Thursday, December 24, 2009
Sunday, December 20, 2009
LEAHY HEALTH CARE REFORM VISION - ALTERNATIVE TO DEMOCRATIC HEALTH CARE REFORM PLAN
by JC Leahy
Current Democratic health care "reform" proposals, including both the Senate and House health care bills, assume that (1) everyone needs health insurance, (2) competition occurs when consumers have choices among health care insurance plans (3) health care spending in America is at PROBLEM levels and needs to be reduced (beginning with a $500 billion medicare hit on our parents) (4) an amazingly huge Federal bureaucracy is needed to manage distribution of health care resources, and (5) the Federal Government is capable of safeguarding our funds to pay for health care.
By contrast, the Leahy Health Care Reform Vision assumes that (1) everyone needs access to health CARE, (2) health care spending is a GOOD thing as long as the consumer is getting a good value for his/her money, (3) individual people and their families are the best judges of good value, (4) competition occurs when patients select specific health care services and products DIRECTLY FROM PROVIDERS based on benefits and PRICES (5) paying a huge, expensive Federal and insurance bureaucracy to spend our very own health care money would be fundamentally stupid, and (6) money for helath care is best safeguarded by private ownership.
Here are some advantages of the Leahy Vision:
** Complete portabality when you change jobs.
** No exclusion of pre-existing conditions
** Patients, not bureaucrats, decide what is covered.
** No new Federal bureaucrats are required.
Current Democratic health care "reform" proposals, including both the Senate and House health care bills, assume that (1) everyone needs health insurance, (2) competition occurs when consumers have choices among health care insurance plans (3) health care spending in America is at PROBLEM levels and needs to be reduced (beginning with a $500 billion medicare hit on our parents) (4) an amazingly huge Federal bureaucracy is needed to manage distribution of health care resources, and (5) the Federal Government is capable of safeguarding our funds to pay for health care.
By contrast, the Leahy Health Care Reform Vision assumes that (1) everyone needs access to health CARE, (2) health care spending is a GOOD thing as long as the consumer is getting a good value for his/her money, (3) individual people and their families are the best judges of good value, (4) competition occurs when patients select specific health care services and products DIRECTLY FROM PROVIDERS based on benefits and PRICES (5) paying a huge, expensive Federal and insurance bureaucracy to spend our very own health care money would be fundamentally stupid, and (6) money for helath care is best safeguarded by private ownership.
Here are some advantages of the Leahy Vision:
** Complete portabality when you change jobs.
** No exclusion of pre-existing conditions
** Patients, not bureaucrats, decide what is covered.
** No new Federal bureaucrats are required.
** Medicare is strengthened and preserved, not raided.
** Our childrens' future is not mortgaged to the Chinese .
** Employers become freed to create jobs.
** Health care prices are controlled by supply and demand.
** Wealth is safeguarded by private ownership.
** Without regard for private-pay status, everyone pays fair prices.
12-Point, 2-Page, Leahy Health Care Reform Vision:
1. Reform Health Care Cafeteria Plans – Step one is to remove the use-it-or-lose-it provisions of health care cafeteria plans! (See earlier Journal article for an explanation of health care cafeteria plans.) All you have to do is allow unused balances at the end of every year to carry forward, and allow them be managed exactly like 401k’s.
2. Create Corresponding Plans for the Self Employed
3. Mandate Health Care Savings - Collectively, the plans contemplated in #1 and #2 we will call, Neighbor Bill Accounts. Every man, woman, and child in America who is legally employed will be highly incentivized to contribute not less that 9% and not more than 15% of gross earnings to a Neighbor Bill Account. Every self-employed person will be likewise incentivized to deposit the same percentages to Neighbor Bill Account based on Schedule C gross margin, but only to the extent that there is a business net profit.
4. Provide for Management and Expenditure of Health Care Savings - We will employ a special VISA-like debit card to spend from our Neighbor Bill Accounts. This debit card will be spendable exclusively at places that exclusively sell health care services or products. For example, your VISA debit card could be used at a hospital, a doctor’s office, a healthcare-only website, or a healthcare-only counter at a local pharmacy. Using a simple VISA card will free doctors and hospitals of their claims-processing nightmare. Insurance administration costs will fall to near zero.
5. Provide for Control by the Little People - At their owners’ discretion, Neighbor Bill Accounts may be used to pay for one’s own health care expenses – or one’s spouse, or child, or brother, or niece, or mother-in-law, or lover, or significant other, or even for the health care expenses of a neighbor. The only restrictions will be that (1) funds may only be used for health care, (2) with an important exception I’ll detail below, funds may not be used to pay health insurance premiums, and (3) the owner of the funds may not receive any sort of goods, services, tax deductions, or other kickbacks for paying others’ health care expenses. The reward for such payments is simply not to be in this world.
6. Tax Employer-Provided Health Insurance - Currently, if an employer provides health insurance to employees, the employer is allowed a tax write off for 100% of the insurance cost; and, the employee does not have to include the corresponding amount in his taxable income. This asymmetry is unusual in the tax code and amounts to a special subsidy of employer provided third-party-reimbursement-type health care. This subsidy has created the current, insane societal reliance on employer-provided health insurance. Remove the subsidy. This will gradually free employers of their nightmarish burden of health care costs In the meantime, it will also generate tax revenues.
7 Mandatory Catastrophic Health Care Insurance - Every man, woman, and child in America who has a Neighbor Bill Account must pay for private catastrophic health care insurance. This is the only type of insurance premium that may be paid out of Neighbor Bill Account funds. People with families must have policies that cover their children and non-working spouses. Health care expenses in excess of a high deductible amount will be covered in full by these insurance policies. The annual deductible amount will be $2,000 per person or 5% of the beginning-of-year balance of their Neighbor Bill Account, whichever is higher. The $2,000 amount will be indexed for inflation each year. This universal, mandatory private catastrophic health care insurance will protect the little people from financial wipe-out. The cost to Government will be around zero.
8. Simple Tort Reform - A shockingly large percent of health care services are performed not for clinical expediency but to shelter providers from malpractice trial lawyers. Congress will reform this paradigm by legislating that if you sue anyone in Federal court for malpractice or negligence, and you fail to win on at least one, single point, you will pay half of the defendant’s legal fees and other associated costs. In this way, litigants with slam-dunk-valid claims will be free to pursue them in court, but others will think twice before filing frivolous lawsuits. We, the Clark Kents of America, must force our individual state governments enact that identical rule for state courts.
9. Restrict Employer Write off of Health Insurance Expenses - Currently, certain business expenses are not fully deductible for income taxes. For example, business meals generally are only 50% deductible. In like way, make the employer’s expense for employee health insurance only 50% deductible. This will produce tax revenues and gradually encourage the shift away from employer-provided third-party-payment plans to individually-controlled-and-safeguarded Neighbor Bill Accounts.
10 Abolish the Self Employed Health Insurance Deduction - The Neighbor Bill Account deduction replaces the Self Employed Health Insurance Deduction. The former encourages third-party-payment plans, while the latter is individually controlled.
11. Maintain and Strengthen Medicare-Medicaid - Medicare and Medicaid are in danger of eventual collapse because (1) the population is aging, and (2) they are third-party-payment plans. We can save Medicare and Medicaid with the following just and simple rule: Anyone who has a balance in a Neighbor Bill Account must use those funds before tapping Medicare or Medicaid. This will relieve pressure on Medicare-Medicaid resources, and save the safety nets for those who need them.
12. Establish a commsssion to evaluate existing barriers to the education of physician specialists, and to propose solutions to free medical students to enter the spcialty of their choice.
The Leahy Vision will gently transform our failed health-care financing system dominated by institutional players and third party payers, to a system of individuals and families in control of their own destinies and empowered by their own resources. The royalty of the health care financing bureaucracy will be de-throned. The future will be free to blossom. Vast sums of money will be set aside for health care and safeguarded by vigilant owners. These sums of health care money with stay with its owners no matter how often they change jobs -- providing complete portability. It will always be available to cover preexisting conditions. Catastrophic health insurance will protect us from financial wipe-out. Medicare and Medicaid will protect the poor and the elderly. Most payment processing will be as simple as swiping a VISA card. The little people will spend and save health care resources as they think wise. They will never again be told, like my late neighbor Bill, that treatment they desperately need is not covered by the plan, or can only be obtained by lengthy waiting for complicated appeals. Employers will no longer stagger under the burden of health care costs. Job-creating small employers will get their second wind from a reduction of their income and self-employment taxes. Large employers, over time, will have the crushing burden of employee health care expenses lifted from their shoulders. Medicare and Medicaid will be secured. Doctors and hospitals will be cured of the expensive headache of filing and collecting insurance claims. They will, however, need to produce price estimates and bills that patients can understand and accept.
The future is exciting. It only requires is that you – personally – somehow, in your own way, with your own talents, stop masquerading Clark Kent, get off your haunches and make it happen – starting now, starting today. To Nancy Pelosi, Barack Obama and Hillary Clinton, we must say: YES WE CAN!!!!
ACTION NEEDED:
Contact your senator and congressional representatives. Tell them to scrap the current bills. Demand they study the Leahy Health Care Reform Vision.
Raise awareness: Email a link to this article to everyone you know.
Today, please.
JC Leahy
** Health care prices are controlled by supply and demand.
** Wealth is safeguarded by private ownership.
** Without regard for private-pay status, everyone pays fair prices.
12-Point, 2-Page, Leahy Health Care Reform Vision:
1. Reform Health Care Cafeteria Plans – Step one is to remove the use-it-or-lose-it provisions of health care cafeteria plans! (See earlier Journal article for an explanation of health care cafeteria plans.) All you have to do is allow unused balances at the end of every year to carry forward, and allow them be managed exactly like 401k’s.
2. Create Corresponding Plans for the Self Employed
3. Mandate Health Care Savings - Collectively, the plans contemplated in #1 and #2 we will call, Neighbor Bill Accounts. Every man, woman, and child in America who is legally employed will be highly incentivized to contribute not less that 9% and not more than 15% of gross earnings to a Neighbor Bill Account. Every self-employed person will be likewise incentivized to deposit the same percentages to Neighbor Bill Account based on Schedule C gross margin, but only to the extent that there is a business net profit.
4. Provide for Management and Expenditure of Health Care Savings - We will employ a special VISA-like debit card to spend from our Neighbor Bill Accounts. This debit card will be spendable exclusively at places that exclusively sell health care services or products. For example, your VISA debit card could be used at a hospital, a doctor’s office, a healthcare-only website, or a healthcare-only counter at a local pharmacy. Using a simple VISA card will free doctors and hospitals of their claims-processing nightmare. Insurance administration costs will fall to near zero.
5. Provide for Control by the Little People - At their owners’ discretion, Neighbor Bill Accounts may be used to pay for one’s own health care expenses – or one’s spouse, or child, or brother, or niece, or mother-in-law, or lover, or significant other, or even for the health care expenses of a neighbor. The only restrictions will be that (1) funds may only be used for health care, (2) with an important exception I’ll detail below, funds may not be used to pay health insurance premiums, and (3) the owner of the funds may not receive any sort of goods, services, tax deductions, or other kickbacks for paying others’ health care expenses. The reward for such payments is simply not to be in this world.
6. Tax Employer-Provided Health Insurance - Currently, if an employer provides health insurance to employees, the employer is allowed a tax write off for 100% of the insurance cost; and, the employee does not have to include the corresponding amount in his taxable income. This asymmetry is unusual in the tax code and amounts to a special subsidy of employer provided third-party-reimbursement-type health care. This subsidy has created the current, insane societal reliance on employer-provided health insurance. Remove the subsidy. This will gradually free employers of their nightmarish burden of health care costs In the meantime, it will also generate tax revenues.
7 Mandatory Catastrophic Health Care Insurance - Every man, woman, and child in America who has a Neighbor Bill Account must pay for private catastrophic health care insurance. This is the only type of insurance premium that may be paid out of Neighbor Bill Account funds. People with families must have policies that cover their children and non-working spouses. Health care expenses in excess of a high deductible amount will be covered in full by these insurance policies. The annual deductible amount will be $2,000 per person or 5% of the beginning-of-year balance of their Neighbor Bill Account, whichever is higher. The $2,000 amount will be indexed for inflation each year. This universal, mandatory private catastrophic health care insurance will protect the little people from financial wipe-out. The cost to Government will be around zero.
8. Simple Tort Reform - A shockingly large percent of health care services are performed not for clinical expediency but to shelter providers from malpractice trial lawyers. Congress will reform this paradigm by legislating that if you sue anyone in Federal court for malpractice or negligence, and you fail to win on at least one, single point, you will pay half of the defendant’s legal fees and other associated costs. In this way, litigants with slam-dunk-valid claims will be free to pursue them in court, but others will think twice before filing frivolous lawsuits. We, the Clark Kents of America, must force our individual state governments enact that identical rule for state courts.
9. Restrict Employer Write off of Health Insurance Expenses - Currently, certain business expenses are not fully deductible for income taxes. For example, business meals generally are only 50% deductible. In like way, make the employer’s expense for employee health insurance only 50% deductible. This will produce tax revenues and gradually encourage the shift away from employer-provided third-party-payment plans to individually-controlled-and-safeguarded Neighbor Bill Accounts.
10 Abolish the Self Employed Health Insurance Deduction - The Neighbor Bill Account deduction replaces the Self Employed Health Insurance Deduction. The former encourages third-party-payment plans, while the latter is individually controlled.
11. Maintain and Strengthen Medicare-Medicaid - Medicare and Medicaid are in danger of eventual collapse because (1) the population is aging, and (2) they are third-party-payment plans. We can save Medicare and Medicaid with the following just and simple rule: Anyone who has a balance in a Neighbor Bill Account must use those funds before tapping Medicare or Medicaid. This will relieve pressure on Medicare-Medicaid resources, and save the safety nets for those who need them.
12. Establish a commsssion to evaluate existing barriers to the education of physician specialists, and to propose solutions to free medical students to enter the spcialty of their choice.
The Leahy Vision will gently transform our failed health-care financing system dominated by institutional players and third party payers, to a system of individuals and families in control of their own destinies and empowered by their own resources. The royalty of the health care financing bureaucracy will be de-throned. The future will be free to blossom. Vast sums of money will be set aside for health care and safeguarded by vigilant owners. These sums of health care money with stay with its owners no matter how often they change jobs -- providing complete portability. It will always be available to cover preexisting conditions. Catastrophic health insurance will protect us from financial wipe-out. Medicare and Medicaid will protect the poor and the elderly. Most payment processing will be as simple as swiping a VISA card. The little people will spend and save health care resources as they think wise. They will never again be told, like my late neighbor Bill, that treatment they desperately need is not covered by the plan, or can only be obtained by lengthy waiting for complicated appeals. Employers will no longer stagger under the burden of health care costs. Job-creating small employers will get their second wind from a reduction of their income and self-employment taxes. Large employers, over time, will have the crushing burden of employee health care expenses lifted from their shoulders. Medicare and Medicaid will be secured. Doctors and hospitals will be cured of the expensive headache of filing and collecting insurance claims. They will, however, need to produce price estimates and bills that patients can understand and accept.
The future is exciting. It only requires is that you – personally – somehow, in your own way, with your own talents, stop masquerading Clark Kent, get off your haunches and make it happen – starting now, starting today. To Nancy Pelosi, Barack Obama and Hillary Clinton, we must say: YES WE CAN!!!!
ACTION NEEDED:
Contact your senator and congressional representatives. Tell them to scrap the current bills. Demand they study the Leahy Health Care Reform Vision.
Raise awareness: Email a link to this article to everyone you know.
Today, please.
JC Leahy
Saturday, December 19, 2009
STRANDED
Hi Everyone!!! Merry Christmas and Happy Holidays!!! Dali and; I went to Tennessee
this past week for our daughter Jessica's nursing school graduation -- which went smoothly. Yeah!! Yesterday, we cut our trip short to try to race back to Maryland ahead of the blizzard. It caught us before we could even get out of Tennessee!!! We traveled 8 miles in 9 hours. Dozens upon dozens of other cars slid off the road into ditches and onto the snowy roadside. Eighteen wheelers one after another came to a stop witout even pulling off the roadway. We finally managed to limp into a (thankfully) large and comportable Marriott convention center at 4am this morning and got the LAST available room. This afternoon, Interstate 81 is closed to the north of us, and according to the news, some motorists have been in their cars for 24 hours. We'll stay here until the roads seem safe -- probably leaving Sunday or
Monday. When we get back, we'll play catch-up on Christmas preparations. I'm going to make my famous whiskey bread pudding -- which is always well received and fasteaten. :)
Happy Holidays! Stay well, and if you can, stay off the roads during this blizzard.
Yours sincerely,
JC Leahy
this past week for our daughter Jessica's nursing school graduation -- which went smoothly. Yeah!! Yesterday, we cut our trip short to try to race back to Maryland ahead of the blizzard. It caught us before we could even get out of Tennessee!!! We traveled 8 miles in 9 hours. Dozens upon dozens of other cars slid off the road into ditches and onto the snowy roadside. Eighteen wheelers one after another came to a stop witout even pulling off the roadway. We finally managed to limp into a (thankfully) large and comportable Marriott convention center at 4am this morning and got the LAST available room. This afternoon, Interstate 81 is closed to the north of us, and according to the news, some motorists have been in their cars for 24 hours. We'll stay here until the roads seem safe -- probably leaving Sunday or
Monday. When we get back, we'll play catch-up on Christmas preparations. I'm going to make my famous whiskey bread pudding -- which is always well received and fasteaten. :)
Happy Holidays! Stay well, and if you can, stay off the roads during this blizzard.
Yours sincerely,
JC Leahy
Thursday, December 17, 2009
from the mailbox...
I will be making a conscious effort to wish everyone
A Merry Christmas this year ...
My way of saying that I am celebrating
The birth Of Jesus Christ.
So I am asking my email buddies,
If you agree with me,
To please do the same.
And if you'll pass this on to
Your email buddies, and so on...
Maybe we can prevent one more
American tradition from being lost in the sea of
"Political Correctness".
From: PHYLLIS STANLEY
Monday, December 14, 2009
REMEMBER: HOLIDAY SHOPPING ON AMAZON.COM TO SUPPORT THE JOURNAL
.
You can support the Journal and simultaneously save money, hassle, gasoline and carbon footprint. Simply do your shopping at Amazon.com and ALWAYS enter Amazon.com through any of the Amazon links on the Journal's website (type www.jaitoday.com or http://jcleahy.blogspot.com). It's that simple! You get easy selection, rock-bottom prices, free shipping and generally no sales taxes. At no cost to you, your whole shopping session will generate a sales referral commission paid to the Journal.
Thank you!
JC Leahy
You can support the Journal and simultaneously save money, hassle, gasoline and carbon footprint. Simply do your shopping at Amazon.com and ALWAYS enter Amazon.com through any of the Amazon links on the Journal's website (type www.jaitoday.com or http://jcleahy.blogspot.com). It's that simple! You get easy selection, rock-bottom prices, free shipping and generally no sales taxes. At no cost to you, your whole shopping session will generate a sales referral commission paid to the Journal.
Thank you!
JC Leahy
FREE BOOK: CURRENCY TRADING FOR DUMMIES
I ran across this link to a free version of Currency Trading for Dummies. Sounds interesting. I've only scanned my copy, but it looks like a good read, so I'll pass it on to you. Let me know what you think.
The the link was sponsored by Forex.com -- which, of course, wants to facilitate your international currency trading.
JC Leahy
Sunday, December 13, 2009
CONTACT EMAIL ADDRESSES FOR U.S. SENATORS
A
AlabamaShelby, Richard C. (R)senator@shelby.senate.gov
Alaska
Stevens, Ted (R)senator_stevens@stevens.senate.gov
Arizona
Kyl, Jon (R)info@kyl.senate.gov
McCain, John (R)senator_mccain@mccain.senate.gov
Arkansas
Bumpers, Dale (D)senator@bumpers.senate.gov
Hutchinson, Tim (D)senator.hutchinson@hutchinson.senate.gov
C
California
Boxer, Barbara (D)senator@boxer.senate.gov
Feinstein, Dianne (D)senator@feinstein.senate.gov
Connecticut
Dodd, Christopher J. (D)sen_dodd@dodd.senate.gov
Lieberman, Joseph I. (D)senator_lieberman@lieberman.senate.gov
AlabamaShelby, Richard C. (R)senator@shelby.senate.gov
Alaska
Stevens, Ted (R)senator_stevens@stevens.senate.gov
Arizona
Kyl, Jon (R)info@kyl.senate.gov
McCain, John (R)senator_mccain@mccain.senate.gov
Arkansas
Bumpers, Dale (D)senator@bumpers.senate.gov
Hutchinson, Tim (D)senator.hutchinson@hutchinson.senate.gov
C
California
Boxer, Barbara (D)senator@boxer.senate.gov
Feinstein, Dianne (D)senator@feinstein.senate.gov
Connecticut
Dodd, Christopher J. (D)sen_dodd@dodd.senate.gov
Lieberman, Joseph I. (D)senator_lieberman@lieberman.senate.gov
D
Delaware
Biden, Joseph R., Jr. (D)senator@biden.senate.gov
F
Florida
Graham, Bob (D)bob_graham@graham.senate.gov
G
Georgia
Coverdell, Paul (R)senator_coverdell@coverdell.senate.gov
H
Hawaii
Inouye, Daniel K. (D)senator@inouye.senate.gov
I
Idaho
Craig, Larry E. (R)larry_craig@craig.senate.gov
Kempthorne, Dirk (R)dirk_kempthorne@kempthorne.senate.gov
Illinois
Moseley-Braun, Carol (D)senator@moseley-braun.senate.gov
Iowa
Grassley, Chuck (R)chuck_grassley@grassley.senate.gov
Harkin, Tom (D)tom_harkin@harkin.senate.gov
K
Kentucky
Ford, Wendell H. (D)wendell_ford@ford.senate.gov
McConnell, Mitch (R)senator@mcconnell.senate.gov
L
Louisiana
Breaux, John B. (D)senator@breaux.senate.gov
M
Maine
Collins, Susan (R)senator@collins.senate.gov
Snowe, Olympia J. (R)olympia@snowe.senate.gov
Maryland
Mikulski, Barbara A. (D)
email: senator@mikulski.senate.gov
DC Office:
Phone: (202)224-4654
FAX: (202-224-8858
Annapolis District Office:
60 West Street, Suite 202, Annapolis, MD 21401-2448
Phone: (410)263-1805 or 410-269-1650
Baltimore District Office:
1629 Thames Street, Baltimore, MD 21231
Phone: (410)962-4510 or (410)962-4512
Greenbelt District Office:
6404 Ivy Lane, Suite 406, Greenbelt, MD 20770-1407
Phone: (301)345-5517
Hagerstown District Office:
32 West Washington Street, Room 203, Hagerstown, MD 21740-4804
Phone: (301)797-2826
Cardin, Benjamin L. (D)
DC Office:
500 Hart Senate Office Building
Washington, DC (202)224-4524
senator@cardin.senate.gov
Massachusetts
Kennedy, Edward M. (D)senator@kennedy.senate.gov
Kerry, John F. (D)john_kerry@kerry.senate.gov
Michigan
Abraham, Spencer (R)michigan@abraham.senate.gov
Levin, Carl (D)senator@levin.senate.gov
Minnesota
Grams, Rod (R)mail_grams@grams.senate.gov
Wellstone, Paul D. (D)senator@wellstone.senate.gov
Mississippi
Cochran, Thad (R)senator@cochran.senate.gov
Missouri
Ashcroft, John (R)john_ashcroft@ashcroft.senate.gov
Bond, Christopher S. (R)kit_bond@bond.senate.gov
Montana
Baucus, Max (D)max@baucus.senate.gov
Burns, Conrad R. (R)conrad_burns@burns.senate.gov
N
Nebraska
Kerrey, J. Robert (D)bob@kerrey.senate.gov
Nevada
Bryan, Richard H. (D)senator@bryan.senate.gov
Reid, Harry (D)senator_reid@reid.senate.gov
New Hampshire
Gregg, Judd (R)mailbox@gregg.senate.gov
Smith, Bob (R)opinion@smith.senate.gov
New Jersey
Lautenberg, Frank R. (D)frank_lautenberg@lautenberg.senate.gov
New Mexico
Bingaman, Jeff (D)senator_bingaman@bingaman.senate.gov
Domenici, Pete V. (R)senator_domenici@domenici.senate.gov
New York
D'Amato, Alfonse M. (R)senator_al@damato.senate.gov
Moynihan, Daniel Patrick (D)senator@dpm.senate.gov
North Carolina
Faircloth, Lauch (R)senator@faircloth.senate.gov
Helms, Jesse (R)jesse_helms@helms.senate.gov
North Dakota
Dorgan, Byron L. (D)senator@dorgan.senate.gov
O
Ohio
DeWine, Mike (R)senator_dewine@dewine.senate.gov
Oklahoma
Nickles, Don (R)senator@nickles.senate.gov
Oregon
Wyden, Ron (D)senator@wyden.senate.gov
P
Pennsylvania
Santorum, Rick (R)senator@santorum.senate.gov
Specter, Arlen (R)senator_specter@specter.senate.gov
R
Rhode Island
Chafee, John H. (R)senator_chafee@chafee.senate.gov
S
South Carolina
Hollings, Ernest F. (D)senator@hollings.senate.gov
Thurmond, Strom (R)senator@thurmond.senate.gov
South Dakota
Daschle, Thomas A. (D)tom_daschle@daschle.senate.gov
T
Tennessee
Frist, William H. (R)senator_frist@frist.senate.gov
Thompson, Fred (R)senator_thompson@thompson.senate.gov
Texas
Hutchison, Kay Bailey (R)senator@hutchison.senate.gov
U
Utah
Bennett, Robert F. (R)senator@bennett.senate.gov
Hatch, Orrin G. (R)senator_hatch@hatch.senate.gov
V
Vermont
Jeffords, James M. (R)vermont@jeffords.senate.gov
Leahy, Patrick J. (D)senator_leahy@leahy.senate.gov
Virginia
Robb, Charles S. (D)senator@robb.senate.gov
Warner, John W. (R)senator@warner.senate.gov
W
Washington
Gorton, Slade (R)senator_gorton@gorton.senate.gov
Murray, Patty (D)senator_murray@murray.senate.gov
West Virginia
Byrd, Robert C. (D)senator_byrd@byrd.senate.gov
Rockefeller, John D., IV (D)senator@rockefeller.senate.gov
Wisconsin
Feingold, Russell D. (D)senator@feingold.senate.gov
Kohl, Herb (D)senator_kohl@kohl.senate.gov
Wyoming
Enzi, Mike (R)senator@enzi.senate.gov
Thomas, Craig (R)craig@thomas.senate.gov
DC Office:
500 Hart Senate Office Building
Washington, DC (202)224-4524
senator@cardin.senate.gov
Massachusetts
Kennedy, Edward M. (D)senator@kennedy.senate.gov
Kerry, John F. (D)john_kerry@kerry.senate.gov
Michigan
Abraham, Spencer (R)michigan@abraham.senate.gov
Levin, Carl (D)senator@levin.senate.gov
Minnesota
Grams, Rod (R)mail_grams@grams.senate.gov
Wellstone, Paul D. (D)senator@wellstone.senate.gov
Mississippi
Cochran, Thad (R)senator@cochran.senate.gov
Missouri
Ashcroft, John (R)john_ashcroft@ashcroft.senate.gov
Bond, Christopher S. (R)kit_bond@bond.senate.gov
Montana
Baucus, Max (D)max@baucus.senate.gov
Burns, Conrad R. (R)conrad_burns@burns.senate.gov
N
Nebraska
Kerrey, J. Robert (D)bob@kerrey.senate.gov
Nevada
Bryan, Richard H. (D)senator@bryan.senate.gov
Reid, Harry (D)senator_reid@reid.senate.gov
New Hampshire
Gregg, Judd (R)mailbox@gregg.senate.gov
Smith, Bob (R)opinion@smith.senate.gov
New Jersey
Lautenberg, Frank R. (D)frank_lautenberg@lautenberg.senate.gov
New Mexico
Bingaman, Jeff (D)senator_bingaman@bingaman.senate.gov
Domenici, Pete V. (R)senator_domenici@domenici.senate.gov
New York
D'Amato, Alfonse M. (R)senator_al@damato.senate.gov
Moynihan, Daniel Patrick (D)senator@dpm.senate.gov
North Carolina
Faircloth, Lauch (R)senator@faircloth.senate.gov
Helms, Jesse (R)jesse_helms@helms.senate.gov
North Dakota
Dorgan, Byron L. (D)senator@dorgan.senate.gov
O
Ohio
DeWine, Mike (R)senator_dewine@dewine.senate.gov
Oklahoma
Nickles, Don (R)senator@nickles.senate.gov
Oregon
Wyden, Ron (D)senator@wyden.senate.gov
P
Pennsylvania
Santorum, Rick (R)senator@santorum.senate.gov
Specter, Arlen (R)senator_specter@specter.senate.gov
R
Rhode Island
Chafee, John H. (R)senator_chafee@chafee.senate.gov
S
South Carolina
Hollings, Ernest F. (D)senator@hollings.senate.gov
Thurmond, Strom (R)senator@thurmond.senate.gov
South Dakota
Daschle, Thomas A. (D)tom_daschle@daschle.senate.gov
T
Tennessee
Frist, William H. (R)senator_frist@frist.senate.gov
Thompson, Fred (R)senator_thompson@thompson.senate.gov
Texas
Hutchison, Kay Bailey (R)senator@hutchison.senate.gov
U
Utah
Bennett, Robert F. (R)senator@bennett.senate.gov
Hatch, Orrin G. (R)senator_hatch@hatch.senate.gov
V
Vermont
Jeffords, James M. (R)vermont@jeffords.senate.gov
Leahy, Patrick J. (D)senator_leahy@leahy.senate.gov
Virginia
Robb, Charles S. (D)senator@robb.senate.gov
Warner, John W. (R)senator@warner.senate.gov
W
Washington
Gorton, Slade (R)senator_gorton@gorton.senate.gov
Murray, Patty (D)senator_murray@murray.senate.gov
West Virginia
Byrd, Robert C. (D)senator_byrd@byrd.senate.gov
Rockefeller, John D., IV (D)senator@rockefeller.senate.gov
Wisconsin
Feingold, Russell D. (D)senator@feingold.senate.gov
Kohl, Herb (D)senator_kohl@kohl.senate.gov
Wyoming
Enzi, Mike (R)senator@enzi.senate.gov
Thomas, Craig (R)craig@thomas.senate.gov
Source:
http://www.surrogacy.com/legals/senators.html
Monday, November 30, 2009
YEAR END TAX PLANNING: INVESTMENT EXPENSES
DON'T FORGET TO CLAIM YOUR INVESTMENT RELATED EXPENSES!!!
As you plan your income tax return, don't forget about money you have shelled out to buy, sell, and manage your investments. I categorize investment-related expenses into 4 categories, all of which are treated differently on your tax return:
• Category I: Those that you just can't claim
• Category II: Those that relate to buying and selling particular investments
• Category III: Those that relate to buying, selling, and managing your investments in general
• Category IV: Those that relate to royalty income and real estate rentals.
CATEGORY I: THOSE THAT YOU JUST CAN'T CLAIM
Costs specifically related to tax-exempt investments can't be claimed on your tax return at all. Congress' reason for making it this way is that if you're not going to have to include the income on your tax return, you shouldn't be able to include the deductions either. That makes sense.
However, here's one little point to remember: IRA's and 401k's and similar vehicles are NOT tax exempt!! They are tax DEFERRED. This means that outlays related to managing your IRA are, indeed, tax deductible if other requirements are met. On the other hand, outlays related to managing your tax-exempt municipal bonds are NOT.
Travel costs to attend an investment seminar, conventions, or stockholder meetings, or to investigate potential rental property are generally NOT tax deductible. Congress made it this way because they noticed that these activities so often occur in warm, sunny vacation locations. That makes a certain amount of sense.
Another investment related outlay that can't be deducted is one that you didn't pay. For example, if your brother Bob paid your annual IRA management fee, you can't deduct it. (Neither can your brother Bob, by the way.) That makes sense.
This leads to one important point of caution, however. If, Bob doesn't pay that IRA management fee, and the IRA management company simply takes it out of your IRA account, you can't deduct it. Why? Because technically, although you control your IRA, you don't own it; it is owned by a trustee. Therefore, if the fee is simply deducted from your IRA account, YOU didn't pay it! Always pay your IRA related expenses from a source outside the IRA; that way they will be deductible!!
Another expense that you just can't deduct is any part of the basic monthly fee for the first telephone line in your house.
CATEGORY II: COSTS OF BUYING AND SELLING SPECIFIC INVESTMENTS
Outlays related to buying any investment are capitalized as part of the investment, increasing its cost, or "basis". This reduces the amount of any gain when you ultimately sell the asset.
Outlays related to selling any investment are subtracted from the selling price, reducing it to the "net amount realized." Again, this lowers the amount of any taxable gain when you sell the asset.
CATEGORY III: OUTLAYS RELATED TO GENERAL MANAGEMENT OF YOUR INVESTMENTS
Unless you're a "real estate professional" or professional securities trader, which is pretty narrowly defined, all these expenses of owning and managing your investments go on Schedule A (Itemized Deductions) of your Form 1040 as "Miscellaneous Itemized Deductions" -- all except expenses related to royalties and real estate rentals, which go on Schedule E. We'll talk about Schedule E expenses later; let's focus on Miscellaneous Itemized Deductions for now. Almost anything you can think of could be included here as long as these conditions are met:
• You must itemize your deductions using Schedule A of Form 1040.
• You must literally "pay or incur" the expense yourself.
• The expense must be "ordinary and necessary."
• The relationship between the investments and the expense must be "reasonable and proximate."
Here's a partial list of deductions to think about:
- Fees for investment advice
- Subscriptions to investment or financial publications
- IRA setup and custodial fees
- Software or online services to manage your investments
- Safe deposit box fees if used to store investment related documents
- Transportation costs to and from your broker or advisor's office – including mileage
- Attorney, accounting, or clerical costs
- Charges for automatic investment services or dividend reinvestment plans
- Costs to replace lost security certificates
- Straight-line depreciation on your computer and peripherals to the extent they were used to manage investments
- Bank deposit losses if not FDIC insured
- Casualty or theft of non-rental, non-royalty investment property
- Investment fees for non-publicly offered mutual funds shown in Box 5 of Form 1099-DIV
- Proxy fight expenses related to non-frivolous policy disputes
- Salary of a bookkeeper, secretary, or other employee to keep track of investments
- Investment property management expenses
- (Investment interest is also deductible but is reported differently that other "investment expenses." It is NOT included under "miscellaneous itemized deductions;" instead, it has a separate line on Schedule A and potentially requires a Form 4952 to compute its limitations.)
FIRST of all, the amount of any investment interest you are claiming cannot exceed the following amount: investment income minus the deductible portion (after 2% AGI floor) of other related investment expenses.. . This excess investment interest, if any, can be carried over and deducted on your tax return in some future year. There is no limit to the number of years you can carry it forward until you get a chance to use the deduction. You may be required to submit a Form 4952, "Investment Interest Expense Deduction" do compute and document all of this.
SECOND, most Miscellaneous Itemized Deductions, including investment expenses, are subject to a "2% of AGI Floor." This means that you multiply your adjusted gross income by .02 and subtract that figure from your investment expenses and other Miscellaneous Itemized Deductions.
The only people who don't have to worry about the 2% of AGI reduction are professional securities traders, who can put all their expenses on a Schedule C. These insiders have no reduction or limit on their investment expenses writeo-off at all. (Go figure!!!)
THIRD: If there is anything left after applying the first two limitations, it is subject to being reduced by a "phase out" of your total itemized deductions. Phase-out of miscellaneous itemized deductions occurs if your Adjusted Gross Income exceeds certain thresholds. These thresholds are:
If your filing status is "married filing separately" $79,975
Single $159,950
Head of Household $159.950
Married Filing Jointly $159,950
(2 Singles living together out of wedlock = $159,950 x 2 $319,900)
(Do you see the big marriage penalty in those numbers?)
Generally, for your 2008 return, 27% of itemized deductions above these thresholds evaporate in this sneaky Congressional take-back called the "phase-out" of itemized deductions. Gambling losses, medical expenses (minus 7.5% of AGI "floor"), and casualty/theft losses (minus a series of limitations that apply only to casualties and thefts) are not subject to "phase-out."
And again, there is no phase-out for the insiders who are able to list their investment expenses on Schedule C.
FOURTH: If there is anything left of your Miscellaneous Itemized Deductions at this point, it is now subject to the Alternative Minimum Tax -- which completely disallows all of your investment expense deductions.
Have you heard the term "shell game"???!!!!. Thank Congress! LOL!
CATEGORY IV: RENTAL AND ROYALTY EXPENSES
Royalty and real estate rental expenses, which appear on Schedule E, must meet the same requirements as the Schedule A expenses, namely:
• You must literally "pay or incur" the expense yourself.
• The expense must be "ordinary and necessary."
• The relationship between the investments and the expense must be "reasonable and proximate."
In order to limit the amount of royalty and rental expenses you can deduct, Congress came up with a scheme that classifies all income into 3 categories: "Earned Income," "Portfolio Income" and "Passive Income." . Earned Income includes wages and the net income (or loss) from conducting a business or a farm and certain other things like unemployment compensation. Any other income, in Congress' view, is "Unearned." Unearned income is divided into Portfolio Income and Passive Income. Portfolio Income is interest and dividends stocks, bonds, and bank accounts. Passive Income relates to things such as real estate rental and royalties. The tricky part about Passive Income is that if your expenses exceed your revenues, the resultant loss CANNOT be deducted unless you have another passive activity that is producing an equal profit – which is referred to as a "passive income generator," or PIG. In most cases, because of depreciation of high-cost assets such as buildings, rental activities generate only a small profit, or, more often, a nondeductible loss. This is to say that the deduction for passive investment expenses is limited to the amount of passive revenue. The excess can be carried over to future years until either the asset is sold, in which case the accumulated carried forward losses become part of a capital transaction, or a PIG comes along.
There is one important exception to the limitation of deducting real estate rental losses. If you have more than 10% of a real estate rental and you help manage it in a "active" way, and if your "Modified Adjusted Gross Income" is less than certain thresholds, you may use up to $25,000 of rental loss to offset other non-passive income, such as a salary. The thresholds are:
Married filing separately Zero
Married filing separately as abandonded spouses $50,000
(But the exception amount is $12,500 each, not $25,000)
Single $100,000
Head of Household $100,000
Married Filing Jointly $100,000
(2 Singles living together out of wedlock = $100,000 x 2 $200,000)
(Anybody see a marriage penalty in these numbers?)
Between $100,000 and $150,000, the $25,000 exception is phased down to zero.
Another exception relates to "qualified real estate professionals." These insiders can deduct their real estate losses fully every time without limit.
THE BOTTOM LINE
The bottom line to all of these complexities, is to keep careful track of all those investment related expenses and consult your tax advisor about how to best use them. For assistance with your income tax filings, you may wish to contact Maximum Legal Refund ™ at maxlegalrefund@yahoo.com or telephone (301)537-5365.
DO YOUR CHRISTMAS AND HOLIDAY GIFT SHOPPING AT AMAZON.COM
by JC Leahy
For Cyber Monday, Black Friday, and the rest of your Holiday Shopping, remember that you support the Journal when you shop Amazon.com. With many purchases, you get the advantage of no shipping charges or sale tax -- that's in addition to getting rock-bottom, below-retail prices. Simply use the Amazon link below (or ANY of the Amazon links contained in the Journal) to enter the Amazon website. That way, your whole shopping session will be attributed to the Journal for a commission to the Journal of up to 15% on everything you buy -- at no cost to you!!
For Cyber Monday, Black Friday, and the rest of your Holiday Shopping, remember that you support the Journal when you shop Amazon.com. With many purchases, you get the advantage of no shipping charges or sale tax -- that's in addition to getting rock-bottom, below-retail prices. Simply use the Amazon link below (or ANY of the Amazon links contained in the Journal) to enter the Amazon website. That way, your whole shopping session will be attributed to the Journal for a commission to the Journal of up to 15% on everything you buy -- at no cost to you!!
Thursday, November 19, 2009
DOCTOR TO AVOID: ARTHUR I. KOBRINE, MD -- WASHINGTON, DC
by JC Leahy
RN, BSN, MA, ACLS
Sigma Theta Tau's "100 Most Extraordinary Nurses Award"
Tweet
I am writing these details while they are fresh in my mind. I just arrived home from a very unusual doctor visit. I am a registered nurse. I have seen many doctors interview many patients and I have never witnessed anything as bizarre as today's visit with Dr. Korbine. You may actually find it hard to believe:
My insurance company, Northwestern Mutual Life Insurance, wanted me to have an evaluation of a neck injury. They steered me to Dr. Kobrine. The waiting room was nearly empty: me and one other patient attended by 3 staff members. I am, by nature, a friendly guy. At work I smile and say hello to people I pass in the hallway, whether it's Bert the cleaning guy or the hospital chief of surgery, or patients. So, when Dr. Kobrine entered the exam room this morning, I gave him a bright "good morning" and a broad smile.
"Good Morning!" I said.
Dr. Korbine closed the door behind himself, sat down silently, a dour facial expression, avoiding eye contact. Silently, he opened my file and began to read.
It's unfortunate how so many people at so many levels in this world feel entitled to be rude. I felt awkward that he hadn't responded to my greeting. I tried to recover. "How are you this morning?" I smiled. No response. Only silence.
After reading for a while silently, he asked, "You work for the Department of Veterans Affairs?"
"Yes, I do!!" I responded enthusiastically. " I take care of veterans at the VA Medical Center on Irving Street." I smiled again and held out my Veterans Affairs professional business card.
Dr. Kobrine glanced coolly at my hand but did not take the card from it. "I don't need your business card.".
"Oh....okay....." This WAS awkward!! I placed my card back in my pocket. Dr. Kobrine continued to silently flip through my file.
"Dr. Kobrine," I said politely. "I must say, I find you dogged silence and refusal to interact to be a bit rude. Are you having a bad morning or do you treat all of your patients this way?"
He looked up from his reading, glaring. He looked like he had just been kicked in the stomach. There was anger in his eyes. "WHAT did you just say???!!!"
"I believe you heard me, Dr. Kobrine."
"Let me tell you something!!! I'm not here to be your buddy!!!! I don't need your friendship!!! I don't need your business card!!! I'm here to evaluate your neck!!!! Frankly, I find YOU rude for saying what you just said!!!"
"Please don't misunderstand me, Doctor!! I'm trying to HELP!!! Your waiting room is not exactly overflowing. Your poor professional demeanor CAN'T be good for your practice! ! And besides, life is too short to be acting like that, don't you agree?"
"Well I don't need your help! I do NOT need your help!!"
"Okay, Doctor. I stand admonished. Proceed with your evaluation."
"I think YOU are the rude one!!!"
He turned and left the exam room leaving me sitting there in my undershirt with no good-bye or instructions to go to the front desk or anything at all.
How needlessly unpleasant was Dr. Kobrine!!!! In short, the good doctor Kobrine exhibited a personality somewhere between Colonel Klink and a dead fish dressed up like Glenn Beck's photo on his new book Arguing With Idiots. I'm not saying Dr. Kobrine is incompetent -- that may or may not be, but it's not my point-- I'm just saying that a patient would have to be a masochist to tolerate his extremely unprofessional bedside manner!!! It takes more than technical skills to be a physician, and Dr. Kobrine simply does not measure up.
Here are his contact data, as listed on his business card:
Tweet
Arthur I. Kobrine, MD, Ph.D.
Diplomate (sic) American Board of Neurological Surgery
2440 M Street, NW, Suite 315
Washington, DC 20037
Tel. 202-293-7136
RN, BSN, MA, ACLS
Sigma Theta Tau's "100 Most Extraordinary Nurses Award"
Tweet
I am writing these details while they are fresh in my mind. I just arrived home from a very unusual doctor visit. I am a registered nurse. I have seen many doctors interview many patients and I have never witnessed anything as bizarre as today's visit with Dr. Korbine. You may actually find it hard to believe:
My insurance company, Northwestern Mutual Life Insurance, wanted me to have an evaluation of a neck injury. They steered me to Dr. Kobrine. The waiting room was nearly empty: me and one other patient attended by 3 staff members. I am, by nature, a friendly guy. At work I smile and say hello to people I pass in the hallway, whether it's Bert the cleaning guy or the hospital chief of surgery, or patients. So, when Dr. Kobrine entered the exam room this morning, I gave him a bright "good morning" and a broad smile.
"Good Morning!" I said.
Dr. Korbine closed the door behind himself, sat down silently, a dour facial expression, avoiding eye contact. Silently, he opened my file and began to read.
It's unfortunate how so many people at so many levels in this world feel entitled to be rude. I felt awkward that he hadn't responded to my greeting. I tried to recover. "How are you this morning?" I smiled. No response. Only silence.
After reading for a while silently, he asked, "You work for the Department of Veterans Affairs?"
"Yes, I do!!" I responded enthusiastically. " I take care of veterans at the VA Medical Center on Irving Street." I smiled again and held out my Veterans Affairs professional business card.
Dr. Kobrine glanced coolly at my hand but did not take the card from it. "I don't need your business card.".
"Oh....okay....." This WAS awkward!! I placed my card back in my pocket. Dr. Kobrine continued to silently flip through my file.
"Dr. Kobrine," I said politely. "I must say, I find you dogged silence and refusal to interact to be a bit rude. Are you having a bad morning or do you treat all of your patients this way?"
He looked up from his reading, glaring. He looked like he had just been kicked in the stomach. There was anger in his eyes. "WHAT did you just say???!!!"
"I believe you heard me, Dr. Kobrine."
"Let me tell you something!!! I'm not here to be your buddy!!!! I don't need your friendship!!! I don't need your business card!!! I'm here to evaluate your neck!!!! Frankly, I find YOU rude for saying what you just said!!!"
"Please don't misunderstand me, Doctor!! I'm trying to HELP!!! Your waiting room is not exactly overflowing. Your poor professional demeanor CAN'T be good for your practice! ! And besides, life is too short to be acting like that, don't you agree?"
"Well I don't need your help! I do NOT need your help!!"
"Okay, Doctor. I stand admonished. Proceed with your evaluation."
"I think YOU are the rude one!!!"
"Very well, Doctor. Proceed."
He gave me a little physical exam. Zero small talk. Very tense. When he was finished, he said simply, "That's all."
He gave me a little physical exam. Zero small talk. Very tense. When he was finished, he said simply, "That's all."
He turned and left the exam room leaving me sitting there in my undershirt with no good-bye or instructions to go to the front desk or anything at all.
How needlessly unpleasant was Dr. Kobrine!!!! In short, the good doctor Kobrine exhibited a personality somewhere between Colonel Klink and a dead fish dressed up like Glenn Beck's photo on his new book Arguing With Idiots. I'm not saying Dr. Kobrine is incompetent -- that may or may not be, but it's not my point-- I'm just saying that a patient would have to be a masochist to tolerate his extremely unprofessional bedside manner!!! It takes more than technical skills to be a physician, and Dr. Kobrine simply does not measure up.
Here are his contact data, as listed on his business card:
Tweet
Arthur I. Kobrine, MD, Ph.D.
Diplomate (sic) American Board of Neurological Surgery
2440 M Street, NW, Suite 315
Washington, DC 20037
Tel. 202-293-7136
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