
What the RCB really needs:
Jolly Roger 14 out
"Fighting with a large army under your command is nowise different from fighting with a small one: it is merely a question of instituting signs and signals." Sun Tzu The Art of War
Virginia motorists convicted of minor traffic violations will face a new, multi-year tax beginning July 1. Led by state Delegate David B. Albo (R-Springfield), lawmakers slipped a driver responsibility tax into a larger transportation funding bill signed by Governor Tim Kaine (D) in April. Albo, a senior partner in the Albo & Oblon, LLP traffic law firm, can expect to see a significant increase in business as motorists seek to protect their wallet from traffic tickets that come with assessments of up to $3000 in addition to an annual point tax that tops out at $700 a year for as long as the points remain.
Driving as little as 15 MPH over the limit on an interstate highway now brings six license demerit points, a fine of up to $2500, up to one year in jail, and a new mandatory $1050 tax. The law also imposes an additional annual fee of up to $100 if a prior conviction leaves the motorist with a balance of eight demerit points, plus $75 for each additional point (up to $700 a year). The conviction in this example remains on the record for five years.
Other six-point convictions include "failing to give a proper signal," "passing a school bus" or "driving with an obstructed view." The same $1050 assessment applies, but the conviction remains on the record for eleven years.
Although the amount of the tax can add up quickly, the law forbids judges from reducing or suspending it in any way. The tax applies only to Virginia residents, so that out-of-state motorists only need to pay the regular ticket amount. Michigan, New Jersey, New York and Texas also impose a somewhat more modest driver responsibility tax <http://www.thenewspaper.com/news/03/362.asp> which they apply to out-of-state residents.
The Virginia Supreme Court provides a full explanation of the new penalties for each traffic infraction in the 34k PDF file at the source link below. Update: View which legislators support a repeal, link to online petition <http://www.thenewspaper.com/news/18/1880.asp> .
Source: PDF FileCivil Remedial Fees <http://www.thenewspaper.com/rlc/docs/2007/va-drivertax.pdf> (Executive Secretary, Virginia Supreme Court, 6/21/2007)
Here is the link
During the largest-ever demonstration of its kind, the Wideband
Networking Waveform (WNW) - a critical capability of the Joint Tactical
Radio System (JTRS) - effectively networked 30 mobile nodes and shared
data and video across multiple sub-networks in a challenging forested
and residential environment. The Jun 09 demonstration for senior
government officials took place at the Space and Naval Warfare Systems
Center Atlantic in Charleston, SC.
"JTRS is no longer just in graphs on PowerPoint demonstrations," said
Howard Pace, deputy program executive officer for JTRS. "We've now
demonstrated that the Wideband Networking Waveform capability
successfully scales to 30 nodes with all the nets and subnets. It's
working and working well." The demonstration showed how, when fielded,
the software-defined radio waveform can overcome many of the mobile
networking challenges soldiers face on the battlefield. Today's forces
use a variety of unique voice and data waveforms to communicate with
each other or with modern Internet Protocol-based networks. These
specialized systems can make it difficult to communicate between joint
forces.
WNW solves that communication challenge. A networking waveform that
enables connections between vehicles, planes and ships utilizing mobile
networking technologies, WNW offers the ability to transit more
information with greater security and provide new capabilities to
seamlessly route and retransmit information. The waveform can transfer
information of different classifications over the same wireless network.
"We are on track to meet joint warfighter requirements to provide a
flexible and pervasive networking capability to address the challenges
of modern battlefields," said Navy CAPT Jeffrey Hoyle, program manager,
JTRS Network Enterprise Domain (NED). "The demonstration location
offered significant opportunities to evaluate multi-path propagation
effects in heavily forested terrain and marsh.
"During the demonstration, WNW performed as expected, and we were able
to validate laboratory performance improvements from recent waveform
algorithm enhancements in the field," added Hoyle. "The ability to
integrate waveform enhancements rapidly while testing in the field
[three times in as many weeks] thoroughly demonstrated a significant
advantage that JTRS provides - the ability to upgrade warfighter
communications and networking capability while deployed through
software-only updates in fielded radios."
Performance results measured during this demonstration indicate a
significant new networking capability that will continue to improve as
the data collected are thoroughly analyzed to enable additional waveform
software upgrades, as well as through processor and power amplifier
improvements inherent with the improved JTRS Ground Mobile Radio (GMR)
engineering development model hardware being delivered now and the
airborne/maritime/fixed station hardware in the future. "The ability to
expand and contract the network while soldiers are mobile is a
mission-critical capability," added Ralph Moslener, Boeing program
director, JTRS GMR and NED. Boeing is developing the WNW for JTRS NED.
"The demonstration proved that WNW will seamlessly connect soldiers and
commanders so that they can trade real-time information and have greater
situational awareness than ever before," Moslener said.
"The demonstration of the Wideband Networking Waveform capability is an
important accomplishment," added Hoyle. "This capability has now been
successfully demonstrated in a field environment, and we can leverage it
as other JTRS systems are developed and implemented."
For Tax Year 2006
Row 1: Percentiles Ranked by AGI
Row 2: AGI Threshold on Percentiles
Row 3: Percentage of Federal Personal Income Tax Paid
Top 01% $388,806 39.89%
Top 05% $153,542 60.14%
Top 10% $108,904 70.79%
Top 25% $64,702 86.27%
Top 50% $31,987 97.01%
Bottom 50% <$31,987 2.99%
“Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:
The first four men (the poorest) would pay nothing.
The fifth would pay $1.
The sixth would pay $3.
The seventh would pay $7.
The eighth would pay $12.
The ninth would pay $18.
The tenth man (the richest) would pay $59.
So, that’s what they decided to do.
The ten men drank in the bar every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve. “Since you are all such good customers,” he said, “I’m going to reduce the cost of your daily beer by $20.”Drinks for the ten now cost just $80.
The group still wanted to pay their bill the way we pay our taxes so the first four men were unaffected. They would still drink for free. But what about the other six men – the paying customers? How could they divide the $20 windfall so that everyone would get his ‘fair share? They realized that $20 divided by six is $3.33. But if they subtracted that from everybody’s share, then the fifth man and the sixth man would each end up being paid to drink his beer. So, the bar owner suggested that it would be fair to reduce each man’s bill by roughly the same amount, and he proceeded to work out the amounts each should pay.
And so the fifth man, like the first four, now paid nothing (100% savings).
The sixth now paid $2 instead of $3 (33%savings).
The seventh now pay $5 instead of $7 (28%savings).
The eighth now paid $9 instead of $12 (25% savings).
The ninth now paid $14 instead of $18 ( 22% savings).
The tenth now paid $49 instead of $59 (16% savings).
Each of the six was better off than before. And the first four continued to drink for free. But once outside the restaurant, the men began to compare their savings.
“I only got a dollar out of the $20,”declared the sixth man. He pointed to the tenth man,” but he got $10!”
“Yeah, that’s right,” exclaimed the fifth man. “I only saved a dollar, too. It’s unfair that he got ten times more than I!”
“That’s true!!” shouted the seventh man. “Why should he get $10 back when I got only two? The wealthy get all the breaks!”
“Wait a minute,” yelled the first four men in unison. “We didn’t get anything at all. The system exploits the poor!”
The nine men surrounded the tenth and beat him up.
The next night the tenth man didn’t show up for drinks, so the nine sat down and had beers without him. But when it came time to pay the bill, they discovered something important. They didn’t have enough money between all of them for even half of the bill!
And that, boys and girls, journalists and college professors, is how our tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas where the atmosphere is somewhat friendlier.”
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.
''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''
Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.
In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.
''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''
Under Fannie Mae's pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 -- a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.
Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.
Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites.
Home ownership has, in fact, exploded among minorities during the economic boom of the 1990's. The number of mortgages extended to Hispanic applicants jumped by 87.2 per cent from 1993 to 1998, according to Harvard University's Joint Center for Housing Studies. During that same period the number of African Americans who got mortgages to buy a home increased by 71.9 per cent and the number of Asian Americans by 46.3 per cent.
In contrast, the number of non-Hispanic whites who received loans for homes increased by 31.2 per cent.
Despite these gains, home ownership rates for minorities continue to lag behind non-Hispanic whites, in part because blacks and Hispanics in particular tend to have on average worse credit ratings.
In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.
The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants.
Hat-tip to Atilla