Friday, September 30, 2011

Thank you Senator Durbin...

For those of you that have not heard the wonderful news Bank of America, the nations largest bank, is soon to be adding a new $5 a month usage fee for actually using the debit card you they offer. To me it seems the same as buying a gym membership and then charging you to get in to the gym each time you visit, or paying for cable TV only to find out every channel is pay per view. If you don't bank at Bank of America don't worry nearly every single bank has plans to follow suite as well. If this doesn't upset you I'm sure many of the NEW fees banks are preparing to institute will sure to hit a nerve.

The problem is, as usual, congress is sticking it's nose into things it has no clue about, rarely does regulating anything ever save the consumer money in the long run. One industry leader compared it to mandating restaurants give away free soft drinks with the purchase of a cheeseburger, we all know the restaurant would simply charge more for the cheeseburger, did you really save anything from the free drink? The rule going into effect Saturday, known as the Durbin amendment after its sponsor Senator Richard J. Durbin, is a crucial part of the Dodd-Frank financial overhaul law. Where Congress was looking to cut into the profits banks are making on the backs of every consumer. At the time the law was enacted stores paid banks .44 cents on every transaction, now they pay .24 cents and the additional loss revenue to the banks is made up by the consumer with the brand spanking new monthly fee.

Please congress, create a few jobs, balance your budget, bring our men and women home from over seas, but please don't try to do me any more personal favors like Dodd-Frank, I'm sure I can't afford any more of your help.

Tuesday, September 27, 2011

I'm not rich but...

OK 75% of ALL taxes are paid by the top 10% of the wage earners in this country, 47% of the people don't pay a single penny of federal taxes. In fact not only do 47% of the people pay zero federal taxes most get a return of more than what was actually collected from their weekly checks, so why is Obama starting class warfare?

With these sobering facts that the upper income folks, the ones responsible for creating most jobs, have to deal with is it no wonder so many have moved their business into countries with more more favorable tax structures? A smart man once told me, "It's not how much you make, but how much you keep".  Maybe it's time for a complete overhaul of our tax system? I really like the idea of a user tax in the form of a national sales tax. Low income folks spend less and would pay less, high income folks spend much more on expensive items and would pay much more in taxes, but everyone would contribute regardless. This would allow for doing away completely with federal income tax collection and eliminating the IRS, just imagine what that would save us annually alone. Some suggest that a national sales tax would even allow for eliminating corporate taxes all together and would result in many companies moving business back to our shores and stop the mass exodus we're experiencing currently. My one fear is having BOTH a national income tax and a national sales tax, even if it starts off as low i'm sure future politicians would slowly grow each one until we boil the death in taxation like a fog boiling in water.

Let the blogging begin!

I've been absent from my blog this summer taking time off to camp, hike, travel the state, and recharge my brain a bit. I was afraid my blog was becoming a bit too political and really I just want to provoke thought and feedback to gain a perspective I might not have considered. My issue , I know,  is I'm opinionated to a point of making others crazy. Maybe I need the blog to help keep me focused as the coming election year will possibly be the most important election in my adult life so far.

So without apology I'm giving fair warning, this is no holds barred blogging from here on out :)