Interesting Argument - Billionaires should be taxed less because taxing them more inhibits their Inclination to make Charitable Donations

An interesting Argument comes from Billionaire Stephen Ross, Chairman of The Related Companies, who is saying, in Effect that a Limitation on the Ability to deduct his Charitable Donations from his Income Tax would influence how much Money he would give to Charities (of his Choice, we might add).

http://bottomline.nbcnews.com/_news/2012/09/23/14016571-tax-hikes-a-threat-to-charitable-giving-say-billionaires?lite


Not all Billionaires agree with this Argument.  However, taking Mr. Ross's Argument ,,ad Absurdum'' would mean that he (and other Billionaires like him), decides on the Distribution of Income, whether it be earned in the Form or Wages or, more likely, through other Sources; how the Part of the Income which is not kept by him (and others like him) is distributed either in Terms of funding Government Expenses or ,,Charities'' of his choosing.

We all are, I think, for reducing of Waste in Government; certainly one Way to accomplish this would have been to keep Congress more Days in Session, more than the 4 Days in August and the 8 Days in September.

However, not all of the 300 Million or so Souls who live in the United States, most likely, not a Majority of them, would agree that 400 or so Billionaires, whose Billions came out of the United States Economy (or elsewhere) but are certainly asseted as Holdings of United States Citizens/Residents, should benefit from lower Tax Rates or unlimited Charitable Deductions, in a Country confronting a catastrophic Budgetary Problem, solely for the Purposes of these Individuals having the Luxury of deciding how to distribute some of their Assets as they please.

Equivalent of $ 1.250,00 per Man, Woman and Child in the United States being handed out MONTLY to Banks and Financial Institutions - this, in Addition to the Money spent for ,,Operation Twist'' and ,,Quantitative Easing''

Dallas Federal Reserve Bank Chairman Richard Fisher expressed Criticism of the Federal Reserve Bank's and Mr. Bernanke's Decision to start a new Round of Bond Buying, without End in Sight, a Move which is the Equivalent of giving out $ 1.250,00 to each Man, Woman and Child in the United States, but with giving this massive Amount of Money only to Financial Institutions which, according to many, have been the Cause of the Economic Woes in the First Place.

http://economywatch.nbcnews.com/_news/2012/09/19/13969468-fed-dissident-says-latest-easing-wont-help-economy?lite

(Reuters)

There has been Criticism from elsewhere, as well.  Some have suggested that Mr. Bernanke does not really have a ,,Strategy'' to deal with the Situation.  One has to keep in Mind, this latest Move comes in Addition to the ,,Quantitative Easing'' and ,,Operation Twist'' being implemented by the former Princeton University Economics Professor.

http://m.welt.de/article.do?id=newsticker/news1/article109346604/US-Notenbanker-Fed-ist-ratlos-im-Kampf-gegen-Krise

(Die Welt)

Interestingly, there has been little Questioning coming from the President and his Opponent, Mr. Romney.

At a Time when the Economic Crisis, call it what you will, we think the Word ,,Crisis'' is still safe (unlike other ugly Words, such as ,,Recession'' or, worse yet, ,,Depression''), with a growing Class of Have Nots and a growing Class of Super Rich and the Middle Class shrinking at an alarming Rate, such Questions should be put on the Agenda for Examination.

 

What is Mr. Bernanke's Rationale for putting at the Disposal of Banks and Financial Institutions the Equivalent of $ 1.250,00 per Month for each Man, Woman and Child living in the United States, for the Foreseeable Future?

Edward Krudy, Reuters, writes:

NEW YORK -- Comparing the Federal Reserve to a rehab clinic offering addicted investors a synthetic high has been a favorite of Wall Street wags ever since the first round of Fed stimulus nearly four years ago. The punch line is that you always need more and more to get the same high and each bout of euphoria is followed by a crashing comedown.

Full Text here:

http://marketday.nbcnews.com/_news/2012/09/16/13868573-stocks-may-calm-as-buzz-from-fed-fades-this-week?lite

 

Spending $ 1.250,00 per Month for every Man, Woman and Child living in the United States

The Federal Reserve Bank has just announced that it will be spending upwards of $ 40 Billion per Month on a Going Forward Basis, for an Indefinite Future, purchasing ,,Mortgages'' from ,,Banks and Financial Institutions.''  This, in the Opinion of the Federal Reserve Bank, is going to stimulate the Economic Recovery in the United States because the Economy has been ,,growing'' according to the Chairman of the Federal Reserve, Mr. Ben Bernanke, at an ,,Unsatisfactory Rate.''

http://www.nytimes.com/2012/09/14/business/economy/fed-announces-new-round-of-bond-buying-to-spur-growth.html?_r=1&nl=todaysheadlines&emc=edit_th_20120914

First of all, it should be noted that a reasonable Assumption would be, the Decision, as ratified by the Federal Reserve Bank is the Brainchild of Mr. Bernanke, who was a Professor of Economics at Princeton University specializing in the 1929-1933 Great Depression.  Mr. Bernanke, we have noted elsewhere in this Column, has just returned from a Conference in Jackson Hole, Wyoming, a Place renowned for its Beauty and known to most Americans from Photographs and Motion Pictures.

http://economywatch.nbcnews.com/_news/2012/09/13/13846702-bernanke-aims-at-job-market-in-latest-bid-to-revive-faltering-recovery?lite

The Stock Market reacted jubilantly to the  Fed's Decision by immediately jumping more than 200 Points to an All Time High.  Some Financial Analysts characterized the Decision as a ,,Sugar Pill for the Stock Market.''  Others, characterized the Short Sightedness of Mr. Bernanke's Decision and the Disconnect which appears to exist between his Area of Academic Specialization and the Decisions which he appears to be making.  It should be noted, this Action comes in the Heels of the Fed's Program of ,,Quantitative Easing'' a Term coined by Mr. Bernanke as well.  The Results of the Quantitative Easing Plan have been described by many as highly questionable in Value.

These Actions could remind one of some of the Words used by former Secretary of the Treasury Henry Paulsen, of Goldman Sachs Fame, who alluded, no, not alluded, emphasized that the Fed had at its Disposal ,,Tools'' (words reminscent of some Kind of an Auto Mechanic or Woodworker's Toolbox) in order to handle Financial Situations.

Those of us who are far less well versed than Mr. Bernanke on Economic Policy Matters can likely make a following simple Arithmetic Calculation:  the Money that the Fed would be giving Banks, in exchange for purchasing Mortgages of Questionable Value (most likely, at full Face Value or possibly even at a Premium - Hey!  It's not easy to spend $ 40 Billion per Month when you've got only one Month to do it!), that Money actually amounts to roughly $ 1.250,00 for every Man, Woman and Child living in the United States, rich or poor, young or old, in one Word, everyone.  Unlike Banks, many of these People would spend their Money, creating Jobs, rather than use them for questionable Financial Investments, Executive Compensation or ,,Conferences'' in Exotic Locales, such as Jackson Hole, Wyoming.

Of course, everyone would have to sign a Promissory Note (at near Zero Interest Rates, as the Banks would be doing) to pay the Money Back and those who can, will, just as the Banks would; those who cannot, will not, just as the Banks would not.

http://www.welt.de/finanzen/article109233809/Boersianer-surfen-auf-Monster-Geldwelle.html

Interestingly, both Presidential Candidates did not express any Concerns or Opposition to Mr. Bernanke's Decision; true, Mr. Bernanke can act independently, without Accountability to the President; however, in the Absence of the Expression of an Opinion by the President or his Opponent, Mr. Bernanke may well take such Silence as a taciturn implicit ,,Carte Blanche'' that his Decision is an appropriate one.  We are wondering if Mr. Bernanke made the Calculation, or Analysis, whether seeking an alternative Method of spending $ 40 Billion Monthly (assuming that such Money should be spent), would not do more to ,,Stimulate the Economy and create Jobs'' rather than a Plan to purchase Mortgages, including potentially worthless Mortgages, from Banks. 

Jackson Hole, Wyoming

Ah, Jackson Hole, Wyoming.  It is a beautiful Place.  A beautiful Valley, flanked by the Grand Teton Mountains, clean, pristine Air, sparkling Blue Water Lakes,Wildlife, Nature, just anything that one's Heart might desire, if you love Mountains.

Indeed, it is a Privilege to be able to see Jackson Hole, Wyoming once in a Lifetime.  Most, will never see this Place, except, perhaps, on a Poster or on a Photograph or on the Internet, somewhere.



But there are some of us who are more privileged than others and they must not necessarily come from the Private Sector.  Take Mr. Ben Bernancke, for Example. He now makes an Annual Pilgrimage to a Jackson Hole, Wyoming ,,Symposium'' and gives a Speech about the Economy.

He was there just last Week.

http://www.nytimes.com/2012/09/01/business/economy/fed-chairman-pushes-hard-for-new-steps-to-spur-growth.html?_r=1&nl=todaysheadlines&emc=edit_th_20120901

http://economywatch.nbcnews.com/_news/2012/08/31/13593025-ben-bernanke-says-high-unemployment-means-that-the-fed-can-do-more?lite

He was also there last Year and at about the same Time of the Year.  Imagine, holding an Annual ,,Symposium'' in Jackson Hole, Wyoming, every Year at the Peak of the Vacation Season.



But then, the News came out that Mr. Bernancke was not going to be saying very much in Jackson Hole, Wyoming and, indeed, he did not.

http://economywatch.nbcnews.com/_news/2012/08/30/13552209-bernanke-unlikely-to-tip-fed-hand-in-jackson-hole-speech?lite

We might ask, then, what was the Point of this ,,Symposium.''  The Policies which Mr. Bernancke has already implemented and wants to continue, we might add, have not been that much different under the Administration of President Obama than during the Administration of President Bush, if they have been different at all.  The Country is still lingering under a Recession which is not called a Depression and which Mr. Bernancke (and others) insists on calling a Recovery.

Surely, the ,,Few Dollars'' which are being spent on this ,,Symposium'' pale in Comparison with the Billions which Mr. Bernancke has doled out to Financial Institutions as Part of his ,,Quantitative Easing'' Theory which has, so far as one can tell, propelled the Financial Markets to historic Highs but done little towards Banks ,,easing'' their Lending to either Individuals or Businesses.

Still, a Dollar is a Dollar and, coming from the Chairman of the Federal Reserve Bank, it is a Signal both to the ,,Symposium'' Invitees as well as those on the Outside who, most likely, will never get a Chance to see Jackson Hole in their Lifetime.

Continuing horrific News out of Afghanistan

The Saga of horrific News out of Afghanistan continues.  17 Villagers in the Province of Helmand were beheaded, it is not clear whether before or after having been shot, because they were at a ,,Party'' and listening to Music.

http://worldnews.nbcnews.com/_news/2012/08/27/13499316-seventeen-villagers-beheaded-in-southern-afghanistan-after-music-party?lite

Two American Soldiers were killed (again) by Afghan Troops in Uniform.  President Obama reminded us, Four Years ago, of the horrific Price on ,,Blood and Treasure'' being paid in Iraq.  The War in Iraq has been concluded, not exactly as it was foreseen but the War in Afghanistan remains an Open Wound continuing to extract ,,Blood and Treasure.''

The Administration has a Withdrawal Plan from Afghanistan which may or may not be outgalloped by unfolding Events.  There are Problems with this Plan which are acknowledged by many, not the least of which being, the continuing Casualty Losses which have now taken a particularly sickening Turn with American Soldiers being shot by Afghan Soldiers.  The continuing Costs of Aid to Afghanistan, even after Troop Withdrawal, currently estimated by some to add up to $ 6 Billion annually, present, in View of Budgetary Constraints, a further Problem.

The Republican Presidential Candidate, Mr. Romney, bears, it appears, the Responsibility of presenting in explicit Detail what he intends to do about Afghanistan.  His Position, whatever that may be, will have an Effect both on ,,Blood'' and ,,Treasure.''

Pause for Thought needs to be given by both Candidates to the Fate of the Regime of President Karzai which is, according to general Concensus, not only corrupt but, more worrysome, shaky.

Going into the November Presidential Election requires a refining of the Position going forward on Afghanistan by both Candidates, so that the Conflict does not increasingly become ,,The Forgotten War'' which continues to extract ,,Blood and Treasure.''

The Making of the President 2012: $ 500 Million and counting

Recent News Articles suggest that the two Presidential Campaigns have spent $ 500 Million so far in the Effort.

Numerous other News Articles detail some of the Techniques being used in raising the Money for Presidential Campaigns, not the least, a Report published by The Associated Press today, 24 August 2012:

http://nbcpolitics.nbcnews.com/_news/2012/08/24/13454050-romney-uses-secretive-data-mining-exec-says?lite

One is left to wonder, how the Presidential Campaign would have looked so far and how it is going to go down to the Finish Line if, say, $ 499 Million less would have been spent on it.  One might be further left to ponder just what Kind of Message this sends to the Efforts to reach a Resolution out of the Budget Impasse.

 

An Argument against the Secretary of State's One Dimensional Approach towards the Situation in Syria

News Organizations, including foreign ones, are reporting with more and more Frequency on the complicated Situation in Syria.

Below is a rather typical Example from NBC News and Reuters, which appeared on 23 August:

The Headline reads:

More foreign Fighters join rebels in Syria as regional Crisis deepens

The full Article including Photographs and Video can be seen at:

http://worldnews.nbcnews.com/_news/2012/08/23/13431460-report-more-foreign-fighters-join-rebels-in-syria-as-regional-crisis-deepens?lite

What is difficult to understand, in View of this is the Secretary of State's One Dimensional Position regarding the Crisis which is essentially to expel President Assad.

To put it another Way, when resolving a Problem, it is necessary to consider what other Problem will be created as a Result of the Solution.

Recently, former Presidential National Security Adviser Dr. Zbigniew Brzeziński stated the Opinion that it is a prudent and cautious Policy Approach to have in Place what and who will follow, before toppling someone.  Recently, a Policy similar to the one in Syria, pursued in Egypt, where President Hosni Mubarak was deposed has resulted in totally unpredictable Results which are still in the Process of unfolding.

The Question, must be emphasized, is not who Mubarak or Assad are or might be but what would follow their Places and to acknowledge the simple Fact that not knowing what will follow can be not only an unpleasant Solution but may lead to totally unpredictable Developments.

It occurs to this Writer that Dr. Brzeziński 's Opinion is one which should be considered and not dismissed out of Hand and the President is giving Weight to the Opinion of others, such as Vice President Biden, Dr. Brzeziński (who unfortunately is not serving in the Administration) as well as others who may be able to formulate something other than the One Dimensional Approach being championed by the Secretary of State.

 

The Federal Reserve likely to deliver another Round of Monetary Stimulus

Reuters reported today, 23 August 2012:

Fed ready to help economy 'fairly soon,' minutes show

By Reuters

 

The Federal Reserve is likely to deliver another round of monetary stimulus "fairly soon" unless the economy improves considerably, minutes from the central bank's August meeting show.
While the meeting was held before a recent improvement in the economic data, including a stronger-than-expected July reading for U.S. employment, policymakers were pretty categorical about their dissatisfaction with the current outlook.
"Many members judged that additional monetary accommodation would likely be warranted fairly soon unless incoming information pointed to a substantial and sustainable strengthening in the pace of the economic recovery," the Fed said in minutes to its July 31-Aug. 1 meeting.

 

Fed officials saw significant risks to an already weak economy, which grew at a sluggish 1.5 percent annual rate in the second quarter. The risks include a worsening of Europe's financial strains and the looming U.S. budget cuts and tax hikes, which have become commonly known as a fiscal cliff.

"We have seen some improvement in the data recently but whether it is enough to qualify as a significant upturn is unclear, but certainly these minutes are dovish and will revive hopes for increased Fed easing," said economist David Sloan at 4Cast Ltd.
Many Fed officials supported extending the central bank's guidance for the likely timing of an eventual interest rate hike, currently set at late 2014, further into the future. But they decided to defer the decision to the Fed's Sept. 12-13 meeting, when the central bank will release a new round of economic forecasts.
Officials also actively debated and tested the possibility of developing a consensus Fed forecast.
A couple of policymakers favored lowering the rate the Fed pays banks to park their excess reserves at the central bank, currently at 0.25 percent. But several participants worried that money market funds could run into trouble if their returns are crimped further.

The Queston which arises out of this planned Action is just how the Financial Institutions are using this Stimulus Money.  Is this Money being used to make Loans, create Jobs and build Houses or flowing into enabling Financial Institutions to engage in Financial Transactions which are of little or no Benefit to the General Populace?  Previous Rounds of Monetary Stimuli do not reveal a clear Answer to this Question, if they reveal an Answer at all.

An Examination of the Flow Distribution of such Funds might be useful in establishing a Monetary Policy which can genuinely deliver the Economic Stimulus which would have a more favorable and measurable Result than the enormous Amounts of Stimuli already delivered, which have flown into Financial Institutions over the last Five Years and which, many of us, do not know what they were used for or how they benefitted the Economy, outside of propelling the Stock Market into New Highs.

Some have even made the Argument that if the same Amount of Money were to have been evenly distributed to every Man, Woman and Child in the General Populace, either directly, or in the Form of some Benefit(s) or a Combination of these, the Spending of such Money, while, most likely, would not always have been wise but would have nonetheless resulted in such a Level of Spending that it would have undoubtedly achieved at least a temporary beneficial Result; something which has not been achieved by pumping all this enormous Amount of Mega Dollars into Banks and Financial Institutions.

Facebook Stock Slide and Mark Zuckerberg

The sometimes incredible Saga of News appears to continue without Respite.  Missouri Republican Senate Nominee Todd Akin got himself in hot Water by suggesting that “Legitimate Rape” rarely led to Pregnancy.  He further insisted that Doctors backed up his Position.

(Slightly less offensive was the Revelation that Freshman U.S. Representative Kevin Yoder (R. - Kansas, 36), has not been charged in the August 18, 2011, Incident in which he and about 20 other Lawmakers and Staff Members jumped into the Sea of Galilee after having consumed unreported Quantities of Alcohol...Politico reported Sunday that he was the only one among them who wore no Clothes).

Juxtaposed with these bizarre Incidents is another News Item:  Facebook Stock appears to have hit a New Low of $ 18,75 on Monday Morning (20 August 2012).  Criticism has been mounting on Mark Zuckerberg's ,,Leadership.''

In View of the Incidents happening on Wall Street and the Financial Circles surrounding it, an appropriate Question may be to what Degree the Facebook Initial Stock Offering constituted some Sort of ,,Legitimate Rape'' also.  Enormous Publicity surrounded the Stock Offering along with Suggestions that nobody outside of the ,,Big Boys'' would be able to get the Stock at the Initial Offering Price of $ 38,00; the Implication was that it would be much more; nobody was implying that those outside of the ,,Big Boys'' Circle would be able to get the Stock at $ 38 because a few short Weeks later it could be had for $ 18 or, perhaps, going forward, even less.

Some Banks and Secondary Underwriters not to mention lesser Investors and the General Public were had for Billions.  In the Meantime, Mr. Zuckerberg and his Confederates walked away with, again, Billions.  The  Question is, does this Type of activity not constitute some Form of ,,Legitimate Rape'' in the Financial Sense; at a Time when the Country and World Economies are languishing.

Private Lawsuits for Damages are flying in the Facebook Debacle.  However, considering a more prudent Approach, of seeking to determine whether the Actions of Mr. Zuckerberg and those who engineered the Facebook Initial Stock Offering breached the Borders of Legitimacy and caused an unnecessary and inappropriate Migration of Funds in the Depths of a Financial Crisis which currently engulfs both the United States and the World Economies, might be in Order.

A Letter to the Democratic Party Regional Director

Portions of the Letter and several Names have been edited.

...

Now there are many People who are far smarter than I am and I have no Idea how Things have been worked out or are going to be worked out on this Budget Thing.  All I know, as they used to say, is what I read in the Papers.  And what I read is that there is going to be a super bloody Fight over the next Sixth Months about these Cuts, and then something about a Constitutional Amendment and on and on and on.

We, when I say we, President Obama and all of us who voted for him inherited Two Wars from President Bush and they were both funded outside of the Budget by Mr. Cheney and, I suppose, Mr. Bush must have signed off on it.  But these Expenditures are being continued and they are huge and I do not sense any Urgency about the Money being spent, or as one might put it, wasted, on this.  I doubt that The Department of Defense can afford to get three competitive Bids every time they have to airfreight Drinking Water to Afghanistan.  Yet, that Money is coming out of somewhere and somebody is getting rich, very rich out of it.  That is just an Example.  And that is a Lot of Money.

Someone just acquiesced when Mr. Bernanke spent, I am not sure how much, they say, $ 6 or 7 Hundred Billion; that sounds like a Lot of Money to me, on ‘Quantitative Easing’ and for the World of me, I never heard that Phrase when I went to College nor ever since.  I just wonder whether President Wilson is rolling in his Grave when he hears Mr. Bernanke talk like that, wondering what has become of his beloved Princeton University.

Equally, a Lot of People are concerned about the Things that Mr. Geithner is doing in Office, including the Fact that he is spending more Time, the Way one hears it, talking to Wall Street People and Bank People each Day, than talking with Government People and, just intuitively, that doesn’t sound right either.

I am sorry that President Obama appears, some say, manœvered by People like this, after all, these People are not Tea Party Republicans, they work for the President and we all pushed for an Agenda when working to elect the President and overcame nearly astronomical Odds in order to prevail.

Moreover, it is disingenuous for both Mr. and Mrs. Clinton to trumpet that they have balanced the Budget when they took all of the Entitlement Funds, that includes Medicare and Social Security and dumped them in the General Fund.  Even my Cat, had I had one, would have known how to balance the Budget that Way.

One should perhaps lament not having President Bush, not George W. Bush, that other President Bush, to come out and say a few Words today, as he did to President Reagan, when he called this Type of Behaviour that President Reagan wanted to institute and instituted ‘Voodoo Economics.’  But President Reagan succesfully managed to kick the Can forward and now we all have to deal with it.

To this, one should reflect, perhaps, that the Republican Party was the Party of Abraham Lincoln, a Man who towers as a Beacon in the Annals of History throughout the World as someone who stood for Justice and Equality and paid with his Life for it, yes, Abraham Lincoln and not Ronald Reagan, as some of our Republican Friends would have us believe today and that the Democratic Party, the oldest Political Party in America and one of the oldest Political Parties in the World is the Party of Thomas Jefferson, who found his Inspiration in the Jewish Philosopher Baruch Spinoza and his Writings about Ethics, yes, Thomas Jefferson and not Bill Clinton.

The Budget Impasse

While Congress and the White House are struggling with the Debt Ceiling, Taxes and Expenditures, with so many Accusations being thrown in every which Direction, this Writer makes a modest Suggestion for a new Approach:

Under this Approach:

- President Obama would stop by Presidential Decree (no Congressional Approval needed), all Military Expenditures outside of the United States, except those needed to protect Diplomatic Missions and Government Officials travelling Abroad

- President Obama would fire Mr. Bernancke and Mr. Geithner, without appointing any Replacements for them

- By Executive Order, President Obama would direct Attorney General Holder to investigate any Allegations of Fraud and Mismanagement in any Government Expenditure of over $ 1 Billion

- By Executive Order, All Appointed Government Officials who earn in Excess of $ 100.000,00, would be required to study the Writings of Thomas Jefferson and pass a Course Completion Exam, in order to maitain future Job Tenure.  Those wishing to be considered for Promotions, should also be required to take Courses on Kant and Spinoza.

- President Obama would request Mrs. Clinton to return to the Air Force the Jetliner made available exclusively for her Use; however, she would continue to be free to travel anywhere she wishes internationally, via Military or Commercial Flights.

- Mr. Carter, at the frail Age of 86, would be called out of Disgrace and respectfully requested to conduct a Course on Zero Base Budgeting to all Members of Congress who wish  to receive future White House Invitations.  Mr. Carter is without Doubt going to accept this Responsibility.  Which Members of Congress would choose to attend, remains to be seen.  Side Bets on such Things would be allowed.

- The White House may consider reminding both the Republican and Democratic Congressional Leadership, but especially the Republican Leadership, that the Father and Shining Beacon of the Republican Party was Abraham Lincoln and not Ronald Reagan, that Ronald Reagan, who succeeded President Carter was the First to allow the Federal Deficits to explode to this insane Level of Magnitude, in no small Part through Military Expenditures for Things which have never been used and will never be used and that it was a Republican Senator from Pekin, Illinois (not China), to whom the Saying is attributed:  '...a Billion Dollars here, a Billion Dollars there and pretty soon you are talking about real Money!...'*

- Then, President Obama would sit in The White House and await for both Mr. Boehner, Mr. McConnell, Mr. Kantor and whoever else might be on their Side, to fold their Tent.

- A Re-Election Celebration Committee made up entirely of Volunteers should also be set up, should this Strategy be implemented.

Upon the Tent being duly folded, President Obama would request Congress to implement the following Legislation:

- Eliminate Social Security and Medicare Tax Ceilings which, have been drastically lowered while People collect Millions of Dollars in Bonuses, Tax Free, while at the same Time, People earning under $ 100.000,00 have no such Benefit and, the Medicare and Social Security Funds are underfunded.  See, Spinoza, Kant and Jefferson.  This would also be a good Time to ask Mr. Clinton to explain himself, not that it would do any good, why he proposed the intermingling of these Funds with the General Budget, thus showing a Surplus, whereas had this not been done, there would have been no Surplus and possibly, irresponsible Expenditures in subesequent Years could have been avoided.

- Propose a Value Added Tax of a Percentage to be determined, on all Luxury Goods Purchases over $100.000,00. 

- Tax Unearned Income at a Different, higher Rate than Earned Income, as it was done previously and as everyone prospered under the System, did not have to deal with Mortgage Derivatives, Countrywide Bank of America, AIG, Goldman Sachs nor all of the Goldman Sachs Employees who have infiltrated the Government and who do not give a Hoot about Thomas Jefferson, Immanuel Kant or Baruch Spinoza.  As far as they are concerned, who the Hell did Baruch Spinoza think he was, anyway?



____________

* The Quote is attributed to, although disputed as to its exact Form to Senator Everett McKinley Dirksen, Republican, Illinois, 1896 - 1969.