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Daily Archives: August 10, 2010

Teachers, Police & Firemen

Once again the game is played.  It’s a vicious circle:

  1. Public employees via Unions demand wages and benefits DOUBLE that of the private sector.
  2. States, counties, and cities don’t manage their budgets properly in areas highly Democrat, Liberal, and Union.
  3. Lawmakers lay off Teachers, Police and Firemen
  4. There is no word of the Governor, Commissioner, Alderman, Mayor or other State / Local employees taking a pay cut
  5. There is no word of the Governor, Commissioner, Alderman, Mayor or other State / Local employees being laid off
  6. Democrats cry that Republicans don’t care about Children, Crime, or Safety
  7. Democrats steal money from taxpayers of all States to make up for the malfeasance of the highly Democrat, Liberal, and Union States
  8. Loop Back to Step 1 and Repeat

So, your money will once again go to highly unionized public sector employees whose dues will go to pay union leaders (making millions) who will donate millions to advance the campaigns of Democrats in an effort to keep them in office — no matter what the teacher union members think or want.

As further reward, Democrats will even try to pass the Employee (non)Free (non)Choice Act that will pay off the unions with the ability to force unionization on employers.

AND, while the Democrats are crying that you evil Conservatives / Republicans don’t care about the kids (students), crime (police) or safety (firemen), they’ll steal funds from the FOOD STAMP program to offset the funding of the latest union bail-out.

Oh, don’t forget, they increased taxes on corporations.  And what do we say about taxes on corporations?

If you’re not outraged, you’re not paying attention.

 
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Posted by on August 10, 2010 in Democrat, Liberals, Unemployment

 

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BP’s Tax Coup

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Our president got some nice press for convincing BP to establish a $20 billion escrow fund to compensate those hurt by the oil spill in the Gulf of Mexico.

Even though he had no constitutional power to do so, they agreed to his demand.

Why?

It was simple Accounting 101. Here is the impact of the $20 billion fund on BP’s finances:

  1. BP will establish a $20 billion fund, but will pay only $7 billion into it during 2010.
  2. While BP is a British corporation, it has a very large operating entity here that pays U.S. taxes.
  3. Under Generally Accepted Accounting Principles (GAAP), BP must book the entire $20 billion expense in 2010, the year the liability is incurred.
  4. Will reduce BP’s 2010 U.S. tax liability by $7 billion.
  5. Our president also convinced BP to show its concern for what they called the “small people” by withholding dividends to BP shareholders for the last three quarters of 2010.
  6. This reduces BP’s 2010 expenses by about $7.5 billion, of which about 40% would have gone to U.S. citizens.  As a result the U.S. Treasury will lose an additional $450 million in taxes.  [Note: We won’t even discuss the effect of this revenue loss on the U.S. economy.]

Let us put the results into a table that even we “small people” can understand:

Impact on BP’s 2010 Cashflow:

  • Escrow funding
    • $-7.0 billion
  • Dividend saving
    • $+7.5 billion
  • Tax savings
    • $+7.0 billion
  • Net favorable cash-flow
    • $+7.5 billion

Impact on U.S. Treasury’s 2010 Tax Receipts:

  • BP Corporate income tax
    • $-7.5 billion
  • BP Shareholders  income tax
    • $-0.45 billion
  • Net unfavorable tax receipts
    • $-7.95 billion

Perhaps we should expect this since our president is the most inexperienced person in any room he enters.

Or was there another reason BP gets this sweet deal?  After all BP made its largest political contribution to the 2008 Obama’s campaign.

 
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Posted by on August 10, 2010 in Obama

 

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Stamp Malfunction

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The Postal Services created a stamp with a picture of President Obama on it.

The Postal Service noticed that the stamp was not sticking to envelopes. This enraged the President, who demanded a full investigation. After a month of testing and $1.73 million in congressional spending, a special Presidential commission presented the following findings:

1. The stamp is in perfect order.
2. There is nothing wrong with the glue.
3. People are spitting on the wrong side.

 
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Posted by on August 10, 2010 in Obama

 

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