Tag: Orrin Hatch

Jan 29

ROTFLMAO: Tax the Banks to Punish Obama

Cross posted from The Stars Hollow Gazette

Seriously, you can’t make this stuff up.

Dave Camp Bank Tax Bill Would Punish Obama-Friendly CEOs

by Zach Carter and Ryan Grim, The Huffington Poat

WASHINGTON — House Ways and Means Committee Chairman Dave Camp (R-Mich.) is considering legislation that would significantly increase taxes for the nation’s largest banks while providing tax breaks to struggling homeowners. [..]

The bill would significantly strengthen the Volcker Rule, which bans banks from speculating in securities markets with taxpayer money. The Volcker Rule’s implementation has been delayed as bank lobbyists have flooded regulatory agencies in Washington, pillorying the ban with loopholes. Hefty tax burdens for proprietary trading would reduce bank incentives to engage in the risky activity.

Camp’s legislation also would permanently establish a homeowner aid plan advocated by former Rep. Brad Miller (D-N.C.), who retired this month. When banks grant homeowners mortgage relief, the IRS considers the debt-reduction taxable income. As a result, struggling homeowners can face an unmanageable tax burden. A $50,000 debt reduction can spark an $18,000 tax bill — money that borrowers struggling to avoid foreclosure simply do not have. Miller successfully lobbied to include a one-year fix on the tax policy in the fiscal cliff deal. Camp’s legislation would permanently end the tax policy.

Steve Benen at The Maddow Blog aptly notes that “hell hath no fury like a House Ways and Means committee chairman scorned” but points out Camp’s “big deal” won’t impress the bank lobby:

Camp sent an angry letter to the Business Roundtable a month ago, and now Republicans are saying if there must be new revenue, it should be “on their backs.”

How big a deal is Camp’s bill? I think it’s safe to say the bank lobby won’t be impressed.

   Camp’s new bill would harvest government revenues from complex financial transactions involving derivatives, some of which figured prominently in the 2008 banking collapse. Although the 2010 financial reform legislation would curb some excesses in the derivatives market, the legislation isn’t yet fully implemented, and leaves much of the market unregulated. Financial reform advocates have urged new taxes on derivatives to deter excessive risk-taking by big banks. […]

   Camp’s bill would establish a new tax regime for derivatives, requiring banks to declare the fair market value of the products at the end of each year. Any increase in value would be considered corporate income, subject to taxation. It’s a more aggressive tax treatment than Wall Street enjoys for either derivatives or for trading in more traditional securities. […]

   The bill would significantly strengthen the Volcker Rule, which bans banks from speculating in securities markets with taxpayer money. The Volcker Rule’s implementation has been delayed as bank lobbyists have flooded regulatory agencies in Washington, pillorying the ban with loopholes. Hefty tax burdens for proprietary trading would reduce bank incentives to engage in the risky activity.

How serious is Camp about this? It’s hard to say at this point, though I suspect it’s mostly about posturing and political chest-thumping. Camp wants to send a message that he’s displeased and see this as a vehicle. Even if the committee chair got serious about this, I imagine other Republicans would intervene to stop its progress.

Benen thinks that in the aftermath of Pres. Obama’s reelection the business community see him as “a leader who is going nowhere” but “is reaching out to them.” At the same time they view the Republicans as untrustworthy and increasingly reckless.

But seriously, folks, the Republicans are threatening to tax the banks and help stressed homeowners as a “payback” for supporting Pres. Obama. Oh, please, let them.

ROTFLMAO

Oct 25

It’s The End Of The Internet As We Know It (And Orrin Hatch Feels Fine)

Cross-posted to CandyBullets, MyLeftWing, The Stars-Hollow Gazette and firefly-dreaming

If you follow my website (CandyBullets) you’re probably well aware of the threat posed by the “IP PROTECT ACT” known more commonly as the Internet Blacklist bill. You’re may also be aware that this bill was recently halted in the Senate by the true Democrat Senator Ron Wyden (D-OR) who prevented the bill from coming up for a vote in the Senate (where it would doubtless pass) however a House version will be introduced this week with help of Representative Bob Goodlatte (R-VA) — probably tomorrow. If you’re not familiar with this bill then I suggest you become acquainted (the full text of the bill may be found here.)

Sep 19

Pressure Mounts For Moderate Republicans To Support the DREAM Act

Originally posted on Citizen Orange.

Senator George LeMieux (R-FL) is starting to feel the heat of pro-migrant voters, specifically Latino voters. Tonight, Univision will air a debate in which current Florida governor and U.S. Senate nominee Charlie Crist will come out in support of the DREAM Act.  The day before yesterday, Representive Kendrick Meek (D-FL), and also a nominee for U.S. Senate, hand delivered a letter to LeMieux.  This part of Meek’s letter says it all:

Dec 26

Orrin Hatch: Six years ago, “It was Standard Practice NOT to Pay for things”

Uh-Oh!  Did someone just let the cat out of bag?

Democrats See GOP Hypocrisy in Health Care Debate

Citing 2003 Medicare vote, Democrats see GOP hypocrites in debate over health care spending

Charles Babington, AP Writer

Dec 25, 2009

[…] when Republicans controlled the House, Senate and White House in 2003, they overcame Democratic opposition to add a deficit-financed prescription drug benefit to Medicare. The program will cost a half-trillion dollars over 10 years, or more by some estimates.

With no new taxes or spending offsets accompanying the Medicare drug program, the cost has been added to the federal debt.

[…]

Six years ago, “it was standard practice not to pay for things,” said Sen. Orrin Hatch, R-Utah.

http://abcnews.go.com/Business…

Watch out Orrin, speaking the blunt truth, is NOT a GOP strong suit,

best to stick to the Lock-step GOP Talking points, you guys NO best!

Leave the blunt talking to those with real guts, those like Alan Grayson & Co.

Oct 28

The Amazing About-Face of Orrin Hatch — Mr Entitlements

Back in August, barely 2 months ago, Senator Hatch (R-UT), displayed a graciousness and a spirit of bipartisanship, rarely seen among the Party of NO.

Senator Orrin Hatch on Ted Kennedy’s Life

The Situation Room — Aug 26, 2009

BLITZER: […] the issue that was the most important to him, health care for the American people, you were — you’re a member of the Finance Committee. […] And since this was so important to your good friend, Senator Kennedy, I’ll ask you directly, Senator Hatch — are you willing to get back into those negotiations with the Democrats right now in memory — in honor of Senator Kennedy?

You know how important health care reform was for your friend.

ORRIN HATCH: …

Oct 26

Sen. Sherrod Brown Torches Dick Cheney on “Dithering”

Crossposted at Daily Kos

    Sen. Sherrod Brown does NOT pull any punches once he gets started, and this time he beat up on poor ole Shooter something awful.

    First Sen. Orrin Hatch (R-UT) put up a lame defense for another 5 years of Afghanistan, but at least he was kind enough to throw Dick Cheney under the bus while he did it. Sen. Sherrod Brown (D-OH) then systematically torched Dick Cheney (Sith-Lizard planet) for being Co-Proesident to FAIL.

    More of a good torching below the fold.

Jul 22

Sen. Hatch Jumps Ship On Health Care Negotiations

Well, we have moved on step closer top getting a more rational policy out of the Senate today. Bloomberg News is reporting that Sen. Orrin Hatch (R-UT) has decided to end his participation in bipartisan talks on the health care reform. Now of course the chattering classes on our TV machines are going to spin this as another reason the sky is falling on the Presidents (and our) health care reform initiative, but the Dog does not see it that way at all.

Originally posted at Squarestate.net

Jul 12

FDR Destroys GOP, Sen. Hatch on “Obamanopoly”

Crossposted at daily kos

    “A conservative is a man with two perfectly good legs who, however, has never learned how to walk forward.”  

~ President Franklin Delanor Roosevelt

   After almost 80 years, the GOP has hardly changed.

    The richest man in the world. The new king of the hill. I know you won’t find this financial titan in the lists of Forbes magazines lists of the world’s billionaires. He hasn’t started a mega computer software company like Bill Gates, nor has he made shrewd investments like Warren Buffet or even inherited his money like the Walton family of Walmart fame. No, the billions amassed over the years by these business magnates are chump change compared to our current champ.  

    If you’d rather not sit through the whole video you can fast forward to the FDR pwnage of the modern day GOP at the bottom of this diary, or you can follow the detailed FAILure below the fold. Honestly, we need FDR’s voice now more than ever.

Jul 01

Who will the Senate Finance Committee Listen to?

Have you met your Senate Finance Committee?

Give em a call because your Future Health Care, or lack thereof, is in their hands.

Senate Committee on Finance

Members

REPUBLICANS

CHUCK GRASSLEY, IA

ORRIN G. HATCH, UT

OLYMPIA J. SNOWE, ME

JON KYL, AZ

JIM BUNNING, KY

MIKE CRAPO, ID

PAT ROBERTS, KS

JOHN ENSIGN, NV

MIKE ENZI, WY

JOHN CORNYN, TX

DEMOCRATS

MAX BAUCUS, MT

JOHN D. ROCKEFELLER IV, WV

KENT CONRAD, ND

JEFF BINGAMAN, NM

JOHN F. KERRY, MA

BLANCHE L. LINCOLN, AR

RON WYDEN, OR

CHARLES E. SCHUMER, NY

DEBBIE STABENOW, MI

MARIA CANTWELL, WA

BILL NELSON, FL

ROBERT MENENDEZ, NJ

THOMAS CARPER, DE

http://finance.senate.gov/site…

Chances are, these good Senators, while they hear us, have some other Constituents, always on their minds.