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CHICAGO—The President of Tax Accountability, economist, former Federal Reserve Bank examiner, and legendary tax fighter Jim Tobin, today endorsed the plan by U.S. Rep. Alan Grayson (D-9, Florida) that Federal Reserve Chairman Ben Bernanke use his powers to end the debt limit crisis.
Grayson, quoted in Business Insider, Oct. 11, 2013, states that “…this idea was put forward not by me…but by Republican Rep. Ron Paul.”
“The solution advocated by Paul and Grayson is brilliant and elegant,” said Tobin. “Bernanke should simply cancel the Treasury debt that it owns. The government can just forgive the government’s debt.”
The Federal Reserve doesn’t own all of the U.S. government debt, but it does own roughly $2 trillion of it. Canceling this portion of the debt would, in Grayson’s words, “give the government substantial room under the debt ceiling standoff in Congress, and it would prevent a default.”
“Grayson is absolutely correct when he says the debt held on the balance sheet can be canceled without any significant consequence,” said Tobin. “It is a bookkeeping artifact corresponding to the money supply. In essence, the government owes this money to itself. This is not a debt problem; it is an accounting problem.”
Grayson, a Democrat, and Ron Paul, a Republican and former U.S. Rep. from Texas, are among the strongest critics of an out-of-control Federal Reserve.
Paul has campaigned to dissolve the Fed for 35 years, and wrote an entire book called “End the Fed.” Grayson has repeatedly slammed the Fed. Paul and Grayson also co-sponsored a bill to audit the Federal Reserve.
“Rep. Grayson has written to Chairman Bernanke asking that he cancel the debt held on the Fed’s balance sheet. If Bernanke were to do this, his legacy would be his being considered the greatest Federal Reserve Chairman in U.S. history.”
Tax Accountability is the political action arm of Taxpayers United of America.
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Chicago – Taxpayers United of America (TUA) helped local activists defeat 4 more property tax increase referenda. This makes our Illinois property tax increase referenda victories 197! We were also successful in 2 of 3 Home Rule battles. We have effectively helped taxpayers beat down 200 Home Rule referenda in our 37 years of operation!
“Taxpayers are the big winners anytime Home Rule is defeated. Home Rule communities always have higher taxes and that is the message that resonated with South Chicago Heights and Anna voters yesterday,” stated Jim Tobin, president of TUA.
“Itasca SD 10 put out a full marketing blitz to try and blur the new requirement that ballot language include the actual property tax increase. But thanks to our coordinated efforts with local activists, we were able to educate the voters who soundly defeated the referendum 1,107 to 743.”
“McClellan CCSD 12 gave their government school bureaucrats a resounding ‘NO’ on a property tax increase referendum with a vote of 140 to 76. Taxpayers in Mt. Vernon simply can’t support a property tax increase when they have been hit so hard economically. They insist that government school bureaucrats tighten their belts and stop expecting taxpayers to take yet another hit.”
“McHenry County taxpayers won bigger than most. They defeated a referendum, 20,562 to 11,075, that would have actually added an entirely new taxing authority to reach into the wallets of McHenry County residents. But these big government bureaucrats met tremendous opposition thanks to local activist, Bob Anderson, founder of McHenry Citizens TaxWatch. This well organized opposition also defeated a move, 4,273 to 2,378, by McHenry HSD 156 to spend $2.2 million in bond surplus rather than return it to the taxpayers making this a double win for the taxpayers in the district.”
“McHenry Citizens TaxWatch also coordinated efforts with us to elect Tax Accountability (TA) endorsed candidate, Chris Jenner and his running mate, Thomas Wilbeck to the McHenry County College Board. With records as fiscal watchdogs, Jenner and Wilbeck will serve McHenry County taxpayers and students, rather than special interests that seek to grow empires by creating jobs – and pensions – for their cronies.”
“Libertyville trustee candidate, Phil Collins, who was endorsed by TA won a very close race for that seat. Libertyville now has at least one ‘liberty’ focused trustee in Phil who pledges to protect taxpayers from irresponsible spending and increased taxation.”
“The most important politics are local and the message that voters sent to municipal leaders yesterday is that they want a say in tax increases and aren’t willing to give government bureaucrats a blank check to pay for empire building.”
“Our fight for smaller, more responsible government is going to be won at the local level and we, TUA, are there on the ground with activists across the state to beat down the expansion of taxing authority and incessant property tax increases. We educate people on the reality of expanding taxing authority through home rule and what property tax increases are really used for, and we give them the tools they need to defeat the increases. In some cities, we are the only voice of opposition to the government rhetoric that is unchallenged and regurgitated by many media.”
“Thanks to our research, people aren’t being fooled any longer; they know that 80% of local taxes go to pay salaries and benefits, including gold plated pensions. Voters in these communities sent a loud and clear message that they want spending cuts without tax increases and they want to throw out the tax-and-spend incumbents.”
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Chicago – Tax Accountability (TA), the political action arm of Taxpayers United of America (TUA) has endorsed Chris Jenner in his bid for McHenry County College Board.
“Known as a tax-fighter for his great work on the Cary District 26 School Board, we were happy to support Chris Jenner’s run for the MCCB. As required for our endorsement, candidates must answer our questionnaire and sign our pledge not to raise taxes,” stated Rae Ann McNeilly, executive director for TUA.
“Chris Jenner is the kind of candidate that every community needs. He is a principled tax-fighter who understands the importance of protecting constituents’ money like his own.”
“He certainly has ruffled the some feathers but survived a meritless attempt to knock him off of the ballot. His commitment to honest spending and minimal taxation are not what the status quo want to embrace.”
“He has won the first round by staying on the ballot, and we fully expect a victory at the ballot on April 9. Across the state we are finding that taxpayers are tired of the status quo tax and spenders who care only about securing lavish pay and gold-plated benefits for themselves and their cronies. Chris Jenner has the status quo on the run and that is exactly what voters will remember when they go to the ballot.”
“There is a real hunger for elected officials who have the political courage to do what’s best for the constituents rather than special interests. We hear from taxpayers across the state, the frustration they have with state of taxation and spending in Illinois. While some people may feel they have lost control at the state and federal levels, they clearly understand the control they have at the local level and they are voting their preference for spending cuts.”
“Chris Jenner is exactly what McHenry County College Board needs. He will be an advocate for the students and the taxpayers, not the big-government tax and spenders who see the MCCB as a means to grow their own empire.”
Jenner aptly identified the following issues with the current MCCB management:
- A budget that forgot McHenry County is under the tax cap, with no apparent consequences or discipline for the mistake, and a proposal to make up the shortfall through a tuition hike instead of dipping into the college’s healthy cash reserves.
- 22,000 taxpayer dollars spent to send 5 trustees, 2 administrators, and the student trustee to Boston to stay in $319 a night hotel rooms and eat lobster dinners as well as attend a conference.
- Use of a so-called consultant with an obvious conflict of interest to justify a $45 million health sciences facility and health club.
- A plan to issue $45 million in debt without asking for permission from the voters.
Jenner is running on a platform of responsible budget management and commitment to students and taxpayers.