Fox News Thinks Abu Ghraib Is In Afghanistan

How soon they forget.

They report, you decide.

Story here.

Spineless Republicans Cave On Cordray Nomination, CFPB Spying On Citizens

Republican Sens. Saxby Chambliss (Ga.), Tom Coburn (Okla.), Susan Collins (Maine), Jeff Flake (Ariz.), Lindsey Graham (S.C.), Johnny Isakson (Ga.), John McCain (Ariz.), Rob Portman (Ohio), Roger Wicker (Miss.), Orrin Hatch (Utah), Bob Corker (Tenn.) and Lisa Murkowski (Alaska) voted with Democrats to confirm Cordray. ... Sen. Mike Crapo (R-Idaho), ranking member on the Senate Banking Committee ... pointed out that Republicans want to replace Cordray's director position with a bipartisan “board of directors with staggered terms.” He also expressed concern over recent reports that the bureau is conducting “unprecedented data collection.” “The CFPB [Consumer Protection Financial Bureau] is collecting credit card data, bank account data, mortgage data and student loan data,” Crapo said ahead of the vote. “This ultimately allows the CFPB to monitor a consumer’s monthly spending habits.”

More here, if you need to puke.

Sen. Harry Reid wins.

Gang Of Sixer, Sen. Chambliss, Proves His Liberalism

Senator Saxby Chambliss of Georgia always seemed a weak sister.

Now he's proved it once and for all, here, and here, by repudiating his pledge to vote against tax rate increases.

That's an alarming development for Republicans because it indicates that Chambliss is not just threatening to vote for more revenues from deduction limitations, but for more revenues from tax rate increases.

Look at it this way: a vote for tax increases is a vote to maintain the status quo, which can only mean more of the same, including further increased prices for commodities, which is at the center of Sen. Chambliss' unholy alliances.

Follow the money people! This guy doesn't care about the country. He only cares about himself!

WaPo Repeats The Big Lie: "There Are Just Not Enough Tax Breaks To Close For The Rich"

Here:

"[T]here are just not enough tax breaks to close for the rich, and the big money is in those for middle-income taxpayers."

The leftist drumbeat to raise taxes on the middle class just never ends.

But it's not just their agenda, it's the agenda of Republicans and libertarians, and it flies under the radar of "tax reform" and "broadening the base". Its most passionate advocates in the Republican Party are people like Gov. Mitt Romney and Rep. Paul Ryan, and certain members of the Gang of Six and the Gang of Twelve, you know, like Sen. Tom Coburn and Sen. Saxby Chambliss. The Stupid Party is stupid because the rank and file of America end up voting for this liberalism all the time. But those elected officials aren't stupid. They know exactly what they are doing and how it works.

You promise lower marginal tax rates across the board in exchange for giving up some tax deductions. Then as time passes the Democrats get the government in their hands again and raise taxes. But those lost deductions? They remain lost, and overall the tax burden on the middle class increases. It's what happened in 1986 with the loss of deductibility of interest on revolving credit in exchange for tax reform which lowered rates. But along came Bill Clinton in 1992 and up went the taxes. To help pay for things during the recession which Clinton's higher taxes made worse, middle class Americans tapped home equity like crazy, which was the rope Republicans furnished to hang us with. And now look at us, tapped out like never before with owners' equity in real estate down to 41 percent, facing a bunch of traitors on our side who want more money to misspend.

Tax collectors for the welfare state is who they are, to borrow a phrase from a recent Republican candidate for president who really let us down by not using it during the primary season.

As usual, conservatism's worst enemies are in their own party.

I'm getting just a little sick of it, too, primarily because there is a HUGE pool of tax revenue forfeited by the government which amounts to a gift to the top third of income earners in America. In 2012 everything earned above $110,100 escapes Social Security taxation. That's roughly $2 trillion which flies under the tax radar. At 15.3 percent, that's the biggest tax loss expenditure out there by far: $306 billion of lost revenue to the federal government because high-income earners don't pay it. The mortgage interest deduction, by contrast, is less than a third of that.

Conservatives want the misspending stopped. Until it is, tax increases are off the table.

Senator Saxby Chambliss Doesn't Tell The Whole Truth About Tax Loss Expenditures

On the Sean Hannity program today Senator Chambliss claimed that under Ronald Reagan tax loss expenditures were eliminated as part of a lowering and broadening of the tax base in 1986.

The top income tax bracket eventually fell to 28 percent for a very brief time as a result of the Tax Reform Act of 1986 under Reagan's successor, George Herbert Walker Bush, who subsequently went on to break his no new taxes pledge, paving the way for tax increases under his successor, Bill Clinton, proving that broad low tax rates can be as ephemeral as any other part of the tax code.

The senator from Georgia today claimed that the current plan of his Gang of Six was proposing the scaling-back of similar tax loss expenditures enjoyed by taxpayers in the same spirit of Reagan. For example, the Gang wants to reduce the deductibility of home mortgage interest and charitable contributions in exchange for a lower income tax rate.

But the senator is pulling a fast one with the facts. Reagan didn't just eliminate some tax loss expenditures and reduce income tax rates in exchange. He in fact broadened at the same time the mortgage interest deduction in order to encourage home ownership, something entirely missing from the Gang of Six plan:

Prior to the Tax Reform Act of 1986 (TRA86), the interest on all personal loans (including credit card debt) was deductible. TRA86 eliminated that broad deduction, but created the narrower home mortgage interest deduction under the theory that it would encourage home ownership.

I remember at the time how unfair I thought it was to lose the deductibility of credit card interest until I realized how an equity line of credit based on home ownership could and in fact did replace the role credit cards and other lines of credit had played in the tax equation before 1986. The change was also noteworthy because it encouraged the acquisition and use of secured equity instead of the use of mere credit secured only by income and creditworthiness.

Senator Chambliss' plan will eliminate tax deductibility of home mortgage interest without replacing it with anything to encourage home ownership.

And if there's anything America needs more right now, it's jobs and family formation to soak up the excess housing inventory. All Chambliss' plan will do is worsen the economic circumstances of current homeowners, who are already struggling with upside down loans and declining real estate values.

It's time conservatives recaptured the importance of home ownership as a social good. Unfortunately, the ideas of the Gang of Six do anything but. And whatever else they are, they aren't Reaganite. 

Bin Laden Waited Until The Very Last Moment To Lunge For a Weapon?

That's what you have to believe if you accept your government's explanation, which seems even more incredible now that we have this from a morally challenged US Senator:

US commandos missed with their first shot a[s] the world’s most wanted man poked his head out of a third-floor room in his fortress, according to US Sen. Saxby Chambliss, the ranking Republican on the Senate Intelligence Committee.

Bin Laden ducked back in, and the Navy SEALS quickly followed and finished the job, Chambliss said in a telephone interview this afternoon.

The job? Try execution.

Much more here.