Section 8 Housing, The $700 billion bailout and your taxes

Here’s a guest post from a buddy of mine.  He doesn’t know he’s writing a guest post, though.

CD says:

The fact that Democrats and Republicans are feverishly working together to use your taxes (now a burden of $10,000 per individual) to pay for their elitist social engineering. Below is the link between illegal aliens working in the US with IRS issued ITIN’s and Federal Section 8 Housing Vouchers used to make mortgage payments, or all things. 

The financial collapse, focused on mortgages given to ITIN holders and Section 8 Housing recipients, is where your government openly told regulators in the banking industry to back off and make loans to under- and un-qualified individuals.

Special note: This mortgage collapse is directly tied to illegal alien “comprehensive legislation” that went no where two years ago. In the end, we will be paying for ITIN and Section 8 individuals walking out of their over-mortgaged homes stripped of the A/C, ranges, refrigerators, and packed up flat screens, DVD’s, PC’s and XBox all at your expense. 

The IRS issues ITINs to individuals who are required to have a taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security Number (Washington code speak for illegal aliens). ITINs are issued regardless of immigration status because “nonresident aliens” may have Federal tax return and payment responsibilities under the Internal Revenue Code. Individuals must have a filing requirement and file a valid federal income tax return to receive an ITIN, unless they meet an exception (Washington code for illegal aliens are working in the US and must pay federal tax).

Filed under: Business, Democrats, Economics, Immigration, National Budget, Republicans

In Remembrance of Milton Friedman

Milton Friedman

“There are very few people over the generations who have ideas that are sufficiently original to materially alter the direction of civilization. Milton is one of those very few people.” –Alan Greenspan

….

Nobel Laureate economist and Red Planet hero Milton Friedman passed away one year ago this week at age 94. He was, as Thomas Sowell once said, “one of the very few intellectuals with both genius and common sense.”

RedPlanetCartoons » Milton Friedman

Milton Friedman is the twentieth century’s most prominent economist advocate of free markets. He was born in 1912 to Jewish immigrants in New York City. He attended Rutgers University, where he received his B.A. at the age of twenty, then went on to earn his M.A. from the University of Chicago in 1933 and his Ph.D. from Columbia University in 1946. In 1951 Friedman won the John Bates Clark Medal honoring economists under age forty for outstanding achievement. In 1976 he won the Nobel Prize in economics for “his achievements in the field of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy.” Before that time, he had served as an adviser to President Nixon and was president of the American Economic Association in 1967. Since retiring from the University of Chicago in 1977, Friedman has been a senior research fellow at the Hoover Institution at Stanford University.

Friedman established himself in 1945 with Income from Independent Professional Practice, coauthored with Simon Kuznets. In it he argued that state licensing procedures limited entry into the medical profession, thereby allowing doctors to charge higher fees than if competition were more open.

Filed under: National Budget, Thanks, Thoughts

Senate to Increase Tax Liability

Brian Reidl has written an article featured on The Heritage Foundation Web Site of the proposed Senate Budget.  Below is just a glimpse of Brian’s article.  Follow the link to the entire article.

The Senate Budget: A $2,641 Per Household Tax Increase and No Entitlement Reforms by Brian M. Riedl  WebMemo #1405, March 22, 2007

 The Senate Democrats, writing their first budget resolution since winning control in Congress last fall, have produced a budget blueprint that:

• Raises taxes by $900 billion over five years and a projected $3.3 trillion over ten years;
• Translates into a tax increase of $2,641 per household annually over the next decade;
• Includes 22 reserve funds that could be used to raise taxes by hundreds of billions more;
• Increases discretionary spending by nearly 9 percent in FY 2008 and does not terminate a single program;
• Completely ignores the impending tsunami of Social Security, Medicare, and Medicaid costs;
• Creates rules that bias the budget toward tax increases; and
• Employs the same gimmicks that Congress criticized the President for using in his budget proposal.

Read more here…

Filed under: Democrats, National Budget, Politics