I don't think I did a good enough job covering the difference between inclusive and exclusive tax rates.
Exclusive:
"I am buying a twinkie for $1.00 and I pay 30% tax, so $1.00 + ($1.00 * 0.30) = $1.00 + $0.30 = $1.30"
Inclusive:
"I am paying $1.30 for this twinkie (total amount), and 23% of that is tax, so $1.30 * 0.23 = $0.299 = $0.30 (tax). The twinkie must be worth $1.30 - $0.30 = $1.00."
All the same numbers, just spoken differently.
When talking about sales taxes, it seems foreign (and misleading) to discuss it in terms of inclusive rates. But when talking about income taxes, it's natural.
Inclusive:
"I make $100,000 (total amount), and I pay a marginal tax rate of 28%, so $100K * 0.28 = $28,000 (tax). My take home pay is $100,000 - $28,000 = $72,000."
Exclusive:
"I take home $72,000, and I pay $28,000 in tax, so $28,000/$72,000 = 39%. Or, $72K+ ($72K * 0.39) = $72K + $28K = $100K."
Just to loop back: if the twinkie cost $72K, and tax was 39%, you'd pay $100,000. ("That's one big twinkie.") Yes, an inclusive income tax rate of 28% is an exclusive income tax rate of 39%. That's why a 23% FairTax rate can be demonstrated to be 30% sales tax.
Once again, the FairTax uses inclusive in order to more easily compare to the IRS. They are not trying to hide anything (necessarily); it is simpler and "fairer" to compare the two taxation systems on the same basis, so FairTax converts to inclusive rates rather than quoting Income Tax as exclusive rates. After all, if all you heard was "you're paying 39% to the IRS", your first thought would be, "no I'm not..."
Ever been to Henry's in Acworth? Incredibly good food. Amanda and I enjoyed dinner there tonight - not quite a spur of the moment thing, but almost. I've been thinking of them ever since I missed Taste of Marietta back in April? May? Henry's Chicken Ooh Lah Lah is incredible. The sauce for it is something you have to taste to believe - it makes me drool just typing about it. A new surprise we had there tonight was the Ginger Citrus salad dressing. Very tangy, kind of a spin on their Caesar dressing, but much better. Try it the next time you are there!
I've been using KeePass for years now to manage my passwords. It makes it very easy to generate random passwords for use on any website, has a keyboard shortcut (default: Ctrl-Alt-A) to automatically fill in userid/password fields (and its default method works great for 95% of websites), and is very configurable. Because I use multiple machines (work, home desktop, home laptop) I have trouble keeping them in sync, but I typically decide which machine is primary and always keep it completely up-to-date. When you create a password database, you choose a password for the file, then use KeePass to generate all the passwords from then on. You only have to remember one password, so be smart - make it both easy to remember and complex at the same time! For instance, mine is... well, that would be telling. :)
They recently released the 2.0 version (finally); I'll probably post again once I've spent some time with it. I'm still using the 1.0 version - gasp!
"The hard workers at the Government Printing Office have now added in the last minute extras that Democrats attached to the climate change/cap and trade bill, as it now tips the scales at 1,428 pages in all."
...
"If you remember my blog from earlier this week about how the bill approves the appropriation of "such sums" as may be necessary for various programs, I found 20 of those in the final bill.
In the same section, the bill lays out "Premium Awards" that would be paid to the manufacturers of new energy efficient appliances.
From what I can make of the legislative gobbledygook on page 479 of the bill, it looks like the feds would pay the manufacturers of "Superefficient Best In Class Products" for each unit that they produce.
* $75 for each dishwasher
* $250 for each clothes washer
* $200 for each refrigerator or refrigerator-freezer
* $250 for each clothes dryer
* $200 for each cooking product
* $300 for each water heater
Now I don't have to be a rocket scientist to figure out that if you pay enough of those awards, that is going to be a big chunk of change in Fiscal Years 2011, 2012 and 2013, which is when the awards would be paid out.
How much money are we talking here? Well, the entire section relating to super efficient appliances would get $600 million for FY 2011, 2012 and 2013 - and then "such sums" as may be necessary in the future.
The bill specifically says that "no less" than 40% of the money in those first three years shall be for "Premium Awards for Development and Production of Superefficient Best-in-Class Products."
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title- This Act may be cited as the `American Clean Energy and Security Act of 2009'.
(b) Table of Contents- The table of contents for this Act is as follows:
Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
Sec. 3. International participation.
TITLE I--CLEAN ENERGY
Subtitle A--Combined Efficiency and Renewable Electricity Standard
Sec. 101. Combined efficiency and renewable electricity standard.
`Sec. 610. Combined efficiency and renewable electricity standard.
Sec. 102. Clarifying State authority to adopt renewable energy incentives.
Sec. 103. Federal renewable energy purchases.
Subtitle B--Carbon Capture and Sequestration
Sec. 111. National strategy.
Sec. 112. Regulations for geologic sequestration sites.
`Sec. 813. Geologic sequestration sites.
Sec. 113. Studies and reports.
Sec. 114. Carbon capture and sequestration demonstration and early deployment program.
Sec. 115. Commercial deployment of carbon capture and sequestration technologies.
`Sec. 786. Commercial deployment of carbon capture and sequestration technologies.
Sec. 116. Performance standards for coal-fueled power plants.
`Sec. 812. Performance standards for new coal-fired power plants.
Subtitle C--Clean Transportation
Sec. 121. Electric vehicle infrastructure.
Sec. 122. Large-scale vehicle electrification program.
Sec. 123. Plug-in electric drive vehicle manufacturing.
Sec. 124. Investment in clean vehicles.
Sec. 125. Advanced technology vehicle manufacturing incentive loans.
Sec. 126. Definition of renewable biomass.
Sec. 127. Open fuel standard.
`Sec. 32920. Open fuel standard for transportation.
Sec. 128. Diesel emissions reduction.
Sec. 129. Loan guarantees for projects to construct renewable fuel pipelines.
Sec. 130. Fleet vehicles.
Sec. 130A. Report on natural gas vehicle emissions reductions.
Subtitle D--State Energy and Environment Development Accounts
Sec. 131. Establishment of SEED Accounts.
Sec. 132. Support of State renewable energy and energy efficiency programs.
Sec. 133. Support of Indian renewable energy and energy efficiency programs.
Subtitle E--Smart Grid Advancement
Sec. 141. Definitions.
Sec. 142. Assessment of Smart Grid cost effectiveness in products.
Sec. 143. Inclusions of Smart Grid capability on appliance ENERGY GUIDE labels.
Sec. 144. Smart Grid peak demand reduction goals.
Sec. 145. Reauthorization of energy efficiency public information program to include Smart Grid information.
Sec. 146. Inclusion of Smart Grid features in appliance rebate program.
Subtitle F--Transmission Planning
Sec. 151. Transmission planning and siting.
`Sec. 216A Transmission planning.
`Sec. 216B. Siting and construction in the Western Interconnection.
Sec. 152. Net metering for Federal agencies.
Sec. 153. Support for qualified advanced electric transmission manufacturing plants, qualified high efficiency transmission property, and qualified advanced electric transmission property.
Subtitle G--Technical Corrections to Energy Laws
Sec. 161. Technical corrections to Energy Independence and Security Act of 2007.
Sec. 162. Technical corrections to Energy Policy Act of 2005.
Subtitle H--Energy and Efficiency Centers and Research
Sec. 171. Energy Innovation Hubs.
Sec. 172. Advanced energy research.
Sec. 173. Building Assessment Centers.
Sec. 174. Centers for Energy and Environmental Knowledge and Outreach.
Sec. 175. High efficiency gas turbine research, development, and demonstration.
Subtitle I--Nuclear and Advanced Technologies
Sec. 181. Revisions to loan guarantee program authority.
Sec. 182. Purpose.
Sec. 183. Definitions.
Sec. 184. Clean energy investment fund.
Sec. 185. Energy technology deployment goals.
Sec. 186. Clean energy deployment administration.
Sec. 187. Direct support.
Sec. 188. Indirect support.
Sec. 189. Federal credit authority.
Sec. 190. General provisions.
Sec. 191. Conforming amendments.
Subtitle J--Miscellaneous
Sec. 195. Increased hydroelectric generation at existing Federal facilities.
Sec. 196. Clean technology business competition grant program.
Sec. 197. National Bioenergy Partnership.
Sec. 198. Office of Consumer Advocacy.
`Sec. 319. Office of Consumer Advocacy.
Sec. 199. Development corporation for renewable power borrowing authority.
Sec. 199A. Study.
TITLE II--ENERGY EFFICIENCY
Subtitle A--Building Energy Efficiency Programs
Sec. 201. Greater energy efficiency in building codes.
`Sec. 304. Greater energy efficiency in building codes.
Sec. 202. Building retrofit program.
Sec. 203. Energy efficient manufactured homes.
Sec. 204. Building energy performance labeling program.
Sec. 205. Tree planting programs.
Sec. 206. Energy efficiency for data center buildings.
Sec. 207. Community building code administration grants.
Sec. 208. Solar energy systems building permit requirements for receipt of community development block grant funds.
Sec. 209. Prohibition of restrictions on residential installation of solar energy system.
Subtitle B--Lighting and Appliance Energy Efficiency Programs
Sec. 211. Lighting efficiency standards.
Sec. 212. Other appliance efficiency standards.
Sec. 213. Appliance efficiency determinations and procedures.
`Sec. 334. Jurisdiction and venue.
Sec. 214. Best-in-Class Appliances Deployment Program.
Sec. 215. WaterSense.
Sec. 216. Federal procurement of water efficient products.
Sec. 217. Early adopter water efficient product incentive programs.
Sec. 218. Certified stoves program.
Sec. 219. Energy Star standards.
Subtitle C--Transportation Efficiency
Sec. 221. Emissions standards.
`Part B--Mobile Sources
`Sec. 821. Greenhouse gas emission standards for mobile sources.
Sec. 222. Greenhouse gas emissions reductions through transportation efficiency.
`Part D--Transportation Emissions
`Sec. 841. Greenhouse gas emissions reductions through transportation efficiency.
Sec. 223. SmartWay transportation efficiency program.
`Sec. 822. SmartWay transportation efficiency program.
Sec. 224. State vehicle fleets.
Subtitle D--Industrial Energy Efficiency Programs
Sec. 241. Industrial plant energy efficiency standards.
Sec. 242. Electric and thermal waste energy recovery award program.
Sec. 243. Clarifying election of waste heat recovery financial incentives.
Sec. 244. Motor market assessment and commercial awareness program.
Sec. 245. Motor efficiency rebate program.
`Sec. 347. Motor efficiency rebate program.
Sec. 246. Clean energy manufacturing revolving loan fund program.
`Sec. 27. Clean energy manufacturing revolving loan fund program.
Sec. 247. Clean energy and efficiency manufacturing partnerships.
Sec. 248. Technical amendments.
Subtitle E--Improvements in Energy Savings Performance Contracting
Sec. 251. Energy savings performance contracts.
Subtitle F--Public Institutions
Sec. 261. Public institutions.
Sec. 262. Community energy efficiency flexibility.
Sec. 263. Small community joint participation.
Sec. 264. Low income community energy efficiency program.
Sec. 265. Consumer behavior research.
Subtitle G--Miscellaneous
Sec. 271. Energy efficient information and communications technologies.
`Sec. 543. Energy efficient information and communications technologies.
Sec. 272. National energy efficiency goals.
Sec. 273. Affiliated island energy independence team.
Sec. 274. Product carbon disclosure program.
Sec. 275. Industrial energy efficiency education and training initiative.
Sec. 276. Sense of Congress.
Subtitle H--Green Resources for Energy Efficient Neighborhoods
Sec. 281. Short title.
Sec. 282. Definitions.
Sec. 283. Implementation of energy efficiency participation incentives for HUD programs.
Sec. 284. Basic HUD energy efficiency standards and standards for additional credit.
Sec. 285. Energy efficiency and conservation demonstration program for multifamily housing projects assisted with project-based rental assistance.
Sec. 286. Additional credit for Fannie Mae and Freddie Mac housing goals for energy-efficient and location-efficient mortgages.
Sec. 287. Duty to serve underserved markets for energy-efficient and location-efficient mortgages.
Sec. 288. Consideration of energy efficiency under FHA mortgage insurance programs and Native American and Native Hawaiian loan guarantee programs.
`Sec. 543. Consideration of energy efficiency.
Sec. 289. Energy-efficient mortgages and location-efficient mortgages education and outreach campaign.
Sec. 290. Collection of information on energy-efficient and location-efficient mortgages through Home Mortgage Disclosure Act.
Sec. 291. Ensuring availability of homeowners insurance for homes not connected to electricity grid.
Sec. 292. Mortgage incentives for energy-efficient multifamily housing.
Sec. 293. Energy-efficient certifications for manufactured housing with mortgages.
Sec. 294. Assisted housing energy loan pilot program.
Sec. 295. Making it green.
Sec. 296. Residential energy efficiency block grant program.
`Sec. 123. Residential energy efficiency block grant program.
Sec. 297. Including sustainable development and transportation strategies in comprehensive housing affordability strategies.
Sec. 298. Grant program to increase sustainable low-income community development capacity.
Sec. 299. HOPE VI green developments requirement.
Sec. 299A. Consideration of energy efficiency improvements in appraisals.
Sec. 299B. Housing Assistance Council.
Sec. 299C. Rural housing and economic development assistance.
Sec. 299D. Loans to States and Indian tribes to carry out renewable energy sources activities.
Sec. 299E. Green banking centers.
Sec. 299F. GAO reports on availability of affordable mortgages.
Sec. 299G. Public housing energy cost report.
Sec. 299H. Secondary market for residential renewable energy lease instruments.
Sec. 299I. Green guarantees.
TITLE III--REDUCING GLOBAL WARMING POLLUTION
Sec. 301. Short title.
Subtitle A--Reducing Global Warming Pollution
Sec. 311. Reducing global warming pollution.
`TITLE VII--GLOBAL WARMING POLLUTION REDUCTION PROGRAM
`Part A--Global Warming Pollution Reduction Goals and Targets
`Sec. 701. Findings and purpose.
`Sec. 702. Economy-wide reduction goals.
`Sec. 703. Reduction targets for specified sources.
`Sec. 704. Supplemental pollution reductions.
`Sec. 705. Review and program recommendations.
`Sec. 706. National Academy review.
`Sec. 707. Presidential response and recommendations.
`Part B--Designation and Registration of Greenhouse Gases
`Sec. 711. Designation of greenhouse gases.
`Sec. 712. Carbon dioxide equivalent value of greenhouse gases.
`Sec. 713. Greenhouse gas registry.
`Part C--Program Rules
`Sec. 721. Emission allowances.
`Sec. 722. Prohibition of excess emissions.
`Sec. 723. Penalty for noncompliance.
`Sec. 724. Trading.
`Sec. 725. Banking and borrowing.
`Sec. 726. Strategic reserve.
`Sec. 727. Permits.
`Sec. 728. International emission allowances.
`Part D--Offsets
`Sec. 731. Offsets Integrity Advisory Board.
`Sec. 732. Establishment of offsets program.
`Sec. 733. Eligible project types.
`Sec. 734. Requirements for offset projects.
`Sec. 735. Approval of offset projects.
`Sec. 736. Verification of offset projects.
`Sec. 737. Issuance of offset credits.
`Sec. 738. Audits.
`Sec. 739. Program review and revision.
`Sec. 740. Early offset supply.
`Sec. 741. Environmental considerations.
`Sec. 742. Trading.
`Sec. 743. International offset credits.
`Part E--Supplemental Emissions Reductions From Reduced Deforestation
`Sec. 751. Definitions.
`Sec. 752. Findings.
`Sec. 753. Supplemental emissions reductions through reduced deforestation.
`Sec. 754. Requirements for international deforestation reduction program.
`Sec. 755. Reports and reviews.
`Sec. 756. Legal effect of part.
Sec. 312. Definitions.
`Sec. 700. Definitions.
Subtitle B--Disposition of Allowances
Sec. 321. Disposition of allowances for global warming pollution reduction program.
`Part H--Disposition of Allowances
`Sec. 781. Allocation of allowances for supplemental reductions.
`Sec. 782. Allocation of emission allowances.
`Sec. 783. Electricity consumers.
`Sec. 784. Natural gas consumers.
`Sec. 785. Home heating oil, propane, and kerosene consumers.
`Sec. 787. Allocations to refineries.
`Sec. 788. Supplemental agriculture and renewable energy incentives programs.
`Sec. 789. Climate change consumer refunds.
`Sec. 790. Exchange for State-issued allowances.
`Sec. 791. Auction procedures.
`Sec. 792. Auctioning allowances for other entities.
`Sec. 793. Establishment of funds.
`Sec. 794. Oversight of allocations.
`Sec. 795. Exchange for early action offset credits.
Subtitle C--Additional Greenhouse Gas Standards
Sec. 331. Greenhouse gas standards.
`TITLE VIII--ADDITIONAL GREENHOUSE GAS STANDARDS
`Sec. 801. Definitions.
`Part A--Stationary Source Standards
`Sec. 811. Standards of performance.
`Part C--Exemptions From Other Programs
`Sec. 831. Criteria pollutants.
`Sec. 832. International air pollution.
`Sec. 833. Hazardous air pollutants.
`Sec. 834. New source review.
`Sec. 835. Title V permits.
Sec. 332. HFC Regulation.
`Sec. 619. Hydrofluorocarbons (HFCs).
Sec. 333. Black carbon.
`Part E--Black Carbon
`Sec. 851. Black carbon.
Sec. 334. States.
Sec. 335. State programs.
`Part F--Miscellaneous
`Sec. 861. State programs.
`Sec. 862. Grants for support of air pollution control programs.
Sec. 336. Enforcement.
Sec. 337. Conforming amendments.
Sec. 338. Davis-Bacon compliance.
Sec. 339. National strategy for domestic biological carbon sequestration.
Sec. 340. Reducing acid rain and mercury pollution.
Subtitle D--Carbon Market Assurance
Sec. 341. Carbon market assurance.
`Part IV--Carbon Market Assurance
`Sec. 401. Oversight and assurance of carbon markets.
`Sec. 402. Applicability of Part III provisions.
`Sec. 1041. Fraud and false statements in connection with regulated allowances.
Sec. 342. Carbon derivative markets.
Subtitle E--Additional Market Assurance
Sec. 351. Regulation of certain transactions in derivatives involving energy commodities.
Sec. 352. No effect on authority of the Federal Energy Regulatory Commission.
Sec. 353. Inspector General of the Commodity Futures Trading Commission.
Sec. 354. Settlement and clearing through registered derivatives clearing organizations.
Sec. 355. Limitation on eligibility to purchase a credit default swap.
Sec. 356. Transaction fees.
Sec. 357. No effect on antitrust law or authority of the Federal Trade Commission.
Sec. 358. Effect of derivatives regulatory reform legislation.
Sec. 359. Cease-and-desist authority.
Sec. 360. Presidential review of regulations.
TITLE IV--TRANSITIONING TO A CLEAN ENERGY ECONOMY
Subtitle A--Ensuring Real Reductions in Industrial Emissions
Sec. 401. Ensuring real reductions in industrial emissions.
`Part F--Ensuring Real Reductions in Industrial Emissions
`Sec. 761. Purposes.
`Sec. 762. Definitions.
`subpart 1--emission allowance rebate program
`Sec. 763. Eligible industrial sectors.
`Sec. 764. Distribution of emission allowance rebates.
`subpart 2--promoting international reductions in industrial emissions
`Sec. 765. International negotiations.
`Sec. 766. United States negotiating objectives with respect to multilateral environmental negotiations.
`Sec. 767. Presidential reports and determinations.
`Sec. 768. International reserve allowance program.
`Sec. 769. Iron and steel sector.
Subtitle B--Green Jobs and Worker Transition
Part 1--Green Jobs
Sec. 421. Clean energy curriculum development grants.
Sec. 422. Increased funding for energy worker training program.
Sec. 423. Development of Information and Resources clearinghouse for vocational education and job training in renewable energy sectors.
Sec. 424. Monitoring program effectiveness.
Sec. 424A. Green construction careers demonstration project.
Part 2--Climate Change Worker Adjustment Assistance
Sec. 425. Petitions, eligibility requirements, and determinations.
Sec. 426. Program benefits.
Sec. 427. General provisions.
Subtitle C--Consumer Assistance
Sec. 431. Energy refund program.
`TITLE XXII--ENERGY REFUND PROGRAM
`Sec. 2201. Energy refund program.
Sec. 432. Modification of earned income credit amount for individuals with no qualifying children.
Sec. 433. Protection of Social Security and Medicare trust funds.
Subtitle D--Exporting Clean Technology
Sec. 441. Findings and purposes.
Sec. 442. Definitions.
Sec. 443. Governance.
Sec. 444. Determination of eligible countries.
Sec. 445. Qualifying activities.
Sec. 446. Assistance.
Subtitle E--Adapting to Climate Change
Part 1--Domestic Adaptation
subpart a--national climate change adaptation program
Sec. 451. Global change research and data management.
Sec. 452. National Climate Service.
Sec. 453. State programs to build resilience to climate change impacts.
subpart b--public health and climate change
Sec. 461. Sense of Congress on public health and climate change.
Sec. 462. Relationship to other laws.
Sec. 463. National strategic action plan.
Sec. 464. Advisory board.
Sec. 465. Reports.
Sec. 466. Definitions.
Sec. 467. Climate Change Health Protection and Promotion Fund.
subpart c--natural resource adaptation
Sec. 471. Purposes.
Sec. 472. Natural resources climate change adaptation policy.
Sec. 473. Definitions.
Sec. 474. Council on Environmental Quality.
Sec. 475. Natural Resources Climate Change Adaptation Panel.
Sec. 476. Natural Resources Climate Change Adaptation Strategy.
Sec. 477. Natural resources adaptation science and information.
Sec. 478. Federal natural resource agency adaptation plans.
Sec. 479. State natural resources adaptation plans.
Sec. 480. Natural Resources Climate Change Adaptation Fund.
Sec. 481. National Wildlife Habitat and Corridors Information Program.
Sec. 482. Additional provisions regarding Indian tribes.
Part 2--International Climate Change Adaptation Program
Sec. 491. Findings and purposes.
Sec. 492. Definitions.
Sec. 493. International Climate Change Adaptation Program.
Sec. 494. Distribution of allowances.
Sec. 495. Bilateral assistance.
TITLE V--AGRICULTURAL AND FORESTRY RELATED OFFSETS
Subtitle A--Offset Credit Program From Domestic Agricultural and Forestry Sources
Sec. 501. Definitions.
Sec. 502. Establishment of offset credit program from domestic agricultural and forestry sources.
Sec. 503. List of eligible domestic agricultural and forestry offset practice types.
Sec. 504. Requirements for domestic agricultural and forestry practices.
Sec. 505. Project plan submission and approval.
Sec. 506. Verification of offset practices.
Sec. 507. Certification of offset credits.
Sec. 508. Ownership and transfer of offset credits.
Sec. 509. Program review and revision.
Sec. 510. Environmental considerations.
Sec. 511. Audits.
Subtitle B--USDA Greenhouse Gas Emission Reduction and Sequestration Advisory Committee
Sec. 531. Establishment of USDA Greenhouse Gas Emission Reduction and Sequestration Advisory Committee.
Subtitle C--Miscellaneous
Sec. 551. International indirect land use changes.
Sec. 552. Biomass-based diesel.
Sec. 553. Modification of definition of renewable biomass.
- well, I'm reading, they're listening. I'm hoping that will be a memory that will stick with them when they're older.
