Spain’s Tax Take Tumbles
Since Spain raised its corporate tax rate, the country’s tax revenue has dropped by two-thirds from per-crisis levels. Many small businesses have failed and big corporations have sought profits from abroad. In 2007, the corporate tax revenue was 44.8 billion euros while in 2011 it was 17.8 billion euros. Sounds like California.
US Households Meet 2013 Fiscal Cliff
U.S. households are facing an average tax increase of $3,446 in 2013. The top 1 percent of households would see their average federal tax rates hit 40.5 percent, up 7.2 percentage points from this year. Nothing like tax hikes to make the economy better. Right!
New York Charges JP Morgan with Mortgage Fraud
Citing misconduct, which is an understatement, in the sale of mortgage securities during the housing boom, a complaint has been filed against JP Morgan. JP Morgan is most likely guilty of violating the Martin Act that protects the public from financial crimes, that deal with misrepresentation and omission in financial instruments. JP Morgan most likely failed to evaluate, or more likely purposely hide, the toxicity of loans and kept investors in the dark about the defects of those loans.
Solar Industry Pushes Silver
Photography accounted for 50% of silver demand in the 20th century and has dropped to 10% today. But silver demand is far from slowing. Silver use in each cellphone and laptop is conservatively 0.2 and 0.75 grams respectfully. In addition, in 2000, silver demand in solar panels was virtually zero, today it is about 60 million troy ounces. So, after preparing, keep stacking physical.
DHS Spies On Innocent Americans
A lengthy bipartisan Senate report concludes that a multibillion-dollar information-sharing program, created in the aftermath of 9/11, has improperly collected information about innocent Americans and produced little valuable intelligence on terrorism. It is a scathing evaluation of the Department of Homeland Insecurity. So, what are the future plans for this program? Expansion most likely.
Poorer, Fatter, and Sicker
36 percent of all Americans are considered to be obese while only 13 percent were obese in 1962. Median household income fell in 41 states between 2000 and 2011. Poor Americans are living about 5 years less than the wealthy. Glad I got rid my TV and work out 4 to 5 times a week.
Obama Advisor Says Obamacare Death Panels Coming
Steven Rattner, a top Obama strategist and donor, conceded that the rationing of heath services under Obamacare is inevitable. He said that it would target elderly patients and that in order for Obamacare to work, that, perhaps secret, death panels are needed. No matter what people think of her, it now appears that Sarah Palin, who got mocked by her Death Panel comment, has been fully vindicated.
Well, it appears that the debate was so bad for Obama that Chris Mathews no longer has a thrill running up his leg asking “what was he doing?” In fact, even Bill Maher admitted that Obama looked like he needed a teleprompter. Does Romney’s clear winning change anything? No, we will all still lose on November 6th.
Finally, please prepare now for the escalating economic and social unrest. Good Day!
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