Showing posts with label taxation. Show all posts
Showing posts with label taxation. Show all posts

PostHeaderIcon US homes and businesses, another scandal for the Arroyos?

8/31/2009 | Posted by mesiamd | Edit Post


In the fading days of Pres. Gloria Arroyo’s term as president, another allegation of ill-gotten wealth is brewing for her family. Her son, Pampanga Rep. Juan Miguel "Mikey" Arroyo, was reported to have failed declaring a P63.7 million property fronting San Francisco Bay in California. It was alleged this foreign property located at 1655 Beach Park Blvd, Foster City was named under his wife’s name in 2006.

“By omitting the US property starting in 2007, Mikey’s real property assets plunged from P90.7 million in 2006 to P27 million in 2007 and 2008.

All the business interests Mikey declared in his latest SALN were acquired when he was already congressman: president of Mikey’s Horseman Bar and Grill, 2006; director of LPG Auto Gas and shareholder in Los Manos Verdes Inc., 2007; and shareholder in U18 Properties Inc. and stockholder of the La Vista Investments and Holdings Inc. in 2008.”---Malaya (08/31/09, Files, V.)

Similarly, Dato, Gloria’s other son also bought a house worth P26.7 million in the golden state after he won as congressman in 2007. But this, he declared in his tax declarations.

These allegations are on top of local businesses that the Arroyos are reportedly engaged in. As usual, the first family has to answer with a denial. But won't they give their proof? The Filipino people need to know if there is any wrong-doing in these property purchases. With another investigation it will take time to know if all these accusations are true. (Photo Credit: ____) =0=

=============================================================
Labels: , , , , , , , , , , , , ,

PostHeaderIcon US budget deficit jumps to 1.3 trillion

8/08/2009 | Posted by mesiamd | Edit Post


The biggest economy of the world is getting poor. For this year, in July, official records showed a sharp climb in America’s budget deficit that clouds trust in Pres. Barack Obama’s ambitious plan to re-structure the United States.

Anger and opposition are brewing as the Americans wake up to the reality that their country is drastically being changed to a direction that they can’t comprehend. The public is bracing for a more intrusive government which seeks to regulate the lives of its citizens.

In spite of Obama’s campaign promises that taxes will not go up, that the health care reform will be an improvement of the current system, and that the bail-outs of banks, financial institutions and the housing industry will save the economy, many Americans are convinced the United States can’t buy its way to prosperity. They are averse to excessive trillions of dollars of spending by the government.

“The deficit for the first 10 months of fiscal year 2009, which began October 1, reached 1.3 trillion dollars, close to 880 billion dollars greater than the deficit recorded through July 2008, said the US Congressional Budget Office (CBO).

Outlays rose by almost 530 billion dollars, or 21 percent, and revenues fell by more than 350 billion dollars, or 17 percent, compared with the amounts recorded during the same period last year, the non-partisan CBO said.” AFP (08/07/09)

The amounts above are too large to be understood by the ordinary Americans, but many are suspecting something ominiously wrong is going in the management of the country. It is unwise to incur big debts and massive spending at the expense of the taxpayers and ask the children of the next generation to pay for them.

The number of unemployed workers has declined for the first time in 15 months, but joblessness at still high at 9.4%; it is expected to breach 10% by yearend. There are pockets of improvement of the housing market, but housing prices are still falling and foreclosures are rampant.

In spite of the on-going financial crisis, government leaders of Capitol Hill and their supporters spend lavishly with little accountability. Barack Obama’s assurance that things are better under his watch and the recession is ending does not match with what the people are experiencing: Insecurity.

In spite of the rosy outlook the administration is saying, more money is needed to push the economy. There are talks of another stimulus package. There is pressure to borrow and collect more taxes from the people. Entitlements and welfare claims have risen---about 34 million Americans receive food stamps and many more are dependent on social security and unemployment subsidies.

A dangerous mix of a faltering economy, excessive government spending, a declining honesty in society, and a citizenry not used to a life of frugality has become a problem. In spite of America’s apparent strengths, there are obvious weaknesses that can undermine the nation’s future stability. (Photo Credit: Rich Seattle) =0=

==============================================================
Labels: , , , , , , , , ,

PostHeaderIcon “Tea Party” as a venue for anti-Obama protests on tax day

4/16/2009 | Posted by mesiamd | Edit Post


The parting words on page 195 of James Delingpole, the British political commentator, in his book, “Welcome to Obamaland--- I have seen your future and it doesn’t work” seem to sum up the ire and dread of the tens of thousands who attended the “Tea Party” today, April 15, 2009:

“Well, we’re nearly done and I know just how you’re feeling. Terrible. The land you love has been hijacked by a bunch of left-liberal fruitcakes. They don’t have much of an idea how to fix the economy. But they do know exactly how to ruin your life. And they will.”



As US citizens rush for the last day of filing of the 2008 income tax, a sizeable number of Americans across many cities held their “tea parties” to vent their anger and opposition to the tax increases and the astronomical spending of the Obama administration. A big crowd gathered right in Washington, DC close to the White House.

Barely a hundred days in office, Pres. Barack Obama confronts this opposition of Republicans and conservatives who may serve as the nucleus of a grassroots fight against massive bail-outs, heavy taxation, and spending which put taxpayers’ money on line and endanger the finances of children of the next generation.

Supported by conservative news media and radio talk shows, people gathered to vent their criticisms, doubts, and frustration on the direction the United States is going. They expressed anger over what’s going on in the government which was once thought to be too big to fail.

From New York to Washington, Miami to Boston, Sacramento, CA to Chicago, Nashiville to Denver and other cities, the tea parties materialized, taking inspiration from TV commentator Rick Santelli. The guy suggested a "tea party" to protest government bailouts which leave distrust and uncertainty over the heads of Americans.

Yet, the anti-Obama opposition is given little attention by liberal media people. That's partly because like the slobbering Obama fans, majority of Americans truly believe the president will come out triumphant with his prosperity plan through greater government control and massive spending.



“Gallup polls released this week found that 53% of Americans approve of the expansion of the U.S. government to help fix the economy, even if most of that group wants it scaled back once the crisis abates. And 48% think that the amount of federal income taxes they pay is "about right," a finding that shows anti-tax sentiment near a historic low for the last five decades.”---Los Angeles Times (04/15/09, Finnegan, M; Hook, J)

The Democrats and their liberal supporters who dominate the legislature are quick to be disparaging. They dismiss the leaders of tea parties as rabble-rousers wanting of significant public support. They can’t see (or pretend not to) the tea parties as upswells of opposition waiting for Obama to falter.

The president’s popularity is high at this time. He appears to be well in control to sway the support of the people. However, as the economy crisis drags on and public confidence persists to be low, he got only a small window period to prove that he can deliver what he promised. (Photo Credit: AP/ Seth Perlman; AP/ Paul Sakuma; AP/ Mark Humphrey) =0=

=======================================================
Labels: , , , , , ,

PostHeaderIcon AIG’s excessive bonuses of $165 million infuriate Americans

3/18/2009 | Posted by mesiamd | Edit Post

It is if the world has to be reminded that greed is alive in the failing financial institutions bailed out by the US government. After American International Group Inc. (AIG) received its 170 billion rescue package, it has allotted $165 million to pay for company bonuses. This is very infuriating for the ordinary citizens who contribute tax dollars to help prop up the ailing economy.

“Fresh details pushed outrage over AIG ever higher: New York Attorney General Andrew Cuomo reported that 73 company employees received bonus checks of $1 million or more last Friday. This at a company that was failing so spectacularly that the government felt the need to prop it up with a $170 billion bailout… On Capitol Hill late Tuesday, House Democrats directed three powerful committees to come up with legislation this week to authorize Attorney General Eric Holder to recover massive bonus payments made by companies like the ones paid last week by American International Group Inc." -----Yahoo News/ AP (03/17/09, Kellman, L)

Will the US government recover the bonuses? Who knows?

Republicans blamed the democrats for doing little in preventing this scandalous diversion of money. The giving away of hefty bonuses wasn’t done by AIG alone, but politicians in Washington are feigning outrage. Earlier Merrill Lynch paid $3.6 billion in bonuses to its executives while it negotiated its sale to Bank of America Corp., a big recipient of government bailout.

The rescue packages for ailing businesses and financial institutions which made bad decisions aren’t politically popular. It gives a bad rap on the Obama administration. Innocent people in the street are suffering for the big companies who take advantage of the bail-outs.

A growing number of irate Americans think Treasury secretary Timothy Geithner did little to prevent the giving of excessive bonuses to happen. It is believed that he knows about this bonuses early on. There are those who opine Geithner whose appointment by Obama was questioned because of failing to pay taxes must be fired.

Party supporters of Obama want the return of the bonus money to the government prompting democratic senate majority leader Harry Reid to say recipients will not be allowed to keep the money. Many Americans however are distraught to realize how untrustworthy the deals have been, compromising the taxes they give the government. They can’t fathom how leaders could be so arrogant,, extravagant, and callous to have these massive bonuses at the expense of American taxpayers---at a time when they are saddled by joblessness, loss of savings and pension plans, a slump in housing market, and bankruptcies of businesses and financial institutions. (Photo Credit: drugs crews 2)=0=

=======================================================
Labels: , , , , , , ,

PostHeaderIcon No tax collection, no progress?

10/09/2008 | Posted by mesiamd | Edit Post
If the Philippine government knows that taxes serve as lifeblood of its daily function, how come local and national government agencies and its owned & controlled corporations (GOCC’s) do not remit taxes they withheld from employees to the Bureau of Internal Revenue? What are they waiting for? Corruption plus inaction make the picture look worse.

The Commission on Audit (COA) disclosed this gross failure which accounted for revenue loss of P18.6 billion last year. With this uncollected money, is it any wonder why advancement is very slow in the Philippines?

“The GOCCs account for the biggest chunk of the lost revenue—P13.26 billion—followed by the national government agencies (P2.87 billion) and the local government units (P2.51 billion).

The total amount is more than the entire 2009 budget of the Department of Environment and Natural Resources (P12.5 billion), the Department of Finance (P13.8 billion), or the Department of Foreign Affairs (P12 billion)

In 2006, among government agencies, the Department of Public Works and Highways accounts for the biggest amount of unremitted withholding taxes—P796 million—followed by the Department of Education (P303 billion) and Department of Agriculture (P201 million).---abs-cbnNEWS.com, Newsbreak (10/08/2008 Fonbuena,C)

Tasked to look for sources of govenment funds by the House of Representatives, the Congressional Planning and House Budget Office (CPBO) through its director of fiscal services Dina de Jesus Pasagui revealed that even the Philippine Congress and Senate owe the BIR P16 million in withholding taxes and COA owes P33 million. The CPBO chief Rodolfo Vicerra called for an improvement of taxpayers’ database of 29 million nationwide employees, of which only 5 million (less than 1/5) pay taxes.

It seemed the government focused on sensational cases of tax evasion among movie stars like Judy Santos and Regine Velasquez, but it didn’t look into the paralysis of tax collection in huge agencies where the big money would come from to finance the cost of running the country. =0=

Labels: , , , , , ,
Subscribe to: Posts (Atom)

Topics/Categories

Feedjit Live Blog Stats

Topics/Categories

Add to Technorati Favorites

Ateneo de Naga HS Batch 74

Loading...

ABS-CBN News

Loading...

GMA News.tv

Loading...

Philippine Commentary

Loading...

Inquirer Breaking News

Loading...

Blogger Template created by AVGWEB.