UP Ibalon Bicol: taxes

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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=

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Labels: assets, business, congressmen, Corruption, Dato, GMA, graft and corruption, Juan Miguel Arroyo, Mickey Arroyo, pepper spray scandal, property bubble, taxation, taxes, Tottie Mesia

Obama’s projected budget deficit jumps from $7.108 trillion to $9 trillion

8/23/2009 | Posted by mesiamd | Edit Post

When Americans were told that under Pres. Barack Obama's term, the 10-year US budget deficit will reach more than $7 trillion, they could only sigh in disappointment. This was not the promise they heard during the campaign. Under Obama’s talk when he sought the presidency, he assured: USA could ride the tide of economic crisis with less spending and less worry. It was not the case.

The deficit forecast was worse than what the White House optimistically insisted. Even with $1.3 trillion deficit Obama inherited from Pres. George Bush, a jump to $9 trillion had been staggering. Amidst promises to overhaul healthcare, improve education, and bring back the country to prosperity, mounting doubts continued to erode the trust Obama enjoyed since the election. Talks of economic recovery was not consistent with persistent high unemployment.

In keeping with original forecast of the Congressional Budget Office issued early in early 2009, the budget deficit in 2010 to 2019 is expected to reach a staggering $9.1 trillion. The disclosure brings more uncertainty and trepidation to the public that tries to make sense of the planned healthcare overhaul which will cost the government greater than $1 trillion in a nine years.

Republicans are quick to point out the excessive spending of Obama. Many question how America can pay and at the same time keep its credit rating in the world market with such huge deficit.

Economists wonder if the administration can stop heavy spending without raising taxes which can slacken eeconomic growth. Time is running out for Obama to convince the Americans that he is on the right track.(Photo Credit: nmfbihop) =0=

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Labels: budget, budget deficit, deficit, forecast, taxes, USA

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=

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Labels: budget, deficit, economy, joblessness, recession, taxation, taxes, Totie Mesia, unemployment, USA

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US homes and businesses, another scandal for the Arroyos?

Obama’s projected budget deficit jumps from $7.108 trillion to $9 trillion

US budget deficit jumps to 1.3 trillion

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