Tuesday, April 28, 2009

Complete Lack of Respect



The Obama Administration, the F.A.A., Gibbs, anyone who knew about the flight owes approximately 20 million people an apology.

Can anyone fathom that not one single person involved in or who had knowledge of the "joy ride" around New York City had even an inkling that it might not be such a good idea. I am all for following orders but someone should have questioned it and the answer should have been 'are you frickin' kidding me?'

All I can say, is whoever authorized and or had knowledge of the flight is guilty of a complete lack of respect if not more!

Minnesota Senate Passes Income Tax Increase

Minnesota Senate Passes Income Tax Increase
How Did Your Senator Vote?

(April 24, 2009) St. Paul--The Minnesota Senate passed a bill on that would, among a myriad of other tax changes, increase all state income tax brackets, although somewhat temporarily. The new rates are for tax years 2009 through 2013, with a return to current rates in the expiration year. The current rates are changed as follows:

Current/New Tax Rate Income
5.35% to 6.00% $0- $31,860
7.05% to 7.70% $31,860 - $126,580
7.85% to 8.50% $126,580 -$250,000

New fourth tier rate is 9.25 percent
o $250,000 for married individuals filing joint returns
o $212,500 for unmarried individuals qualifying as head of household
o $141,250 for unmarried individuals
o $125,000 for married filing separately

These income tax increase do expire beginning after a February forecast with a positive general fund balance projection for that year that exceeds or equals the projected amount of tax revenue produced by the increased tax rates. Who really knows when that will be? The bill is now headed to conference committee where the House and Senate will negotiate a final tax bill; both have to vote to re-pass it before it can be presented to the Governor.
Note: Astute political observers will note the DFL Caucus did intentionally attempt to protect some suburban/vulnerable/swing district DFL members by letting them vote against the taxes increases.

The roll was called, and there were yeas 35 and nays 31, as follows:
Those who voted in the affirmative were:
Anderson –St. Paul (DFL)
Bakk –Cook (DFL)
Berglin—Mpls.(DFL)
Betzold—Fridley (DFL)
Chaudhary—Fridley (DFL)
Clark—St. Cloud (DFL)
Cohen—St. Paul (DFL)
Dibble—Mpls (DFL)
Foley—Coon Rapids (DFL)
Higgins—Mpls. (DFL)
Johnson—Ham Lake (R)
Kelash—Mpls. (DFL)
Kubly—Granite Falls (DFL)
Langseth—Glyndon (DFL)
Latz—St. Louis Park (DFL)
Lourey—Kerrick (DFL)
Marty—Roseville (DFL)
Metzen—South St. Paul (DFL)
Moua—St. Paul (DFL)
Murphy—Red Wing (DFL)
Pappas—St. Paul (DFL)
Pogemiller—Mpls (DFL)
Prettner Solon—Duluth (DFL)
Rest—New Hope (DFL)
Saxhaug—Grand Rapids (DFL)
Scheid—Brooklyn P. (DFL)
Sheran—Mankato (DFL)
Sieben—Newport (DFL)
Skoe—Clearbrook (DFL)
Sparks—Austin (DFL)
Stumpf –Plummer (DFL)
Tomassoni—Chisholm (DFL)
Torres Ray—Mpls. (DFL)
Vickerman—Tracy (DFL)
Wiger—Maplewood (DFL)
Those who voted in the negative were:
Carlson—Eagan (DFL)
Dahle—Northfield (DFL)
Day—Owatonna (R)
Dille—Dassel (R)
Doll—Burnsville (DFL)
Erickson Ropes—Winona (DFL)
Fischbach—Paynesville (R)
Fobbe—Zimmerman (DFL)
Frederickson—New Ulm (R)
Gerlach—Apple Valley (R)
Gimse—Willmar (R)
Hann—Eden Prairie (R)
Ingebrigtsen—Alexandria (R)
Jungbauer-- East Bethel (R)
Koch—Buffalo (R)
Koering—Fort Ripley (R)
Limmer—Maple Grove (R)
Lynch—Rochester (DFL)
Michel—Edina (R)
Olseen—Harris (DFL)
Olson, G. –Minnetrista (R)
Olson, M.—Bemidji (DFL)
Ortman—Chanhassen (R)
Pariseau—Farmington (R)
Robling—Jordan (R)
Rosen—Fairmont (R)
Rummel—White Bear Lake (DFL)
Saltzman—Woodbury (DFL)
Senjem—Rochester (R)
Skogen—Hewitt (DFL)
Vandeveer—Forest Lake (R)
House Tax Bill Blasts Homeowners Narrowly Passes
How Did Your Representative Vote?
(April 25, 2009) St. Paul--One day after the Minnesota Senate voted to raise income taxes on all Minnesotan’s, the Minnesota House Tax bill that increases income tax on top income earners to 9 percent, eliminates the mortgage interest deduction (replacing with a credit worth half as much), removes the deductibility of property taxes, eliminates the relative homestead market value credit (MVC), increases cigarette taxes by 54 cents, increases drink taxes by 3 to 5 cents, and caps the child care tax credit at $200, narrowly passed the House Floor.
Again, Democrat Farmer Labor caucus leaders allowed (18) suburban, vulnerable, or swing district legislators to vote against the tax increases but insured they had just enough votes to pass the bill. Headed to conference committee REALTORS® and the general public are urged to pay extra special attention to the process, negotiations, and resulting language changes from here on out. Of course, whatever comes out of conference committee will likely still have a number of provisions the Governor still finds unreasonable. Suffice to say legislators and the Governor still have their work cut out for them. While one can only speculate as to the intricacies of the final package, glimpses at what is to come for the end game have certainly started to emerge.
Note: Bold below are ‘crossover DFLers’ (DFLers who voted no).
Who Represents You?
How Did Your Representative Vote?
Those who voted in the affirmative were:
Anzelc
Atkins
Bigham
Bly
Brown
Brynaert
Carlson
Champion
Clark
Davnie
Dill
Eken
Falk
Faust
Fritz
Greiling
Hansen
Hausman
Haws
Hayden
Hilstrom
Hilty
Hornstein
Hortman
Hosch
Huntley
Johnson
Juhnke
Kahn
Kalin
Kelliher
Knuth
Koenen
Laine
Lenczewski
Liebling
Lieder
Lillie
Loeffler
Mahoney
Mariani
Marquart
Morrow
Mullery
Murphy, E.
Murphy, M.
Nelson
Newton
Norton
Olin
Paymar
Persell
Peterson
Reinert
Rukavina
Sailer
Sertich
Simon
Slawik
Slocum
Solberg
Thao
Thissen
Tillberry
Wagenius
Ward
Welti
Winkler
Those who voted in the negative were:
Abeler
Anderson, B.
Anderson, P.
Anderson, S.
Beard
Benson
Brod
Buesgens
Bunn
Cornish
Davids
Dean
Demmer
Dettmer
Dittrich
Doepke
Doty
Downey
Drazkowski
Eastlund
Emmer
Gardner
Garofalo
Gottwalt
Gunther
Hackbarth
Hamilton
Holberg
Hoppe
Howes
Jackson
Kath
Kelly
Kiffmeyer
Kohls
Lanning
Loon
Mack
Magnus
Masin
McFarlane
McNamara
Morgan
Murdock
Nornes
Obermueller
Otremba
Pelowski
Peppin
Poppe
Rosenthal
Ruud
Sanders
Scalze
Scott
Seifert
Severson
Shimanski
Smith
Sterner
Swails
Torkelson
Urdahl
Westrom
Zellers

Wednesday, April 22, 2009

Senate Tax Plan = Tax Everyone!

The Minnesota Senate Tax plan is even worse than one might imagine. It plans to raise $2.2 Billion in taxes. Mostly, by raising income taxes on everyone! That's right...everyone!

Income Current Rate Proposed Rate

0- 31,860 5.35 6.0

31,860 - 126,580 7.05 7.7

126,580 - 250,000 7.85 8.5

Creating a new 4th tier

141,250 Single
212,500 Head of Household
250,000 Jointly

would all pay 9.25% amongst the highest income tax rate in the country! Only California and Rhode Island have higher income taxes on the wealthy. Even if we, for the sake of argument, don't even consider the evils of a proposed tax increase on the wealthy, this plan is extends to every taxpayer! Everyone who pays taxes will pay more. Where does it end?

Now I know there are those out there that are going to make excuses for it and try to explain it away, usually by say "if it means better schools, roads, etc then I am all for it." That's fine to say once. It's just not reality. Reality is that Minnesota's GF sepnding has doubled in the last 10 years from 18 B to 38 B. I don't know business or individual who's budget doubles every ten years. So you say we can't do it with cuts alone and I say 'yes we can!'

Monday, April 20, 2009

MN House Floats Tax Raising Bill

The Minnesota House of Representatives finally revealed their expected prodigal Tax Bill. Having previously set there budget up to include $1.5 Billion in "New Revenues" (a.k.a. new taxes) the House Tax Chair is taking the opening shot at what will prove to be a very difficult legislative end game. Less than one month to go, the House plans to balance the state budget by creating a new 4th Tier Income Tax rate at 9% (read = class warfare), increasing the cigarette tax by 54 cents (admittedly the most regressive tax), increasing liquor tax by 5 cents per drink (read = weak), and last but certainly not least by eliminating the State Mortgage Interest Deduction and creating a credit instead. The Mortgage Interest Deduction is aggregious because it would disportionately fall on the newest buyers first and apply to their taxes for a period of approximately 10-15 years based on most mortgages being front end loaded.

Really House DFL? This is the plan we have been waiting for 4 months? Don't strain yourself. Don't put something into your strategy. Just serve up exactly the worst piece of garbage you can come up with and wait for the veto!

Wednesday, April 1, 2009

Six Step's to Handling Madoff's Assets?

Bernard Madoff's assets:

$7 million Manhattan Penthouse
$1 million Home in Cap d' Antibes, France
$3 million Luxury Home in Long Island
$10 million Furnishings
$62 million Securities
$2.4 million 55' Yacht & 24ft boat

How to handle his assets:

1) Step one certify everyone who has a legitimate claim.

2) Sell all REAL Estate at High End Auction, make sure to pay a REALTORS(R) commission

3) Sell all remaining securities

4) EBAY every piece of personal property

5) Create a trust to pay ALL claims

6) Deposit any proceeds into U.S. Treasury