Brutally Honest

Cronyism in America?

By Chuck aka XtnYoda

The Chevy "Volt" ... a pretty expensive taxpayer adventure ... mandated by the federal government.

Volt costing taxpayers up to $250,000 per car?

Analyst: 'This might be the most government-supported car since the Trabant'

Each Chevy Volt sold thus far may have as much as $250,000 in state and federal dollars in incentives behind it – a total of $3 billion altogether, according to an analysis by James Hohman, assistant director of fiscal policy at the Mackinac Center for Public Policy.

Hohman looked at total state and federal assistance offered for the development and production of the Chevy Volt, General Motors’ plug-in hybrid electric vehicle. His analysis included 18 government deals that included loans, rebates, grants and tax credits. The amount of government assistance does not include the fact that General Motors is currently 26 percent owned by the federal government.

The Volt subsidies flow through multiple companies involved in production. The analysis includes adding up the amount of government subsidies via tax credits and direct funding for not only General Motors, but other companies supplying parts for the vehicle. For example, the Department of Energy awarded a $105.9 million grant to the GM Brownstown plant that assembles the batteries. The company was also awarded approximately $106 million for its Hamtramck assembly plant in state credits to retain jobs. The company that supplies the Volt’s batteries, Compact Power, was awarded up to $100 million in refundable battery credits (combination tax breaks and cash subsidies). These are among many of the subsidies and tax credits for the vehicle...

 I thought you might want to know.

The Government Can!

By Chuck aka XtnYoda.

A Belated Veterans Day Comment

By Chuck aka XtnYoda

I’ve waited until the day after Veterans Day to make my comment.

As a veteran myself, that served our nation during a time of war, and on the field of war. A veteran that fought and held the head of men dying in their own blood, who saw the last breath leave their bodies, that heard their last word, ‘Momma,’ that knew them personally, that knew their hopes and dreams, and weaknesses, and fears, and cried unashamedly when they lost life. (And still do at times.)

I have a few thoughts.

Do you think they fought and died so you can live a life of ease and luxury? Do you think they fought and died so you can whine and moan about feeling underprivileged, taken advantage of, feeling victimized, entitled to lives of excess for every pleasure you think you deserve?

If so, you honor them not. So next year, on Veterans Day, instead of your hollow words and symbols of gratitude, just go to your local Veterans Cemetery, and stand by a grave, and spit on it.

You want to ‘honor’ a veteran? Make something of you life, something that will actually benefit some other human being. Don’t live a life filled with selfish dreams and goals and ambitions, but dedicate your life to the advancement of others. That is what distinguishes the sacrifice of a veteran.

You want to honor a veteran … go and do likewise. Then we will feel honored, even though that is not why we served. We served because it was our duty.

Why Your Tax Bill Might Surge Next Year

By Chuck aka XtnYoda

Are you ready for about a $3,500 dollar surge in your taxes next year? According to this report from Yahoo Finance News this is exactly what is going to happen to many Americans.

Is congress forewarning you about the coming rather dramatic increases?

In a recent tax planning meeting with one of our clients, we shocked them with what their income tax future looked like for 2013 if Congress continues to do nothing to provide a long-term permanent set of tax laws (and it looks as if lawmakers are headed down this track).

They had no idea what tax breaks were expiring this year and next year, and how much it would cost them personally in extra income tax. But they aren't alone, many Americans and even tax professionals aren't aware that their tax bill could rise dramatically next year.

These clients are your average American family and their situation is a good example of the law changes that will affect all of us. Here's their tax situation with a table summarizing the expiring tax laws that are scheduled to occur in 2011 and 2012.

Meet the Smiths: 26-year-olds Bill and Joan have been married for five years and have two young children. Bill earns about $65,000 a year in sales and Joan has gone back to work and earns about $35,000 annually. Bill owes quite a bit on his college student loans and will pay about $3,000 in interest on them in 2013. With Joan working again, they are paying $3,000 for year-round child care. Joan inherited some AT&T stock from her grandmother, which pays her $1,000 in dividends every year. Finally, counting home mortgage interest, they have about $20,000 in itemized deductions.

The first big change affecting the Smiths will be a combined increase in income tax rates, and a tightening of tax brackets as a result of the expiration of the Bush tax cuts. We estimate this will cost them $960 in 2013.

Bill will lose the complete deduction of his student loan interest in 2013, costing about $840. The pair's allowable deduction for child care will drop to $2,400 from $3,000, and they will also see their credit for children drop in half, costing another $1,000.

The marriage tax penalty will come roaring back to hit the Smiths in 2013, costing an estimated $500. The tax on their dividend income will go increase to $280 from $150, adding another $130. Finally, although we did not calculate the effect, without Congressional action to once again "fix" the alternative minimum tax, the Smiths could owe this ugly tax as well!

Luckily for the Smiths — but not for many Americans — other major changes for 2013, which do not personally affect them, include a phase out of itemized deductions and personal exemptions if their income starts to climb.

In summary, because of tax laws expiring this year and next, we estimate that the Smiths will owe $3,598 more in income tax in 2013 than in 2011 with no change in their income.

Major Individual Income Tax Benefits Expiring 12/31/2011:

• Personal tax credits applied against income tax no longer apply

• Higher alternative minimum tax exemptions revert back to extraordinarily-low thresholds

• $250 school teacher expense deduction ends

• Mortgage insurance premium deduction expires

• State and local sales tax deductions expire

• Tuition and related fees deduction end

• IRA to charity tax-free transfers stop

• 2% Social Security tax reduction ends

Major Individual Income Tax Benefits Expiring 12/31/2012:

• Marriage penalty equalization ends

• Dividends taxed at capital gains rates removed, taxed at regular rates now

• Capital gains low tax rates expires

• Removal of itemized deduction phase out for higher income Americans

• Removal of personal exemption phase out for higher income Americans

• Child care deduction limit of $3,000 reverts to $2,400

• Child credit reduces from $1,000 per child to $500 per child

• Low 10% tax bracket for low income Americans is eliminated

• Lower income tax rates and smaller brackets expires

• Refundable adoption credit and reduced deduction

• American Opportunity college education credit expires

• Major reduction in earned income credits and refunds

• Income tax exemption for debt forgiven on home foreclosures and repossessions

• Deduction for student loan interest ends

• Education IRA limit drops from $2,000 to $500

Bob Jennings is a CPA, EA and CFP and author of "Understanding Social Security & Medicare."

Posted by FoxBusiness

Doesn't look like good news to me, and for the most part, it isn't news at all, at least as far as congress reporting this to our citizens is concerned.

"In God We Trust"

By Chuck aka XtnYoda

Here is some interesting news out of the House of Representatives that hasn't received much play, a voted on House Resolution to affirm our national motto, "In God We Trust."

I guess it is a little heart warming that the House would elect to make such a resolution ... but it is a little disheartening to realize that they felt the need to do so. Not that they didn't need to do so, it is just a rather sad commentary about the reality of the place that our nation has come to.

Following is an excerpt from the article. Go read the whole article to see what was the tipping point that ended up convincing members of our House of Representatives to decide that this resolution needed to be presented.

House Votes to Reaffirm 'In God We Trust' as National Motto

The House on Tuesday passed a measure reaffirming “In God We Trust” as the national motto of the U.S., in an effort to encourage its display in public buildings and send a message to those who seek to remove God from the public domain.

The resolution required a two-thirds vote to pass, and did so easily, 396 to 9.

.......

“We need to make clear to the people in this country that our motto is ‘In God We Trust,’ and encourage them to proudly display that motto,” Forbes said.

.......

Rep. Dan Lungren (R.-Calif.) said the reaffirmation is also important because the word “God” has been challenged in the courts when used on public buildings, such as the new U.S. Capitol Visitor Center, and in the Pledge of Allegiance when it's recited in public schools.

“This is an important message that we need to affirm. It is under attack, and we are not wasting time. How could we waste time making sure ‘In God We Trust’ is enshrined in our national motto?” Lungren said.

.....

Rep. Jeff Miller (R.-Fla.) said the U.S. has relied on its faith in God since the country's inception.

“Yes, there are attacks on God, every day,” Miller said. “As President Reagan​ said, 'If we ever forget that we're one nation under God, then we will be a nation gone under.’”

Even though this has not made it into any MSM news reports ... it might just be a resolution that is referred to in days ahead.

Prayers for Chuck aka XtnYoda

Regular readers,

I've just learned that Pastor Chuck, one of Brutally Honest's loyal followers and guest bloggers, was in a motorcycle accident yesterday, apparently the victim of a collision with a deer.  I don't have a lot of details at this point other than he was released today from the hospital.  He's well enough to be posting a picture on Facebook that clearly shows some facial swollenness.

Pray for a complete and full recovery and let's be thankful that this ended better than it might've.

Amen.

Death by bureaucracy

By Chuck aka XtnYoda

A Bureaucratic Death Panel tries to open the door to the cancer that is the #1 cancer among men. Newt is trying to expose this effort by bureaucrats.

Earlier this month, a panel appointed by the Department of Health and Human Services made a recommendation so detached from the good of individual patients it could only have come from government bureaucrats. They recommended eliminating screening for the most common cancer among males nationwide.

Despite lacking any specialist who deals with the issue, the panel issued a recommendation this month to stop using the only available test to screen for prostate cancer. PSA tests .... Without the PSA testing, many men will have no way to know they have the disease until it has developed into much more dangerous problem. In some cases, it will be a too late by the time they discover it.

What is the basis for the panel’s recommendation to discontinue screening that can save lives?  It has nothing to do with the merits of the test. Instead, these government-appointed experts advised against screening because they disagree with what some doctors and patients choose to do with the information once they have it ..... the task force’s answer is simply to deny doctors and patients the chance to consider early treatment by recommending they not screen for prostate cancer in the first place.

That is not a reasoned response to the problem. It is a bureaucratic response to the problem. And people will almost certainly die because of it....

You might want to go read the whole article when you have a couple of minutes.

Presidential alarming of children

By Chuck aka XtnYoda

Now ... the President of the United States of America ... has joined the ranks of those pushing the propaganda of "man made climate change" (anthropogenic global warming) ... down the throats of children.

Climate Depot

President Barack Obama told Scholastic News Kid Reporters during a TV interview that one of the "greatest challenges facing" their generation is “climate change.”

"Another big challenge that your generation is going to face is the environmental challenge,” Obama stated, after citing the economy as another big issue. The interview was conducted by Scholastic News kid reporters as part of the new program on the “Challenges Facing America's Youth.”

Obama explained: “There are some big challenges around climate change. The temperature of the planet is getting warmer because of the pollution that we are sending up in the air, the carbon that we are releasing.” He added: “That is something we are going to have to really focus on.”...

Obama also claimed that man-made global warming was “causing changing weather patterns.” "In places like Florida you may be more vulnerable to hurricanes, in other areas we have seen more drought,” he explained.

“We have got to get started dealing with this issue. and we have to make sure your generation finds better ways to use energy more efficiently so that we are not sending out as much pollution into the air and that is something we are going to have to really focus on," Obama added....

This is a sad day in American history.

Government's propaganda of children and climate

By Chuck aka XtnYoda

The government's "Energy Star" agency has started a major campaign targeting children with their "global warming" mantra.

Brazen evil and child abuse coming from this government agency.

Shame on you "Energy Star."

You are no star ... you are a black hole ... attempting to suck the life out of every child and their futures.

Madness at the Houston National Cemetery

By Chuck aka Xtnyoda

Absolute madness from the director of the Houston National Cemetery.

Take the time to register a complaint.