Treasury Knew of I.R.S. Inquiry in 2012, Official Says

You have to either be stoned or dead to not think Obama knew what his government was doing to the Tea Party.

From The New York Times…

The Treasury Department’s inspector general told senior Treasury officials in June 2012 he was investigating the Internal Revenue Service’s screening of politically active organizations seeking tax exemptions, disclosing for the first time on Friday that Obama administration officials were aware of the matter during the presidential campaign year.

 

Another Welfare Handout Program: IRS issued billions in improper refunds, report says

The WP reports:

The Internal Revenue Service issued more than $11 billion in improper payments through its Earned Income Tax Credit program last year, according to an inspector general’s reportreleased this week.

Treasury Department deputy inspector general Michael McKenney found that the IRS has failed to comply for two consecutive years with the Improper Payments Elimination Act, which President Obama signed in 2010. The law requires federal agencies to reduce erroneous payments to a rate of less than 10 percent.

The IRS estimates that at least 21 percent of its EITC payments in 2012 were faulty. That rate showed a decline compared to the previous nine years, but improper payments over the same period increased about 22 percent, rising to at least $11.6 billion, according to the inspector general’s report.

 

Old And Busted: It’s Not Amnesty Because illegals Will Have To Pay Back Taxes.

Now Shut Up.

Who could have seen this coming? I mean, besides everyone.

“I think no one can go back and guess or surmise how much the unpaid taxes would be for the entire group,” said David Marzahl, the president and CEO of the Center for Economic Progress, a group that works on tax issues with low-income and immigrant groups.Negotiators had to choose between a hard-line approach favored by Republicans, like Sen. John McCain (R-Ariz.), that would have required immigrants and employers to painstakingly piece together a tax history so the government could collect what is owed and a less burdensome option of focusing on people who already have a past-due bill with the Internal Revenue Service.

They chose the milder approach and punted the details to the Treasury Department and IRS to hash out down the road.

The legislation now simply requires any currently undocumented immigrant to pay “any applicable federal tax liability.” That most likely means that only those people who filed tax paperwork like a W-2 or I-9 form with their employer could potentially be hit by a tax bill, and only if they missed a tax payment in the past.

…

Negotiators continued using the term “back taxes” when selling the plan and trying to allay concerns among conservatives that the proposal would not be tough enough on immigrants who entered the country illegally.

“The term back taxes is part of their lingo, but I think what people want is to make sure people are paying their fair share,” said Marshall Fitz, the director of immigration policy at the liberal Center for American Progress. “There isn’t this punitive retribution mentality like you have to go back and correct all of your mistakes.”

The dishonesty of the amnesty crowd is breathtaking even by the usual low standards of politics. Of course, since they won’t even admit it’s amnesty, this isn’t anything remotely surprising.

There was a time when we only allowed people into our country because we had some need. What exactly are we missing by not having 10 million more voters for Democrats? Mexico is socialist.

Who expects we will ever see any “back taxes”.

EPA Funding Climbed 51% Since 2008

If there ever was a government agency that has out lived it’s usefulness it’s Nixon’s decreed EPA.

Federal funding for the Environmental Protection Agency (EPA) is up by more than half—in real dollars—since 2008, according to calculations based on Treasury Department data.

In 2008, EPA funding was $7,938,000,000, according to the Final Monthly Treasury Statement for fiscal year 2008. That would be $8,464,894,460 in real 2012 dollars, according to the BLS calculator. The same Treasury report said EPA funding climbed to $12,796,000,000 in fiscal year 2012. That’s a 51.1 percent funding increase from four years earlier. …

Read more at cnsnews.com …

EPA Funding Climbed 51% Since 2008

Federal funding for the Environmental Protection Agency (EPA) is up by more than half—in real dollars—since 2008, according to calculations based on Treasury Department data.

In 2008, EPA funding was $7,938,000,000, according to the Final Monthly Treasury Statement for fiscal year 2008. That would be $8,464,894,460 in real 2012 dollars, according to the BLS calculator. The same Treasury report said EPA funding climbed to $12,796,000,000 in fiscal year 2012. That’s a 51.1 percent funding increase from four years earlier. …

Read more at cnsnews.com …

Here we go again: Government weeks away from hitting debt ceiling, Trillions More Up In Smoke

Congress must raise the debt ceiling before the end of February, and possibly sooner. If it doesn’t, the United States risks defaulting on its payments to creditors.

That’s the key takeaway from a new report released Tuesday by the Bipartisan Policy Center.

The group, an independent think tank, analyzed patterns in the Treasury Department’s monthly cash flow and obligations to assess just how much time it has to continue paying the country’s bills in full and on time if lawmakers don’t raise the legal borrowing limit.

The debt ceiling is currently set at $16.394 trillion. By the end of last week, the debt subject to that limit had reached $16.268 trillion.

There won’t be that luxury this time. The cliff approaches…

This is the phony number the real number is around $86 Trillion. About $278,000 for every US citizen regardless of age…

UNEXPECTEDLY: Treasury: U.S. To Lose $25 Billion On Auto Bailout

UNEXPECTEDLY: Treasury: U.S. to lose $25 billion on auto bailout. “The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That’s 15 percent higher than its previous forecast.”

GM stock price drops……

Illiterate Obama voter can you read this….

A planned court bankruptcy would have been the normal way to handle this, taxpayers would have lost nothing.

 

 

Budget deficit rises to $120 billion in October… …jumps 22%

The blistering pace of our handout nation continues…

Going bankrupt, better hurry before it’s all gone.

The budget deficit rose in October, the first month of fiscal year 2013, as looming negotiations over expiring tax cuts and imminent spending reductions dominated the post-election political landscape.

The Treasury said on Tuesday the October deficit was $120 billion, larger than economist forecasts for a $114 billion gap and up from $98 billion in October of 2011.

Growth in expenditures outpaced rising receipts, deepening the deficit. Outlays grew to $304 billion from around $262 billion in the same month last year while receipts rose to $184 billion from $163 billion.

Issa, Turner threaten Geithner with subpoenas on Delphi documents

In case you don’t know Delphi is the parts company Obama screwed out of their pensions as he gave GM to the unions…I don’t buy GM anymore….

House oversight committee Chairman Rep. Darrell Issa and Ohio Republican Rep. Mike Turner on Thursday officially threatened to use subpoenas to force Treasury Secretary Timothy Geithner to provide Congress with all documents related to the Delphi pension scandal if he doesn’t come through by Oct. 9.

“Despite our repeated requests for all responsive documents and communications, the Treasury Department has only proffered a limited number of documents, many of which were already publicly available,” Issa and Turner wrote in a Thursday letter to Geithner.

Issa and Turner cited an early August report in The Daily Caller that included emails obtained and published showing that the Treasury Department and the White House drove the cutoff of 20,000 nonunion Delphi autoworker retirees’ pensions.

“Documents recently made public under the Freedom of Information Act, however, demonstrate that the Treasury Department was ‘the driving force’ behind the decision to terminate the pensions of Delphi’s salaried employees,” they wrote, citing TheDC’s early August article. “Although the Treasury Department has maintained that [the Pension Benefit Guarantee Program] PBGC alone made the decision to terminate the pensions of Delphi’s salaried employees, these documents appear to indicate that Treasury Department officials and members of President Obama’s Auto Task Force played a large role in this decision.”

Turner and Issa attached their previous document requests to Geithner — from August 2011 and January 2009 — to the letter, and added that this is a final offer: “If the department does not produce all the requested material by October 9, 2012, the committee will be forced to consider use of compulsory process.”

“Compulsory process” is a reference to subpoenas, which can be enforced with a contempt of Congress resolution.

Issa has already shown the Obama administration that he is willing to issue subpoenas if necessary — he served one on Attorney General Eric Holder in October 2011 after months of Holder not producing Operation Fast and Furious documents to Congress. Issa enforced that subpoenas when the House of Representatives voted on a bipartisan basis in late June to hold Holder in both criminal and civil contempt of Congress. That fight remains ongoing.

Read more:

GM Wants Out OF The Gov’t: Obama Says No

GM Wants Out …

The Uniuons healthcare car companies Officers want out… Will they ever be free again, unlikely until Romney is elected.

My guess is they are tired of building cars no one wants. That’s the differenece between government and the private sector.

No one wants to work for the government car company, especially real car guys and engineers.

The Treasury Department is resisting General Motors’ push for the government to sell off its stake in the auto maker, The Wall Street Journal reports. Following a $50 billion bailout in 2009, the U.S. taxpayers now own almost 27% of the company. But the newspaper said GM executives are now chafing at that, saying it hurts the company’s reputation and its ability to attract top talent due to pay restrictions.

GM presented a plan to repurchase 200 million of the 500 million shares the U.S. holds with the balance being sold via a public offering. But officials at the Treasury Department were not interested as selling now would lead to a multibillion dollar loss for the government, the newspaper noted.

Wait until China takes over…

Besides if GM left the losses would be visible to Americans… They do understand buy-sell stock prices.