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Page 4 POST-GAZETTE, SEPTEMBER 30, 2011 FinanciallySpeaki n g with Ben Doherty OBAMA'S TAX PLAN President Obama's deficit reduction proposal is sure to win plaudits from Warren Buffett. It may get a chilly reception from small busi- nesses. Obama's $3 trillion deficit reduction plan in- cludes $1.5 trillion in tax hikes and would close vari- ous mortgage interests and charitable deductions, clos- ing charitable loopholes and requiring those making more than $I million to pay tax rates comparable to the middle-class. Middle-class families should not have to pay higher taxes than mil- lionaires and billionaires. Among higher income earn- ings, you're talking about resources to invest in start ups, new businesses and growing jobs. President of the Network Federation of Small Business Entrepreneurship Council Dan Deanor, re- sponds: "That's going to raise taxes on capital and America's biggest job cre- ators. At least 75% of small bus-inesses file taxes on business income at the in- dividual rate.  The Buffett rule was inspired by the bil- lionaire who pays less taxes than his employees. The Obama plan cuts spending by $2 trillion, excluding the $447 billion jobs plan. Re- publicans accused Obama of engaging in class warfare. "Pitting one group of Ameri- cans against another is not leadership," said House S)eaker John Boehner. The i Obama plan cuts spending by $1.1 trillion from the ex- pected wind down of Iraq and Afghanistan, $430 billion in interest savings, $580 bil- lion in cuts to Medicare, Medicaid, farm subsidies and other programs. Many of the spending programs are actual reductions in the rate of growth. They are chang- ing the path of spending. The Fed does a "twist" again with jobs sputtering. It voted to focus its massive balance sheet on long term treasuries to spur demand for housing and investment. The Central Bank bought $400 billion of U.S. Treasury securities with maturities of 6 years to 30 years and sold an equal amount of short term securities by mid 2012. The I0 year yield dived 7 basis points to 1.87%, its lowest since World War II, yet stocks sold off hard. The NASDAQ lost 2%, and the S&P 500 lost 2.9%. The so called operation twist, first tried in the early 1960s, should put added pressure on longer term interest rates and help make broader  financial conditions more accommodative, the Fed said in a statement follow- ing its two day meeting. Joel Nadoff, President of Nadoff Securities, said consumers are uncertain of the direc- tion of the economy and de- mand is not growing fast enough to increase job growth. The Fed says the job- less growth will fall gradu- ally. Inflation appears to have moderated thanks to the decline in the price of oil and other commodities. Yet consumer prices are higher now than they were last year which analysts say prevent the Fed from taking stronger action. The Fed has bought close to $2 trillion worth of bonds in two months of as- set purchases known as quantitative easing to keep interest rates low. The Brent Spense Bridge job spanning the Ohio/ Cincinnati river is a rally- ing cry for his $447 billion plan which includes $27 bil- lion in immediate highway spending. He aluded to it on October 8. The bridge is designed to last for decades now. It is functionally obso- lete as it's too small to handle the daily traffic of 150,000 cars and trucks leading to backups. The problem is construction on construction scheduled to start in 3-4 years. That makes the plan obsolete because it is not a shovel- ready project, and the bridge is 10 years away from completion. The reason is the federal approval process is astronomically nightmar- ish with red tape, and it looks impossible to do any time soori. It's time to call your Financial Advisor or call me at 617-337-5712. PROTECT YOUR RIGHTS! law Offices of David Grossack, "Lawyer of the Year" 1999 Massachusetts Lawyers Weekly CALL NOW: 617-965-9300 Personal Injury Law Automobile Accidents Wrongful Death Claims Assault Due to Poor Security Victims of Drunk Drivers/Alcohol-Related Injuries Divorce Landlord-Tenant Disputes Civil Litigation of All Kinds Business Problems David Grossack is nationally prominent for his innovative approaches to client problems and for numerous cases which are now in the law books. See Nollet v. Trial Court 83 F. Sup. 2d 204, United States v. The Building lnector of America 894 E Supp. 507, and Sinai v. New England Telephone 6 BNA IER CAS 56. For more information, visit www.grossack.com or call hOWl THINKINg > ..... by Sal Giarratani _---c Finding Insight Along Wollaston Beach When I lived close to Wollaston Beach, I was always walking the beach since the ocean has a way of clearing our senses and opening up insights that reach out from within our bodies. It is hard not to think straight walking this long beach which borders Quincy Shore Drive. You can see beyond the horizon and imagine what is on the un- seen side of it miles from shore. You can hear the ocean, listen to the seagulls and listen to the wind. Watching children splash into the water trying to catch an approaching wave or two, you imagine what the world would be like if there were no salty air or endless waves beating upon the sandy shores. I took a power walk the other afternoon to catch my breath and release stresses within me. Walking fast with the cool wind on my back, I grow less tired with the miles taken. I am awakened by the surrounding beauty. If I am lucky I might meet an old friend or two. My last walk found a man I knew from the street I once lived on. We talked about how life is and life was. We talked about our children that fol- lowedus. We talked about that which makes us stron- ger. We talked about passing age. We live and appreciate it all. We shook hands, said good bye and smiled in our parting. Finding a friend while trying to locate some in- sight is like a surprise gift we received without the asking. When my walk was com- pleted, I felt'better because I was better than when I started. Sometimes the world we seek is right there before us. Sometimes it is the skyline in the distance with all those structures looking like an island of steel and glass. Sometimes we feel our feet as both hit the pavement below. Other times, we catch the planes as they descend toward the airport. On our walks we can dream of someone else or ourselves. We can be hope- ful or distressed. We can understand who we are or we can continue to baffle ourselves as our time goes on. I've tried walking in the country, but all the trees just seem to block my viewpoint. In the woods, I can feel crowded. At the seashore, our life is expansive. We are free to move about our lives. We can understand who we are and where we are headed with the openness of a sandy beach. We are all mostly water which draws us to that (Continued on Page 12) I Giovanni the Italian Teck00 Press hs furry paw, and in Italian he greets you, inviting you to re- spond. Join him when he counts to ten, and when he sings, "Giro, Giro," Tondo" and "La Bella Lavanderina." Listen while Giovanm [[ teaches you "Good Night" and "Good Bye s' with the promise of seeing you again. Giovanni speaks only Italian and comes with a translation guide. Giovanni's sweater bears the Italian colors and on the bottom of his left foot, a miniature Italian flag. This cuddly 15' bear is a must for... $34.95 + S&H Order Giovanni and other Italian children's products online at www.ltalianChildrensMarket.com 310-427-2700 call for a free catalog! The Agency for all your Insurance Coverages Richard Settipane AUTO HOMEOWNERS TENANTS COMMERCIAL Experience makes the difference SPECIALIST in RESTAURANT and BUSINESS POLICIES CALL TODAY FOR YOUR QUOTE 617-523-3456 - Fax 617-723-9212 1 Longfellow - Place Suite 2322 - Boston, MA 02114 Conveniently located with Free Parking VISIT WWW.BOSTONPOSTGAZETTE.COM