Nancy Pelosi Proves Once Again That She Is An Ignoramus

Shockingly Ignorant: Nancy Pelosi Thinks Americans Aren’t Allowed To Move To Avoid Paying Taxes – Weasel Zippers

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Nancy Pelosi
@NancyPelosi

An American family can’t just change their address to avoid paying taxes. @HouseGOP, why can corporations? Let’s put the #MiddleClassFirst!

4:54 PM – 12 Sep 2014
156 Retweets – 112 favorites
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The ignorance is shocking… or perhaps it’s a Freudian slip, and she’d like to stop people from doing it.

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CBO “Revises” Its 2014 GDP Forecast, Hilarity Ensues (As Always) – Tyler Durden

CBO “Revises” Its 2014 GDP Forecast, Hilarity Ensues (As Always) – Tyler Durden

The gross, in fact epic, incompetence of the Congressional Budget Office when it comes to doing its only job, forecasting the future state of the US economy, has previously been extensively documented here (and here and here and here). This incompetence is in the spotlight once again this morning with the CBO’s release of its latest forecast revision of its original February 2014 projection.

And while every aspect of the revised projection has changed, in an adverse direction of course, the punchline is the chart below: the CBO’s revised projection for 2014 GDP. It’s one of those “no comment necessary” visuals.

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Surprising? Hardly. After all the CBO is swarming with indoctrinated Keynesian cultists whose only achievement in life is to be wrong about everything (and then to blame the Fed for not “easing enough”). Here is how the CBO “explains” this 50%+ cut in its forecast in just 6 months:

CBO has lowered its projection of real growth of GDP in 2014 from 3.1 percent to 1.5 percent, reflecting the surprising economic weakness in the first half of the year.

Which as other Keynesian talking heads have already made quite clear was due to snow. That’s right: over $100 billion in forecast economic growth “evaporated” from the US economy because it… snowed.

The good news? The CBO refuses to forecast the “harsh weather” for the foreseeable future, and has kept all of its 2015 and onward GDP estimates as is. So when things go horribly wrong to the CBO’s forecast, which is 100% guaranteed to happen, the CBO can again blame “surprising economic weakness” because, well, everyone else is doing it.

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Those who wish to waste their time can find the source here.

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*VIDEO* Alfonzo Rachel: No, Kareem Abdul-Jabbar, Ferguson Isn’t The Rich’s Fault


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*VIDEO* Andrew Klavan: Income Redistribution


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Thanks Barack… Typical U.S. Household Worth One Third Less Than Under Bush

Obamanomics In Action: Typical US Household Worth One-Third Less Than Under Bush – Gateway Pundit

Another Obama record…

AMERICANS GETTING POORER – HOUSEHOLD NET WORTH IN DECLINE

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The median household net worth under Obama is one-third what it was during the Bush years.

Under Barack Obama American households are worth two-thirds of what they were worth under George W. Bush.

The New York Times reported:

Economic inequality in the United States has been receiving a lot of attention. But it’s not merely an issue of the rich getting richer. The typical American household has been getting poorer, too.

The inflation-adjusted net worth for the typical household was $87,992 in 2003. Ten years later, it was only $56,335, or a 36 percent decline, according to a study financed by the Russell Sage Foundation. Those are the figures for a household at the median point in the wealth distribution – the level at which there are an equal number of households whose worth is higher and lower. But during the same period, the net worth of wealthy households increased substantially.

The Russell Sage study also examined net worth at the 95th percentile. (For households at that level, 94 percent of the population had less wealth and 4 percent had more.) It found that for this well-do-do slice of the population, household net worthincreased 14 percent over the same 10 years. Other research, by economists like Edward Wolff at New York University, has shown even greater gains in wealth for the richest 1 percent of households.

Hat Tip Banafsheh Zand

It should come as no surprise then that Republicans overwhelmingly represent the middle class districts by almost a two-to-one ratio.

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How To Renounce America And Still Be Called A Patriot (Ron Fournier)

How To Renounce America And Still Be Called A Patriot – Ron Fournier

This story is about a gilded class of people and corporations enriched by the new American economy while the rest of its citizens pay the tab. The protagonists could be any number of institutional elites, but this column happens to be about a Democratic senator from West Virginia, Joe Manchin, and his daughter, Heather Bresch, the chief executive of Mylan, a giant maker of generic drugs based outside Pittsburgh.

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Her company’s profits come largely from Medicaid and Medicare, which means her nest is feathered by U.S. taxpayers. On Monday, Bresch announced that Mylan will renounce its United States citizenship and instead become incorporated in the Netherlands – leaving this country, in part, to pay less in taxes.

This is the sort of story that makes blood boil in populists – voters from the Elizabeth Warren wing of the Democratic Party to libertarians who follow Rand Paul and including tea party conservatives. These disillusioned souls, growing in numbers, hate hypocrites who condemn the U.S. political system while gaming it.

Populists can’t be happy with how this story was told by Andrew Ross Sorkin of the New York Times. Under the headline “Reluctantly, Patriot Flees Homeland for Greener Tax Pastures,” Sorkin cast Bresch as a helpless victim of a system that has made her wealthy and her father powerful.

Heather Bresch grew up around politics. Her father is Joe Manchin, the Democratic senator from West Virginia and a former governor. She has heard him say repeatedly, “We live in the greatest country on Earth,” as he did in countless political advertisements. And it appeared to rub off on her: Ms. Bresch was named a “Patriot of the Year” in 2011 by Esquire magazine for helping to push through the F.D.A. Safety Innovation Act.

Ah, so she’s a patriot. Bresch told Sorkin that she engineered the company’s divorce from the United States “reluctantly,” and, the reporter added, “she genuinely seems to mean it.” That credulous line was followed by two paragraphs about corporate tax rates, an important reminder of how slowly political and business leaders are adapting to the global, tech-infused economy.

If Ms. Bresch’s deal is not a call to Washington to address what is clearly a growing trend that it has remained nearly silent on, the nation will most likely continue to lose large employers and taxpayers in droves to countries with lower tax rates. Almost 20 large United States companies have announced plans to give up their United States citizenship over the last two years. Just on Monday, the Irish drug maker Shire cleared the way for a merger with AbbVie, the drug maker based in Chicago, and Walgreen is considering an inversion through a deal with Alliance Boots, a European drugstore chain.

“It’s not like I’ve not been vocal and up there talking to anybody who’d listen to me,” Ms. Bresch told me in an interview about the crusade she had been on in Washington for years, talking to lawmakers about overhauling the corporate tax code to make United States companies more competitive. “But you know what they all say? ‘Yeah, uh huh, O.K. Uh huh.’ “

That’s ripe. The daughter of a U.S. senator and former governor – a Patriot of the Year, no less – says she got lip-service from Congress. Just like you and me.

To his credit, Sorkin says there is something “morally disconcerting” about a company bolting a country that is among its biggest customers. Still, he writes, Bresch “insists that the merger is being driven mostly by its strategic merits, and that the lower tax rate is just an added benefit.” OK, now. That’s hard to swallow. How much in taxes will she save by jilting the United States?

Ms. Bresch, who said the company’s current effective tax rate is about 25 percent, said the rate would come down to 21 percent in the first year of the deal and then move into the high teens after three to five years. Mylan will continue to pay taxes in the United States on its domestic profits, but not on its business operations abroad.

All of which raises an important question: Even if the United States were to revamp its corporate tax code, how low would the rate have to drop to be competitive and still raise enough revenue to pay for the services that citizens expect?

Corporate taxes will go as low as ordinary voters can stand it, no doubt, because their rates are determined by powerful special interests and elites like Bresch and her father. Manchin wouldn’t speak to me, but he did issue a nugatory statement to Sorkin – something about being “disappointed” when U.S. companies “feel the need to move overseas because of the U.S. tax code.”

Too bad Manchin isn’t in a postion to feel the need and find a way to keep Mylan paying taxes to the United States, the country that presumably will continue to enrich her firm via Medicare and Medicaid. Would he try to cut federal drug payments to Mylan by roughly the amount of taxes his daughter is taking to the Netherlands? I don’t know, because my call to the senator’s office was not returned.

As for Americans less privileged and powerful than these two characters, your role is clear: Just cast your votes and pay the bills.

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HHS Report: 1.3 Million Obamacare ‘Enrollees’ May Not Even Be American Citizens

1.3 Million Obamacare ‘Enrollees’ May Not Even Be American Citizens, Admits HHS Report – Daily Sheeple

Trouble is brewing in Washington as those who still consider legitimate the national healthcare takeover known as Obamacare try to figure out which enrollees are even eligible for coverage. A new report issued by the Office of the Inspector General (OIG) admits that nearly 1.3 million Obamacare enrollees, or about 16 percent of the overall total, cannot be verified for legal status in the U.S. – in other words, most, if not all, of them are illegal immigrants rather than American citizens.

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The shocking figures can be found on page 11 of the Department of Health and Human Services (HHS) report, entitled Marketplaces Faced Early Challenges Resolving Inconsistencies with Applicant Data. According to the figures, 1,295,571 “inconsistencies” – this is a politically correct way of implying missing or fraudulent data – found on Obamacare applications involved issues of citizenship, national status or lawful presence in the U.S., meaning applicants did not or could not verify this important information.

“The Federal marketplace was generally incapable of resolving most inconsistencies,” admits the report, noting that a large percentage of these faulty applications will likely never be resolved, at least not until the eligibility verification system becomes operable. “Without the ability to resolve inconsistencies in an applicant’s eligibility data, the marketplace cannot ensure that an applicant meets each of the eligibility requirements for enrollment in a [Qualified Health Plan] and when applicable, eligibility for insurance affordability programs.”

Nearly Half Of Total Obamacare Enrollees Cannot Be Verified As Eligible

What this implies is that the entire Obamacare program is nothing but a giant free-for-all, with absolutely no checks or balances in place to ensure that abuse and fraud don’t run rampant. Between abnormalities with income, employment verification and legal status in the U.S., it appears as though the bulk of Obamacare enrollees are either criminals, deadbeats or illegal aliens who don’t even belong in the country.

Of the roughly 8 million applicants who have signed up for Obamacare as of this writing, nearly 3 million of them cannot be verified by the current system as eligible, according to the HHS. And at this point in time, there is no way to ever verify them, as admitted by the Inspector General, further proving the massive swindle that has been levied on the American people by the Usurper-in-Chief who, ironically, has his own eligibility inconsistencies.

Four State-Run Exchanges Admit They Have No Way Of Verifying If Obamacare Enrollees Are Legal Citizens

Beyond the federal debacle, at least four state-run Obamacare exchanges are also incapable of verifying applicant eligibility. The HHS report explains that four of the 15 state marketplaces – Massachusetts, Nevada, Oregon and Vermont – haven’t figure out a way to resolve their “inconsistencies,” either. Much of this is due to their enrollment systems never having been designed with the capacity to verify applicants, a major oversight (or, perhaps, a deliberate design flaw).

Three other states – Hawaii, Colorado and Minnesota – have also had problems with inconsistencies. But these states sloughed the mess onto their state Medicaid offices, which are now having to individually verify each application by hand.

“One year ago, conservatives warned that the Obama administration’s decision to use the so-called ‘honor system’ for income eligibility was merely a backdoor way to get as many individuals on the public dole as possible,” wrote Wynton Hall for Breitbart about the ongoing dilemma. “The Office of Inspector General determined that ‘the federal marketplace was generally incapable of resolving most inconsistencies.’”

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