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Keyword: taxes

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  • Obama Wants End to 'Mindless Austerity' in 2016 Spending Plan [He suggested sequester, now opposes]

    01/30/2015 5:04:43 AM PST · by SoFloFreeper · 1 replies
    The statement said the automatic spending cuts, known in Washington as "sequestration," had hurt the U.S. economy and its military. Obama, the White House said, will seek to "fully reverse" cuts in domestic spending while providing equal spending boosts for military and national security programs.
  • Obama State of the Union Tax Proposal Would Hurt Middle Class

    01/29/2015 2:41:22 PM PST · by ThethoughtsofGreg · 6 replies
    American Legislator ^ | 1-29-15 | Ben Wilterdink
    During his seventh State of the Union Address, President Obama outlined his vision for an economic plan he claims will help the middle class. And for the seventh year in a row, President Obama has advocated for tax increases that will likely end up hurting those that he claims to help. The weekend before the annual address, the president released the full details of his tax plan, but the major components include raising the capital gains tax, increasing the death tax and taxing 529 college savings accounts, which represent a combined tax increase of $320 billion over ten years. These...
  • When Politics Defy Reality: The Real State of the Union Features Dishonesty and Deception

    01/28/2015 1:55:14 PM PST · by Kaslin · 3 replies
    Townhall.com ^ | January 28, 2015 | Dr Ben Carson
    In his recent State of the Union address, President Obama was upbeat and inspiring, particularly if a listener had no prior knowledge of his many speeches that were quite similar but bore no fruit. It almost appeared that he was living in an alternate universe that bore no resemblance to present-day America and the current global stage. He boasted that the economy was doing very well and that unemployment had been cut in half since he took office. Perhaps someone should educate him about the labor force participation rate, which is at its lowest point in the past 36 years...
  • Obama's Tax Reform Flip-flop

    01/28/2015 4:15:16 AM PST · by Kaslin · 6 replies
    Townhall.com ^ | January 27, 2015 | Daniel Doherty
    First, the basics of the presidentÂ’s new tax proposal: Obama presented his 529 tax plan during his last State of the Union address. The plan consists of raising $1 billion over 10 years by taxing capital gains realized in withdrawals from 529 savings accounts. According to surveys cited by the White House, 70 percent of 529 account assets are held by families earning over $200,000 per year. But what exactly are 529 savings accounts -- and who usually invests in them? Glenn Reynolds explains: Though millions of Americans have been putting money into "tax free" 529 plans to save for...
  • New Program: Crowdfunding Government

    01/27/2015 6:36:59 PM PST · by MichCapCon · 2 replies
    Capitol Confidential ^ | 1/20/2015 | Tom Gantert
    In promoting a new variation on its expansive mission, a recent Michigan Economic Development Corporation press release referenced a "surge in new businesses, restaurants and shops." However, none of those enterprises will receive any of the $50,000 MEDC is kicking in to a “crowdfunding” project sponsored by the Michigan Municipal League, a lobbying and information resource organization funded by local governments. Instead, a total of $100,000 will be turned over to the City of Ypsilanti to convert a city-owned farmers market called the Freighthouse into a “community center.” Essentially, a state “economic development” agency is helping a government-funded lobbyist organization...
  • Progressive Want to Track (and Tax) Your Cars Too...Really

    01/27/2015 6:21:10 AM PST · by Kaslin · 13 replies
    Townhall.com ^ | January 27, 2015 | John Ransom
    In the race for more tax money-- and government solutions-- the Feds and the states are invading your privacy with increasing regularity. Several states, including Colorado, Oregon and California are studying proposals today to equip cars with GPS tracking devices so that they can tax drivers by the mile they drive. In part this is happening as gas tax revenues are going down because the government insists on: 1) raising the gas tax to discourage driving and 2) establishing fuel efficiency standards that have people using less gasoline. So states, which use gas tax money to build roads, now claim...
  • Uncle Sam Is Coming After Your Savings

    01/26/2015 7:35:15 AM PST · by reaganaut1 · 45 replies
    Bloomberg | January 23, 2015 | Megan Mcardle
    No excerpt allowed from Bloomberg, column here.
  • So, What’s to Become of Obama’s SOTU Tax Proposals?

    01/26/2015 7:56:02 AM PST · by SeekAndFind · 10 replies
    Pajamas Media ^ | 01/26/2015 | Bill Straub
    WASHINGTON – President Obama and the Republican-led Congress are in agreement that tax reform needs to be a priority this year but the two sides can’t find common ground on how to achieve that goal. In his State of the Union speech, Obama laid out a sweeping plan that raises some corporate taxes and the estate tax while simultaneously providing cuts for middle class families. The capital gains tax would go from 25 percent to 28 percent, and the proposal would impose a fee on the nation’s largest banks. During an appearance in Boise, Idaho, in wake of his address...
  • Ignoring history, Obama falsely claims that raising the capital gains tax yields higher tax revenue

    01/26/2015 3:01:44 AM PST · by grundle · 12 replies
    wordpress ^ | January 24, 2015 | Dan from Squirrel Hill
    Dan from Squirrel Hill's Blog Ignoring history, Obama falsely claims that raising the capital gains tax yields higher tax revenue The Washington Times recently reported:Obama’s State of the Union speech to include $320B tax hike proposalPresident wants capital gains rate, bank fees raisedPresident Obama will propose $320 billion in higher taxes in his State of the Union address, mostly by raising the rate on capital gains and closing tax loopholes for wealthier families, senior administration officials said Saturday.Previewing Mr. Obama’s State of the Union address to Congress on Tuesday night, aides said the president will propose raising the top tax rate...
  • Denis McDonough on Adm's domestic, foreign policy priorities ["trust funds,"tax rate,prisoners]

    01/26/2015 2:57:03 AM PST · by Cincinatus' Wife · 2 replies
    Fox News Sunday ^ | January 25, 2015 | transcript
    ...WALLACE:The White House has made it clear that it flatly opposes paying ransom..now,ISIS is making a new demand,offering a swap of the Japanese hostage for a terrorist being held in Jordan.Is that something to be considered?MCDONOUGH:You know,our policies are pretty well set..We don't get into negotiation with terrorists.We don't pay ransom..we're not going to do that.WALLACE:And a prisoner swap?MCDONOUGH:We're not going to do that.WALLACE:And you would advise the Japanese not to do that......WALLACE:..the president wants to pay for free community college,for increased child care tax credits by raising taxes on the wealthy,$210 billion over 10 years......WALLACE:..during the Obama years,the top...
  • Ted Cruz takes aim at IRS and ISIS: ‘Time to face reality’ of Obama failures

    01/25/2015 7:27:57 PM PST · by 2ndDivisionVet · 13 replies
    BizPac Review ^ | January 25, 2015 | Carmine Sabia
    U.S. Sen. Ted Cruz used his appearance at this weekend’s Iowa Freedom Summit to excoriate Obamacare, Islamic State militants and that other evil scourge: the Internal Revenue Service. “The most important tax reform we can do is abolish the IRS,” Cruz said to the delight of attendees at the conservative event. (VIDEO-AT-LINK) Turning his aim on Obamacare, the senator said it’s time to “repeal every word” of President Obama’s signature health care legislation. But Cruz saved his harshest critique for Obama’s handling of Islamic State, the terrorist group some refer to by the acronym, ISIS. “What’s happening in Iraq is...
  • Obamacare recipients must deal with IRS this tax season (Pelosi knew)

    01/25/2015 4:36:25 PM PST · by Libloather · 17 replies
    Daily Democrat ^ | 1/24/15 | Tracy Seipel
    More than a million Californians benefitted from federally subsidized health insurance in 2014 through the nation's health care law. But now the law is about to give many of them a migraine. It's tax season, and for the first time Obamacare is showing up on tax forms. And it's leading to confusion and angst over new rules and their impact on taxpayers' pocketbooks. That's because taxpayers must now reconcile the subsidy they received with the income they estimated they would earn last year. In addition, people who ignored the Affordable Care Act's requirement to obtain health insurance in 2014 now...
  • Changes To TurboTax Lead To Consumer Revolt, Opportunity For Competitors

    01/25/2015 8:35:30 AM PST · by ken in texas · 32 replies
    Consumerist web site ^ | 1/23/15 | Laura Northrup
    - begin excerpt - What Intuit did for tax year 2014 is change which services come with each tier, shifting some of the forms to the more expensive versions. They made the same changes to the pricing tiers on their Web-based service for 2013, so the change is not entirely unexpected. The first rumblings came as soon as the software was released last year, and some true early birds got a head start on their returns. They noticed that something was missing: some pretty common forms that had always been part of TurboTax Deluxe. These included: Schedule C (self-employment expenses...
  • Scott Walker expected to include "jock tax" proposal for arena funding in state budget

    01/24/2015 1:05:22 AM PST · by SoConPubbie · 7 replies
    Walker is likely to announce the arena-funding plan before his budget address [on February 3] because the arena issue would otherwise be a distraction to his main budget messages, an influential Republican legislator told the Business Journal Friday. Walker has been hearing from the MMAC and other Milwaukee-area business executives who support the arena project."Ninety-five percent of what (Walker) puts in the budget stays," the influential Republican legislator told the Business Journal Friday. "It would take a lot of momentum to get something out of the budget."Another source familiar with the arena push said that while the "jock tax" will...
  • [Scott] Walker adds "Iowa expert" to his political campaign team

    01/23/2015 1:18:13 PM PST · by Laissez-faire capitalist · 73 replies
    WQAD Quad Cities ^ | 1/23/2015 | Shelly Nelson
    Wisconsin Gov. Scott Walker is adding a veteran GOP strategist and Iowa expert to his political team as the Wisconsin Republican considers a possible 2016 presidential bid. The addition of David Polyansky gives Walker's team a big dose of Iowa experience. The strategist helped engineer former Arkansas Gov. Mike Huckabee's win in the 2008 Iowa Republican caucuses and also served as deputy campaign manager for former Minnesota Rep. Michele Bachmann, who won the 2011 Iowa straw poll.
  • Middle Class: Collateral Damage From Obama Tax Proposal

    01/23/2015 11:32:35 AM PST · by Kaslin · 15 replies
    Townhall.com ^ | January 23, 2015 | Hank Adler
    Let's assume George and Ethel, two teachers, purchased their Southern California home in 1966 for $45,000. Lets also assume that over the next fifty years, the value of the house increased to $1,345,000. Let's also assume that George and Ethel had four children and each of them went to a private four year college and that George and Ethel continued to re-finance their home to put their children through college and take a few cruises. Today, there is a $1,145,000 loan on the house. With pensions and other savings, the now retired teachers manage to pay their mortgage and live...
  • Liberal Group Bashes Republican Governor for Democratic Governor’s Program

    01/23/2015 6:45:51 AM PST · by MichCapCon · 2 replies
    Capitol Confidential ^ | 1/20/2015 | Jarrett Skorup
    In a post on Twitter, the left-wing advocacy group Progress Michigan criticized Gov. Rick Snyder for corporate tax credits that are causing revenue estimates to be lower than previous projections. “#Snyder corporate tax credits led to $454M #budget shortfall. Where are those accounting skills when you need them?” the group tweets. ForTheRecord says: Michigan previously had a tax credit program known as the Michigan Economic Growth Authority, in which the number of and amount of credits exploded exponentially under previous Gov. Jennifer Granholm. The MEGA program was ended by Gov. Snyder shortly after he took office. The current budget shortfall...
  • Affordable Care Excise Tax, Part III

    01/23/2015 5:45:27 AM PST · by NaturalBornConservative · 13 replies
    Natural Born Conservative ^ | January 22, 2015 | Larry Walker II
    Paying Your Fair Share:: By: Larry Walker II ::In Tax Simplification, Part II, I expounded on a 2010 Annual Report to Congress, in which National Taxpayer Advocate Nina E. Olson focused on the need for tax reform as the No. 1 priority in tax administration. In particular, she focused on the problem of delivering social benefits through the tax system, which complicates the mission of the Internal Revenue Service (IRS), resulting in a dual mission of welfare administration as well as revenue collection. But instead of taking heed, the federal government doubled down, adding a new health care excise tax...
  • Now He’s After Middle-Class Savers

    01/22/2015 10:18:13 AM PST · by reaganaut1 · 31 replies
    Wall Street Journal ^ | January 21, 2015
    President Obama is pitching his new tax plan as a way to help the middle class at the expense of the rich. But middle-class savers are bound to notice if he achieves two of the White House’s stated goals—to “roll back” tax benefits of 529 college savings plans and “repeal tax incentives going forward” for Coverdell Education Savings Accounts. Both plans allow parents, grandparents or anyone looking to help fund a kid’s education to contribute after-tax dollars into accounts that grow tax-free. There is also no tax when the money is withdrawn, provided it is used for qualified educational expenses...
  • EDITORIAL: State must end pension-boosting service credit option

    01/22/2015 7:43:22 AM PST · by redreno · 4 replies
    http://www.reviewjournal.com ^ | January 19, 2015 - 12:01am | EDITORIAL
    It’s not enough for the Nevada Legislature to change retirement benefits for future public employees. The state’s pension plan provides perks and payouts so absurdly generous that some of them need to be dialed back right away. Taxpayers are on the hook for billions of dollars worth of unfunded pension benefits, when they can barely afford to save for retirement themselves. It’s bad enough that they must subsidize benefits they’ll never have. But it’s outrageous that taxpayers subsidize the cost of providing government workers, who already retire far earlier than their private-sector peers, with even earlier retirements. In Sunday’s Review-Journal,...
  • Freep this poll

    01/22/2015 6:42:01 AM PST · by bfkirk · 5 replies
    Cleveland Plain Dealer ^ | January 22, 2015 | Plain Dealer Business Staff
    President Obama during his State of the Union address Tuesday night used the words "economy," "jobs" and "family" most often. When talking about the economy, the President laid out steps to aid moderate-income Americans to a skeptical Congress. In our adjacent poll, tell us what you think is the most important step to addressing income inequality in America.
  • Clintons seek to avoid a tax they once supported

    01/22/2015 2:36:27 AM PST · by SoFloFreeper · 6 replies
    Fortune.com ^ | 6/17/14 | Laura Lorenzetti
    Bill and Hillary are reportedly using tax advantaged strategies used by multimillionaires. Bill and Hillary Clinton are finding their way around an estate tax they have long supported, a cause they said would prevent the U.S. from being overrun by inherited wealth. The Clintons are employing a series of financial planning strategies that will help reduce the tax burden on future recipients, which can be as high as 40%, Bloomberg News reported.
  • President No Comes Into His Own - Showing respect for one’s enemies — unless they be Republicans

    01/22/2015 12:19:05 AM PST · by Cincinatus' Wife · 9 replies
    The American Spectator ^ | January 22, 2015 | Jeffrey Lord
    Call him President No. He doesn’t want to cut taxes. He will veto any attempt to overturn the mess of Obamacare. He is adamant about opposing anyone who wants to undoing his executive order on amnesty, or his sudden turnabout of U.S. policy on Cuba. He won’t say yes to the Keystone XL pipeline. And hell will freeze over before he utters the words “radical Islamic terrorism.” Now the White House is furious that Speaker John Boehner has issued a February 11th invitation for Israeli Prime Minister Benjamin Netanyahu to address Congress, this just hours after the president made it...
  • Obama's Tax on Stay-At-Home Moms

    01/21/2015 1:03:49 PM PST · by Kaslin · 10 replies
    Townhall.com ^ | January 21, 2015 | Terry Jeffrey
    resident Obama's disrespect for motherhood has manifested itself in policies ranging from support for same-sex marriage to defense of a form of abortion that involves forcing a baby into a drug-induced premature delivery and then leaving that little one to die. When it comes to the most vulnerable and innocent human beings -- those for whom great mothers have great hearts -- Obama has a heart of stone. It is demonstrably true that he does not believe a child has a right to a mother or a need for a mother. If he did, he could not support same-sex marriages...
  • Obama's State of Disunion

    01/21/2015 12:55:31 PM PST · by Kaslin · 16 replies
    Townhall.com ^ | January 21, 2015 | Conn Carroll
    President Obama is either the most cynical man in Washington today, or the blindest.That is the only conclusion one can reach after being subjected to his 2015 State of the Union Address."You know, just over a decade ago, I gave a speech in Boston where I said there wasn't a liberal America, or a conservative America," Obama recounted. "Over the past six years, the pundits have pointed out more than once that my presidency hasn't delivered on this vision," Obama continued. "How ironic, they say, that our politics seems more divided than ever." At this point, even a slightly more honest or self-aware politician...
  • A Terrible, Horrible, No Good, Very Bad Idea

    01/21/2015 11:35:39 AM PST · by lifeofgrace · 4 replies
    Charting Course ^ | 1/21/15 | Steve Berman
    Taxing Section 529 tax-free education plans is a terrible, horrible, no good, very bad idea. Of all the lying, broken campaign promises,and studied burglary President Obama has committed over the past six years—seven really, if you count his first campaign—this has to be the worst. He who can’t help but toot his own horn (tooting his horn was his only moment of clarity in the whole State of the Union Speech), said this last night: Of course, the education race doesn't end with a high school diploma. To compete, higher education must be within the reach of every American. (Applause.) That's why we've ended...
  • Despite 'Tax Cut Fever,' State Revenue Grows by Billions

    01/21/2015 6:10:09 AM PST · by MichCapCon · 2 replies
    Michigan Capitol Confidential ^ | 1/20/2015 | Tom Gantert
    According to media reports, taxpayers may be thinking they are in the midst of a tax-cutting spree by the government. A Jan. 2 Michigan Radio headline read: “Snyder tries to chill tax cut fever” Earlier in 2014, John Austin, the director of the Michigan Economic Center at Prima Civitas Foundation as well as the president of the Michigan State Board of Education, wrote an article for Bridge magazine titled: “Constant tax cuts killing Pure Michigan” in which he bemoaned Michigan’s “tax cutting mania.” But in terms of an actual reduction in a tax rate, the state has enjoyed such an...
  • FR CPA's & all Tax Pro's will "3115" Burden Small Businesses?

    01/21/2015 6:05:10 AM PST · by taildragger · 21 replies
    1/21/2015 | taildragger
    FR Tax Pro's I need your feedback.The following are the main points post an indirect conversation with a CPA after they attended a Seminar on Section 3115, and changes to the "Code".This has to do with Section 179 expensing vs. going to the Deprecation Schedule(s).Here they are: * Not expensing any capital goods over $500. * They want businesses to depreciate any capital good (Marcs) above $500. * "They" might want businesses to go back and amend many years to comply. * No statue of limitation as to how far back "they" can go. * If the CPA's makes a...
  • President Obama's Tax Hike Plan Is A Plan For Failure

    01/20/2015 3:20:01 PM PST · by jazusamo · 8 replies
    Investots.com ^ | January 20, 2015 | Stephen Moore
    President Obama will deliver yet another State of the Union Address with much the same message and policy prescription of his first six: Spread the wealth around. He wants $320 billion in new taxes on both the middle class and wealthy over the next decade to pay for income redistribution handout programs that are supposed to help the poor and middle class. But Obama has been president now for six years. If his redistribution policies worked, why are the poor getting poorer and why has the middle class stalled out? Is this George Bush's fault? The irony of the Obama...
  • SOTU Preview: Dress to Kill and Soak the Rich

    01/20/2015 9:43:58 AM PST · by NOBO2012 · 10 replies
    Michelle Obama's Mirror ^ | 1-20-2015 | MOTUS
    You know what they say: the only things you can count on are death and taxes. And with Big Guy’s new plan - scheduled for the big reveal tonight – we get both rolled into WON! That’s right, the retreaded Robin Hood agenda includes new, stiff Grim Reaper taxes. So if you didn’t earn that yourself, you’ll have to share it with BigGov.com who will redistribute it for you: to the poor - and, if there’s any left after we’ve leveled the playing field for America’s least fortunate, the middle class.Our current cute-white-guy-spokes-mouth, “Josh” “Ernest” has been practicing reeling our...
  • Cell Phone and TV Tax Cut [Florida REPUBLICAN Governor Budget]

    01/20/2015 7:56:27 AM PST · by SoFloFreeper · 6 replies
    flgov.com ^ | 1/20/15
    Florida's Cell phone and TV tax is a heavy burden on Florida's families......
  • Obama Buries the Bad News Of State of the Union Over the Long Weekend

    01/20/2015 6:49:43 AM PST · by SeekAndFind · 10 replies
    New York Sun ^ | 01/20/2015 | Ira Stoll
    Trying to bury bad news by releasing it over a holiday weekend is one of the oldest tricks in the book. What makes it funny in the case of President Obama is that the bad news isn’t some inspector general’s report or inside-the-Beltway scandal, but the details of the $320 billion tax increase that Mr. Obama himself plans to ask for in his State of the Union address this week. The White House fact sheet on the tax increase was released at 8 p.m. on Saturday night of the three-day Martin Luther King Jr. holiday weekend. Compare it with...
  • Let's Pay for 'Free' Community College by Taxing College Savings!

    01/19/2015 10:51:18 AM PST · by reaganaut1 · 49 replies
    Reason ^ | January 19, 2015 | Scott Shackford
    President Barack Obama's State of the Union Address tomorrow proposes $320 billion in taxes over the next 10 years. Pretty much every new story is presenting it as "increasing taxes on the wealthiest" to pay for programs to help the middle class. That's bad enough. It's not like he's proposing increasing taxes to pay for fundamental government operations. It's just a wealth transfer to cover the "costs" of offering up tax credits to famillies with two working parents (screw you, stay-at-home moms and dads!). But beyond that, Americans for Tax Reform looked at the package and point out several ways...
  • H&R Block: ‘No One Can Understand’ New Obamacare Tax Code

    01/19/2015 9:25:09 AM PST · by servo1969 · 42 replies
    dailycaller.com ^ | 1-19-2015 | RICHARD POLLOCK
    “Now that the Affordable Care Act has made health care a tax issue, no one can understand it,” H&R Block flatly tells taxpayers in a video that resides on its dedicated Obamacare web site. A former IRS Commissioner agrees, and cautions that the new tax requirements will be a “shock to the system,” especially afflicting low-income earners who have never itemized on their tax return.The tax preparation giant — with 24 million tax clients worldwide — reports that the Obamacare tax rules now constitute “the biggest tax code change in the last 20 years.”The company is so concerned, it has...
  • How does the GOP fight a populist, tax the rich proposal by Obama?

    01/19/2015 7:33:18 AM PST · by SeekAndFind · 34 replies
    Hotair ^ | 01/19/2015 | Jazz Shaw
    President Obama and his Democrat allies are back to their usual Eat the Rich strategy, one which will be on display at the State of the Union. Noah talked about this last night and left some interesting questions on the table. Even though some of these tax increases will do the middle class no favors, it is not clear they will be rejected by a majority of the public. Pollsters increasingly find that the Democratic PartyÂ’s message of economic populism is resonating with a public that has not seen their incomes increase in years. This is a message which...
  • Obama Wants Huge Spending Hike As Debt Tops $18 Trillion

    01/19/2015 6:18:17 AM PST · by SeekAndFind · 12 replies
    IBD ^ | 01/19/2015
    President Obama's budget for next year will call for a $68 billion boost in spending. It's just another in a line of fiscally irresponsible plans that have been the hallmark of this administration. Obama's official budget plan won't come out until Feb. 2, but he's already leaked the fact that he wants a 7% boost in discretionary programs above the spending caps he agreed to in exchange for getting his tax hikes. He'd split the money evenly between national security and domestic programs. In Obama's mind, more spending only makes sense, since deficits have been tumbling in recent years —...
  • Doom: IRS Complains About Budget Cuts, Forgets The Back Taxes IRS Employees Owe

    01/19/2015 5:28:31 AM PST · by george76 · 14 replies
    Townhall ^ | Jan 15, 2015 | Katie Pavlich
    IRS Commissioner John Koskinen, infamous for his defiant congressional testimony about the inappropriate targeting of conservative tea party groups, is warning that budget cuts to the agency will cause delayed refunds, more identity theft, long wait times for help and a possible shut down of the agency ... Koskinen doesn't mention the extra hell Obamacare rules are putting tax filers through this year... Maybe Koskinen should ask IRS employees who owe back taxes to pay up in order to help fill the gap. Or how about avoiding handing out bonuses worth millions to employees who owe back taxes to the...
  • Obamacare penalty may come as shock at tax time

    01/18/2015 7:12:51 PM PST · by george76 · 57 replies
    Washington Times ^ | January 18, 2015 | Tom Howell Jr.
    Those Americans who didn’t get health insurance last year could be in for a rude awakening when the IRS asks them to fork over their Obamacare penalty — and it could be a lot more than the $95 many of them may be expecting. The Affordable Care Act requires those who didn’t have insurance last year and didn’t qualify for one of the exemptions to pay a tax penalty, which was widely cited as $95 the first year. But the $95 is actually a minimum, and middle- and upper-income families will actually end up paying 1 percent of their household...
  • Obama plans to increase taxes on couples making more than $500,000 to 28% to 'help middle class'

    01/18/2015 3:26:44 PM PST · by Libloather · 34 replies
    Daily Mail ^ | 1/18/15
    **SNIP** Obama will ask lawmakers to close a loophole allowing capital gains on inherited funds to go untaxed -- a so-called "trust fund" loophole the White House says allows billions of dollars in capital gains to go untapped by the government every year. The administration’s proposal would exempt the first $200,000 in capital gains per couple plus $500,000 for a home, along with all personal property except for valuable art and collectibles. The rest would be treated for income-tax purposes as if it had been sold. The total amount of money raised for the government by these actions would be...
  • Large Penalties Await Employers Who Reimbursed Certain Employee Health Insurance Premiums In 2014

    01/18/2015 3:00:33 PM PST · by dila813 · 10 replies
    Forbes ^ | 1/18/2015 @ 5:32PM | Tony Nitti
    Do you have people – as in, more than one – working for you? If so, you’re probably knee deep in preparing Forms W-2 for your employees before the January 31st deadline. Well, what if I told you that when you send in those forms, unless you’re aware of an under-publicized change to the insurance and tax laws that took place on January 1, 2014, you might be exposing yourself to tens or even hundreds, of thousands of dollars in penalties? And what if I told you that even if reading this column makes you aware of the required change,...
  • Obama Seeks To Reduce Middle Class Taxes, Close Loopholes For Wealthy [ To Propose this in SOTU ]

    01/18/2015 11:31:25 AM PST · by SeekAndFind · 71 replies
    The Uptake ^ | 01/18/2015 | By: MICHAEL MCINTEE
    In his State of The Union address this week, President Obama will propose congress lower taxes on the middle class and close loopholes that the rich often use. A press release from the White House says Obama has a strategy that will “simplify our complex tax code, make it fairer by eliminating some of the biggest loopholes, and use the savings to responsibly pay for the investments we need to help middle class families get ahead and grow the economy.”According to a release from the White House Press Secretary, the changes President Obama will propose include: Closing One of the...
  • Gov. Sam Brownback’s proposed budget fix slows income tax cuts, hikes taxes

    01/18/2015 8:48:01 AM PST · by DallasBiff · 12 replies
    Kansas.com ^ | 1/16/15 | Bryan Lowry
    Taxes on a pack of cigarettes would nearly triple from 79 cents a pack to $2.29 per pack. And taxes on liquor would rise to 12 percent from 8 percent.
  • Obama outlines tax plan ahead of SOTU [Tax Hikes to pay for Tax Cuts for the Middle Class]

    01/18/2015 8:32:38 AM PST · by SeekAndFind · 27 replies
    The Hill ^ | 01/18/2015 | By Vicki Needham
    President Obama will call for higher taxes on the wealthy and large financial institutions in his State of the Union address on Tuesday. Obama will propose that the $320 billion in tax hikes be used to pay for tax cuts for the middle class, as well as a range of programs, the White House said Saturday. His plan would generate $320 billion over 10 years by raising the capital gains and dividends rate to 28 percent — the same rate under President Reagan, White House officials point out — on inherited assets, such as trust funds. The proposal calls for...
  • Obama Pitches Capital Gain Hike To 28% In 'Simpler Fairer' Tax Code

    01/18/2015 4:54:42 AM PST · by dila813 · 47 replies
    Forbes ^ | Today | Robert W. Wood
    President Obama proposes massive tax hikes on the wealthy and says the loopholes they exploit need closing. 28% capital gain taxes are only the beginning. Right before his State of the Union address to a Republican controlled Congress, President Obama has thrown down a tax gauntlet, with $320 billion in tax hikes. His signature ideas would make community college free, and would extend sick leave to working families. But his massive batch of tax hikes is unlikely to be met with applause, even though he has cleverly invoked Ronald Reagan’s name to sell yet another big capital gain rate hike.
  • Obama’s State of the Union speech to include $320B tax hike proposal

    01/17/2015 5:49:17 PM PST · by jazusamo · 57 replies
    The Washington Times ^ | January 17, 2015 | Dave Boyer
    President wants capital gains rate, bank fees raisedEscalating his battle with congressional Republicans, President Obama will propose $320 billion in higher taxes in his State of the Union address, mostly by raising the rate on capital gains and closing tax loopholes for wealthier families, senior administration officials said Saturday. Mr. Obama also will call on lawmakers to impose a new fee on big banks with more than $50 billion in assets to discourage risky financial investments, a holdover from the Wall Street crisis that is sure to appeal to the president’s liberal base. The money raised would pay for a...
  • Ted Cruz: Loose Cannon or Libertarian Reformer?

    01/17/2015 9:51:20 AM PST · by 2ndDivisionVet · 105 replies
    Reason Magazine ^ | The February 2015 Issue | Glenn Garvin
    The Texas senator might be just crazy enough to win the GOP presidential nomination.As they used to say in the old westerns, it was quiet out there-too quiet. So no one was really surprised when Ted Cruz announced to The Washington Post the weekend before the November election that his brief flirtation with civilized behavior was nearing its end. For months, the Texas senator had abandoned his "the guy with dynamite strapped to his chest" persona, as one Republican political strategist describes it, to be a team player, crisscrossing the country to campaign for GOP candidates. No filibusters on the...
  • Growers struggle with glut of legal pot in Washington state

    01/16/2015 7:20:24 AM PST · by posterchild · 298 replies
    AP via finance.yahoo.com ^ | Jan 16, 2015 | Gene Johnson
    SEATTLE (AP) — Washington's legal marijuana market opened last summer to a dearth of weed. Some stores periodically closed because they didn't have pot to sell. Prices were through the roof. Six months later, the equation has flipped, bringing serious growing pains to the new industry. A big harvest of sun-grown marijuana from eastern Washington last fall flooded the market. Prices are starting to come down in the state's licensed pot shops, but due to the glut, growers are — surprisingly — struggling to sell their marijuana. Some are already worried about going belly-up, finding it tougher than expected to...
  • Suppose Islam Had a Holocaust and No One Noticed

    01/16/2015 3:01:22 AM PST · by Mount Athos · 13 replies
    FrontPage Mag ^ | January 16, 2015 | Daniel Greenfield
    While Western newspapers were debating whether or not to reprint the Mohammed cartoons, in Nigeria as many as 2,000 people were massacred by the Islamic State in Nigeria, also known as Boko Haram, in what is being called the deadliest attack by the Muslim group to date. Survivors described the Islamic State setting up efficient killing teams and massacring everyone while shouting “Allahu Akbar”. “For five kilometers (three miles), I kept stepping on dead bodies until I reached Malam Karanti village, which was also deserted and burnt,” one survivor said. There’s a word for that. It’s genocide. The Islamic State...
  • Ted Cruz's Best Idea Yet: Reform Taxes And Abolish IRS

    01/15/2015 7:13:15 PM PST · by 2ndDivisionVet · 44 replies
    Investor's Business Daily ^ | January 15, 2015 | Editorial Staff
    Tax Reform: Texas Sen. Ted Cruz, a possible Republican presidential candidate in 2016, might have hit on the most important fiscal issue facing the U.S.: the need for major tax reform. But he takes it a step further. Speaking Monday, the senator from Texas threw another thunderbolt: Republicans should use their control of Congress to get rid of the Internal Revenue Service. "We need to pass fundamental tax reform making our tax code simpler, flatter, fairer," he told a crowd at a Heritage Foundation event. "And I'll tell you, the single most important tax reform, we should abolish the IRS."...
  • Need help filing out your tax return? Don't call the IRS

    01/14/2015 6:53:55 PM PST · by Mariner · 18 replies
    AP ^ | 1/14/2015 | By STEPHEN OHLEMACHER
    WASHINGTON (AP) — Filing a federal tax return is about to get more complicated for millions of families because of President Barack Obama's health law. But they shouldn't expect much help from the Internal Revenue Service. Got a question for the IRS? Good luck reaching someone by phone. The tax agency says only half of the 100 million people expected to call this year will be able to reach a person. Callers who do get through may have to wait on hold for 30 minutes or more to talk to someone who will answer only the simplest questions. "Taxpayers who...