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Sovereign Man Notes from the Field Date: July 8, 2011 Reporting From: Sofia, Bulgaria

In Banking, Business, Business/Political Trends Worldwide, Constitution of The United States, currency, Jobs in Cape Coral, Local news and Opinion, Medicine, Offshore accounts, Personal on July 8, 2011 at 1:25 pm

Sovereign Man

Notes from the Field

Date: July 8, 2011
Reporting From: Sofia, Bulgaria
Folks… you just can’t make this stuff up.On July 6th, just two days ago, at least a dozen busybody Congressmen sponsored the introduction ofHR 2411, the “Reduce America’s Debt Now Act of 2011.” They always come up with fantastic names for these pieces of legislation… and rest assured, the better/more patriotic the name, the more ominous the bill. This one follows the pattern.

HR 2411 states that every worker in America should be able to voluntarily have a portion of his/her wages automatically withheld and sent directly to the Treasury Department for the purposes of paying down the federal debt.

“Every employer making payment of wages shall deduct and withhold upon such wages any amounts so elected, and shall pay such amounts over to the Secretary of the Treasury…”

That’s right. Uncle Sam is so broke that he wants to give all the good little Americans out there the opportunity to contribute an even greater portion of their paychecks to finance government largess.

Desperate? Hmmm…. Don’t worry, it gets better.

Obviously, if an employee feels so compelled and should elect to have a portion of his/her paycheck withheld, the onus of responsibility is now on the employer to make it happen. The employer has to do all the paperwork, withhold the money, send the payment to the Treasury, maintain the account records, and probably submit to all kinds of new filing requirements.

You can imagine that, if passed, the bill will result in a host of new IRS regulations, complete with a battery of penalties for employers who don’t fill out the paperwork properly, submit filings on time, or make some administrative mistake.

Think about it: if a small business owner has one single employee who is dumb enough to think that it’s his patriotic duty to pay down the debt and decides to contribute $1/month, that owner will have the responsibility for all kinds of new forms and filings, plus submit to new ‘debt reduction audits.’

But don’t worry, it gets even better.

So let’s say there are millions of sheep out there who elect to donate a portion of their toil and sweat so that the Chinese and big financial institutions don’t have to worry about an American default. How does Congress plan on rewarding its most patriotic citizens? By sticking it to them on their taxes, of course.

HR 2411 stipulates that any contribution made to the Treasury in order to pay down the federal debt IS NOT TAX DEDUCTIBLE.

“The [Treasury] Secretary shall include. . . a reasonably conspicuous statement that any amounts deducted and withheld from wages. . .  are not deductible as charitable contributions for Federal income tax purposes.”

Imagine this scenario: You make $100,000/year. In a fit of complete insanity, you decide that you want to withhold your entire annual salary to pay down the debt. Hey, you can always move in with mom for the next year, right?

Well guess what– Uncle Sam will gladly take your money… and then STILL expect you to pay taxes on the $100,000 that you earned, so you’d have to come out of pocket with an additional $40,000 or so.

Don’t worry, though. The Social Security and Medicare wages are reduced by the amount that you withhold, making you only liable for state and federal taxes. Seems like a good deal, eh comrades?

There are so many things utterly wrong with his piece of legislation, it’s hard to know where to begin other than by saying that such intellectual and philosophical perversion is only capable of springing from unprincipled sociopaths whose sole capability is the destruction of value.

There’s a great quote from Atlas Shrugged that comes to mind which sums this all up:

“[W]hen you see that in order to produce, you need to obtain permission from men who produce nothing; when you see that money is flowing to those who deal not in goods, but in favors; when you see that men get rich more easily by graft than by work, and your laws no longer protect you against them, but protect them against you. . . you may know that your society is doomed.”

We’ve discussed the story of the boiling frog so many times before– a frog, when put into a pot of water and slowly brought to a boil, doesn’t realize that he’s in danger until its too late. I think the boiling frog just got a little hotter. Have you hit your breaking point yet?


Until tomorrow,

Simon Black
Senior Editor, SovereignMan.com 
This article appears courtesy of <a href="http://www.sovereignman.com">SovereignMan.com: Notes From The
Field</a>, a free newsletter dedicated to individual freedom,
internationalization, asset protection and global finance. For a
complimentary subscription, visit <a href="http://www.sovereignman.com">http://www.SovereignMan.com</a>


A fine tour of WINK TV Studios at 10:30 AM this morning………comments by a lucky Admin..

In Constitution of The United States, History, Interesting places, Local news and Opinion on April 19, 2011 at 9:03 pm

Tour of the WINK TV and Radio Studios in Ft. Myers, Fla today at 10:30 am.
A tour offered by WINKTV and FMARC, our local Ham Club.

I met the attending members of the Ft. Myers Amateur Radio club at the studios on Martin Luther King Blvd at 10:30 am and were met by Bert, a member of the staff at WINK TV. A fine dissertation was presented and with that, we began our tour. For me, it had been quite sometime since I had had an occasion such as this, the last time being, visiting the studios of WNHC TV and Radio located in New Haven, Connecticut. The contrast between these stations was of course very noticeable since these are the days of Digital and HD and those earlier days were about Analog TV and no digital whatsoever. Quite a change.
We were ushered into the live studio and witnessed the 11:00 am news hour with all the explanations and question and answer sessions nicely fit into the advertisement and remote video/audio remote sections of the broadcast schedule. The transition into computer based management of programming is immediately in evidence versus the old tape and video tape sessions that I remember from the workings of WTNH.
The group was split into two groups and we separately had a chance to view the major control room, satellite control rooms for radio since there are a number of different stations operating at the same time providing music and commentary for all listening wants. Our guide certainly presented his workplace with pride and it was very enjoyable listening to him reiterate the many facets of the TV and Radio operations. The group was also lucky enough to have pictures taken with one of the personalities of the complex. The contrast between then and now will stay with me for sure. It was a very enjoyable 2-1/2 hours of my day. as I am sure it was for the others of our Amateur Radio Club, Ft. Myers Amateur Radio Club. My thanks to the club for organizing such a nice and informative affair.

God Bless America……It’s tours like this that make me realize how precious our FREE SPEECH really is……..

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