Category Archives: Fact

Begging Bowl Is Out For Pakistan

Pakistan has sought an emergency bail-out from the IMF, a humiliating step forced on Islamabad after allies refused to come up with cash .

Pakistan’s finance minister, Shaukat Tareen, said recently that going to the IMF was his “plan C”, but Islamabad has been stung by rebuffs from its closest international partners – China, the US and Saudi Arabia – leaving it with few choices. 

Hungary, Iceland, the Ukraine and Belarus are also seeking assistance from the IMF to help weather the global financial crisis. Belarus has applied for a $2 billion loan, Interfax reported Oct. 22, and the Ukraine said this week it may sign a loan worth as much as $15 billion.

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`Joe the Plumber,’ Obama Tax-Plan Critic, Owes Taxes

`Joe the plumber,” the Toledo, Ohio, man whose complaints about Barack Obama’s tax plan were highlighted by John McCain in the final presidential debate, owes the state of Ohio almost $1,200 in back income taxes.

According to records on file with the Lucas County Court of Common Pleas, the state filed a tax lien against Samuel J. Wurzelbacher for $1,182.98 on Jan. 26, 2007, that is still active.

Wurzelbacher was thrust into the national spotlight this week when he told Obama he worried that the Illinois senator’s proposals to roll back Bush administration tax breaks for Americans earning more than $250,000 would prevent him from buying a plumbing business that would earn between $250,000 and $280,000 a year.

McCain, an Arizona Republican senator, pointed to the exchange during the debate last night when he turned to the camera and said, “I will not stand for a tax increase on small-business income.” Directly criticizing Obama, he added, “what you want to do to `Joe the plumber’ and millions more like him is have their taxes increased and not be able to realize the American dream of owning their own business.”

Today, at a rally in Downingtown, Pennsylvania, McCain said “the real winner last night was `Joe the plumber.”’

On Oct. 12, as Obama was campaigning door-to-door in suburban Toledo, Wurzelbacher confronted the Democratic presidential nominee about his tax plan.

`American Dream’

“Do you believe in the American dream?” Wurzelbacher asked before asking about the tax increase. “I’m being taxed more and more for fulfilling the American dream.”

Wurzelbacher’s home telephone number is unlisted, and efforts to reach him by calling his neighbors and family were unsuccessful. Attempts to reach Wurzelbacher at the plumbing company where he works were also unsuccessful. The address on the lien and other records for him matched the address published by the Toledo Blade, which also noted the lien.

The state of Ohio places a lien on real property after several steps to try to collect a tax debt, according to John Kohlstrand, a spokesman for the Ohio Department of Taxation who said he couldn’t discuss any specific case.

Delinquency Notice

If a delinquency notice goes unheeded, the Department of Taxation issues a billing notice, Kohlstrand said. If that is ignored, a more formal assessment notice is sent. Failing to appeal an assessment or losing an appeal puts the debt into the hands of the state attorney general for collection. The attorney general typically sends a collection notice and simultaneously files a lien.

“The taxpayers may not necessarily know about the lien,” Kohlstrand said, although they would receive other notices.

In Wurzelbacher’s case, the lien indicated that the notice was sent to a previous address in Toledo.

Ray Ann Estep, section chief for revenue-recovery services for the Ohio attorney general, said Wurzelbacher’s lien was filed six months after the Department of Taxation certified the debt for collection.

“Unfortunately, sometimes people don’t resolve their debts as quickly as we would like them to,” she said.

Obama’s Plan

In addition to tax credits and a proposal that would allow Wurzelbacher to avoid paying capital-gains taxes if he ever sold the business he wants to acquire for a profit, Obama has proposed allowing the top two tax rates of 33 percent and 35 percent to revert to what they were during the Clinton administration, or 36 percent and 39.6 percent, respectively.

In 2007, the 33 percent bracket kicked in for taxable income exceeding $195,851.

Under Obama’s proposal, Wurzelbacher would face about $900 more in taxes if he netted $280,000 of income from his new business and had to pay an extra 3 percentage points on the amount over $195,851, said Gerald Prante, a senior economist at the Tax Foundation, a Washington research group that is examining both candidates’ plans.

“His average tax burden, the final bill he pays to the IRS isn’t going to go up much if he’s just making $280,000 a year,” Prante said. He would face higher marginal tax costs to expand the business beyond that, he said.

Not Taxable Income

It’s far more likely that the $280,000 Wurzelbacher told Obama he’d earn would be in the form of gross receipts and not taxable income, said Steven Bankler, a certified public accountant in San Antonio, who counts plumbers and other trade professionals as his clients.

By the time Wurzelbacher took proper business deductions, Bankler said, he’d be left with between $150,000 and $200,000 in taxable income and wouldn’t be affected by Obama’s proposed increase in the top rates.

Wurzelbacher might eventually have to pay more employment taxes under Obama’s plan to impose a rate of between 2 percent and 4 percent on wages over $250,000, Bankler said, but Obama has said that change wouldn’t take effect for a decade

Source- Bloomberg

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Our Beloved Health Minister Wants To Ban Alcohol Now

We need a strong policy to prevent the young generation from getting addicted to alcohol. We have initiated talks with various agencies to come out with a national-level policy to regulate the sales of alcohol in the country and it will be made into an Act after considerable deliberation,” Ramadoss told reporters on the sidelines of a seminar on “Alcohol Control Policy” on Saturday (Oct 11). Terming alcohol as mother of many health problems, Ramadoss said a total prohibition was needed for the welfare of the people. “I request the Tamil Nadu government to introduce total prohibition for the welfare of the people as alcohol is known as mother of many health problems , he said.

I as a citizen who voted for this government would also like to discuss on the following:

1. In 1991 there were approximately ten hospital beds per 10,000 individuals , probably we start discussing how many hospital beds has our beloved health minister provided during his tenure.

2. Its time we start discussing why India spends only 5% of GDP on health care whereas other countries like Australia spends 8 % , France – 11.2% and  Germany 10.7%

3. More than 70% of its population lives in rural areas, where only 20% of the total hospital beds are located.

4. As per Unicef why only 33% of the population has access to adequate sanitation facilities .

5. Why only 19% of the population prefers public health care whereas 56% prefer private health care.

Mr health minister you are most welcome to ban Driving under the influence (as it involves lives of others as well), but you have no right to tell me what i may or may not drink . It becomes an issue when someone tells me how to live my life.

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Thank You Minister For Ruining Our Country

Indian Institute of Technology (IIT’s)  are a group of fourteen autonomous engineering and technology-oriented institutes of higher education established and declared as Institutes of National Importance by the Parliament of India. These are the same organizations which produce excellent engineers who are running the global business around the world. 

Recently TOI published a report which said that a score of 15% in mathematics was enough to make it to IIT-Kanpur. Also  In 2008, students could join IIT-Kharagpur despite scoring no more than 5% in physics.  Thanks to reservation system it looks like in the near future the same guy (who scored 6%) would be working on projects of national importance.

Reservations are intended to increase the social diversity in campuses and workplaces by lowering the entry criteria for certain identifiable groups that are grossly under-represented in proportion to their numbers in the general population. But at what cost?  

A nation’s level of competitiveness reflects the extent to which it is able to provide rising prosperity to its citizens. You provide prosperity by providing infrastructure, health care, effective mode of transport, quality roads, railroads, ports, and air transport. Reservation does not generate prosperity and will definitely affect India’s competitiveness.

Innovation , Institutions , Infrastructure , Health and primary education, Quality higher education and training are pillars based upon which a country’s global competitiveness Index(GCI) rank is evaluated . Indian currently ranks 50. By implementing the quota system I would be happy if India is able to retain that spot

 

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Panel: Palin abused power in trooper case

ANCHORAGE, Alaska (CNN) — Republican vice presidential nominee Sarah Palin abused her power as Alaska’s governor and violated state ethics law by trying to get her ex-brother-in-law fired from the state police, a state investigator’s report concluded Friday. “Gov. Palin knowingly permitted a situation to continue where impermissible pressure was placed on several subordinates in order to advance a personal agenda,” the report states.

Palin and her husband, Todd, have consistently denied wrongdoing, describing Wooten as a “rogue trooper” who had threatened their family — allegations Branchflower discounted. “I conclude that such claims of fear were not bona fide and were offered to provide cover for the Palins’ real motivation: to get Trooper Wooten fired for personal family reasons,” Branchflower wrote.

The Branchflower report states Todd Palin used his wife’s office and its resources to press for Wooten’s removal, and the governor “failed to act” to stop it. But because Todd Palin is not a state employee, the report makes no finding regarding his conduct.

Click here for more details.

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AIG execs went on $500K retreat within days of bailout

After the bailout of AIG last month, the United States government effectively bought an 80% share in the company. That should have caused a fundamental change, you would think, in how the company was spending funds on compensation, bonuses and benefits.

But it doesn’t look like that’s what happened. The committee learned that shortly after the bailout went through, executives from AIG’s major U.S. life insurance subsidiary, AIG American General, held a week-long conference at an exclusive resort in California.

The resort is called the St. Regis Monarch Beach. … It’s very impressive. This is an exclusive resort. The rooms start, gentlemen, at $425 a night. Some are more than $1,200 a night. AIG spent nearly $500,000 in a single week at the at this hotel. Now, this was right after the bailout.Some of the charges  shareholders who are now U.S. taxpayers had to pay. Check this out.

AIG spent $200,000 for hotel rooms, and almost $150,000 for catered banquets. AIG spent  $23,000 at the hotel spa and another $1,400 at the salon. They were getting their manicures, their facials, their pedicures and their massages while the American people were were footing the bill. And they spent another $10,000 for leisure dining.

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Smart move by Obama Campaign , Launches Iphone Application

Obama campaign launched a new iphone application called Obama 08 over the weekend. This is a real smart move considering there are around 4 million iphone users.

The free application is compatible with the iPhone and iPod touch. It will organize your contacts by key battleground states, and measures statistics to see how you are doing compared to other leading callers. It also provides you with information about the campaign via text messages and e-mail, offers coverage of national and local campaign news, helps you find local events, share the information by e-mail, and get maps and directions. You can also use the application to browse videos and photos from the campaign.

The Internet and technology is positioned to play a huge role in elections. Probably Mccain campaign does not get it.

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