The one thing the American people want of their government is have a consistent rule of law. I think this is the main reason why Obama has such a low approval rating. The lack of consistency.
Obama on Iran – Terror plot
“We believe that even if at the highest levels there was not detailed operational knowledge, there has to be accountability with respect to anybody in the Iranian government engaging in this kind of activity,”
Obama of Holder and Fast and Furious
“I have complete confidence in him and I’ve got complete confidence in the process to figure out who, in fact, was responsible for that decision and how it got made.”
With the rising oil and gas prices and all the political hyperbole that is occurring I did some research.
June 2100 1 Euro = $1.19 . April 2011, 1 Euro = $1.45 (USD -28% change)
1 Pound = $1.44, 1 Pound = 1.65 (-14.5% change)
$1 US =$1.05 Canada , $1 US = $0.95 Canada(-10.5% change)
Oil Prices = $70 in June 2010 and $112 in April 2011 (60% increase)
Conclusion: 25 to 50% of the price increase in Oil is due to loss of value of the US dollar in the world financial system
From the US Energy Information Agency
World Oil Production will increase by 650,000 barrels per day
World Oil Consumption will increase by 1,500,000 barrels per day
2010 usage was about 85,000,000 barrels per day.
This is 1% less supply than demand in 2011 vs 2010.
This is the same government agency predicting average gas price in the US for April 1 to Sept 1 to by $3.86 a gallon so this data can only be suspect, but it is what it is since gas prices are already at this level.
Weakening dollar (and predictions are this will continue) and decreasing supply relative to demand for Oil is setting up a situation where Energy prices will increase dramatically.
Why would someone sell something today when tomorrow it will bring more dollars just due to currency fluctuations?
Now that the GOP has taken over the house leadership the Tea Party and Fiscal conservatives must urge them to start decreasing the US debt. They can’t just lower the deficit that must decrease the debt.
Early in 2011 the Congress will need to raise the US DEBT limit.
The public needs to put pressure on the new GOP majority to require a passed balanced budget amendment which limits the spending of the federal government to a percentage of GDP for the previous year and limits revenue collection (taxes and fees) to a percentage of GDP prior to raising the debt limit.
The spending has to be less than taxes and on a declining scale until the debt is paid and the spending is 10% or less of GDP.
Why the GOP is really the diversity party and wants all Americans to succeed
The Dream 2010
2010 is where the rubber meets the road for Obama and the democrats in Congress. After whining about Bush and the last president’s failures. (There were many but I just think they are different than the democrats but that is different story).
Since Obama and the democrat congress have already broken his 250K Pledge it will be interesting how far they go in raising taxes on the middle and low income people of America.
I am not talking about the VAT or CAP and Tax bills that will be discussed the rest of this year.
If Congress does nothing in 2010 the Bush tax cuts on the rich (as the democrats and media portray the tax cuts) of 2001 and 2003 expire.
Here is a sample of the tax code changes which are already in place (Jan 1,2010) or will occur Jan 1, 2011 if Obama, Pelosi and Reid do nothing. It is quite a list of tax increases on the rich.
Starting in 2010
State and Local Sales Tax Deduction
The opportunity for itemizers to choose to deduct their state sales tax payments instead of deducting their state and local income taxes ends after 2009, unless Congress extends it.
This deduction for classroom supplies purchased by educators lapses after 2009, unless Congress extends it.
Nontaxable Combat Pay Allowed for Earned Income Tax Credit (EITC)
The election to include nontaxable combat pay in the calculation of earned income for the Earned Income Tax Credit is not available after 2009, unless Congress extends it.
Tuition and Fees Deduction
The deduction for up to $4,000 of college tuition and fees expires after 2009, unless Congress extends it.
Additional Standard Deduction for Property Taxes
Starting in 2010, non-itemizers will no longer be allowed to increase their standard deduction by up to $1,000 of property taxes paid, unless Congress extends this break.
Exemptions for the Alternative Minimum Tax
For 2010, the exemption levels drop to $45,000 for married filing jointly, $33,750 for singles and heads of household, and $22,500 for married couples filing separately. Congress, can, however, act in 2010 to extend the relief that was available in 2009.
Partial Exclusion for Unemployment Benefits
For 2010, the first $2,400 of unemployment benefits you receive is no longer tax-free.
Starting in 2011
Higher Tax Rates
Beginning in 2011, tax rates that were in effect prior to 2001 return. The top income tax rate goes back to 39.6 percent, and the special low 10 percent bracket is eliminated.
Increase in Capital Gains and Dividend Tax Rates
The tax rate reductions for long-term capital gains and dividends is scheduled to expire this year.
* In 2011, the maximum long-term capital gains tax rate goes back up to 20 percent from 15 percent. A lower 10 percent tax rate is used by individuals who are in the 15 percent tax bracket. Their long-term capital gains had been tax-free since 2008.
* In 2011, dividend income (other than capital gain distributions from mutual funds) is taxed as ordinary income at your highest marginal tax rate.
Child Tax Credit
The credit of $1,000 per eligible child reverts to $500 after 2010. After 2010, none of the child tax credit will be refundable to taxpayers unless their earned income is more than $12,550.
Tax Credit for College Tuition
The Hope credit is again limited to the first two years of college and is capped at $1,800. None of the credit is refundable if it is more than your regular income tax liability.
Earned Income Tax Credit (EITC)
Temporary increases in the Earned Income Tax Credit for filers with three or more children and the higher income levels for the phaseout of the credit are repealed.
Mortgage Insurance Premiums
The special itemized deduction for mortgage insurance premiums paid on mortgages taken out after 2006 expires on Dec. 31, 2010.
I am sure some who read this will think this is from some radical, right wing, GOP funded entity who is putting out this false propaganda.
And the source is TURBOTAX. Yes none other than the makers of the tax paying program which out current treasury secretary would not use to fill out his taxes honestly but still is the chief enforcer of tax code in America today.