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House Committee On Ways & Means Republicans
November 7, 2009
http://prisonplanet.tv/
Today, Ranking Member of the House Ways and Means Committee Dave Camp (R-MI) released a letter from the non-partisan Joint Committee on Taxation (JCT) confirming that the failure to comply with the individual mandate to buy health insurance contained in the Pelosi health care bill (H.R. 3962, as amended) could land people in jail. The JCT letter makes clear that Americans who do not maintain acceptable health insurance coverage and who choose not to pay the bills new individual mandate tax (generally 2.5% of income), are subject to numerous civil and criminal penalties, including criminal fines of up to $250,000 and imprisonment of up to five years.
In response to the JCT letter, Camp said: This is the ultimate example of the Democrats command-and-control style of governing buy what we tell you or go to jail. It is outrageous and it should be stopped immediately.
Key excerpts from the JCT letter appear below:
H.R. 3962 provides that an individual (or a husband and wife in the case of a joint return) who does not, at any time during the taxable year, maintain acceptable health insurance coverage for himself or herself and each of his or her qualifying children is subject to an additional tax. [page 1]
If the government determines that the taxpayers unpaid tax liability results from willful behavior, the following penalties could apply [page 2]
Criminal penalties
Prosecution is authorized under the Code for a variety of offenses. Depending on the level of the noncompliance, the following penalties could apply to an individual:
• Section 7203 misdemeanor willful failure to pay is punishable by a fine of up to $25,000 and/or imprisonment of up to one year.
• Section 7201 felony willful evasion is punishable by a fine of up to $250,000 and/or imprisonment of up to five years. [page 3]
When confronted with this same issue during its consideration of a similar individual mandate tax, the Senate Finance Committee worked on a bipartisan basis to include language in its bill that shielded Americans from civil and criminal penalties. The Pelosi bill, however, contains no similar language protecting American citizens from civil and criminal tax penalties that could include a $250,000 fine and five years in jail.
The Senate Finance Committee had the good sense to eliminate the extreme penalty of incarceration. Speaker Pelosis decision to leave in the jail time provision is a threat to every family who cannot afford the $15,000 premium her plan creates. Fortunately, Republicans have an alternative that will lower health insurance costs without raising taxes or cutting Medicare, said Camp.
According to the Congressional Budget Office the lowest cost family non-group plan under the Speakers bill would cost $15,000 in 2016.
http://www.infowars.com/pelosi-buy-a-15000-policy-or-go-to-jail/
Alex goes into the top stories of the past week including a story about mobile naked body scanners for the streets of america and also brain scanners coming to airports in the future.Yes, it's 1984 with a Buck Rodgers twist here in the 21st century Police Grid.
http://prisonplanet.tv/
Geithners Fed told AIG to hide backdoor bailout
Homeland Stupidity
January 10, 2010
The Federal Reserve Bank of New York, during its $180 billion bailout of American International Group, Inc., instructed AIG to omit details of its purchase of certain toxic assets from a December 24, 2008, Securities and Exchange Commission filing, according to e-mails between the company and the Fed released Thursday.
Protesters yell at people looking out the windows of an AIG office building during a rally against government bailouts for corporations in April, 2009.
Using bailout money provided by the Fed, AIG paid a number of banks 100 percent of the face value of credit-default swaps, contracts tied to subprime home loans, at a time when other institutions were negotiating deep discounts for the paper. The names of the banks were also omitted from the SEC filing.
The information was finally disclosed in March 2009 after the SEC challenged AIGs filing, prompting lawmakers and analysts to call the transactions a backdoor bailout of the banks. Topping the list of banks which benefited from the backdoor bailout of their toxic paper were Goldman Sachs and Societe Generale SA.
The e-mails, released Thursday by Rep. Darrell Issa (R-Calif.), ranking member of the House Oversight and Government Reform Committee, show the Fed wanted a number of other details about the AIG bailout withheld or their disclosures delayed.
The coverage from Bloomberg News has all the gory details, including a non-denial denial that Treasury Secretary Timothy Geithner, who was then chairman of the New York Fed, had anything to do with the cover-up.
Rep. Barney Frank (D-Mass.) has called the disclosure troubling and plans to hold hearings on the issue, though he publicly maintains full confidence in Geithner.
http://www.infowars.com/geithners-fed-told-aig-to-hide-backdoor-bailout/
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