Reading the news today, regarding situations here at home as well as those taking place around the globe is remindful once again of the film, The Candidate.
Made in 1972, the satirical comedy-drama starred Robert Redford, and is recapped in Wikipedia as follows:
“Marvin Lucas (Peter Boyle), a political election specialist, must find a Democratic candidate to oppose California U.S. Senator Crocker Jarmon, a popular Republican. With no big-name Democrat eager to enter the unwinnable race, Lucas seeks out Bill McKay (Robert Redford), the idealistic, charismatic son of former governor John J. McKay (Melvyn Douglas).
On election day, McKay wins. In the final scene, he escapes the victory party and pulls Lucas into a room while throngs of journalists clamor outside. McKay asks Lucas, "Marvin ... What do we do now?" The media throng arrives to drag them out, and McKay never receives an answer.”
And that’s precisely what the nation faces now. An administration that from the very top and throughout, hasn’t an iota of an idea how to do its job or handle any aspect of its responsibilities.
This morning, Dana Mattioli, David Benoit and Julie Jargon of the Wall Street Journal reported that, “Investor Warren Buffett is helping finance Burger King Worldwide Inc.’s planned takeover of Canadian coffee-and-doughnut chain Tim Hortons Inc., according to people familiar with the matter, in a surprise twist that thrusts the billionaire into a debate over U.S. taxes.”
The investment would also place Buffett, known for championing American companies and for advocating that wealthy individuals pay their fair share of taxes, “into an uncomfortable position at the center of a spirited debate over U.S. tax policy.”
Structured as a so-called inversion, it would move the new company's headquarters to Canada. However, these deals that can help companies sidestep taxes, also have drawn stiff opposition in Washington.
That opposition, though, is not surprising because the effective corporate tax rate in the U.S., which combines national, state, and city-level tax rates, is nearly 40 percent, highest across all 34 Organization for Economic Cooperation and Development member countries. Canada's rate is just over 26 percent.
Furthermore, Miami-based Burger King, founded in 1954, presently has more than 13,000 locations in nearly 100 countries, significantly increasing its presence in Europe, the Middle East, Asia and Latin America. Therefore, there’s far more to this story than just an American business suddenly deciding to move for tax consideration purposes although they’re certainly quite considerable.
Yet, if the administration actually applied some business sense to taxes instead of taking a purely, and incorrect, politically motivated approach, not only would Burger King likely keep its headquarters here, another two trillion dollars held overseas by other entities would probably also come quickly back as well. And as far as Buffet's concerned, regardless of what he professes, follow the money to really know what he thinks.
On another issue involving finance, The Blog in the Weekly Standard by Jeryl Bier says that, “The federal government issued sixty contracts from 2009 to 2014 in efforts to build Healthcare.gov, the federal insurance marketplace. According to a report issued today by the inspector general (OIG) of the Department of Health and Human Services (HHS), the government had already paid out just under half a billion dollars by February 2014, five months after the beginning of open enrollment. The government is already under obligation for another $300 million, and the estimated value of the sixty contracts totals $1.7 billion.”
Yet, according to the United States Census Bureau, in 2012 there were 48.0 million people in the US (15.4% of the population) who were without health insurance. However, according to Gallup polling data, back in 2008 14.8 percent of Americans lacked health insurance coverage. then. Therefore, if enrollment numbers stay as they are, $1.7 billion taxpayer dollars will be spent to insure .006 percent of the population. Which means there has to be a better way of addressing the issue than this ill-thought out fiasco called Obamacare.
Along the same lines, Daily Caller reports that,: “Americans who underestimated their income for 2014 when they applied for health insurance might see their tax refund reduced or eliminated completely. The Obama administration is warning taxpayers that they need to provide updates about changes in income. Taxpayers who make use of tax credits to help pay health insurance premiums are at serious risk, since if income increases unexpectedly during the year, the tax credit could not only dry up completely, but instead reverse, leaving taxpayers with an additional bill.”
The tax situation isn’t surprising though, because with the government trying to find $1.7 billion to pay for Healthcare.gov, every nickel counts.
But losing major business enterprises to foreign nations and burgeoning problems in the health care tax aren’t the only issues haunting the administration today because, Judicial Watch tells Fox News that “the Department of Justice has suggested the “lost” e-mails may still exist on backup computers. Judicial Watch President Tom Fitton says DOJ attorneys told him the federal government backs up all computer records to ensure the continuity of government in event of a catastrophe.”
Therefore, this clearly illustrates the fact that Judicial Watch and House Oversight Committee Chairman Darryl Issa have been absolutely right in not abandoning their quest to obtain IRS documents that surely exist. No matter how many suspected perpetrators tell them otherwise under “oath.”
Which all leads to a final comment from Charles Krauthammer, on “Special Report with Bret Baier,” who was talking about Iraq and Syria, but his words pretty much cover every issue the administration’s involved in.
“You wonder...whether this administration, that can’t even get its story straight in one day, can conduct an operation of that delicacy and complexity, military, diplomatic and political. The president simply can’t decide…I think this really ought to make us think twice about whether we can entrust a man of this lack of decisiveness.”
And that pretty well sums it all up.
That’s it for today folks.
Adios
No comments:
Post a Comment