Posts Tagged ‘TAXES’

Peter Schiff -There Will be Riots in the Streets

February 7, 2011 Comments off

Peter Schiff says that ultimately the United States will go the same way as Greece. Before the entire country goes, a state like California may go bankrupt.

The major problem is all of the unfunded liabilities. Social Security is a big problem, but even worse may be all of the guaranteed pensions for government employees.

Of course, one woman on the panel thinks that raising taxes on the rich will solve all of the problems. Peter Schiff explains that he already pays 45% of his income in income taxes. He says that if he is so tired of getting taxed that he would rather work less than to pay more taxes.

The main problem with Europe is that everyone is addicted to their entitlements. Of course, that would also accurately describe a large portion of the American public. If the government defaults on its debt, the people who are hurt the most will be ex-government workers and the elderly who may mostly rely on monthly checks from the federal government.


We told you so: government gearing up to go after churches

January 21, 2011 Comments off

Sen. Charles Grassley, R-Iowa, has asked the Evangelical Council for Financial Accountability to head an independent commission that will obtain feedback about the financial practices and oversight of churches and religious groups nationwide.

The goal is to help determine best practices and changes that encourage compliance with federal tax laws and maintain financial integrity within the religious community while avoiding new laws mandating such behavior. But those involved say it’s too early to tell how the commission’s work will affect any changes—or whether it can prevent any new laws—and how long it will take.

In a press conference called this morning in Washington, D.C., ECFA leaders outlined requests made by Grassley, who yesterday released his final report of a three-year inquiry into the financial activities of six high-profile media ministries. The issues to be explored “could potentially affect every house of worship and every member of the clergy in America,” said Michael Batts, an ECFA board member who will chair the special commission.

Grassley’s office contacted the ECFA three weeks ago to indicate its report of the six ministries—in which only two fully cooperated with investigators and no ministry received a penalty—was imminent. Read more…

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