It was the night before Thanksgiving and all in the Heat’s house were on their feet giving thanksgiving to LeBron James, Dwayne Wade, Chris Bosh and Ray Allen for making 97 of the Heat’s 113 points to win over the Milwaukee Bucks. Fans stood in awe giving praise to Udonis Haslem as the franchise leader in rebounds, overtaking Alonzo Mourning with 4,814 rebounds.
While praises rang for UD, in our hearts we will never forget that tiger Zo who jumped up for the rebound and came back down roaring. ”We still love you Zo.” And many thanks to Zo’s wife, Tracy who works tirelessly with the Honey Shine Program, a non-profit that exposes young girls to things they may never otherwise experience. When you really look back on it, the things we were exposed to in our childhood are what make us the men and women we are today. Fathers take great pains to look out for their sons who carry their legacy, while moms worship their sons. But who looks out for the daughters. I toured with the Honey Shines girls during the summer and watched as they ran and found their favorite player on the Heat’s Championship Hall in the American Airlines Arena, then stood in awe taking their pictures with their favorite player and with the Heat’s 2012 Championship trophy.
We are thankful to the Honey Shine Program for exposing our daughters to experiences they may not otherwise have. Consider opening your checkbooks to contribute to a worthy cause at this time of giving. Don’t worry, the fiscal cliff is not as bad as
it seems. Just think, before 2010 the capital gains tax rate was twenty percent. Then it went down to fifteen percent. What’s the big deal if the capital gains rate for long-term gains goes back up to twenty percent. Those, like me, who benefit from the stock market and other long-term investments will pay a little more.
Another impact if Congress does nothing is that employees will pay two percent more in their FICA and social security tax rates; this does not explain why employers are going out of business.
About the issue of higher tax on dividends, be grateful that you don’t have to work for dividends, your money works for you, be thankful even if your dividends are now taxed like wages.
About that issue of the top income tax rate, consider that in 2003, the top income tax rate went down to thirty-five percent. However, from 1993 to 2001, the top income tax rate was over thirty-nine percent. From 1982 -1986 it was fifty percent. From 1964 to 1980 it was seventy and seventy-one percent and from 1950 to 1963 it was ninety-one and ninety-two percent.) What’s the big deal if the top income tax rate goes back up from thirty-five to thirty-nine percent, to stabilize the economy. Now about that five million in assets that currently gets excluded from estate taxes when you die, that will drop to one million if Congress takes no action. That would hurt more of the middle class. My solution, under Vera’s Tax Plan, is to change that figure to 2.5 million. I think that would bring revenue into the U.S. Treasury, while allowing a fair number of U.S. taxpayers to exclude the value of their homes and personal assets from estate taxes.
Now about that thirty-five percent estate tax rate that will go to fifty-five percent if nothing is done, how about splitting that right down the middle to make it 42.5 percent until some of the deficit is paid off, then the issue can be revisited. See how easy it was to solve this so-called fiscal cliff?
Now about controlling the spending, it would be good if we can all make a pledge to whatever higher power we believe in (and if none, then to yourself) that we will each be financially responsible for ourself, our family, our businesses, and any other funds over which we are responsible. Especially, funds that belong to others.
For all the benefits we receive for living in this great country, it should be an honor to give something back. I don’t think people really expect to reap all the benefits, yet, make no contribution to keep that benefit flowing. The tax code was first implemented in the United States to fund the war. In the first four decades of this century, those who received the war contracts in the U.S. had to pay the most taxes because they reaped the most benefits. If they didn’t want to pay the taxes, it was simple, they gave up the contracts. Now you tell me, who gives up making money, simply because they have to pay back a fair share for the benefit of making that money. Franchise owners understand that they have to pay back a fair share to the franchisor, from whom they receive the contract that allows them to be in business. They understand that even in these difficult times when the business is struggling financially and funds are tight, the franchise must still pay the franchise fee.
Funds are tighter today for everyone, but that is exactly why it is crucial to be financially responsible; to understand that when the income drops you have to drop expenses proportionately. I think people who complain about this fiscal cliff are really concerned about people in positions of power, those at the helms of leadership with responsibility over millions and billions of dollars that belong to others, being asleep at the wheel, like the Titanic ship that eventually went down. Just imagine if each of the six billion people in the world today, stood at the edge of a fiscal cliff and pledged to be financially responsible for one person – that person in the mirror. Nothing would go over the cliff, not in the U.S. or in Greece.
Without being required to give equal weight to both points of view, I somewhat understand those who say, that conflict and destruction stimulates growth (although I do not agree that if there is peace in the world everyone would live in poverty). While I hate to admit it, I guess I would have to agree, that with all the destruction and unfortunate effects of Hurricane Sandy, it is, in fact, stimulating the building economy in New York.
My heart goes out to those who are experiencing Sandy’s devastating effects on this Thanksgiving Day. Know that the sun always comes out after the rain and no matter what you lost, there is always something for which to give thanks. (Read my book Sink or Swim, part of which was written through “automatic writing”; I was writing in a legal pad one night and fell asleep. When I awoke in the morning, the entire pad was filled with a story, now a powerful chapter in my book. I don’t know where it came from, it must have come from a higher power ).
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