by Maggie at Maggie's Notebook
If PelosiCare passes, the bill has some very stiff penalties for those refusing to participate. Rep. David Camp (R-MI) requested official word from the Joint Committee on Taxes. If you do not buy what PelosiCare is selling fines of up to $250,000 and up to 5 years imprisonment, including both civil and criminal trials, may be in your future.
The following information is taken from a letter to Rep. Dave Camp (R-MI), the ranking member of the Committee on Ways and Means Republicans. Camp asked for clarification of penalties to be imposed if a taxpayer chooses not to purchase at least a $15,000 policy - which Camp says is the "lowest cost family non-group plan under the Speaker's bill" in 2016.
The date stamp is November 5, 2009 and is on the letterhead of Congress of the United States, Joint Committee on Taxation and is signed by Thomas A. Barthold. Read the entire pdf letter here, as well as Rep. Camp's comments. The following are signifigant snippets:
* An "accuracy" penalty of 20% of the underpayment attributable to the health care tax, based on negligence...
* A fraud penalty of 75% of the underpayment...
* A $5,000 penalty for taking a frivolous position on a tax return...
* A delinquency penalty of .5% of the unperpayment, each month, up to a max of 25% of the underpayment...
Among possible Criminal penalties for evading PelosiCare:
* A misdemeanor willful failure to pay - fine of up to $25,000 and/or imprisonment of up to one year.
*A felony willful evasion - fine of up to $250,000 and/or imprisonment of up to 5 years.
Many thanks to reader, master sculptor and major news snoop, David Lemon at Clay to Bronze.
If PelosiCare passes, the bill has some very stiff penalties for those refusing to participate. Rep. David Camp (R-MI) requested official word from the Joint Committee on Taxes. If you do not buy what PelosiCare is selling fines of up to $250,000 and up to 5 years imprisonment, including both civil and criminal trials, may be in your future.
David Camp
The following information is taken from a letter to Rep. Dave Camp (R-MI), the ranking member of the Committee on Ways and Means Republicans. Camp asked for clarification of penalties to be imposed if a taxpayer chooses not to purchase at least a $15,000 policy - which Camp says is the "lowest cost family non-group plan under the Speaker's bill" in 2016.
The date stamp is November 5, 2009 and is on the letterhead of Congress of the United States, Joint Committee on Taxation and is signed by Thomas A. Barthold. Read the entire pdf letter here, as well as Rep. Camp's comments. The following are signifigant snippets:
“H.R. 3962 provides that an individual (or a husband and wife in the case of a joint return) who does not, at any time during the taxable year, maintain acceptable health insurance coverage for himself or herself and each of his or her qualifying children is subject to an additional tax.” [page 1]Among possible Civil penalties for not obeying Nancy Pelosi:
* An "accuracy" penalty of 20% of the underpayment attributable to the health care tax, based on negligence...
* A fraud penalty of 75% of the underpayment...
* A $5,000 penalty for taking a frivolous position on a tax return...
* A delinquency penalty of .5% of the unperpayment, each month, up to a max of 25% of the underpayment...
Among possible Criminal penalties for evading PelosiCare:
* A misdemeanor willful failure to pay - fine of up to $25,000 and/or imprisonment of up to one year.
*A felony willful evasion - fine of up to $250,000 and/or imprisonment of up to 5 years.
Many thanks to reader, master sculptor and major news snoop, David Lemon at Clay to Bronze.
Friday, November 6, 2009
Federal Reserve Extorting Banks? Video
by Maggie at Maggie's NotebookIn a developing story, the Federal Reserve called the heads of New York's largest banks to its lower Manhattan office earlier this week. According to some one speaking from the banks, the feds told the bankers to lower CEO compensation or....
The "precise" "or," is not known, but Judge Andrew Napolitano, sitting in for ailing Glenn Beck believe the banks have been told you WILL lower CEO compensation or the FDIC will begin an audit.
Following are quotes from Judge Napolitano (there may be an occasional word that is not exact, but it is very close). See the video below.
The CEO of the Federal Reserve Bank of New York called the heads of New York's largest banks into the offices of his lower Manhattan offices.Napolitano has a great panel that now discusses what has happened. Napolitano asks? Can the federal government, constitutionally interfer with use of private funds and private freely negotiated contracts? Listen to this conversation about extortion and demonization.
We don't know precisely what was said but we do know that the head of the Fed told the assembled bankers that they must start cutting executive compensation, or the government will do it for them.
The government admits that it has no lawful authority to regulate compensation at banks that never received TARP funds or paid the funds back already.
So what was the extortion? Undoubtedly, it was a threat to have the FDIC audit the banks if they fail to tow the pay Czar's line. An FDIC audit will cost the banks tens of millions in employee loss of time and shareholder loss of value.
What is extortion? Extortion is a threat to perform a lawful act to influence the free will of someone else. Well, can the FDIC audit these banks? Yes. But may it do soto force executives to do what they have a lawful authority not to do? No.
Remember that Obama's Treasury Secretary, Timothy Geithner, was the head of the Federal Reserve Bank of New York when Obama tapped the tax-cheater to tend to our money.
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