The Bain Report: Articles that Affect You and Your Family for Monday, January, 3, 2011

Opinion By R. Al Bain
Our elected representatives here in Michigan just don’t get it. After a report recently released on states gaining seats in Washington versus those that have lost seats comparing those states that have gained because of less taxation, less regulations, and no income tax, our elected representatives here in Michigan continue to spend money we just don’t have and pile more debt onto it’s citizenry. They will have no choice but to raise our taxes to pay for this boondoggle they call representation. Senate Fiscal Agency director Gary Olson projects a $1.7 billion budget deficit for 2011-12
 
Legislation signed into Law saddles Taxpayers with yet more debt
In a state that is facing a $1.7 billion budget shortfall, a state where the Governor-elect has promised an additional $1.5 billion tax cut, a state with a 13 percent unemployment rate, and falling property values. In short, a state that is broke. All but two House Republicans voted against this measure to saddle the taxpayers of Michigan with yet more debt. http://michiganvotes.org/RollCall.aspx?ID=513722 One of Governor Granholm’s final bills was signed into law this past December 3, 2010, House Bill 5858, which would authorize more than $1 billion in new debt and spending for a number of state university and college building projects, and appropriate $102 million from the Michigan natural resources trust fund for various conservation and recreation projects. The Senate version Senate Bill 1150 passed in the Senate where only two Republican Senators voted against this insanity http://michiganvotes.org/RollCall.aspx?ID=512818. The State would be responsible for repaying $326 million of the new debt, and the individual institutions the rest. The bill also appropriates $9 million for a new hangar at the Oscoda-Wurtsmith airport. A list of the college and university projects is here. Maybe this is why our incoming Senate Majority leader Randy Richardville said “nothing is off the table when asked about a tax increase”, by the way he voted in favor of this legislation! Is this a preview of what we can expect from him? Read Senator George’s statement, in which Senator Cassis concurred below scroll down.
 
Monroe County needs a Proposition 26
Proposition 26 Protects Taxpayers From Local Politicians and their zeal for more tax revenue out of an already over burdened taxpayer. Repeatedly raising taxes without a public vote by our local elected officials through their interpretation of law or backdoor measures has to stop. The citizens need a change that would stop the growing practice of local politicians raising taxes simply by interpretation or by calling them fees, thereby skirting a public vote to approve them. Proposition 26 will stop this frequently used tactic from occurring in the future.
 
Property Taxes Keep Rising as Home Values Keep Falling
Common sense suggests that as home prices decline, the property taxes based on their valuations ought to as well. But even as house prices continue to slip, property taxes nationally are clicking higher. Why is this occurring? There are several factors at work. The first is that many local governments are responding to sharp declines in real estate values by raising property tax rates. In one state county this year, the rate jumped from $10.06 to $11.60 per $1,000 of assessed value — a more than 15% increase. Another example such as in Monroe County several forms of new taxes have been either passed or proposed that are not a necessary function of government operations. The recent museum tax was not put before voters by it’s elected officials but through the “backdoor” using an obscure 1913 law open to their interpretation!
 
 
States Taxing Themselves to Death
High taxes kill states. There can be no better evidence than the 2010 Census. The states that lost House seats because they’re shrinking, relative to the nation, had taxes 27 percent higher than the ones that gained seats. Of the seven states that don’t have a personal income tax, four (Texas, Florida, Nevada and Washington) account for 8 of the 12 seats apportioned to the fastest-growing states. New York and Ohio lost two more seats. Other losers down one each are Massachusetts, Missouri, Michigan, New Jersey, Pennsylvania, Illinois, Louisiana, and Iowa. What do they all have in common? High taxes. In 2011 Michigan will have a new Senate Majority leader Randy Richardville and governor Rick Snyder who have said they haven’t ruled out a tax increase! Oh the insanity of our so called elected representatives to continue down the failed road of higher taxes instead of reducing the size and scope of big government!
 
Distorting the Tax Policy Debate
A subsidy, properly understood, occurs when government takes tax dollars and gives them to favored individuals, companies, or industries. A tax cut, by contrast, simply means government takes less from an individual, company, or industry. When government takes less from you, it has not given you anything; it merely has harmed you less. This is the critical distinction that has been lost in the endless, tired debate about tax policy.
 
Starting 1-1-2011 Tax increases associated with Obamacare
The link below reveals 32 tax increases starting on January, 1, 2011 and continuing through 2021.
 
The *true* John Conyers scandal
Background: back over Thanksgiving weekend John Conyers III (the son of Rep. John Conyers) reported a theft of computers and concert tickets from the car that he was using.  The problem?  John Conyers III was using the car unlawfully: it was leased to his father’s Congressional office as an official vehicle, and Conyers was not using it in an official capacity.  And it wasn’t anything like a one-time event, either: John Conyers III also got a speeding ticket on the car back in September.  The behavior was so egregious that Rep. Conyers isn’t even trying to fight it: he’s just swiftly reimbursing the government as comprehensively as possible before the 112th Congress gets sworn in. My question is why do the taxpayers have to pay for a Cadillac Escalade with an estimated 14 MPG highway? Why not a Colbalt with an estimated 37 MPG highway or some other subcompact car?
 
Risky bets cost Detroit pension funds $480 million
Detroit’s two public pensions have reported losses of more than $480 million in risky investments, from hedge funds and vacant land in Texas and Hawaii, to a Detroit office tower and a Pittsburgh casino. Could this happen in your community? You betcha! Community’s such as Monroe County robbing the pension fund to balance the budget is another form of risky bets.
 
Down Argentine Way
There are many ominous parallels between Argentina and the U.S. and the question often asked is can America avoid the economic consequences that Argentina suffered from a fascist government combined with government debt and currency collapse? I believe the answer is likely NO! Do you really think voting Democrat or Republican is going to give you less government or more liberty?
 
Sen. Coburn: Middle Class Will Be Destroyed
U.S. Senator Tom Coburn warned Americans this Sunday of an apocalyptic economic future, with Great Depression levels of unemployment and a destruction of the country’s middle class. The Oklahoma Republican told Fox News that unless Washington cuts spending and reduces the national debt, unemployment in the United States could rise dramatically from less than 10 percent today to 18 percent or more. At the same time, Coburn says the nation’s economic output could drop calamitously by 9 percent. Once that happens, he predicts the middle class could be destroyed.
 
I predict future happiness for Americans if they can prevent the Government from wasting the labors of the people under the pretense of taking care of them.
Thomas Jefferson
Share on Tumblr

One Thought on “The Bain Report: Articles that Affect You and Your Family for Monday, January, 3, 2011

  1. Pingback: Week in review « Craig W. Wright

Leave a Reply

Your email address will not be published. Required fields are marked *

Post Navigation