body~politic

~~~~~~~~~> Does DEBT  become SERFDOM ?

Tweet me @ColonialSerf, and let me know, and I'll share the answers HERE!!!

Saturday, January 25, 2014

How Inflation Robs Social Security Recipients And Other Taxpayers - Forbes

How Inflation Robs Social Security Recipients And Other Taxpayers - Forbes



The government creates inflation by printing money. Should it profit from that activity?


A third of a century ago, a decision was made that in one important
respect it should not. President Ronald Reagan pushed through
legislation that indexed tax brackets for the cost of living. No more
would the Internal Revenue Service be entitled to a larger percentage of
your paycheck just because prices are going up.


Many important elements of the tax code now have built-in inflation
adjustments: brackets, the personal exemption and the standard deduction
among them. But a few big items do not have cost of living adjustments.
The un-cola list includes the $500,000 home sales exclusion, the
$250,000 base point for the new 3.8% investment tax and the $3,000
capital loss deduction.


One unindexed number that afflicts a great many retirees is the
hurdle for determining the taxability of Social Security benefits. On
joint returns, break points in the formula for benefit taxation occur at
$32,000 and $44,000.


Those income amounts once hinted at a retiree who was fairly well
off. Not anymore, says Stephen Entin, an economist who was one of the
instigators behind Reagan’s 1981 indexing proposal. If you’re collecting
Social Security but unaware of these income thresholds, that’s because
the formula is so complicated that you need a computer to apply it.
“These days people are sheltered from the evils of the tax code by
software,” says Entin.


Entin is now with the Tax Foundation, a nonprofit that looks
(skeptically, for the most part) at how tax collectors get their pound
of flesh. He cites half a dozen examples of how the federal tax code
interacts with inflation to reach into people’s wallets.  I’ve added a
few in creating the following list, which covers only the more common
items. The code is, in fact, littered with dollar amounts that are
frozen in time.


The Social Security taxability formula. When Reagan was first
elected, benefits were not taxable at all. Now they are, under a sliding
scale that starts when a couple has $32,000 or more of total income.
That number hasn’t changed in a quarter of a century, during which time
the cost of living has doubled.


The $500,000 home sales exclusion. This lets taxpayers off the
hook for tax on a capital gain of up to $500,000 from a home sale.
That’s for a joint return; singles are limited to $250,000. The numbers
haven’t budged since they were put into the code in 1997.


We shouldn’t look a gift horse in the mouth. But the 1997 law was not
really a gift, since it replaced a previous tax code provision allowing
people who move to roll over gains indefinitely.


The $1 million mortgage cap. You can deduct interest on the
first $1 million of your mortgage. The ceiling is not
inflation-adjusted. When it was put in place it mattered only to the
very rich. Now it can crimp middle-class families buying homes in New
York City or San Francisco.


The 3.8% investment surtax. The tax is aimed at fat cats. They
owe it on investment income (dividends and capital gains and so on) to
the extent that this income puts their total income above $250,000 on a
joint return.


This tax went into effect a year ago. With the base unadjusted, it will eventually hit the middle class.


The 0.9% wage surtax. Both employer and employee must fork
over a 1.45% Medicare tax on salaries. If the salary tops $250,000, the
rate kicks up to 2.35%. The cut-off point is not inflation-adjusted.


The $3,000 capital loss deduction. If you make $100,000
selling a stock, you owe tax on $100,000. If you lose $100,000 (and
don’t have gains to offset), then you can deduct only $3,000 a year. It
will take you 34 years to deduct the loss.


The $3,000 was last updated in 1978. If the amount had kept up with inflation it would be $10,700 now.


The $100,000 cut-off for landlords who are ordinary folk. If
you lose money on investment real estate (and aren’t a real estate pro),
you can fully deduct the loss only if your income is below $100,000.
This amount has been frozen since 1986. The deduction is limited to
$25,000 (also frozen) and phases out at $150,000 of adjusted gross
income.



The 1099 headache. Businesses have to file paperwork with the
IRS when they pay noncorporate suppliers $600 or more. Inflation is
making this obligation into an expensive chore.


Business flops. Section 1244 promotes small business and,
presumably, job creation, by allowing an ordinary loss of up to $100,000
on investments in businesses that fail. The ceiling is fixed.


Life insurance. The code excludes from taxable income the
value of up to $50,000 of employer-provided term insurance. That used to
be a meaningful sum. Now it’s scarcely worth the bother.

Shares take a hit as plunging currencies unnerve global investors | Mail Online

Shares take a hit as plunging currencies unnerve global investors | Mail Online: 'The world is catching emerging markets flu': UK and US shares take a hit as plunging currencies worry global investors

FTSE 100 falls 1.6% to five-week low and US shares down 2%
European shares suffer biggest fall in seven months as fears over Argentinian peso crisis grow
Political instability in Ukraine and Turkey add to investors' worries over cuts to quantitative easing



Trey Gowdy: House Republicans are scapegoat-of-the-day for Obama - BizPac Review

Trey Gowdy: House Republicans are scapegoat-of-the-day for Obama - BizPac Review: Instead of working with the Republican House, President Obama is more interested in turning it into a Democratic-controlled chamber, according to U.S. Rep. Trey Gowdy, R-S.C. He told Fox News host Greta van Susteren, “he doesn’t have an interest in working with us.”

Gowdy was brought “On the Record” Friday after van Susteren played a collage of video clips of the president’s continued willingness to do by executive order what he’s unable — or unwilling — to accomplish through Congress.

Firefighters rush into smokey hotel room, come face to face with Snoop Dogg | WTVR.com

Firefighters rush into smokey hotel room, come face to face with Snoop Dogg | WTVR.com: MELBOURNE, Australia — Smoke from “an unidentified source” brought firefighters rushing to a room in a Melbourne hotel — where they encountered the rapper Snoop Dogg and his entourage.

Sam’s Club To Cut 2,300 Jobs

Sam’s Club To Cut 2,300 Jobs: NEW YORK (January 25, 2014) Wal-Mart Stores Inc. is cutting 2,300 workers at its Sam's Club division as it reduces the ranks of middle managers in a bid to be more nimble.

Matthew 25:29 For unto every one that hath shall be given, and he shall have abundance: but from him that hath not shall be taken away even that which he hath.





Matthew 25:29 For unto every one that hath shall be given, and he shall have abundance: but from him that hath not shall be taken away even that which he hath.: KJV(i) 29 For unto every one that hath shall be given, and he shall have abundance: but from him that hath not shall be taken away even that which he hath.






The Dangers of Federal Snooping into Our Prescription Drug Records - Hit & Run : Reason.com

The Dangers of Federal Snooping into Our Prescription Drug Records - Hit & Run : Reason.com

Student writes #YOLO on their math quiz, teacher has a legendary response! | Young Conservatives

Student writes #YOLO on their math quiz, teacher has a legendary response! | Young Conservatives

Friday, January 24, 2014

KILLSWITCH ENGAGE LYRICS - The Call

The sound of footsteps approaching 
A storm of shadows reveal a figure forlorn 
Whispering voices that slither into our ears,

KILLSWITCH ENGAGE LYRICS - In Due Time

All in due time, see the world through different eyes. 
All in due time, the shadows will give way to light.

Thursday, January 23, 2014

Bottoms Up: First Palestinian White Beer Hits Market | Weasel Zippers





Bottoms Up: First Palestinian White Beer Hits Market | Weasel Zippers: A new kind of revolution is brewing in the Palestinian Territory. For the first time the alcoholic beverage, White Beer, is now locally brewed by the Taybeh brewing company, the only Palestinian beer company. The 3.9 – 5% alcohol-content White Beer is a new addition to the company’s four German-style beers [Golden, Amber, Dark and Light] and its alcohol-free brand.

The first of a number of beer-tastings took place recently at a popular Mexican-style restaurant in Ramallah, the Palestinian territory’s most upscale venue.


Wednesday, January 22, 2014

Poll: Most say White House not competent - Tal Kopan - POLITICO.com

Poll: Most say White House not competent - Tal Kopan - POLITICO.com: A slim majority of Americans say the Obama administration is not competent at running the government, according to a new poll.

Asked whether the administration under President Barack Obama has been competent in general, 53 percent of registered voters surveyed said no, according to a Quinnipiac poll released Wednesday.

ObamaCare Will Restrict Where You Live And Travel


It’s bad enough that the president’s health insurance takeover
costs more, breaks his pledge of letting you keep your plan and
diminishes choice. It actually restricts your travels too much like the
Soviet system where you have to get approval before traveling to other
areas of the country.obama-socialist
‘We have never had to put a wall up to keep our people in.” Those
words from President John F. Kennedy in June 1963, standing at the
Berlin Wall, neatly illustrated the moral superiority of the free West
over the Soviet bloc. Well John is rolling his grave seeing Obamacare.
Americans are now about to find themselves grappling with their own
bureaucratic Berlin Wall. The American Thinker’s Stella Paul has exposed
the virtually unnoticed fact that within the ObamaCare exchanges so
many Americans are being forced into, “most plans only provide local
medical coverage.”

Twitter / WilliamsJon: If you were in any doubt that ...

Twitter / WilliamsJon: If you were in any doubt that ...

MSNBC: Criticizing Wendy Davis For Divorcing Husband Day After He Paid Off Her Student Loans Is “Demeaning To Women”… | Weasel Zippers

MSNBC: Criticizing Wendy Davis For Divorcing Husband Day After He Paid Off Her Student Loans Is “Demeaning To Women”… | Weasel Zippers







Tuesday, January 21, 2014

Twitter / jasonjdick: This is what happens when your ...

Twitter / jasonjdick: This is what happens when your ...

How Milton Friedman Predicted Bitcoin In 1999 | Entrepreneur.com

How Milton Friedman Predicted Bitcoin In 1999 | Entrepreneur.com: Bitcoin is widely embraced by the libertarian community, mostly because the digital currency isn't tied to any single government, nor is it that heavily regulated. (Well, at least not yet. Give it time.)

So it shouldn't come as a surprise that the idea behind Bitcoin was endorsed years ago by Milton Friedman, the shaman of modern free-market economics.

In a 1999 interview suddenly making the rounds on YouTube, Friedman talks about the then-nascent internet, saying he thinks it will be one of "the major forces reducing the role of government."

That remains to be seen, but he then mused over the idea of a web currency that sounds awfully familiar to today's beloved, misunderstood and evolving Bitcoin...

Congrats, you owe the Alternative Minimum Tax - Tax Guy - MarketWatch

Congrats, you owe the Alternative Minimum Tax - Tax Guy - MarketWatch: We are now solidly into 2014, so it’s time to start thinking about your 2013 tax bill. One big question to be answered is whether you will owe the dreaded alternative minimum tax with your 2013 Form 1040. Congress originally cooked up the alternative minimum tax (AMT) to make sure high-income types who take advantage of multiple tax breaks would still owe something to Uncle Sam each year. These days, however, upper-middle-income folks are the most likely AMT victims. Here’s what you need to know.

Mr. Peabody & Sherman Official Extended Trailer #2 (2014) - Animated Mov...

PJ Media » Care versus Coverage

PJ Media » Care versus Coverage: For those with employer-based insurance, they can stay away (for now—we’ll see how that changes next year). Employer-based plans still have good networks. But people without employer-based insurance who must seek individual policies don’t for the most part have access to those networks, they only have access to the more narrow Obamacare networks.

PJ Media » Care versus Coverage

PJ Media » Care versus Coverage: The only way to receive an Obamacare subsidy is to buy insurance through one of the state exchanges or through Healthcare.gov. But doing so will automatically exclude each and every ACA buyer from the nation’s top hospitals and specialists. In other words, the very people who were supposed to be receiving all the wondrous benefits of the “Patient Protection and Affordable Care Act” will instead be relegated to second- or third-class care. Not to mention higher deductibles.

The Chart That Really Scares The Government... | Zero Hedge

The Chart That Really Scares The Government... | Zero Hedge: With a government intent on growing its entitlements, welfare state, and implicitly it's debt load... what could be more terrifying than the future debt-serfs refusing to be born into existence. As the birth rate in the US tumbles to yet another multi-decade low, one has to ask how confident the young adult of today is and how, again, the Japanization of America continues to indicate a dark future ahead...

FANTASY DRAFT: Marvel Studios Phase 3 Lineup - Comic Book Resources

FANTASY DRAFT: Marvel Studios Phase 3 Lineup - Comic Book Resources

What’s Harder Than Enrolling in Obamacare? Un-Enrolling in Obamacare | Conservative Infidel Conservative Infidel

What’s Harder Than Enrolling in Obamacare? Un-Enrolling in Obamacare | Conservative Infidel Conservative Infidel: Obamacare is notoriously difficult to enroll in, with stories of people unsuccessfully trying dozens of times to purchase insurance coverage through the exchanges and call center flooding the news. Even Obama himself couldn’t enroll via Healthcare.gov.

Now stories of problems un-enrolling in Obamacare plans are starting to surface.

Thailand Declares State of Emergency

Thailand Declares State of Emergency: The deputy interior minister announced the new measures Tuesday, giving security forces new powers to ban political gatherings of more than five people, censor news media, impose curfews and detain subjects without charge.

For weeks, authorities have worried about the country’s ability to conduct the vote during the continuing demonstrations in downtown Bangkok, but have said they have no legal option for delaying elections.

Protesters in the capital have demanded a halt to the vote and the appointment of an unelected council to impose broad political reforms before holding another election. After the country’s opposition Democrat Party decided to boycott the vote, protesters then prevented scores of candidates for registering for the election to undermine its legitimacy.



Report claims Syrian government behind 'systematic killing' of 11,000 detainees | Fox News

Report claims Syrian government behind 'systematic killing' of 11,000 detainees | Fox News



Combat zone Kiev: Riot police move to force protesters off streets (PHOTOS) — RT News

Combat zone Kiev: Riot police move to force protesters off streets (PHOTOS) — RT News: The leader of the opposition Udar Party, Vitaly Klitschko, has urged to avoid violence and said that he believes the thugs gathering in Kiev is a government’s plan to create havoc. At the same time he called on all Ukrainians to travel to Kiev and fight for the country’s future in what he described as the government’s war on its people.



Monday, January 20, 2014

Scientist: Cats think you are just a big, stupid cat | Technically Incorrect - CNET News

Scientist: Cats think you are just a big, stupid cat | Technically Incorrect - CNET News: Anthrozoologist John Bradshaw insists that cats really aren't terribly domesticated and think that humans are the same species as them, but oddly "non-hostile."

Twitter / CandiLissa: Mainstream media is garbage. ...

Twitter / CandiLissa: Mainstream media is garbage. ...



A new wave of US mortgage trouble threatens economy | The Conservative Papers

A new wave of US mortgage trouble threatens economy | The Conservative Papers: U.S. borrowers are increasingly missing payments on home equity lines of credit they took out during the housing bubble, a trend that could deal another blow to the country’s biggest banks.Notice of Foreclosure

The loans are a problem now because an increasing number are hitting their 10-year anniversary, at which point borrowers usually must start paying down the principal on the loans as well as the interest they had been paying all along.

THE RETAIL DEATH RATTLE Washington's Blog

THE RETAIL DEATH RATTLE Washington's Blog: “I was part of that strange race of people aptly described as spending their lives doing things they detest, to make money they don’t want, to buy things they don’t need, to impress people they don’t like.” ― Emile Gauvreau



If ever a chart provided unequivocal proof the economic recovery storyline is a fraud, the one below is the smoking gun.

Obama's Plot To Black Out 40 Percent Of US Power Supply

Obama's Plot To Black Out 40 Percent Of US Power Supply: A new EPA rule on power plant emissions promises to slash as much as 40 percent of the nation’s power supply and possibly even doubling Americans’ energy bills.

Obama's Plot To Black Out 40 Percent Of US Power Supply

Obama's Plot To Black Out 40 Percent Of US Power Supply: A new EPA rule on power plant emissions promises to slash as much as 40 percent of the nation’s power supply and possibly even doubling Americans’ energy bills.

Guts and Grease: The Diet of Native Americans - Weston A Price Foundation

Guts and Grease: The Diet of Native Americans - Weston A Price Foundation: Beaver was highly prized, especially the tail because it was rich in fat.



As Wendy Davis touts life story in race for governor, key facts blurred | Dallas Morning News

As Wendy Davis touts life story in race for governor, key facts blurred | Dallas Morning News: My language should be tighter,” she said. “I’m learning about using broader, looser language. I need to be more focused on the detail.”



Twitter / yotein: Cuando naces en un hospital ...

Twitter / yotein: Cuando naces en un hospital ...



Obama Plays Race Card on Falling Poll Numbers While New Yorker's Remnick Tries to Rewrite History | NewsBusters

Obama Plays Race Card on Falling Poll Numbers While New Yorker's Remnick Tries to Rewrite History | NewsBusters: Much will be written, and should be, about President Barack Obama's whining that racism partially explains the year-long plunge in his popularity since his reelection in 2012. What's also worth noting about the ponderous and painfully long (18 web pages) January 27 writeup in The New Yorker ("Going the Distance; On and off the road with Barack Obama") is David Remnick's apparent obsessions with rewriting history and recasting reality.

But first, here's the paragraph where Obama, apparently feeling that the "it's Bush's fault I inherited all these messes" card may finally have worn itself out, goes for the race card





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