Saturday, November 8, 2008

Income Tax Law?

Patriotic to pay our taxes?


Jordie said...

Fed Defies Transparency Aim in Refusal to Disclose

The question now becomes what can America hope to expect from the President-Still-In-Waiting?

You know, the guy who refuses to divulge the names and sources of all his free-from-any-and-all-standard-security-measures online contribtuions, the donations of which run to the hundreds of millions, all of which can be foreign, or not; the guy who has sealed his birth certificate against any iny and all investigative incursions; the guy who has likewise sealed his college records.

You know, That One.

Barney Frank has already weighed in on the matter:

"In an interview Nov. 6, House Financial Services Committee Chairman Barney Frank said the Fed's disclosure is sufficient and that the risk the central bank is taking on is appropriate in the current economic climate. Frank said he has discussed the program with Timothy F. Geithner, president and chief executive officer of the Federal Reserve Bank of New York and a possible candidate to succeed Paulson as Treasury secretary.

``I talk to Geithner and he was pretty sure that they're OK,'' said Frank, a Massachusetts Democrat. ``If the risk is that the Fed takes a little bit of a haircut, well that's regrettable.'' Such losses would be acceptable, he said, if the program helps revive the economy.

Frank said the Fed shouldn't reveal the assets it holds or how it values them because of ``delicacy with respect to pricing.'' He said such disclosure would ``give people clues to what your pricing is and what they might be able to sell us and what your estimates are.'' He wouldn't say why he thought that information would be problematic."

Does this mean if the IRS asks taxpayers what they think of them asking for disclosure of private taxpayers' financial records, and then just go away if taxpayers simply vouchsafed the integrity of those records personally and tell them it would be too indelicate and endanger the private taxpayer's own personal system of finance to reveal such information?

Jordie said...

RE: Fed Defied Tranparency

Barney Frank: "You have to balance the need for transparency with protecting the public interest,'' Talbott said. ``Taxpayers have a right to know where their tax dollars are going, but one piece of information standing alone could undermine public confidence in the system."

Clearly, that assertion depends on what the information is. According to Frank, it's best the public not know "all" to protect them from the dangers of knowing "some".

The only logical answer then to Frank's worst fears if to ENSURE the public knows "ALL".

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