Port Security
Much ado was made about the United Arab Emirates’ purchase of a British company operating American ports.
It was especially interesting when you heard the left-wing politicos who were bashing President Bush about being too tough on Arabs accusing him of befriending them. Even in my own household there was a momentary divide on this issue.
The president came out in his usual Texas way and said there is no room for discussion, which always makes my day when he’s dealing with the Europeans, but in this case probably was not too savvy.
Hillary, who started the uproar over the careless behavior of the Bush administration, sent her loyal lap dog Chuck Schumer to write a bill that would allow Congress to veto the president’s veto.
To make matters more interesting, this being an election year, the Republicans joined the Democrats in a little Bush-bashing.
And to top off the confusion there was my favorite know-it-all, Jimmy the Nobel Peace Prize-winning Carter, siding with the president.
You can’t buy this kind of entertainment!
I’m baffled too, but politics is all about show.
America has been the bastion of free enterprise. This concept has allowed our country to become the powerhouse of entrepreneurship. A large part of this success has been brought about by allowing investment of foreign money into our infrastructure.
On an emotional level I would be the first person to oppose any part of this country being owned by foreign governments. On an emotional level, I wanted every bearded Muslim male in this country questioned and followed after Sept. 11.
But thankfully I’m only emotional 35% of the time and in this case the logic of what America is really about has to prevail over emotion.
Foreign companies own quite a big chunk in this country. If I recall correctly, Great Britain is the largest investor followed by a few other Europeans, followed by Asians and then the infamous Arab world.
Even the Iranian Mullahs own a bit of the American way. They might babble against the Great Satan but they understand the value of the mighty dollar and love the investment security.
I can understand the issues of port security, but I can’t recall ever going through an airport checkpoint without someone with a foreign accent asking me to take my shoes off or place my phone in the bin.
It’s a bit amusing to worry about ownership when so many factors come into play.
I’m not sure why UAE even wanted this deal considering the responsibility they would feel to make sure nothing happens while they’re on watch. No doubt they remember what happened to the Taliban and Saddam for being in the wrong place at the wrong time.
The security of these ports is much more a matter of life and death to the UAE than any other investor, who might blame the U.S. government for any problem that might occur. I couldn’t see the UAE coming to the White House after an American port attack asking the U.S. taxpayer to save them from bankruptcy, as our airlines did after Sept 11.
Barbara Hiller Johnson
Cowan Heights
Charitable Giving
As Americans finalize their 2005 tax filings, it’s not too early for them to begin planning ways to reduce their taxes in ’06,and increase their refunds next year.
One strategy is charitable planned giving.
Planned giving makes it possible in some instances to make a tax-deductible gift to a charity while retaining the right to use the asset or to derive income, or payments, from it. Two popular tools are charitable gift annuities and charitable remainder trusts.
For example, through charitable planned giving it maybe possible to minimize taxation on an IRA or other pension plan. Through a charitable remainder trust it may be possible to turn highly appreciated property into income while removing assets from the estate, thereby eliminating the payment of capital-gains taxes and federal estate taxes (which combined can add up to 55%).
Investments that have decreased in value can be sold and the cash proceeds donated to charity. This could create a double deduction,the capital loss and the cash donation.
Charitable gift annuities allow donors to contribute cash or other assets to their favorite charities in exchange for fixed annual payments for life,especially significant for older Americans.
Taxpayers may deduct up to 50% of their adjusted gross income to a fully accredited charity with the IRS 501(C) (3) designation.
Gail Robson
Director of Estate and Asset Services
American Cancer Society Inc.
Santa Ana
