The economic reports for May are rolling in, and so far they're pretty ugly. In the first four months of 2010, it seemed pretty clear that a recovery was upon us, though it was shaping up to be a slow one. Last month, however, the economy seemed to take a step back. Was it a blip, or a sign of a double-dip to come?
Even though we don't yet have full information to evaluate May, here's what we do know:
Employment
Unemployment technically declined in May. But a deeper look at the numbers showed that was mostly due to temporary census hiring. The private sector only hired a measly 41,000 new workers. If yousubtract all government jobs, then hiring was the worst we'd seen since January.
Housing
Mortgage applications for new purchases have indicated an incredible fall in home sales following the April expiration of the buyer credit. They're down 42%. Foreclosures also continued to occur a very high rate, so housing market inventory almost certainly increased in May.
Sales
As we learned earlier today, retail sales fell by 1.2% in May -- the first decline in eight months. Consumers felt less comfortable parting with their cash last month, or more accurately, swiping their credit cards. Borrowing had been driving better sales.
Consumer Confidence
At first, it looked like consumers were more confident in May. But then Gallup provided an update for the second half of the month. It wasn't good. April's increase in sentiment was erased.
Spending
Spending was up in May, but only for the wealthy. Most Americans declined to use more of their disposable income for additional purchases. While this might be fiscally responsible, it isn't going to help economic growth.
TAX REVOLTS COMING
ReplyDeleteRemember Aaron Russo and his movie
"America: Freedom to Fascism"
Americans lets give ourselves a bailout and join together an refuse to pay federal income tax when there is NO LAW that we have to pay it.
There Is No Law
Every tax law must clearly and plainly identify three things:
1) The subject of the tax;
2) The amount of the tax; and
3)The persons or entities liable for the tax.
Even a cursory review of other tax laws, including all other federal tax laws (see list), makes it obvious that these three elements of any tax law must be present before any of us can determine that we owe a tax on what and for how much.
The income tax law, however, is the only instance where there is no clear liability provision applicable to those the IRS claims are liable for the tax. Although partners are called liable for taxes on partnerships, that “liability” is only in their “individual capacity”, and there is no provision making them liable in their “individual capacity.” The only clear liability provision is § 1461, which specifically assigns liability for the tax to those required to withhold taxes on Nonresident Aliens and Foreign Corporations! Are you required to withhold taxes on a nonresident alien? A foreign corporation?
While 26 U.S.C. § 3403, which is not part of the income tax law, does require employers to withhold income tax owed by their employees, there is no law that makes the employee liable for the tax in the first place.
Thus, THERE IS NO LAW making the typical working American liable for any income tax.
But you don’t have to take our word for it. You can check this for yourself! Search the Internal Revenue Code for “liable”, then search for “must pay”, “obligated to pay”, then search for “responsible for payment” or any other configuration of words that would designate who is liable for the income tax. You will find plenty of liability provisions for other taxes, but not for the income tax.
So, do you owe an income tax? Are you among those required by law to pay an income tax?
All tax laws must be interpreted literally, what lawyers call “strict construction”. You have a right to insist that the government obey the law and in the case of tax laws, the letter of the law. ACCORDING TO THE INTERNAL REVENUE CODE unless you are withholding taxes on a nonresident alien or a foreign corporation, YOU ARE NOT LIABLE FOR AN INCOME TAX!
YOU DO NOT OWE AN INCOME TAX AND THE IRS HAS NO LAWFUL AUTHORITY FOR DEMANDING THAT YOU PAY AN INCOME TAX!!!
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HELP ORGANIZE TAX REVOLTS
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Lets have a real tea party!!!
Tax revolt?
ReplyDeleteL to the OL
Like Blondie say
In The Good, The Bad & The Ugly
There are two kinds of people
In this world
Those with loaded guns
And those who dig
You dig
That's Clint Eastwood sucka
Convince your employer to stop
Federal y state withholding
aka payroll deduction
Y convince Wal*Marx
To not collect that
Sales tax
Way to pick your battles
Two kinds of people
You dig?
Si, you dig
But don't feel broken hearted, amigo
Mi guerito
I dig too
Shows Coming to a screen near You!
ReplyDelete“The Blob that ate America”
A poignant story of oil wealth and the South on an epic scale an a cast of millions drawn from real life! ... A MSM critic says “Giant” was a mere pigmy show in comparison. The oil gusher scenes in that film appear puny compared to the modern blow-out special BP effects in this show.
A Starring feature role is played by that well known puppet that holder the Nobel peace prize for acting “Do Nothing” O Bummer.
This show will share top billing with A real live “nightmare on Elm St” starring Freddie Himself . In this capitalist love story no Stalinist workers sing to their tractors or American cowboys to their horses .
Its just pure Austrian Theory capitalist fun pure capitalist rules OK.
In this great plot Freddie is in a surprise twist plays a comical American hero . "Sheriff" Freddie teams up with GS in throwing millions of bankrupt dumbo lazybones
out their houses. by foreclosing on mortgages on behalf of the real owners in the great American tradition of protecting property owners.A belly full of laughs!!!Background to the Show:
June 14 (Bloomberg) -- The cost of fixing Fannie Mae and Freddie Mac, the mortgage companies that last year bought or guaranteed three-quarters of all U.S. home loans, will be at least $160 billion and could grow to as much as $1 trillion after the biggest bailout in American history. Fannie and Freddie, now 80 percent owned by U.S. taxpayers, already have drawn $145 billion from an unlimited line of government credit granted to ensure that home buyers can get loans while the private housing-finance industry is moribund. That surpasses the amount spent on rescues of American International Group Inc., General Motors Co. or Citigroup Inc., …”which have begun repaying their debts.” “It is the mother of all bailouts,” said Edward Pinto, a former chief credit officer at Fannie Mae, who is now a consultant to the mortgage-finance industry.
Another upcoming feature show will be A historical feature : King Kong Dollar V Helicopter Ben . Telling how on the return to the buildings of Wall St by King Kong the monster was attacked by Helicopter Ben dropping shitloads of a secret weapon -inflationary paper- in a desperate attempt to save America and the bankers cowering in the buildings .
11.40 You are confused.
ReplyDeleteAmerican cowboys DO NOT sing to their horses. They sung about their dreams of getting a women in the hay one day .This required a lot of hard work and savings.
Its just that some of the women they were singing about often look like high priced horses.
7:57 - the shopkeeper doesn't pay the mobster who comes around to collect because there is a law that says he must.
ReplyDeleteOf course the Federal Income Tax is a lie and a fraud to enrich the Rothschild banking cartels, but that doesn't mean you cannot pay your taxes.
As long as the banksters own the lawmakers, the courts, the FBI, etc, etc, you must pay. Or not, I guess.
Abolish the Federal Reserve, sheeps!
ReplyDelete