Tag Archives: tax

Tax the Foundations – It’s Where the REAL $$$ Is

The first thing zillionaires do is create tax-exempt foundations and pour all their money into them.  They have total control of their money through their foundations and side-step the IRS.

All it would take is one little tweak to the tax code.  Who has the courage to take the Big Boys on?

Rank

Name/(state)

Assets

As of
Fiscal Year
End Date

1. Bill & Melinda Gates Foundation (WA) $37,430,150,458 12/31/2010
2. Ford Foundation (NY) 10,498,932,621 09/30/2011
3. J. Paul Getty Trust (CA) 10,483,398,708 06/30/2011
4. The Robert Wood Johnson Foundation (NJ) 9,199,687,456 12/31/2010
5. W. K. Kellogg Foundation (MI) 7,696,627,040 08/31/2011
6. The William and Flora Hewlett Foundation (CA) 7,377,220,546 12/31/2010
7. The David and Lucile Packard Foundation (CA) 6,100,637,478 12/31/2010
8. The John D. and Catherine T. MacArthur Foundation (IL) 5,737,270,334 12/31/2010
9. Gordon and Betty Moore Foundation (CA) 5,585,288,763 12/31/2010
10. The Andrew W. Mellon Foundation (NY) 5,490,877,291 12/31/2010
11. Lilly Endowment Inc. (IN) 5,184,625,647 12/31/2010
12. The Leona M. and Harry B. Helmsley Charitable Trust (NY) 4,143,880,203 03/31/2011
13. Tulsa Community Foundation (OK) 4,022,451,000 12/31/2010
14. The William Penn Foundation (PA) 3,987,087,217 12/31/2010
15. The California Endowment (CA) 3,745,324,056 03/31/2011
16. The Rockefeller Foundation (NY) 3,593,289,629 12/31/2010
17. The Kresge Foundation (MI) 3,276,968,952 12/31/2010
18. The Duke Endowment (NC) 2,837,905,170 12/31/2011
19. Foundation to Promote Open Society (NY) 2,817,446,416 12/31/2010
20. The Annie E. Casey Foundation (MD) 2,797,729,748 12/31/2010
21. Robert W. Woodruff Foundation, Inc. (GA) 2,795,111,909 12/31/2011
22. The Bloomberg Family Foundation, Inc. (NY) 2,734,103,737 12/31/2010
23. The Susan Thompson Buffett Foundation (NE) 2,584,393,426 12/31/2010
24. Carnegie Corporation of New York (NY) 2,548,230,211 09/30/2011
25. Conrad N. Hilton Foundation (CA) 2,140,385,894 12/31/2010
26. Charles Stewart Mott Foundation (MI) 2,130,000,000 12/31/2011
27. Silicon Valley Community Foundation (CA) 2,081,920,000 12/31/2011
28. The Harry and Jeanette Weinberg Foundation, Inc. (MD) 2,072,697,349 02/28/2011
29. Kimbell Art Foundation (TX) 2,059,995,937 12/31/2010
30. John S. and James L. Knight Foundation (FL) 2,036,153,513 12/31/2011
31. Richard King Mellon Foundation (PA) 2,018,377,846 12/31/2010
32. The McKnight Foundation (MN) 1,982,175,000 12/31/2011
33. Margaret A. Cargill Foundation (MN) 1,968,309,988 12/31/2010
34. John Templeton Foundation (PA) 1,939,387,570 12/31/2010
35. Casey Family Programs (WA) 1,935,207,121 12/31/2009
36. The New York Community Trust (NY) 1,908,884,580 12/31/2011
37. Ewing Marion Kauffman Foundation (MO) 1,881,375,000 12/31/2010
38. The Simons Foundation (NY) 1,862,188,781 12/31/2010
39. The Cleveland Foundation (OH) 1,816,947,057 12/31/2011
40. Annenberg Foundation (CA) 1,720,105,771 06/30/2011
41. Doris Duke Charitable Foundation (NY) 1,716,471,991 12/31/2010
42. Eli & Edythe Broad Foundation (CA) 1,689,096,798 12/31/2010
43. Alfred P. Sloan Foundation (NY) 1,653,512,812 12/31/2011
44. The Chicago Community Trust (IL) 1,595,765,501 09/30/2010
45. The James Irvine Foundation (CA) 1,589,353,533 12/31/2010
46. Houston Endowment Inc. (TX) 1,527,022,391 12/31/2010
47. The Heinz Endowments (PA) 1,470,209,104 12/31/2010
48. The Wallace Foundation (NY) 1,410,919,607 12/31/2010
49. The Starr Foundation (NY) 1,342,712,927 12/31/2010
50. Walton Family Foundation, Inc. (AR) 1,282,168,113 12/31/2010
51. California Community Foundation (CA) 1,242,402,000 06/30/2011
52. Daniels Fund (CO) 1,207,849,555 12/31/2011
53. Marin Community Foundation (CA) 1,207,464,129 06/30/2011
54. Greater Kansas City Community Foundation (MO) 1,189,480,459 12/31/2010
55. The Moody Foundation (TX) 1,175,095,528 12/31/2010
56. Lumina Foundation (IN) 1,156,840,104 12/31/2010
57. Open Society Institute (NY) 1,141,004,097 12/31/2010
58. Barr Foundation (MA) 1,134,513,133 12/31/2010
59. The Anschutz Foundation (CO) 1,133,090,471 11/30/2010
60. The Brown Foundation, Inc. (TX) 1,115,833,756 06/30/2011
61. The San Francisco Foundation (CA) 1,101,069,000 06/30/2011
62. The Samuel Roberts Noble Foundation, Inc. (OK) 1,096,656,796 12/31/2011
63. The Columbus Foundation and Affiliated Organizations (OH) 1,061,039,486 12/31/2010
64. The Oregon Community Foundation (OR) 1,040,106,343 12/31/2009
65. W. M. Keck Foundation (CA) 1,022,800,000 12/31/2011
66. Bat Hanadiv Foundation No. 3 (NY) 953,358,565 12/31/2010
67. The Ahmanson Foundation (CA) 938,736,097 10/31/2011
68. The Michael and Susan Dell Foundation (TX) 934,701,114 12/31/2010
69. Robertson Foundation (NY) 874,038,503 11/30/2010
70. Surdna Foundation, Inc. (NY) 867,363,679 06/30/2011
71. The Freedom Forum, Inc. (DC) 867,021,671 12/31/2010
72. Boston Foundation, Inc. (MA) 859,510,000 06/30/2011
73. Druckenmiller Foundation (NY) 852,353,119 11/30/2011
74. Shimon ben Joseph Foundation (CA) 837,220,914 12/31/2010
75. Cummings Foundation (MA) 834,371,069 12/31/2010
76. The Edna McConnell Clark Foundation (NY) 831,854,466 09/30/2011
77. The Pittsburgh Foundation (PA) 821,409,075 12/31/2010
78. Hall Family Foundation (MO) 816,078,893 12/31/2010
79. The Joyce Foundation (IL) 808,480,401 12/31/2010
80. The California Wellness Foundation (CA) 794,337,702 12/31/2011
81. Rockefeller Brothers Fund, Inc. (NY) 789,378,035 12/31/2010
82. M. J. Murdock Charitable Trust (WA) 786,828,151 12/31/2011
83. The Broad Art Foundation (CA) 772,439,657 12/31/2010
84. Communities Foundation of Texas, Inc. (TX) 769,107,000 06/30/2011
85. The J. E. and L. E. Mabee Foundation, Inc. (OK) 768,175,002 08/31/2011
86. Hartford Foundation for Public Giving (CT) 762,222,900 12/31/2010
87. Otto Bremer Foundation (MN) 761,362,288 12/31/2011
88. Engelstad Family Foundation (NV) 758,280,826 12/31/2010
89. The Ford Family Foundation (OR) 745,185,712 12/31/2010
90. Bush Foundation (MN) 740,000,000 12/31/2011
91. The Packard Humanities Institute (CA) 732,975,558 12/31/2010
92. The Community Foundation for Greater Atlanta (GA) 723,793,300 12/31/2011
93. The Meadows Foundation, Inc. (TX) 720,435,662 12/31/2010
94. Weingart Foundation (CA) 718,445,607 06/30/2011
95. The Henry Luce Foundation, Inc. (NY) 713,105,558 12/31/2011
96. Laura and John Arnold Foundation (TX) 711,626,515 12/31/2010
97. Foundation For The Carolinas (NC) 711,620,777 12/31/2009
98. The Saint Paul Foundation (MN) 702,560,293 12/31/2010
99. The Commonwealth Fund (NY) 690,193,069 06/30/2011
100. Jack Kent Cooke Foundation (VA) 680,297,315 05/31/2011

Source: http://foundationcenter.org/findfunders/topfunders/top100assets.html

The Tax System Explained in Beer

Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this…
The first four men (the poorest) would pay nothing The fifth would pay $1 The sixth would pay $3 The seventh would pay $7 The eighth would pay $12 The ninth would pay $18 The tenth man (the richest) would pay $59.
So, that’s what they decided to do.
The ten men drank in the bar every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve ball. “Since you are all such good customers,” he said, “I’m going to reduce the cost of your daily beer by $20″. Drinks for the ten men would now cost just $80.
The group still wanted to pay their bill the way we pay our taxes. So the first four men were unaffected. They would still drink for free. But what about the other six men? How could they divide the $20 windfall so that everyone would get his fair share?
They realized that $20 divided by six is $3.33. But if they subtracted that from everybody’s share, then the fifth man and the sixth man would each end up being paid to drink his beer.
So, the bar owner suggested that it would be fair to reduce each man’s bill by a h higher percentage the poorer he was, to follow the principle of the tax system they had been using, and he proceeded to work out the amounts he suggested that each should now pay.

And so the fifth man, like the first four, now paid nothing (100% saving). The sixth now paid $2 instead of $3 (33% saving). The seventh now paid $5 instead of $7 (28% saving). The eighth now paid $9 instead of $12 (25% saving). The ninth now paid $14 instead of $18 (22% saving). The tenth now paid $49 instead of $59 (16% saving).
Each of the six was better off than before. And the first four continued to drink for free. But, once outside the bar, the men began to compare their savings.
“I only got a dollar out of the $20 saving,” declared the sixth man. He pointed to the tenth man,”but he got $10!”
“Yeah, that’s right,” exclaimed the fifth man. “I only saved a dollar too. It’s unfair that he got ten times more benefit than me!” “That’s true!” shouted the seventh man. “Why should he get $10 back, when I got only $2? The wealthy get all the breaks!”
“Wait a minute,” yelled the first four men in unison, “we didn’t get anything at all. This new tax system exploits the poor!”
The nine men surrounded the tenth and beat him up.
The next night the tenth man didn’t show up for drinks so the nine sat down and had their beers without him. But when it came time to pay the bill, they discovered something important. They didn’t have enough money between all of them for even half of the bill!
And that, boys and girls, journalists and government ministers, is how our tax system works. The people who already pay the highest taxes will naturally get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas, where the atmosphere is somewhat friendlier.

Oh, now I get it. :(

~Steve~                                H/T   Jean

Don’t mess with old people

The IRS decides to audit Grandpa, and summons him to the IRS office.

The IRS auditor was not surprised when Grandpa showed up with his attorney.

The auditor said, ‘Well, sir, you have an extravagant lifestyle and no full-time employment, Which you explain by saying that you win money gambling. I’m not sure the IRS finds that believable.’

I’m a great gambler, and I can prove it,’ says Grandpa. ‘How about a demonstration?’

The auditor thinks for a moment and said, ‘Okay. Go ahead.’

Grandpa says, ‘I’ll bet you a thousand dollars that I can bite my own eye.’

The auditor thinks a moment and says, ‘It’s a bet.’

Grandpa removes his glass eye and bites it. The auditor’s jaw drops.

Grandpa says, ‘Now, I’ll bet you two thousand dollars that I can bite my other eye.’

Now the auditor can tell Grandpa isn’t blind, so he takes the bet.

Grandpa removes his dentures and bites his good eye.

The stunned auditor now realizes he has wagered and lost three grand, with Grandpa’s attorney as a witness. He starts to get nervous.

‘Want to go double or nothing?’ Grandpa asks ‘I’ll bet you six thousand dollars that I can stand on one side of your desk, and pee into that wastebasket on the other side, and never get a drop anywhere in between.’

The auditor, twice burned, is cautious now, but he looks carefully and decides there’s no way this old guy could possibly manage that stunt, so he agrees again.

Grandpa stands beside the desk and unzips his pants, but although he strains mightily, he can’t make the stream reach the wastebasket on the other side, so he pretty much urinates all over the auditor’s desk.

The auditor leaps with joy, realizing that he has just turned a major loss into a huge win.

But Grandpa’s own attorney moans and puts his head in his hands.

‘Are you okay?’ the auditor asks.

‘Not really,’ says the attorney. ‘This morning, when Grandpa told me he’d been summoned for an audit, he bet me twenty-five thousand dollars that he could come in here and piss all over your desk and that you’d be happy about it!’

I keep telling you! Don’t Mess with Old People!!

~Steve~                            H/T  Miss May

What Next? Tax the Amish

LTG

Have You Received Yours Yet ??

President Barack Obama’s new “Let’s spread the Wealth” pencil sharpener.

Each and every taxpayer will be mailed one of these along with the new 2011 IRS tax forms.

It’s free to everyone who is gainfully employed and who will be footing the bill for someone else during the coming year!!!

So, be watching your mail box!!!

Ahh , Even if you don't have one, you still have been experiencing the benefits of Skippy. You're welcome.

~Steve~    H/T   May. :D

I.R.S. Ain’t It The Truth?

At the end of the tax year, the IRS office sent an inspector to audit the books of a local hospital. While the IRS agent was checking the books, he turned to the CFO of the hospital and said, “I notice you buy a lot of bandages. What do you do with the end of the roll when there’s too little left to be of any use?” “Good question ,” noted the CFO. “We save them up and send them back to the bandage company and every once in a while, they send us a free roll.” “Oh,” replied the auditor, somewhat disappointed that his unusual question had a practical answer. But on he went, in his obnoxious way.

“What about all these plaster purchases? What do you do with what’s left over after setting a cast on a patient?” “Ah, yes,” replied the CFO, realizing that the inspector was trying to trap him with an unanswerable question. “We save it and send it back to the manufacturer and every so often they will send us a free bag of plaster.”

“I see,” replied the auditor, thinking hard about how he could fluster the know-it-all CFO. “Well,” he went on, “What do you do with all the remains from the circumcision surgeries?” “Here, too, we do not waste,” answered the CFO. “What we do is save all the little foreskins and send them to the IRS office, and about once a year they send us a complete prick.”

~Steve~

58 Reasons to Vote on November 2

Here's the Number One reason to vote on Nov. 2!

OBAMA ADMINISTRATION’S RECORD FROM THE OUTRAGEOUS TO THE ABSURD

  1. $26.2 Trillion: Projected Federal Debt in 2020 due to Obama’s binge spending. (OMB, 7/23/10)
  2. $13.6 Trillion: Current National Debt. (U.S. Treasury Department, Accessed 10/19/10)
  3. $8.5 Trillion: Cumulative Deficits caused by Obama’s proposed budget, FY 2011-2020. (OMB, 7/23/10)
  4. $3.9 Trillion: Total cost of the Democrats’ Tax Hike to taxpayers. (Joint Committee On Taxation, 8/6/10)
  5. $3.0 Trillion: Amount added to the National Debt since Obama took office. (U.S. Treasury Department, Accessed 10/19/10)
  6. $2.5 Trillion:  True cost of ObamaCare once fully implemented. (Sen. Max Baucus, Floor Remarks, 12/2/09)
  7. $1.42 Trillion: Federal Budget Deficit for FY2009 – highest in U.S. history. (Congressional Budget Office, 10/7/10)
  8. $1.29 Trillion: Federal Budget Deficit for FY2010 – second highest in U.S. history. (Congressional Budget Office, 10/7/10)
  9. $868.4 Billion: American Debt held by China. (U.S. Treasury Department, Accessed 10/19/10)
  10. $831 Billion:  Net interest payment on our National Debt in 2020 due to Obama’s budget. (OMB, 7/23/10)
  11. $814 Billion: Price tag of Obama’s failed Stimulus. (Bloomberg, 8/20/10)
  12. $575 Billion: Amount of Medicare cuts in ObamaCare. (CMS Chief Actuary Richard S. Foster, Memo, 4/22/10)
  13. $569.2 Billion:  Amount of taxes in ObamaCare. (Letter to Speaker Nancy Pelosi, 3/18/10)
  14. $10 Billion: The cost of the Teachers Union bailout. (The Washington Post, 10/8/10)
  15. $54 Million: Amount of Stimulus funds spent on a Napa Valley wine train. (ABC News’ “Good Morning America,” 2/2/10)
  16. 41.8 Million: Number of Americans receiving Food Stamps. (Bloomberg, 10/5/10)
  17. 40 Million: Number of businesses that will be burdened by the onerous IRS 1099 requirement. (The Washington Post, 8/29/10)
  18. $18 Million: Cost of the Stimulus website Recovery.org. (ABC News’ The Note“ Blog, 7/8/09)
  19. 14.8 Million: Unemployed Americans. (Bureau of Labor Statistics, 10/8/10)
  20. 9.5 Million: Americans working part-time for economic reasons. (Bureau of Labor Statistics, 10/8/10)
  21. 6.1 Million: Americans unemployed for longer than 27 weeks. (Bureau of Labor Statistics, 10/8/10)
  22. 5.4 Million: Number of properties receiving foreclosure filings since Obama took office. (RealtyTrac, Accessed 10/19/10)
  23. 3.8 Million: Increase in the number of people who were in poverty in 2009 over 2008. (NPR, 9/16/10)
  24. 2.6 Million: Jobs lost since Stimulus was passed. (Bureau of Labor Statistics, 10/8/10)
  25. 2.3 Million: Private sector jobs lost since Stimulus was passed. (Bureau of Labor Statistics, 10/8/10)
  26. 1.2 Million: Americans who have given up looking for work. (Bureau of Labor Statistics, 10/8/10)
  27. 964,900: Number of jobs that could be lost per year under Cap Crap ‘n Trade. (Tax Foundation, 3/09)
  28. 89,000: Number of Stimulus checks sent to dead and incarcerated people. (The Wall Street Journal’s Washington Wire” Blog, 10/7/10)
  29. $43,000: Your share of the National Debt. (“The Daily History Of The Debt Results,” TreasuryDirect, Accessed 10/19/10; U.S. Census Bureau, www.census.gov, Accessed 10/19/10)
  30. 23,000: Number of jobs Obama knew his drilling moratorium could kill. (The Wall Street Journal, 8/21/10)
  31. 22,000: Number of seniors In MA, NH And ME who will lose their Medicare Advantage Plans as a result of ObamaCare. (The Boston Globe, 9/28/10)
  32. $1,761: Cost To American families per year as a result of Cap ‘n Trade. (CBS News’ “Taking Liberties” Blog, 9/16/09)
  33. $1,540: The amount of the tax hike the average Middle Class family will see as a result of the Dems’ tax hike. (Tax Foundation, 8/1/10)
  34. 1099: The IRS Form every business will have to file after doing $600 worth of business with a vendor. (CNNMoney.com, 5/5/10)
  35. 100: Percent Of GDP that our National Debt will rise to in 2012. (Office Of Management And Budget, 7/23/10)
  36. 83: Number of fundraisers Obama has attended as pf 10/12/10. (CBS News’ Mark Knoller’s Twitter Feed, Accessed 10/19/10; CBS News, 8/16/10)
  37. 80: Percent of small businesses that could be forced to change health care plans as a result of ObamaCare. (The Washington Post, 6/15/10)
  38. 79: Percent of Stimulus funds for wind, solar and geothermal energy projects that went to Foreign firms. (Investigating Reporting Workshop/ABC’s World News Tonight/Watchdog Institute, 2/8/10)
  39. 68: Percent of Americans who think the Stimulus was a waste. (The Hill’s “Briefing Room” Blog, 10/5/10)
  40. 60: Percent of young voters who are “more cynical about politics” now than when Obama was elected. (The Huffington Post, 9/15/10)
  41. 58: Percent of Ohioans who say Obama’s frequent visits to the state make no difference in how they’ll vote. (The Hill, 10/19/10)
  42. 53: Rounds of golf played by Obama since taking office. (CBS News’ Mark Knoller’s Twitter Feed, Accessed 10/19/10; CBS News’ Mark Knoller’s Twitter Feed, Accessed 10/19/10 )
  43. 49: Visits to the White House by Andy Stern, former president of SEIU. (WhiteHouse.gov, Accessed 10/19/10)
  44. 37: Number of town halls Obama has done since taking office. (CBS News’ Mark Knoller’s Twitter Feed, Accessed 10/19/10)
  45. 33.3: Average number of weeks it takes an unemployed worker to find a job. (Bureau of Labor Statistics, 10/8/10)
  46. 30: Number of waivers granted to businesses so that the White House could avoid admitting ObamaCare was making people lose their health care plans. (USA Today, 10/7/10)
  47. 27: Percent increase in premiums by some insurers in Colorado as a result of ObamaCare. (The Denver Post, 9/20/10)
  48. 25: DVDs given to the UK’s Prime Minister Gordon Brown on his first visit. (The Daily Mail (UK), 3/9/10)
  49. 20: Straight months that food stamp participation has hit a record. (Bloomberg, 10/5/10)
  50. 17.1: Percent Of Americans either unemployed or working part-time for economic reasons. (Bureau of Labor Statistics, 10/8/1)
  51. 14: Straight months with unemployment above 9.5%. (Bureau Of Labor Statistics, 10/8/10)
  52. 9: Number of vacations taken by Obama. (CBS News, 8/19/10)
  53. 4: Out of 10 Likely Voters who once backed Obama but are less supportive or no longer support Obama.  (Bloomberg, 10/12/10)
  54. 2: Place in the line of succession that Joe Biden believes he is in (Hint: he’s #1). (CBS News’ Mark Knoller’s Twitter Feed, Accessed 10/19/10)
  55. 2: Visits to the White House by actor George Clooney. (E! Online, 10/12/10)
  56. 1: Number of White House investigations. (CBS News, 10/6/10)
  57. 1: Teacher Union bailout to motivate Teacher Unions for midterm elections. (The Washington Post, 10/8/10)
  58. 0: Other people Obama will have left to blame for his failures in 2012. (The American People, 11/6/12)

[Source]

H/t my friend Bob W.!

~Eowyn

Obama’s New 1% Transaction Tax

UPDATE:

CBSBoston reports, Aug. 24, 2011, that HR 4646 has no co-sponsor and has virtually no chance of passing, and that this issue has been misrepresented by an email that’s been making the rounds for the last year or so.

The truth is neither Obama’s finance team nor Pelosi are recommending HR 4646; and Rep. DeFazio and Sen. Harkin have nothing to do with it. It’s the work of one congressman — Democrat Pennsylvania Rep. Chaka Fattah.

So while the bill is real, the email is wrong. For more details on both those topics go here.

~Eowyn (Oct. 2, 2011)

+++

Demonrats are an evil breed whose sole purpose in life is to tax and spend.

America is either going into a second (double-dip) recession or sinking into a depression. Take your pick. But Congressman Chaka Fattah(D-Pennsylvania, District 2 Philadelphia), a black member of the powerful House Appropriations Committee, has introduced a bill, H.R. 4646, with an Orwellian NewSpeak name of “Debt Free America Act,” which more accurately should be called Yet Another New Tax Act of 2010.

H.R. 4646 proposes to impose a new 1% transaction tax WHENEVER you and I  engage in a financial transaction that uses a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument. This means a $0.25 transaction tax on a $25 restaurant meal, a $0.50 transaction tax on a grocery bill of $50, a $1 transaction tax when you pay a $100 electricity bill, a $5 transaction tax when you pay off a $500 credit card balance, and a whopping $200 transaction tax on a new $20,000 car — in addition to state and local sales taxes and fees!

The bill will amend the Internal Revenue Code by adding a Section 4501 to the Code’s Chapter 37, to read:

SEC. 4501. IMPOSITION OF TRANSACTION FEE.

(a) In General- There is hereby imposed on every specified transaction a fee in an amount equal to 1 percent of the amount of such transaction.

(1) The term `specified transaction’ means any transaction that uses a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument.

(2) TRANSACTION- The term `transaction’ includes retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions.

(c) Liability for Fee- Persons become liable for the fee at the moment the person exercises control over a piece of property or service, regardless of the payment method.

(d) Collection- The fees will be collected by the seller or financial institution servicing the transaction and shall be paid over to the Secretary. In the case of a person who fails to collect and pay over the fee as required under this subsection, such person shall become liable for the fee not so collected and paid over.

(e) Potential Exclusions- Subsection (a) shall not apply to transactions involving stock (and any options or derivatives with respect to stock) until–

(1) such time as the United States enters into an international agreement that regulates domestic and international stock exchanges, or

(2) the Secretary issues recommendations regarding the application of the fee as it applies to stock.

Chaka Fattah with the Vacation-in-Chief

Rep. Chaka Fattah is a black nationalist. Fattah is not his original name; his father is neither an Arab nor a Muslim. Chaka’s mother, Falaka, changed the family name to Fattah because she did not want “to carry a slave name.” Falaka Fattah co-founded the National Black United Front, a radical Black Nationalist group affliliated with the Black Panthers, NOI the Pan African Movement, African National Congress, and the Truth Enterprise Institute whose webmaster disseminates anti semitic tracts.

Chaka Fattah is up for reelection this November 2. He is being challenged by Republican Rick Hellberg, the CEO of a small financial firm. Vote for Rick Hellberg!!!! Check out his campaign website HERE.

Tell your so-called “representatives” in Congress that you will do EVERYTHING to get them out if they approve H.R. 4646 into law! If you think that when the bill becomes law, the Transaction Tax will stay at 1%, I have a nice piece of oil-soaked swamp land in the Gulf of Mexico to sell you!

To read the text of H.R. 4646, CLICK HERE.

~Eowyn