imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List




IMC Network:

Original Cities

www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities

www.indymedia.org africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

AFTER TAKING 750 BILLION $$ BAILOUT THEY NOW ARE ALSO DEMANDING 2 TRILLION $$ TAX CUTS ?

by LAWYERS FOR POOR AMERICANS Monday, Aug. 02, 2010 at 6:33 PM

WOW ~ OUR AMERICAN WEALTHY ELITE REALLY MUST THINK OUR MIDDLE~CLASS AMERICANS CAN CONTINUE TO BE FOOLED AGAIN INTO BUYING INTO THEIR BILLIONAIRE MULTI~MILLIONAIRE ESTATE & PERSONAL TAX CUT WELFARE SCENE ??

** MIDDLE~CLASS & WORKING POOR AMERICANS PAY MORE TOTAL U.S.TAX $$ THEN ALL THESE BILLIONAIRE ELITE AND THEY ARE DEMANDING TAX AND FAMILY ESTATE RELIEF ???

~ THE BATTLE 4 THIS CABAL OF WEALTHY ELITE GOLDEN GOOSE TAX CUTS HAS NOW ARRIVED... MIDDLE~CLASS & POORER AMERICANS ~

~ Little tax paying Americans ~ THIS CURRENT ELITE WALMART~WALTON~ BUSH ESTATE TAX CUT~ABATEMENT WAS PLANNED 4 PRIOR OUR LAST PRESIDENTIAL ELECTION WITH A WHOLE CABAL OF KEEN DEVIOUS MINDS ~

PRESIDENT OBAMA~THEY DO NOT WANT 2 PAY BILLIONS IN TAX $$ SO THEY WILL SCARE ALL OF THE PEOPLES U.S. CONGRESS WITH THEIR NEW UNLIMITED CORPORATE SPENDING IN Novembers U.S. CONGRESSIONAL ELECTIONS ..

ALL little people LIVING IN OUR WEALTHY ELITES AMERICA KNOW THAT FAMOUS ELITEST QUOTE

" ONLY little people PAY TAXES "

ARKANSA FORMER PRESIDENT BILL CLINTON WOULD EVEN SAY " IT'S THE ESTATE TAXES STUPID!" .....

ALL MIDDLE~CLASS & POORER AMERICAN'S KNOW ONLY LITTLE PEOPLE PAY TAXES IN THE USA ....

THESE BUSH TAX CUTS ARE JUST A COVER 4 SAVING A FUTURE WALTON ESTATE FROM BEING FULLY TAXED ......

LETS CALL THEM THE WALTON WALMART~BUSH TAX CUTS 4 ELITE AMERICANS AND THEIR LUST TO KEEP ONES VAST ESTATE WEALTH FOR THE NEXT LIFE...

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Senators Are Pushing To Cut Taxes For Paris Hilton

BY PAT GARAFALO

Should tax breaks be given to the richest percentile while unemployment continues?

Unemployment is near 10 percent. Long-term unemployment is at a record high. Teachers are being laid off across the country and state governments are slashing services to the bone. billion could do a lot of good addressing any of these problems.

However, the U.S. Senate is considering spending that much money on something else: cutting taxes for the richest 0.2 percent of households in the country.

For months, Sens. Jon Kyl (R-AZ) and Blanche Lincoln (D-AR) have been on a quest to cut the estate tax, or the tax that the federal government levies on inheritance. And despite its serious impact on the budget and negligible effect on the electorate at large, their proposal is being taken seriously.

Before getting into the merits of their proposal, here?s some background. The 2003 Bush tax cut included a gradual phase-out of the estate tax, from its 2001 level of 55 percent with a million exemption to its complete repeal this year. However, to make the long-term cost of the cut seem less severe, the legislation stipulated that the tax come back in 2011 at the 2001 level. At the time, Bush?s team believed that Congress would never reinstate the tax, after having lived for at least one year without it.

Proving Bush?s strategy at least partially incorrect, the House of Representatives has already passed a bill permanently setting the estate tax at the 2009 level, which is a 45 percent rate with a .5 million exemption. But Kyl and Lincoln want to cut this to 35 percent with a million exemption. Their cut costs billion more than the House bill and 0 billion more than the budget baseline.

And all of that money would go to cut a tax that 99.8 percent of households in the U.S. will never pay. In fact, 62.5 percent of estate tax revenue comes from estates worth more than million. Another 35 percent of the revenue comes from estates worth between million and million. The simple fact is that only the ultra-wealthy ? the Paris Hiltons of the world ? are subject to the estate tax.

The estate tax receives so much attention because there is a significant amount of misinformation circulating about it. This is due to a concerted effort by conservatives and wealthy corporate families to re-label it the ?death tax,? with the intent of fooling everyone into thinking that the IRS will be looming over them on their death bed, demanding payment. One organization in particular, the Policy and Taxation Group, has fueled this campaign, funded by money from the Gallo and Mars family fortunes.

Even Lincoln herself helped spread this tall tale, saying ?I don?t think there?s any American out there who believes you should work all of your life to find that when you die, 55 percent of [your estate] has got to go to the government.?

I bet she?s right that no one believes that. But no one is trying to make it the law either.

Because the estate tax is levied on marginal income, it is only paid on the amount in excess of the exemption. To put it plainly, if the exemption is .5 million, the first .5 million of the estate is passed on entirely tax free. Tax is only paid on the first dollar above that amount. So an estate worth ,500,001 would have a tax bill of .45 cents under 2009 law.

The average effective rate ? the amount paid as a percentage of the entire estate ? for those subject to the estate tax is about 14 percent. There isn?t a mass of grieving widows who have to hand over half of everything they own to the government.

Critics of the estate tax also contend that it adversely affects small businesses and family farms. This, too, is untrue. If 2009 law were made permanent, only 140 estates that could be considered farms or small businesses will owe any tax at all, and ?all but a handful would have sufficient liquid assets on hand (such as bank accounts, stocks, and bonds) to pay the tax without having to touch the farm or business,? according to the Center on Budget and Policy Priorities. The Lincoln-Kyl plan would spend tens of billions to cut this already small number down to 40.

Kyl and Lincoln have said that they plan to find spending offsets for the billion difference between their cut and the 2009 law, raising the prospect that Congress will actually increase revenues ? which could be spent on any number of things ? in order to cut taxes for the richest of the rich. It?s an absurd notion, but it garnered the attention of Sens. Max Baucus (D-MT) and Charles Grassley (R-IA), the chairman and ranking member, respectively, of the Senate Finance Committee.

Fortunately, some progressive lawmakers have started to push back against Lincoln and Kyl, with Sen. Bernie Sanders (I-VT) saying ?the idea that we would make significant exemptions within the estate tax to give more tax breaks to the top three-tenths of 1 percent is nauseating.? And he?s absolutely right. Adopting the Lincoln-Kyl cut would be a sad indication of where Congress? priorities truly are.

Pat Garofalo is the Economics Researcher and Blogger for WonkRoom.org at the Center for American Progress Action Fund. His writing has also appeared in The Nation, the Guardian, the Washington Examiner, and at AOL News.

Tags: Paris Hilton, Tax Cuts, Wealthy

Read more: www.businessinsider.com/senators-are-pushing-to-cut-taxes-for-paris-hilt...

----------------------------------------------------------------------------------------------------------------------------------------------------

WALL STREET JOURNAL

Lincoln Intervenes for Arkansas Bank Article

By DAMIAN PALETTA

Sen. Blanche Lincoln, one of the chief architects of the financial-regulation overhaul nearing completion in Congress, is pushing for a change that would benefit a bank in her home state of Arkansas.

The bank, Arvest Bank Group Inc., of Bentonville, Ark., is predominantly owned by the Walton family, of Wal-Mart Stores Inc. fame, perhaps the most influential family in the state and one of the richest in the U.S.

Sen. Blanche Lincoln is pushing for a change in the financial-overhaul bill that would benefit an Arkansas bank owned by the Walton family.

Under Ms. Lincoln's proposed change, Arvest would be excused from a provision that could require banks to raise more capital, in Arvest's case about 5 million. Other Senate Democrats had intended only to exempt banks with less than billion in capital from the provision. Ms. Lincoln wants to raise that to billion, a threshold that would exempt Arvest. It is the only bank in Arkansas with between billion and billion of assets, though there are some in other states.

White House officials have said they don't want changes that benefit specific companies, leery of the horse-trading that nearly sank their health-care overhaul. But the administration also can't afford to alienate Ms. Lincoln, head of the Senate Agriculture Committee, whose support on the broader overhaul is vital to its success.

Lawmakers routinely do things to benefit organizations in their home states, often seen as "constituent service." But Ms. Lincoln's move could cause headaches for other Democrats because Arvest is owned by such a wealthy and politically influential company. Other Democrats in Congress are considering making a change to satisfy the senator, people familiar with the matter said.

A spokeswoman for Ms. Lincoln said she was pushing the change to make sure "no Arkansas bank?no matter its owner?is punished" by the provision." She didn't discuss the issue with anyone from the Walton family but did meet with Arvest officials, her office said.

Experience WSJ professional Editors' Deep Dive: Financial Regulation WatchBEST'S INSURANCE NEWS

Conference Committee Agrees on Federal Insurance OfficeChicago Tribune

Auto Dealers Get a Pass in Reform BillNational Post

Canada as Derivatives HavenAccess thousands of business sources not available on the free web. Learn More Arvest officials and the Walton family declined to comment. The company is the largest of 96 bank holding companies in Arkansas and has more than 200 branches in four states.

Lawmakers from the House and Senate, including Ms. Lincoln, are currently hashing out a new financial-regulation bill.

The issue concerns dividend-paying instruments some banks issue to raise money called trust-preferred securities, a mix of debt and equity. Banks can convert them to capital for regulatory purposes.

The Senate version of the financial overhaul would bar the securities from being counted as part of banks' capital reserve, the cushion that absorbs losses when loans go bad. So some banks may have to raise fresh funds to meet capital minimums.

Senate Republicans last week proposed a provision, supported by House conferees, that would let all banks continue counting existing trust-preferred securities as capital. Ms. Lincoln broke with other Democrats on the conference committee and voted with the Republicans.

Journal Communitydiscuss? This is exactly what is wrong with American politics today. ?

?David Stoneman Senate Democrats then proposed allowing banks with less than billion in assets to continue to count existing trust-preferred securities toward capital. What Sen. Lincoln is doing now is pushing to raise that threshold to billion.

This would include Arvest among banks "grandfathered." Arvest, with .3 billion in assets, is the only bank-holding company in Arkansas with more than billion in assets, and thus the only one that would benefit form such a change.

There are about 20 other banks in America with between billion and billion in assets that could also be helped.

Ms. Lincoln "believes the threshold should be high enough to ensure no bank in Arkansas is subject to these new rules on existing capital, which would hinder their ability to generate lending for consumers and businesses at a time when access to credit is already difficult to come by," said Ms. Lincoln's spokeswoman, Marni Goldberg, "These banks did not cause the near-collapse of our financial system and should not be punished for Wall Street's actions."

The change would benefit Arvest because of the way it has structured its capital. Of the 0.4 million Arvest held as capital at the end of March, about 5 million was in trust-preferred or similar securities, a high proportion compared with some other banks.

If the financial overhaul passes without any change, and Arvest can no longer count these securities as capital, the Walton family could be forced to raise fresh funds to fill the hole.

Arvest's chairman, chief executive and president is Jim Walton, one of the four children of the late Wal-Mart founder Sam Walton. From 1992 through the first quarter of 2010, Wal-Mart employees and the company's political-action committee have been among Ms. Lincoln's most generous supporters, giving her ,700, according to the Center for Responsive Politics, a nonpartisan group that tracks campaign finance. The Waltons have owned Arvest for decades.

The provision barring banks from counting trust-preferred securities in their capital has the backing of Federal Deposit Insurance Corp. Chairman Sheila Bair, who says the securities do little to protect banks from losses during economic downturns.

Scramble to Finish Bank Rules This Week Auto Dealers Stand to Benefit in Financial Bill Sen. Susan Collins (R., Maine), sponsor of the provision to bar the securities from being counted in capital, is inclined to agree to raising the exemption threshold to win Ms. Lincoln's support, a spokesman for Ms. Collins said.

Ken Hammonds, chief executive of the Arkansas Bankers Association, said his group supports Ms. Lincoln's proposed change because it could also allow the state's smaller banks to merge and grow beyond billion in assets without being penalized.

This isn't the first time a lawmaker has pushed for changes that would help a home-state company. Sen. Ben Nelson (D., Neb.) inserted a derivatives-related provision into the Senate bill that had been pushed by Nebraska-based Berkshire Hathaway Inc. The change could have saved the company several billion dollars, according to analysts. It was removed after the lawmaker's involvement was disclosed in The Wall Street Journal.

Sen Scott Brown (R., Mass.), has said he'd vote against the financial-overhaul bill if it forces Massachusetts-based companies to stop certain asset-management practices.

?Dan Fitzpatrick contributed to this article

Write to Damian Paletta at damian.paletta (at) wsj.com

Copyright 2009 Dow Jones & Company, Inc. All Rights Reserved

--------------------------------------------------------------------------

& WE ALWAYS THOUGHT ARKANSES SENATOR BLANCHE LINCOLN ONLY SHOPPED AT TIFFANY'S... POORER AMERICANS....

LAWYERS FOR POOR AMERICANS IS A VOLUNTEER WWW LOBBY THAT SINGS OUT FOR MIDDLE~CLASS & WORKING POOR AMERICANS.WE CAN BE FOUND WITH ANY AND ALL WEB SEARCH ENGINES BY OUR NAME,TELEPHONE NUMBER OR E MAIL ADDRESS.

lawyersforpooreramericans-AT-gmail.com

(424-247-2013)

* WE ENJOY BRINGING ALL our fellow little people in America the good life ON THE WEB *

----------------------------------------------------------------------------------------------------------------------------------------------------

COME, COME, POOR HUNGRY KIDS IN ARKANSAS ALSO SHOP AT TIFFANY'S ~

#ARSenate: Arkansas Leads Nation in Number of Children Hungry

On July 2, 2010, In 2010 arkansas senate race, Arkansas, Local News, By Blake

Sen. Blanche Lincoln, the chairperson of the influential Senate Agriculture Committee, made much ado about the Healthy, Hunger-Free Kids Act of 2010, a bill that called for the investment of .5 billion in new child nutrition funding over ten years. The bill was introduced on March 17, 2010, almost six months after she took control of the committee.

Yesterday, the U.S. Department of Agriculture released a report concluding that Arkansas has the highest percentage of children under the age of 18 that are hungry in the nation. Notably, the report is based on data from 2006 ? 2008, which was before the economic recession began. Ken Kupchick of the River Valley Regional Foodbank told Stephens Media that he expects the numbers to get much worse.

Is this a campaign problem for Ms. Lincoln? Her current bill speaks the the devastating nature of this report. According to Lincoln?s campaign website, the allocation ?is a significant increase over previous efforts. The highest previous increase was 0 million over ten years.? But if the numbers are accurate, Arkansas has led the nation in the number of hungry children per capita for four years. Should there have been a battle cry from Arkansas?s senior senator earlier?



Report this post as:

LATEST COMMENTS ABOUT THIS ARTICLE
Listed below are the 10 latest comments of 1 posted about this article.
These comments are anonymously submitted by the website visitors.
TITLE AUTHOR DATE
WHATS GOOD 4 AMERICA'S ELITE IS GOOD 4 AMERICA ??? LAWYERS FOR POOR AMERICANS Tuesday, Aug. 03, 2010 at 4:10 PM

Local News

Change Links September 2018 posted S02 10:22PM

More Scandals Rock Southern California Nuke Plant San Onofre A30 11:09PM

Site Outage Friday A30 3:49PM

Change Links August 2018 A14 1:56AM

Setback for Developer of SC Farm Land A12 11:09PM

More problems at Shutdown San Onofre Nuke J29 10:40PM

Change Links 2018 July posted J09 8:27PM

More Pix: "Families Belong Together," Pasadena J02 7:16PM

"Families Belong Together" March, Pasadena J02 7:08PM

Short Report on the Families Belong Together Protest in Los Angeles J30 11:26PM

Summer 2018 National Immigrant Solidarity Network News Alert! J11 6:58AM

Watch the Debate: Excluded Candidates for Governor of California M31 5:20AM

Change Links June 2018 posted M28 7:41AM

The Montrose Peace Vigil at 12 Years M22 8:01PM

Unity Archive Project M21 9:42AM

Dianne Feinstein's Promotion of War, Secret Animal Abuse, Military Profiteering, Censorshi M17 10:22PM

CA Senate Bill 1303 would require an independent coroner rather than being part of police M10 9:08PM

Three years after OC snitch scandal, no charges filed against sheriffs deputies M10 8:57PM

California police agencies violate Brown Act (open meetings) M02 8:31PM

Insane Company Wants To Send Nuke Plant Waste To New Mexico A29 11:47PM

Change Links May 2018 A27 8:40AM

Worker-Owned Car Wash on Vermont Closed A27 5:37AM

GUIDE TO REBEL CITY LOS ANGELES AVAILABLE A13 12:39AM

lausd whistle blower A11 6:58AM

Website Upgrade A10 10:02AM

Help KCET and UCLA identify 60s-70s Chicano images A04 8:02PM

UCLA Luskin: Casting Youth Justice in a Different Light A02 6:58PM

Change Links April 2018 A01 6:27PM

More Local News...

Other/Breaking News

Antrhopocène, le grand effondrement S19 9:53AM

Creative Destruction Hack Diamonds Windows/iOS/Android - Creative Destruction Generator S19 12:51AM

Abolir l'économie S18 11:18AM

The Dictatorship of Corporations S17 5:26PM

18 Lethal Consequences Of Hunting S17 3:13PM

Paraphysique de l'outplacement déontologue S15 6:51AM

Creative Destruction Hack Mod Generator S15 3:49AM

Shopping du bashing S14 8:42AM

After Lehman Brothers, Experts Say Global Financial Crisis Can Happen Again S13 8:28PM

“Animaniacs in Concert!” Starring Voice Legend Rob Paulsen S12 9:30PM

Probabilités de fin d'humanité S12 6:49AM

Florida Area of Migrant Farmworkers Denied Right to Construct Health Clinic near NaplesCIW S11 2:57AM

Propagande de virus, virus de propagande S10 7:34AM

Steer clear of work morality! S09 12:10PM

Sweatshop Lodge Ceremony Continues in US Fed Prisons Led by Inmates S08 6:17PM

Paraphysique de l'origami S08 7:11AM

The Shortwave Report 09/07/18 Listen Globally! S06 11:23PM

August 2018 Honduras Coup update S06 12:28PM

Du réussissement putréfié S06 10:55AM

Brett Kavanaugh Filled The 5th Circuit With Execution Judges S06 6:14AM

Log S06 4:25AM

Augusta Georgia Woman Gets 5 Year Prison Sentence for Writing About Russians Crime Acts S05 8:29AM

Paraphysique de contextualité S05 8:29AM

Crisis Regulation in Global Capitalism S03 3:39PM

Ex-voto de réification S03 10:24AM

Please Oppose Warmonger, Execution and Torture Supporting Bush Operative Brett Kavanaugh A31 10:45PM

Paraphysique d'exploitation occultation A31 10:24PM

Ryan Zinke Is Charging Taxpayers For A Trophy Hunters' Council A31 2:10PM

More Breaking News...
© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy