Rolleyes News of The Day

[jimzinsocal]

Twenty years to thirty three? Lemme think about that

http://www.wral.com/news/local/story/3363221/

OK. I thought it over

This is better

Another candidate for the wood chipper.

[AMDScooter]

Moonbat heartache... some language at the bottom in the response section.. NSFW.. but funny.

A Bad Day for the Left Gets Worse: Plame Suit Dismissed

First, Michael Mukasey says there will be no prosecutions forthcoming in the Justice Department nonscandal, and now comes the delicious news that non-undercover CIA agent Valerie Plame has her bogus lawsuit against Vice President Cheney dismissed.

A U.S. appeals court on Tuesday dismissed former CIA analyst Valerie Plame's lawsuit against Vice President •••• Cheney and several former Bush administration officials for disclosing her identity to the public.

The Court of Appeals in Washington dealt another setback to the former spy, who has said her career was destroyed when officials blew her cover in 2003 to retaliate against her husband, Iraq war critic Joseph Wilson.

Plame's outing led a lengthy criminal investigation, which resulted in the conviction of Cheney's top aide, Lewis "Scooter" Libby, for perjury and obstruction of justice.

President George W. Bush commuted Libby's 2 1/2-year prison sentence last year.

Plame and Wilson sought money damages from Cheney, Libby, former White House aide Karl Rove and former State Department official Richard Armitage for violating their constitutional free speech, due process and privacy rights.

But a three-judge panel of the appeals court upheld a federal judge's ruling that dismissed the couple's lawsuit.

The court ruled Cheney and the others were acting within their official capacity when they revealed Plame's identity to reporters.

Expect another round of fawning interviews with the usual suspects for this annoying media whore and her two-bit fraud husband.

...

[Orangutan]

http://money.cnn.com/2008/08/12/news...ex.htm?cnn=yes

[jimzinsocal]

^^No idea why they bothered including sub s corporations. Also the writer is off a tad with how he describes the function of a sub s.
I take the point of foreign corporations.

Here is what is confusing in the article:

"But many of the companies the report found had paid no tax were likely small businesses that pay other taxes. Generally, many small firms, because they do not have shareholders, are able to shift corporate income to individual income."

What corporation doesnt have shareholders?
No corporate form can be created without shareholders so far as Im aware.

So I assume they mean the subchapter S form where the company
may elect to have income recorded as $ to stockholders where each
pays individual income tax on that income.[basically taxed as partnership]

Spoiler!

Why Elect Subchapter S status? The primary perceived benefit is one layer of tax. A corporation like IBM is taxed under "Subchapter C" of the Internal Revenue Code. IBM pays taxes on its net profits and then the IBM stockholders pay taxes when the profits are paid out to them. In contrast, in a Subchapter S corporation the corporation's net profit or net loss is deemed distributed to the stockholders, who have to include it on their individual tax returns whether or not they actually receive cash.
It used to be a relative no brainer to elect S if you qualified. The highest corporate rates were higher than highest individual rates. So if the corporation elected Subchapter S status the overall situation resulted in less current tax. After the tax changes in the early Clinton years, the highest individual rates (in the 40% range) are now higher than highest corporate rates (generally 35%) and as a result the venture (corporation and stockholders combined) may actually pay more currently if the venture is profitable and elects S status. Now you have to look at the venture's likely exit strategy. If the company can be sold through an asset sale in a few years then with a cash flow model you can determine the net present value of paying incrementally higher taxes currently in order to pay only one layer of tax on "big hit" sale at end, assuming the tax rules don't change in the interim. If the exit strategy is a tax-free stock-for-stock acquisition of your company by a public company then it might not make sense to have the stockholders pay a larger current tax on profits. However, for most high tech growth companies involved in product development there may not be any net profit during the development stage so being an S Corporation will not create a current tax payment situation.
With one layer of tax, losses as well as profit flow through. There are a number of complex rules about how those losses can or can't be used currently to offset other income of the stockholders. When all is said and done your outside private investors will most likely not be able to use their share of the losses currently and the only time the Founders/management team will effectively be able to use the losses currently is if (a) they have made actual cash investment in the venture, (b) they own a large enough percentage of the venture so that the losses allocated to them are useful, and (c) they have other income (e.g. a working spouse) to use the losses against.
The net result is that for most high growth technology ventures the primary benefit to Sub S status is to avoid two layers of tax on sale of the venture in an asset sale transaction. Still this is useful.

[jimzinsocal]

http://www.theglobeandmail.com/servl...Story/National

[Orangutan]

I watched it last night and some of them look like they're twelve years old. There's no way they're all 16+.

http://sportsillustrated.cnn.com/200...x.html?cnn=yes

[Dutchcedar]

I watched it last night and some of them look like they're twelve years old. There's no way they're all 16+.

I didn't know they had to be 16 and thought the Chinese girls were about 12 years old. The Americans don't look 16 either.

The thought I had, when the Chinese and American girls missed that stupid 6x12 by an inch or two and had to step off the beam... too much pressure to put on a kid.

And the announcers... the kid does a 1-1/2 backwards somersault with a twist and a hoodley-boodley, misses the landing by an inch to the left... "Ooooh, she's going to loose points for that!!!" Bite me. And lets not just do the facial close-ups when the kids are about to cry, eh?

And... when the American Olympic gymnastics team relies on the coach from Romania and a coach from China... it kinda makes ya think its a lot like professional sports. The players are pawns. Some fat cat that can't balance a beer in one hand is pulling strings. Show me da money.

[Orangutan]

I didn't know they had to be 16 and thought the Chinese girls were about 12 years old. The Americans don't look 16 either.

Most look older than 16, but I could tell who the younger ones were. The Chinese? That one girl didn't even have all of her permanent teeth yet.

The thought I had, when the Chinese and American girls missed that stupid 6x12 by an inch or two and had to step off the beam... too much pressure to put on a kid.

And the announcers... the kid does a 1-1/2 backwards somersault with a twist and a hoodley-boodley, misses the landing by an inch to the left... "Ooooh, she's going to loose points for that!!!" Bite me. And lets not just do the facial close-ups when the kids are about to cry, eh?

Man, no kidding. When the men's team did it and Raj screwed up his pommel horse routine, one of his teammates got into the cameraguy's face and told him to back off, which he did. Gymnastics is cool and intense, but the subjectivity is what ruins it. There's no clear winner like in some other events (swimming, basketball, javelin, etc), but is wholly reliant on what someone likes or doesn't. The scoring system is pretty asinine.

And... when the American Olympic gymnastics team relies on the coach from Romania and a coach from China... it kinda makes ya think its a lot like professional sports. The players are pawns. Some fat cat that can't balance a beer in one hand is pulling strings. Show me da money.

No question about it, there is definitely money to be had, but I'm not so sure anything can be done about the "professional" thing. People spend all year every year preparing for the Olympics, and they're "amateurs"? I'd call that professional. As far as the international nature of the American teams, that's just awesome. They had a quick story about the guy gymnastics coach, how he is originally from China but immigrated here and started up his own gym years ago. How cool is it that we have all these people competing from different backgrounds and they're all American? Our men's gymnastic team had a guy of Russian descent, one of Chinese descent, and another of Indian descent all mixed in with a couple Anglo guys. How much more American can you get? The crappiest part was the poor third alternate who was sitting up in the stands crying when the team won bronze. Man, that just sucks for him.

[fatlazyhomer]

Was this posted? China using 2 girls for one song cause one wasnt cute enough and the other one couldnt sing?

http://www.mtv.com/news/articles/159...12/index.jhtml

[AMDScooter]

So how many out there own an iphone? Happy with it? Most kids would be embarrassed to be seen with what I use.. my Nokia is so old it's not funny.

Caught these over at the [H]

[jimzinsocal]

Sheesh

http://www.cnn.com/2008/CRIME/08/13/...ing/index.html

[jimzinsocal]

Sorry Val

http://www.santacruzsentinel.com/politics/ci_10176443

[jimzinsocal]

Sheesh

http://www.cnn.com/2008/CRIME/08/13/...ing/index.html

Well thats too bad. The guy died in the hospital.

Here is a roundup for the Democrat guys here

http://gatewaypundit.blogspot.com/20...n-shot-at.html

[Dutchcedar]

RUSH: Some things here, folks, that are just unbelievable that are happening out there that have just left the world stunned. The ChiComs are being accused of lying about the age of their gymnasts and Russia is accused of lying about the ceasefire in Georgia. What's stunning about this is that communists lie. When did that start? When did it start that communists lie? I'm being facetious, Mr. Snerdley. The question is, since the Russians are lying and since the ChiComs are lying, the real question from the Obama camp is, "What is America doing to cause this? What have we done to bring about all of this lying?" You know, the country's not what it once was, ladies and gentlemen. What's happened to us? The Chinese and the Russians are now lying. Somebody better get a hold of the governor of Virginia, Tim Kaine, the eyebrow, and let him know that Obama needs to repeat his demand that the Russians cease their advance in Georgia, 'cause the Russians said that they were going to stop and then they kept going. We're really condemning now. We're going to send Condoleezza Rice to Paris. That's how serious we are about this. We're going to send her over here to talk with the frogs about making sure this ceasefire gets done.

Obama needs to make a blanket apology here, folks, for America. I mean the ChiComs don't normally lie. They're lying about the age of their gymnasts and so forth. They're lying about the number of people going to go to games. They can't get people in there. Well, they could, but they're not using the kind of force communists are known for, but the games are not attracting crowds, and even the big space in Beijing where the games are taking place, they thought it would be overrun with people, there's hardly anybody there. The ChiComs made it very clear that if you showed up, you were a suspect of something and they're going to treat you as such, and people said, "Okay, to hell with it." So anyway, maybe with Obama, we haven't talked to the Chinese enough, we haven't talked to the Russians enough, and the Bush administration's hard-nosed policy here is causing both of these people to lie, just like we've made Mahmoud Ahmadinejad a liar about his nuclear program to produce electricity and so forth. So it's big question that we face.

Yeah, a lot of people think he's nuts... I think he has a way about him that puts a logical spin on things that's funny at the same time.

[jimzinsocal]

^^Why he has the listeners he does. He can make points and be entertaining at the same time.



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Memory lane for Dutch and others that may recall...

http://www.carlustblog.com/2008/08/car-lust----196.html