TUA’s commentary on the federal government’s debt default crisis was featured in an article at mystateline.com.
CHICAGO — The President of a Chicago based tax group is urging the U.S. to end its debt default crisis by simply cancelling a portion of the debt.
Jim Tobin, President of ‘Tax Accountability,’ is endorsing an idea floated by Rep. Alan Grayson (D-FL 9) that the Federal Reserve should forgive all debt the U.S. government owes its own Federal Reserve Bank. “The solution … is brilliant and elegant,” said Tobin in a news release. “(Federal Reserve Chairman Ben) Bernanke should simply cancel the Treasury debt that it owns. The government can just forgive the government’s debt.”
The Federal Reserve owns roughly $2 trillion of of the nation’s $17 trillion in debt. Canceling this portion of the debt would, in Grayson’s words, “give the government substantial room under the debt ceiling standoff in Congress, and it would prevent a default.” Tobin adds that this portion of the debt, “…. is a bookkeeping artifact corresponding to the money supply. In essence, the government owes this money to itself. This is not a debt problem; it is an accounting problem.”
The move would not do anything to end the government shutdown. Many believe, however, that the possibility of the federal government defaulting on its debt is a far bigger problem than the shutdown. Business and financial leaders have warned of catastrophic economic consequences should Congress allow the government to default by not raising the debt ceiling.
Grayson concedes the debt idea is not his. He’s quoted in ‘Business Insider’ as saying that “…this idea was put forward not by me…but by Republican Rep. Ron Paul.”
It’s highly unlikely the Fed would consider such a move, even though Tobin believes that if Bernanke were to do it, “his legacy would be his being considered the greatest Federal Reserve Chairman in U.S. history.”
Jim Tobin, President of Taxpayers United for America, appeared on Left Right and You Radio to discuss Illinois’ pension problem. To listen, click on the player below.
[audio:https://www.taxpayersunitedofamerica.org/wp-content/skillicorn.mp3|titles=Jim Tobin on Left Right and You Radio]
TUA’s 15th tax survey of the Illinois General Assembly was featured in an article at Northwest Herald.
When it comes to friends and enemies of taxpayers, McHenry County residents have neither – not even Jack Franks.
That’s the opinion of Taxpayers United of America, one of the largest taxpayer organizations in the country.
TUA last week released its 15th biennial tax survey of the Illinois General Assembly. The survey reveals the tax-and-spending records of every member of the 97th General Assembly from January 2011 to January 2013.
“The 97th General Assembly accomplished little to improve the tax landscape for Illinois residents,” TUA President Jim Tobin said in a news release. “Unfortunately, the real legacy of the 97th General Assembly is the lack of any government pension reform. While lawmakers nickel-and-dime Illinois taxpayers with increased license plate taxes and numerous speed and red-light cameras, they failed to reform the problem that is bankrupting the state and causing residents to flee in droves.”
TUA’s survey examines every lawmaker’s vote on bills regarding tax cuts and tax increases. A lawmaker can achieve a perfect score if he or she votes for each tax cut and against each tax increase. Such a lawmaker would receive a score of 100 percent.
Based on TUA’s assessment, there were only five taxpayer friends in the 97th General Assembly, and they all were Republicans from the House: Patricia Bellock (47th District), Paul Evans (102nd), Mike Fortner (95th), Chad Hays (104th) and Jil Tracy (93rd).
Those five scored a 71 percent on the survey. Do you know who else scored a 71 percent? Franks, the Democrat from Marengo.
However, Franks failed to make the taxpayer friends list. Why? Because he’s a Democrat.
Tobin told me this week that in this survey and the previous survey, TUA refused to put Democrats on the friends list because of the orchestrated and “structured” vote to raise the personal and corporate income tax in Illinois during a lame-duck session in 2011.
TUA doesn’t trust Democrats’ votes, so they don’t make the friends list. Franks, by the way, voted against the income-tax increase.
As for taxpayer enemies, 20 Illinois senators made the list, including James Meeks (15th), who scored a zero. Forty-two Illinois House members were on the enemies list, including House Speaker Michael Madigan.
Locally, state Sen. Pam Althoff, R-McHenry, scored a 50 percent. State Sen. Dan Duffy, R-Lake Barrington, scored a 64 percent.
Besides Franks in the House, Rep. Mike Tryon, R-Crystal Lake, scored a 50 percent. The late Mark Beaubien, R-Barrington Hills, didn’t score in the survey. His replacement, Kent Gaffney, R-Lake Barrington, scored a 64 percent.
TUA last week released its 15th biennial tax survey of the Illinois General Assembly. The survey reveals the tax-and-spending records of every member of the 97th General Assembly from January 2011 to January 2013.
“The 97th General Assembly accomplished little to improve the tax landscape for Illinois residents,” TUA President Jim Tobin said in a news release. “Unfortunately, the real legacy of the 97th General Assembly is the lack of any government pension reform. While lawmakers nickel-and-dime Illinois taxpayers with increased license plate taxes and numerous speed and red-light cameras, they failed to reform the problem that is bankrupting the state and causing residents to flee in droves.”
TUA’s survey examines every lawmaker’s vote on bills regarding tax cuts and tax increases. A lawmaker can achieve a perfect score if he or she votes for each tax cut and against each tax increase. Such a lawmaker would receive a score of 100 percent.
Based on TUA’s assessment, there were only five taxpayer friends in the 97th General Assembly, and they all were Republicans from the House: Patricia Bellock (47th District), Paul Evans (102nd), Mike Fortner (95th), Chad Hays (104th) and Jil Tracy (93rd).
Those five scored a 71 percent on the survey. Do you know who else scored a 71 percent? Franks, the Democrat from Marengo.
However, Franks failed to make the taxpayer friends list. Why? Because he’s a Democrat.
Tobin told me this week that in this survey and the previous survey, TUA refused to put Democrats on the friends list because of the orchestrated and “structured” vote to raise the personal and corporate income tax in Illinois during a lame-duck session in 2011.
TUA doesn’t trust Democrats’ votes, so they don’t make the friends list. Franks, by the way, voted against the income-tax increase.
As for taxpayer enemies, 20 Illinois senators made the list, including James Meeks (15th), who scored a zero. Forty-two Illinois House members were on the enemies list, including House Speaker Michael Madigan.
Locally, state Sen. Pam Althoff, R-McHenry, scored a 50 percent. State Sen. Dan Duffy, R-Lake Barrington, scored a 64 percent.
Besides Franks in the House, Rep. Mike Tryon, R-Crystal Lake, scored a 50 percent. The late Mark Beaubien, R-Barrington Hills, didn’t score in the survey. His replacement, Kent Gaffney, R-Lake Barrington, scored a 64 percent.
