"It's class warfare and my class is winning." Warren Buffett

The value of any commodity, ... to the person who possesses it, and who means not to use or consume it himself, but to exchange it for other commodities, is equal to the quantity of labour which it enables him to purchase or command. Labour, therefore, is the real measure of the exchangeable value of all commodities. (Adam Smith, Wealth of Nations Book 1, chapter V.)

The question we ask today is not whether our government is too big or too small, but whether it works....(Barack Obama)


Sunday, June 29, 2008

No Wonder John McCain Wants to Give Himself a Huge Tax Cut

No wonder McCain wants to give himself and wife a huge tax cut. They need the money to pay their past due taxes on their beach condo in CA.

For four years they didn't pay their taxes. And we are supposed to trust this guy with nation's economy? If he didn't have the means that would be one thing. But owning seven homes and his wife is rich--come on! This guy is a phony.
Newsweek is set to publish a highly embarrassing report on Sen. John McCain, revealing that the McCains have failed to pay taxes on their beach-front condo in La Jolla, California, for the last four years and are currently in defaultUnder California law, once a residential property is in default for five years, it can be sold at a tax sale to recover the unpaid taxes for the taxpayers. The McCains own at least seven homes through a variety of trusts and corporations controlled by Cindy McCain.

UPDATE: Newsweek's story is now online. The report notes that the McCains paid the bulk of their back taxes yesterday, but continue to owe additional taxes:Shortly after NEWSWEEK inquired about the matter, the McCain aide e-mailed a receipt dated Friday, June 27, confirming payment by the trust to San Diego County in the amount of $6,744.42. County officials say the trust still owes an additional $1,742 for this year, an amount that is overdue and will go into default July 1

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