this amount to a tax increase on businesses? In a sense, yes. But, as you know, business don't pay taxes, they pass the taxes and the tax increases down the line of commerce until they end up embedded in the final retail price of goods and services. So this is a tax increase, but it's an increase on all of us. The panel calls these ideas "tough choices" that must be made to allow for the elimination of the hated Alternative Minimum Tax. The truth is that they're not tough choices at all. They're the easy choices ... the easy political choices. First, as for the mortgage deduction choice, it will affect only the hated rich, so no political danger there. As for the taxing of health care benefits, most Americans -- and were talking a huge percentage here -- don't understand the concept of embedded taxes in the retail price of goods and services, so this is another politically safe choice. People will actually believe that this only raises taxes on businesses, so no harm no foul. As for the FairTax --- a national sales tax? Well, Vice-Chairman John Breaux, a Democrat, says that the panel has decided not to endorse the idea. K-Street influence, perhaps? It seems that the president's tax reform panel is paying attention to the political equation here, not to the interests of the American people. These so-called tax reform ideas do nothing but protect politicians and lobbyists. There is nothing here for the people. Sure, the panel members will say that they are going to recommend getting rid of the Alternative Minimum Tax. Big Deal. With passage of the FairTax not only do they get rid of the AMT, but the income tax, death tax, Social Security tax and Medicare tax as well. These "reforms" do nothing to reduce the hideous tax compliance costs in this country. In fact, we'll probably see tax compliance costs go up. Wealthy homeowners will have to look for ways to overcome the loss of their mortgage interest deduction, and businesses will spend money trying to find a way to overcome the increased taxes from the loss of deductibility on health care. These "reforms" do nothing to bring American businesses back home. When Chrysler and Daimler Benz merged they headquartered in Germany because the tax burden would be at least 20% higher if they were headquartered in the United States. So, the merger became Daimler-Chrysler. There is nothing in these reform proposals that would cause any discussion on becoming Chrysler-Daimler. The FairTax would make America the world's largest tax haven. The panel's "reforms" only increase the burden on American businesses. These "reforms" do nothing to bring the $10 trillion-plus U.S. dollars that are invested overseas back home to work in our own country. These dollars will continue to work overseas where American taxes won't drag them down. Those dollars will stay overseas. Nothing here calls them home. These "reforms" will not allow you to invest with no tax consequences. These "reforms" will not allow you to save money or to pay to educate your children (or yourself) with no tax consequences.
I'll have plenty more to say about this capitulation to K-Street on today's show ... and when I get off the road you'll see much more here in Nealz Nuze. These absurd ideas from the tax "reform" panel have reinvigorated me. They are totally and completely ignoring the groundswell of public opinion in favor of wholesale tax reform. I can't wait to get to Lexington, Kentucky tonight for my next book signing. Here are a few pictures from Indianapolis.
-Al-Zawahiri (the guy with the grey beard and the black cloth on his head you see in all the Al-Qaeda videos these days,) predicts that the United States will cut and run from Iraq soon. Sounds more like a press release from the Democratic Party. -He also worries that videos showing Zarqawi beheading hostages might cause Al-Qaeda to lose the hearts and minds of Muslims. Specifically, he says "I say to you: that we are in a battle, and that more than half of this battle is taking place in the battlefield of the media." That's right...they know exactly what they are doing. With their willing accomplices in the American and international media, these Islamic killers spread their vicious message of death and hate through propaganda gleefully repeated by the America-haters around the world. Even though by any measure, the United States is winning the war in Iraq, the media is doing their best to portray it otherwise. Now we know exactly whose agenda is served by such reporting. We also see that the group who attacked us on 9/11 is just waiting for us to cut and run from Iraq. Why do they want us to leave? So they can attempt to turn Iraq into an Islamic terrorist state. Who else wants us to cut and run from Iraq? Democrats and weak-kneed Republicans. Now we know whose agenda will be served by such a withdrawal. Zawahiri, Zarqawi, Pelosi and Kennedy....they're like peas in a pod.  BOTH SIDES OF THE STORYThe video that came out of New Orleans showing the savage beating of a 64-year-old man by the cops caused quite a stir. As there should be, an investigation is taking place and the police have been suspended and charged. The police superintendent says the video only shows a portion of the incident, such as what the guy did to tick off the cops. We'll have to wait and see. At any rate, now the 64-year-old recipient of the whoopin', Richard Davis, is speaking out. He says, completely unchallenged by the media, that he hadn't been drinking and he was just minding his business on a New Orleans street when the police came along and beat the crap out of him. Right. Obviously the cops just go around beating people at random for no reason. So now we have a civil rights investigation. The cops doing the beating were white, Davis is black. The Justice Department will investigate to see if race was a factor. That's nice. Such a wise use of our tax dollars, is it not? Just ask yourself...if the situation were reversed, would there be a civil rights investigation? Probably not. And if the cops were white and the suspect were white, it wouldn't have even made the news. And where's Jesse Jackson on this? We need some protests!
IT WAS ALL A HOAXIt looks like New York City was had on the subway threat last week. According to the U.S. government, the informant that provided the information has admitted to lying about it. So New York's subway system was in a panic for no reason. Such is life. But you have to look at this situation and ask yourself: how prepared are we to handle a real threat to our cities, and can you trust the government to protect you? The answer is very clear: absolutely not. When an Islamic terror attack happens in a large American city....when, not if, but when....the same incompetent city, state and local officials will be there to protect you. Comforting, isn't it? Now imagine if such an attack were nuclear. A dirty bomb going off in a shopping mall. A sports stadium. A downtown during lunch hour. What we've seen with these false alarms and with the response to Hurricane Katrina is a dry run for when the inevitable occurs, and it isn't pretty. Something else...if there is a threat from Islamic terrorists to the New York City subway, will the authorities be profiling riders of Arab descent? Probably not...that would be discrimination, you know...which is of course a much worse crime than murder.
Tour Gallery | BUY ONLINE | Book Tour, part 2! REDNECK SCRAP BOOK Yee haw! Ride 'em, cowboy! More in the Redneck Scrap Book.
The Ohio Civil Rights Commission has ruled that
a sign in a private business that says "For Service, Speak English" is
discriminatory and must be removed. Can't offend illegal aliens, you know.
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These "reforms" are totalmente mierda del toro. (OK .. You get the idea) I
want you to consider a thought that my friend Bugsy (the world's best talk-radio
consultant, Greg Moceri) put in my ear this morning. Is this a preemptive strike
by the tax reform panel? They know of the success of the FairTax idea, they know
that the book is staying at the top of the bestseller's lists .... are they
sending a message? "No way, people. No way we are going to lose that much power
to the American people. We've worked for too many years to subject the American
people to our money-hungry government behemoth, and we're not going to let that
slide away just because some businessmen spent over $20 million developing a tax
scheme that empowers the people.
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