Tags: More | Taxes | Hillary | and | Jesse's | Finances

More on Taxes, Hillary and Jesse's Finances

Wednesday, 02 May 2001 12:00 AM

Big news, huh? The White House has agreed with Democratic and Republican congressional leaders on a $1.35 trillion tax cut – over the next 11 years. Wow, I'm just so thrilled I can hardly stand it.

Come on, folks. Get a grip. There's really nothing there … nothing of any substance, anyway. It's business as usual in tax-and-spend-and-buy-votes Washington.

Some points:

Do you know what your particular tax cut will be? No? Well, neither do I. That's because that hasn't been decided yet. All they have is a dollar amount, nothing more. The complete structure of the tax cut has yet to be determined.

Are you a high-achiever? The original proposal was to lower your tax rate from 39.6 percent to 33 percent. It ain't gonna happen. The Democrats will continue their class warfare rhetoric. We'll be lucky to get a 3 percent reduction, and it will take YEARS for it to come about.

You do realize that no cuts in the marginal income tax rates have yet been agreed to, and the Democrats are going to try to load them on the bottom end.

A repeal of the estate tax? In doubt. Maybe we'll just get a smaller tax rate here, but the Democrats don't want rich people to die without it being a taxable event.

Will people who don't pay income taxes get any money? Count on it! The Democrats will use as much of this $1.35 trillion as they can to send checks to those in the lower-income classes who don't pay any income taxes at all. They call these income transfer checks "tax cuts for working families."

There's a $100 billion "stimulus package" included in the deal. Nobody knows just what this "stimulus package" will be. The Democrats and Republicans will get together to hash this out. My best bet? Most of that money will go to lower- and middle-income earners, with a great deal of it going out in the form of checks to – again – people who pay no federal income taxes at all.

Class warlord Daschle (What in the HELL is the matter with you people in South Dakota?) says that the Republicans are moving toward the Democratic position. That's bull. Bush originally asked for $1.6 trillion. The Democrats originally offered $250 billion. The agreement is for $1.35 trillion. Who do you think moved toward whom?

They say it's an 11-year plan. If the Democrats get control of the Congress in 2003, it will be a one-year plan. As soon as the Democrats solidify their power in Washington they will proclaim "urgent needs" and the rest of this tax cut – as it applies to high-achievers – will be toast.

Don't go out and buy that Tom Daschle Lexus yet.

Since we're dealing with Bush's tax cut plan today, have you ever figured your tax compliance costs into the equation when figuring your tax rate?

In 1990 some 48 percent of tax returns were prepared with the help of a professional tax preparation service. That number is up to 55 percent now. These services cost money. This money, and the dollar value of the time you personally spend on your taxes, should be added to the actual amount of taxes paid when you figure your tax rate. After all, it is money that would stay in your pocket if taxes were simplified or replaced with the Fair Tax Plan.

Hillary Clinton certainly isn't acting like the junior senator from New York. Lately she's been grabbing more of the spotlight for herself – no doubt gearing up to make a name for herself and run for president in 2004 or 2008.

But her new high-profile strategy isn't sitting well with some Democrats, including Ted Kennedy.

On Monday, Queen Hillary delivered a speech at Columbia University. She railed against George W. Bush's education bill – at the very same time Kennedy was discussing it with the White House.

Kennedy's spokesman won't say if Ted was feeling a little sore at the Hildebeast, but one Democratic source said episodes like that could bring Hillary the "treatment" from senior Democratic senators. The source added, "I've always assumed that sooner or later Ted Kennedy would start stomping on her. He's a master at getting rid of other power sources."

So, we have a battle between egos brewing here. But don't let this little power struggle make you doubt Hillary's resolve. Her single objective ever since Bill Clinton's term as president ended has been to reclaim the White House for herself.

But it'll be interesting to see just how many of her Senate colleagues she steamrolls to get closer to that goal.

Rod Dreher of the New York Post has been keeping tabs on the amended tax forms submitted by Jesse Jackson's Citizenship Education Fund. He's found quite a few fishy items on the fund's amended 1999 IRS Form 990. They resubmitted the form after critics started raising their eyebrows.

What did Dreher find? He found that the CEF had falsely attributed a $15,000 contribution to the New York City Board of Education rather than to a board member of the Securities Industry Association. Another contributor on the CEF's amended list was a businessman who said his company had only donated a fraction of the money CEF claims to have received.

On Sunday, the Chicago Tribune reported that Wells Fargo Bank – which the CEF listed as having given $200,000 – has no record of the donation.

That's not all. Dreher telephoned a sampling of the 80 private and corporate donors listed on the CEF's amended form. He asked if their records match CEF's tax filing. Only two companies – Coors Brewing and Compaq – responded by deadline.

A representative of Coors told Dreher that they had indeed given $25,000 ... but the check was addressed to PUSH for Excellence – a separate Jackson organization! And Compaq says it gave $10,000 to the Rainbow/PUSH Coalition, not CEF.

If these companies are telling the truth, then CEF is lying to the IRS. And this is only for 1999 – there's no telling how much creative bookkeeping CEF has gotten away with in the past!

Will Jesse Jackson's cherished liberal minority and race warlord status get him off the hook again?

Make no mistake. You know its true. If this were a conservative organization, they'd be under the media microscope faster than you could say "fuzzy math."

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Big news, huh?The White House has agreed with Democratic and Republican congressional leaders on a $1.35 trillion tax cut - over the next 11 years.Wow, I'm just so thrilled I can hardly stand it. Come on, folks.Get a grip.There's really nothing there … nothing of any...
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Wednesday, 02 May 2001 12:00 AM
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