

House Rejects Bailout Package, 228-205; Stocks Plunge
Politics & Pop-Culture
"Although the first debate was originally supposed to be about foreign policy, due to the current financial situation in the United States, the economy was the issue for the first half hour of the debate. In the economic portion of the debate, both Sens. Obama and McCain made some statements about taxes that played somewhat loose with the facts. Let's take a look at a few of these courtesy of CNN's transcript"...
"Levi Strauss and Co. is joining the battle to strike down California's discriminatory Prop 8, which seeks to deny gays and lesbians the right to marry.
The forward-thinking jean company had donated $25,000 to Equality for All, the coalition leading the No On 8 campaign.
In doing so, Levi's continues its tradition of civil rights support. In the 1940s, the company ceased the practice of segregation within its factories and more recently the company was one of the first Fortune 500 company to offer health benefits to the domestic partners of its unmarried employees".
Senator John McCain’s campaign said Friday morning that he will attend tonight’s debate with Senator Barack Obama at the University of Mississippi, reversing his earlier call to postpone the debate so he could participate in the Congressional negotiations over the $700 billion bailout plan for financial firms.
Moments after Senator McCain ended several of days of suspense and announced that he would participate in the debate after all, the doors of his campaign plane were opened and the steps were down, as Mr. Obama’s 757 idled nearby on the runway at Ronald Reagan National Airport outside Washington, according to a pool report. Both planes were set to arrive in Memphis on Friday afternoon.
Palin’s recent interviews with Charles Gibson, Sean Hannity, and now Katie Couric have all revealed an attractive, earnest, confident candidate. Who Is Clearly Out Of Her League.
No one hates saying that more than I do. Like so many women, I’ve been pulling for Palin, wishing her the best, hoping she will perform brilliantly. I’ve also noticed that I watch her interviews with the held breath of an anxious parent, my finger poised over the mute button in case it gets too painful. Unfortunately, it often does. My cringe reflex is exhausted.
McCain can’t repudiate his choice for running mate. He not only risks the wrath of the GOP’s unforgiving base, but he invites others to second-guess his executive decision-making ability....
...Only Palin can save McCain, her party, and the country she loves. She can bow out for personal reasons, perhaps because she wants to spend more time with her newborn. No one would criticize a mother who puts her family first.
Do it for your country.
"Okay, guys, we've been getting a lot of emails about a campaign to "fight back against the McCain Campaign's hateful policies toward women" by donating to Planned Parenthood in Sarah Palin's name. Megan has this to say: "The problem with this idea is that Obama forewent public financing on the basis of relying on donors — big and small — to continue giving him money. If people give the $5 or $10 to PPFA instead and send cards to McCain's office, you're just notifying him how much money Obama is losing. Heck, I wouldn't put it past a Republican operative for starting the chain, especially since it doesn't encourage donations to PPFA's PAC, which can spend the money to run ads about the candidates/reproductive rights, but to the organization itself, which cannot. Please be careful about forwarding this along. If something like this really went viral, it could do a lot of damage." Maybe we should save the donations/cards in case the GOP gets elected?"
Sarah Palin has many virtues. If you wanted someone to destroy a corrupt establishment, she’d be your woman. But the constructive act of governance is another matter. She has not been engaged in national issues, does not have a repertoire of historic patterns and, like President Bush, she seems to compensate for her lack of experience with brashness and excessive decisiveness.
The idea that “the people” will take on and destroy “the establishment” is a utopian fantasy that corrupted the left before it corrupted the right. Surely the response to the current crisis of authority is not to throw away standards of experience and prudence, but to select leaders who have those qualities but not the smug condescension that has so marked the reaction to the Palin nomination in the first place.
“Instead of offering up concrete plans to solve these issues, Senator McCain offered up the oldest Washington stunt in the book –- you pass the buck to a commission to study the problem,” Mr. Obama told an audience here. “But here’s the thing – this isn’t 9/11.”
Mr. McCain, in a round of morning television interviews, proposed creating a panel to study the upheaval on Wall Street similar to the one that investigated the Sept. 11 attacks. Such a group, he said, could “get to the bottom of this and get it fixed.”
It’s hard to understand how Senator McCain is going to get us out of this crisis by doing the same things with the same old players,” Mr. Obama told a cheering crowd of about 2,000 people here. “Make no mistake: my opponent is running for four more years of policies that will throw the economy further out of balance. His outrage at Wall Street would be more convincing if he wasn’t offering them more tax cuts.”
ANA MARIE: There's some kind of segue between Julia and this about Tucker Bounds, but I'm still coffee-less, so I'll let you make it. They really need to stop sending the twelve-year-old intern out to the morning shows. Or cable shows, I mean. I think I was thinking "morning show" because he's getting his ass kicked, in all cases, by heavily rougued faux-next-girls! GIRLS!
MEGAN: Actually, the man just needs to, like, fucking prepare before he goes. Your candidate is out lying like he's Dick Cheney or something, you gotta put your big boy panties on just like Ari Fleischer did and take it. I think the real problem is that Tucker Bounds likes getting spanked by hot women.
ANA MARIE: YOU CAN TOTALLY TELL. He totally knows the shit the campaign is trying to pull and just enjoys being called on it. "TELL ME AGAIN HOW WE LIE, CAMPBELL. MAKE IT HURT."
MEGAN: "I know I've been naughty, Megyn. Tell me I've been naughty."
So the United States is entering financial turmoil, what with all of our banks collapsing and the world's largest insurance company needing a bailout from the State of New York and the stock market tumbling and thousands of fancy jobs on the line. Honestly, though, let's get to the heart of the matter: will this news secretly (or openly!) thrill political partisans? It seems, on its face, that news of Wall Street turmoil helps Senator Barack Obama. And why not? The initial careful ventures into political exploitation of this maybe-catastrophe are already underway. How will it play out?....
“Do you believe in the Bush doctrine?” Mr. Gibson asked during the interview. Ms. Palin looked like an unprepared student who wanted nothing so much as to escape this encounter with the school principal.
Clueless, she asked, “In what respect, Charlie?”
“Well, what do you interpret it to be?” said Mr. Gibson.
“His worldview?” asked Ms. Palin.
Later, in the spin zones of cable TV, commentators repeatedly made the point that there are probably very few voters — some specifically mentioned “hockey moms” — who could explain the Bush doctrine. But that’s exactly the reason we have such long and intense campaigns. You want to find the individuals who best understand these issues, who will address them in sophisticated and creative ways that enhance the well-being of the nation.
The Bush doctrine, which flung open the doors to the catastrophe in Iraq, was such a fundamental aspect of the administration’s foreign policy that it staggers the imagination that we could have someone no further than a whisper away from the White House who doesn’t even know what it is.
You can’t imagine that John McCain or Barack Obama or Joe Biden or Hillary Clinton or Joe Lieberman would not know what the Bush doctrine is. But Sarah Palin? Absolutely clueless.
Ms. Palin’s problem is not that she was mayor of a small town or has only been in the Alaska governor’s office a short while. Her problem (and now ours) is that she is not well versed on the critical matters confronting the country at one of the most crucial turning points in its history.
Alaska Gov. Sarah Palin has billed taxpayers for 312 nights spent in her own home during her first 19 months in office, charging a "per diem" allowance intended to cover meals and incidental expenses while traveling on state business.
The governor also has charged the state for travel expenses to take her children on official out-of-town missions. And her husband, Todd, has billed the state for expenses and a daily allowance for trips he makes on official business for his wife.
Palin, who earns $125,000 a year, claimed and received $16,951 as her allowance, which officials say was permitted because her official "duty station" is Juneau, according to an analysis of her travel documents by The Washington Post.
The governor's daughters and husband charged the state $43,490 to travel, and many of the trips were between their house in Wasilla and Juneau, the capital city 600 miles away, the documents show.
Whether these charges were legitimate under Alaska rules and regulations, I haven't a clue. Certainly there are questions about their propriety. (Perhaps we could track down Emilie Boyles and see what she thinks.) But I do know something about the federal income tax consequences of fringe benefits, and it certainly appears to me based on the published reports that some, if not most, of these "per diems" should have been included as income on the Palins' federal income tax return. If they weren't, something's wrong.
"Per diem" allowances received by an employee can legally be omitted from her gross income if they constitute reimbursements for amounts that the employee could have deducted as business expenses had the employee paid for them out-of-pocket and not been reimbursed. Thus, for Palin, the tax question would appear to boil down to whether, had she not been reimbursed for the $60,441 of travel, meals, and lodging expenses, she could have legitimately taken business deductions for them.
It does not appear that such deductions would have been allowable for any amounts attributable to travel by her husband and children. Section 274(m)(3) of the Internal Revenue Code strictly forbids deductions for bringing spouses and dependents along on business travel unless the spouses and dependents (a) are employees of the taxpayer (here, the taxpayer is the governor), (b) are travelling for a bona fide business purpose, and (c) would otherwise be entitled to deduct the travel on their own tax returns. Unless Palin's spouse and kids are also her employees and she can show that they were away on their own businesses, their expenses would not be deductible by the governor. And therefore she cannot exclude from income any per diems attributable to any of them. (By the way, since she's the employee, the income would be required to be reported on her own return, not her kids'.)
As for her own travel, Palin could also run into tax problems. Only travel "away from home" qualifies for tax exclusion (or deduction), and for this purpose, one's "home" is generally the principal place of one's business. In this case, the governor reportedly works out of offices in both Anchorage and Juneau, but since she has only one state job, she can declare only one of those as her tax "home." If Juneau is her tax "home" (which would seem to be the case, since that's the capital), she cannot exclude or deduct meals and lodging expenses incurred in Juneau, and if Anchorage is her tax "home," she cannot exclude or deduct such expenses incurred in Anchorage or Wasilla. If she got per diem reimbursements for stays in both places, stays in only one place would appear to be excludible or deductible. And perhaps more importantly, the cost of regular commuting between one's residence and one's tax "home" is not deductible at all, no matter how long the distance between them; it is certainly possible that Palin's treks between the two locales are simply long-distance commuting for tax purposes.
"No way!" she gasped in her seat when she heard her name called as winner. Upon arriving at the podium, she gasped, "Well, well, well! Here we go again, f—ers. Here we go again!" Looking around the auditorium, she acknowledged some celebs in the audience, adding, "Hanks, Gandolfini — what the f—! I'm not going to tell anyone to suck it. I would make love to this thing if I could."