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Gary Edwards

Taxpayers strike it rich? - Foster Gamble - YouTube - 0 views

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Thrive-Movement Foster-Gamble CAFR

shared by Gary Edwards on 07 Jul 12 - No Cached
  • Gary Edwards on 07 Jul 12
     
    Excellent video blog/discussion with Foster Gamble of the Thrive Movement.  Foster explains CAFR: The Comprehensive Annual Financial Report that local and State governments must file annually.  The CAFR includes the investments funds that governments control.  For local cities lfiling bankruptcy, ike Stockton, CA, the CAFR's are in the hundreds of millions of dollars.  Foster explains that Stockton is foot dragging on their CAFR, perhaps hoping to break the union pension and healthcare funds through a quick chapter 9 bankruptcy where the CAFR isn't put on the table? This is good stuff, demonstrating fully that governments are in the business of seizing wealth and control of property by hook or by crook.  Nice finish with the Iceland story.  The Icelanders refused to play the Bankster game, and jailed Rothschild-Rockefeller banksters and politicians while refusing to pay both the interest and debt those clowns had racked up. Excerpt: As cities and states struggle to balance their budgets, folks everywhere are losing their jobs, parks are closing and people most in need are getting left in the dust. As Foster describes in this video blog, it doesn't have to be this way. Trillions of dollars of taxpayer money is currently sitting in unpublicized government investment funds and people are organizing to get it back.
Gary Edwards

California Government Hides Billions From Taxpayers « REALITY BLOG - 0 views

realitybloger.wordpress.com/...-hides-billions-from-taxpayers

Clint-Richardson Bay-Area-Patriots California-Budget California-Debt-Deception

shared by Gary Edwards on 26 May 12 - No Cached
  • Gary Edwards on 26 May 12
     
    This must read post from Clint Richardson is a Bay Area Patriots catch.  Stunning stuff.  Clint walks us through the CAFR - Comprehensive Annual Rinancial Report - for the State of California.  Governor Moonbeam is claiming that the State has a $16 Trillion dollar debt, and he's threatening to shut down public education unless California citizens agree to massive tax hikes.  Clint rips through the entire annual report discovering that Gov Moonbeam is not only lying, but that there is an official "debt increase" methodology in place to deceive citizens into voting for government seizure of their property and prosperity.  Note also that this local-state-federal "debt bomb" methodology involves conversion of tax dollars into hard assets.  Like property and productive assets.  Awful, reprehensible stuff.  Brace yourselves. excerpt: the Government is lying to you.  It promotes debt and hides assets. This should not be construed as the only hidden wealth in the California State government… just the wealth we have uncovered today. And you must understand that this is only the State government's CAFR. Each County, city, district, and other local governments and pension funds have their own CAFR's with their own funds and hidden wealth - hidden in plain sight. Totals for Los Angeles, San Francisco, and other counties and municipalities in California will, when combined together, dwarf the investment wealth of the State government alone. They will tell you that some of these investments are restricted and not able to be used for taxpayer services. And as a taxpayer, that should really piss you off! They will also tell you that laws are in place that don't allow these funds to be transferred for other purposes other than what they are designated for. And yet Obama and State legislators continuously speak of raiding the pension funds for their own benefit. In their opinion, it's government's money after all, not the employees or the taxpayers. But of
Joseph Skues

http://www.cafrman.com/Articles/Art-MI-S1.htm - 0 views

www.cafrman.com/...Art-MI-S1.htm

cafrman MICH 2003

shared by Joseph Skues on 30 Jul 10 - Cached
  • $1,009 for every man, woman and child
  • This does not include all the additional surpluses that exist in the school districts, cities, or counties in Michigan.
  • funds that are not required or needed
  • ...23 more annotations...
  • But what we have found is that most governments have huge amounts of cash and investments on hand at the end of the fiscal yea
  • not being recycled back through the budget process the next year,
  • The budget only covers a small portion of the State's financial condition
  • The CAFR usually has four categories. Governmental FundsProprietary FundsFiduciary FundsComponent Units
  • Enterprise Funds, a component of proprietary funds,
  • charges for services or goods, assessments, fines, licenses, etc
  • are legally separated organizations for which the government is financially accountable.
  • The remainder of the Funds shown above are not part of the budget and are commonly called "off-budget" items
  • but should be
  • Although taxation is legitimate, running a government surplus isn't.
  • it exceeds the government's contract with the community
  • Excess taxation isn't what the people bargained for.
  • This system is covered in the CAFR Budget System. This system needs to be implemented in all governments. If the State holds the excesses/surplus, it will earn 4% to 5% on that money. If the State returns the money to the people it will receive 20% in revenue because of the increased economic activity. This is elementary economics.
  • Total Benefits...   2,282 9,129  
  • In FY 2002 there were 310,000 unemployed in Michigan, If the $10.13 billion is returned to the people 203,395 jobs are created. This is why it is disastrous for governments to hold excesses/reserves of the taxpayers money.
  • The business community suffers the most.
  • That is 5 times the amount the Federal government used to stimulate the U.S. economy
  • That represents 4 years of reserves.
  • Bottle Deposits Fund, another Special Revenue Fund had net expenditures of $3.3 million. But it also had cash and investment reserves of $125 million. The reserves represent almost 37 years of expenditures.
  • Michigan Unemployment Compensation Fund, an Enterprise Fund, had net expenses of $665 million. It also had reserves of $1.7 billion. That represents 3 years of reserves.
  • These only represent four of the 81 funds shown below that had cash and investment reserves not being used.
  • The following items are not included in the amount of surplus shown:
  • -Retirement/Pension Funds - only included are 1/2 of the actuarially determined excesses, the taxpayers portion. The other 1/2 is the government employees portion.
Joseph Skues

http://www.cafrman.com/TheRefundPlan.htm - 0 views

www.cafrman.com/TheRefundPlan.htm

cafrman FUND averages cover the facts

shared by Joseph Skues on 14 Aug 10 - Cached
  • give the money to 10% of the wealthiest Americans and they would invest and spend the money that would increase employment and help the 90% of Americans.
  • This trickle-up approach is to provide the potential surpluses to all residents of the particular government equally
  • This approach will work because it is the 90% of the residents that drive the local economy, not the 10%.
  • ...9 more annotations...
  • One way they con the American people is with averages
  • Another Con Game
  • This is because the wealthy benefit more from income tax reductions than reductions of other taxes.
  • The surpluses should have been allocated 50% to the income tax rates and 50% reduction in all other taxes.
  • What this system provides is that for each fund in the CAFR the revenue adjustments will be made on how the revenues were initially applied within the fund. This means that if there needs to be a reduction in revenue requirements and the sales tax amount to 50% of the revenue then the sales tax requirements will be reduced by 50% of the needed revenue reductions.
  • everyone gets a crack at it
  • reduce or increase the revenues based on need at the fund level
  • then the cost of fish and hunting license will be reduced
  • Not the surplus taken to the General Fund and spent on income tax reductions, other programs, new programs, or pork barrelling.
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