If there's one thing that members of Congress love to pretend to be serious about, it's tax reform. They talk a lot about the importance of tax reform; they pledge to do such-and-such with regards to tax reform; they say tax reform is their "top priority." But, as we have seen, little action has been […]
The other day, Speaker of the Hizzous John Boehner got a lot of people got lot of people hot and bothered when he said that Republicans were "willing to accept new revenue, under the right conditions.” For some odd reason, these people – including Senators Chuck Schumer (D-NY) and Kent Conrad (D-ND) – thought that meant […]
“You can’t expect the Speaker to turn on a dime in 24 hours and embrace everything, higher taxes, higher taxes on the wealthy, but I think privately that he’s seen the handwriting on the wall and it makes me very hopeful that we can do something big in the next month and a half. It’s […]
Admittedly, The Speaker sounds like he's ready to deal but you'd be a damn fool to think that he's going to roll over: With President Obama reelected and Republicans returned to a slightly smaller majority in the House, Boehner (R-Ohio) said Tuesday’s election amounted to a plea from voters for the parties to lay down […]
Let's try this again: U.S. House of Representatives Speaker John Boehner on Thursday dismissed suggestions that Republicans were warming to raising revenue as a part of a plan to cut the deficit, adding that tax hikes on millionaires would cost jobs. The top Republican in Congress blasted a proposal from House Democratic leader Nancy Pelosi to […]
After the world discovered that Facebook co-founder Eduardo Saverin had high-tailed it for Singapore and wasn't interested in being a citizen of the USA, Senators Chuck Schumer (D-NY) and Bob Casey (D-PA) introduced the Ex-PATRIOT act. They did so in order to teach Eddie and other rich, tax-dodging Benedict Arnolds what happens when you bolt […]
…and Howard Gleckman asks that you imagine they're a couple of bros in their 20s: Listening to Barack Obama and John Boehner over the past few days put me in mind of two testosterone-addled 22-year olds preparing for a bar fight, rather than the President of the United States and the Speaker of the House […]
The Hill reports that jolly orange giant John Boehner is speaking at the Peter G. Peterson Foundation today and he's telling the crowd that when Congress finally gets around to tax reform, they'll be coupled with an extension of the Bush tax cuts. “Any sudden tax hike would hurt our economy, so this fall — […]
The Speaker of the Hizzous just finished speaking to reporters. "Sometimes it's hard to do the right thing," he said. Boehner also hinted that if some people would have been willing to stick around and work over the holidays, maybe they coulda got this thing done but you know how people can get around this time […]
Speaker of the House John Boehner and President Obama spoke on the phone earlier today and both men seem pretty eager to get something accomplished re: the payroll tax cut. The Hill reports that Boehner reportedly told Obama, "Let’s get this done today,” while White House spokesman Jay Carney later said, "The ball is in the […]
And this after GGN said such nice things about the Speaker.
Thursday, when NBC News’ Luke Russert asked Boehner if Norquist makes a positive impact on the party, Boehner thought it over for five seconds, The Washington Post’s Felicia Sonmez reports, before responding, “Our focus here is on jobs. We’re doing everything I can to get our economy going, to get people back to work. It’s not often I’m asked about some random person.”
I’m not sure how a person could bounce back from such an outright snub but it appears the Godfather of Tax Policy is taking it in stride and standing by his man.
House Speaker John Boehner (R-Ohio) will call on the deficit-reduction supercommittee to lay the foundation for an overhaul of the tax code in a speech to the Economic Club of Washington on Thursday. In an address timed as a response to President Obama’s jobs plan, Boehner plans to restate his opposition to tax increases either to pay for job-creation measures or to reduce the deficit, according to a preview circulated by his office. Yet the Speaker is expected to voice support for closing loopholes as part of broader tax reform, which could include eliminating tax breaks for oil companies and other industries. [OTM/The Hill]
I’m intentionally avoiding the news – partially due to the fact that Lawrence O’Donnell looks like a melting wax statue in HD and also that it got old a long time ago.
The Guardian catches everyone up by declaring the battle between Obama and the Republicans over the national debt has reached a new level and claimed that both sides were kind of pushing each other out of the spotlight.
At least that’s how the media played it yesterday. Chris Matthews called it a “slingshot operation by Republicans” on Lawrence O’Donnell (don’t ask why I watch MSNBC), more specifically implying that it was staged by Boehner & Co. to look like a knock off of Obama’s Prime Time address. Matthews also got pissed at Obama for going on national TV to do this; as if an address to the American people had anything to do with the American people.
What I took away from Obama’s speech was that he wanted our current and future creditors to know that he would get a debt ceiling increase, just let me pretend I’m going to cut some spending so we can get more money. It had very little to do with Americans or our perception of what debt means to our day-to-day lives, except for the part where he declared we’d have higher interest rates, more trouble securing loans and huge unemployment numbers.
Obama also got really dirty and quoted Ronald Reagan.
Apparently, at the end of this America banded together and crashed a bunch of Congressional websites. Not quite sure what that was supposed to accomplish but I guess it’s cute to see us working together for a change to accomplish something.
Just what I thought I saw.
It seems that everyone and their dog is staking a claim as the biggest enemy of the 1099 requirement that was part of the healthcare reform law that passed last year. The latest self-proclaimed champions of small business are a few Senate Democrats who wish John Boehner would quit sitting on his orange hands and get a bill moving in the House, because let’s face it, the repeal passed by the House is going nowhere fast.
The Speaker is not deterred however, and his spokesman would like to remind the Ds in the S, that they can S a D and should bring it up with someone else:
Michael Steel, a spokesman for Boehner, said the speaker also supports eliminating the 1099 requirement, but “it is far from the only job-destroying provision in Washington Democrats’ law.”
“Now that the House has passed a law to repeal it, the best course would be for the Senate to do the same, and I hope these senators are pressing Senate Majority Leader Reid to do just that,” said Steel.
President Obama is darn sure that a deal will get made on the expiring tax cuts before the end of the year despite the ‘logjam’ between the two political parties.
He’s confident because hard-working families need it, the economy is fragile yada yada yada and now that Tim Geithner and OMB Director Jack Lew are on the case, this thing is a shoe-in.
While the next Speaker of the House, John Boehner, is not quite on the same page as the President, he’s pretty much in the same chapter:
“Republicans made the point that stopping all the looming tax hikes and cutting spending would, in fact, create jobs and get the economy moving again,” said Representative John Boehner, who will become Speaker of the House next year.
“We’re looking forward to the conversation with the White House over extending all of the current rates, and I remain optimistic,” he said.
Well, as close as to the two will likely get in public anyway. However, this a slightly more optimistic stance than what some people have for Nancy Pelosi, who would, presumably, rather give up her Armani suits than hand the wealthy a tax cut:
“There is some thought that the last thing that Nancy Pelosi wants to do on her way out of the Speaker’s office is to have Congress approve an extension for tax cuts for the wealthy,” said Brian Gardner, an analyst for investors at Keefe, Bruyette and Woods.
“She could muck things up a little bit.”
Well! This should be fun! Stay tuned.
“If the President really wants to help small businesses, he should insist that Congress not leave town without cutting spending and stopping his tax hike to help create jobs – particularly small business jobs. By failing to act, the President is turning his back on American families and small businesses.”
~ The House Minority Leader, in a statement, nanoseconds after The President signed The Small Business Jobs and Credit Act of 2010 into law.
White House Taps Consumer Adviser [WSJ]
“President Barack Obama this week will appoint Elizabeth Warren to a lead role setting up the new Bureau of Consumer Financial Protection, two Democratic officials said, a move that will allow the White House to avoid a messy Senate fight over her role.
Ms. Warren, currently a professor at Harvard Law School, will be named an assistant to the president and special advisor to Treasury Secretary Timothy Geithner in charge of launching the new agency and setting its mission. She was a candidate to be the agency’s first director, a position that remains unfilled, but would likely have confirmation because of opposition in the Senate.”
What is Accounting? [White Collar Fraud]
It’s sort of like arithmetic but not really. Former Sam Antar nemesis, Howard Sirota, explains in a video over at WCF.
Chicago-Area Man Is Sentenced to 23 Years for Running 22-Year Ponzi Scheme [Bloomberg]
“Frank Castaldi, who ran a Chicago- area Ponzi scheme for 22 years that cost victims $31.6 million, was sentenced to 23 years in prison today in federal court.
For 22 years, Castaldi, 57, of suburban Prospect Heights preyed upon elderly Italian immigrants, U.S. District Judge John Darrah said today before handing down the sentence.
‘This is an offense of huge magnitude,’ the judge said after hearing from victims of the scheme in a packed courtroom. ‘It involved hundreds of victims. It involved millions of dollars.’
In an August 2009 plea agreement, Castaldi said he had raised more than $77 million from 473 groups and individuals. First charged in January of last year, he admitted to mail fraud and to trying to thwart a U.S. Internal Revenue Service probe.”
Regulators to Target ‘Window Dressing’ [WSJ]
“Federal regulators are poised to propose new disclosure rules targeting “window dressing,” a practice undertaken by some large banks to temporarily lower their debt levels before reporting finances to the public.
The Securities and Exchange Commission is scheduled to take up the matter at a meeting Friday and is expected to issue proposals for public comment. The action follows a Wall Street Journal investigation into the practice, which isn’t illegal but masks banks’ true levels of borrowing and risk-taking.”
Banks take over record number of homes in August [Reuters]
“A record number of homeowners lost houses to their banks in August as lenders worked through the backlog of distressed mortgages, real estate data company RealtyTrac said on Thursday.
New default notices decreased at the same time, suggesting that lenders managed the flow of troubled loans and foreclosed properties hitting the market to limit price declines, the company said.
Root problems of high unemployment, wage cuts, negative home equity and restrictive lending practices persist, however, pointing to lingering housing market pain.”
Jon Stewart: Robert Gibbs and John Boehner on the Bush Tax Cuts [TaxProf Blog]
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