Keyword: taxes

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  • Harry Reid is proud he lied about Mitt Romney's taxes

    03/31/2015 6:54:55 PM PDT · by george76 · 78 replies
    Washington Examiner ^ | March 31, 2015 | Ashe Schow
    Harry Reid, D-Nev. has no regrets about his 2012 claims that then presidential candidate Mitt Romney paid no taxes for 10 years. The outgoing Senate Minority Leader even bragged to CNN that the comments, which had been described as McCarthyism, helped keep Romney from winning the election. "They can call it whatever they want. Romney didn't win did he?" Reid said ... when Reid directly accused Romney of being a tax dodge, he did so from the safety of the Senate floor. Outside the protection of legislative immunity, Romney was only possibly a tax dodge. Not only does Reid not...
  • IRS chief to GOP: You can't abolish us

    03/31/2015 5:52:46 PM PDT · by 2ndDivisionVet · 48 replies
    The Hill ^ | March 31, 2015 | Bernie Becker
    (VIDEO-AT-LINK)The IRS commissioner on Tuesday brushed aside GOP proposals to abolish his agency, insisting the U.S. would have to have a tax collector one way or another. “You can call them something other than the IRS if that made you feel better,” the agency’s chief, John Koskinen, said after a speech at the National Press Club. Republicans have heaped even more criticism upon the agency than usual over the last 22 months because of its improper scrutiny of Tea Party groups. Sen. Ted Cruz (R-Texas) perhaps has made the most prominent calls to get rid of the IRS. While launching...
  • House Dem calls for tax on sugary drinks

    03/31/2015 2:13:05 PM PDT · by jazusamo · 51 replies
    The Hill ^ | Mach 31, 2015 | Christina Marcos
    Rep. Rosa DeLauro (D-Conn.) has introduced legislation to tax caloric sweeteners in beverages as a means of reducing obesity and other health conditions among Americans. DeLauro's bill would impose a tax of one cent per teaspoon of sweeteners like sugars and high fructose corn syrup. Beverages made from 100 percent fruit juice, nutritional therapies and infant formula would be exempted from the tax. Milk, including rice and soy, would also not qualify. The revenue would go toward federal research on diabetes, obesity, tooth decay and other dietary health conditions. DeLauro, who serves as the top Democrat on the House Appropriations...
  • Federal Income Tax Reporting - A Political Non-Issue?

    03/31/2015 8:49:18 AM PDT · by Kaslin · 7 replies
    Townhall.com ^ | March, 31, 2015 | Hank Adler
    The Internal Revenue Code is a mess. In this, most agree. Marco Rubio has announced his plan to reform the Internal Revenue Code and each Republican candidate will undoubtedly follow quickly with their own particular plan. As a former tax practitioner and a current tax professor, while I will like some plans more than others, unless the FairTax makes an untimely reappearance, I will believe that each plan is far better than the current Internal Revenue Code. (I co-authored a book entitled The FairTax Fantasy that in retrospect deems the FairTax flawed in ways so similar to Obamacare that it...
  • Time to Kill the Death Tax

    03/31/2015 8:31:37 AM PDT · by Kaslin · 22 replies
    Townhall.com ^ | March 31, 2015 | Grover Norquist
    For the first time in a decade, the U.S. House of Representatives may soon vote to kill the death tax. The death tax in the United States was born in the North and South as a way to pay for the Civil War. When the war ended, the tax lingered until 1870. It sprang back to life to fund World War I. The war ended and the tax shrank. It then grew to full fury during World War II. The tax has been cut back, then expanded. It even disappeared for one full year in 2010 before returning. But even...
  • Harry Reid Justifies Lying About Romney’s Taxes from Senate Floor: ‘He Didn’t Win, Did He?’

    03/31/2015 7:16:15 AM PDT · by SeekAndFind · 39 replies
    Harry Reid said he has no regrets for polarizing the Senate, attacking the Koch brothers, and falsely accusing Mitt Romney of not paying taxes. Republicans have criticized Reid, who recently announced that he would not seek re-election in 2016, for hostile tactics that soured the environment on Capitol Hill. The Senate minority leader dismissed claims that he is the problem with Washington and said he his proud of taking on the Koch brothers when no one else would. Reid appeared to take some joy of being a part of the Democrat machine that took down Romney in 2012. “Let him...
  • IRS won't penalize people for failing to say they have health insurance on tax form

    03/30/2015 5:54:01 PM PDT · by Libloather · 19 replies
    Washington Examiner ^ | 3/30/15 | Robert King
    For the first time, a majority of taxpayers will have to check a box on their tax return attesting they have health insurance either through their job or Medicare or Medicaid. But what happens if they miss it, which can easily happen on the complex form? The Internal Revenue Service told the Washington Examiner it will not penalize anyone who has insurance but neglected to check the box. However, a taxpayer may be asked by the agency if they have health insurance if their return is flagged during a routine check. "The IRS routinely follows-up on the accuracy and completeness...
  • Sales tax shocker: Rate will hit 10% in some Bay Area cities April 1

    03/30/2015 1:49:21 PM PDT · by Oldeconomybuyer · 19 replies
    San Francisco Chronicle ^ | March 30, 2015 | By Kathleen Pender
    Sales tax rates are going up in parts of California on Wednesday and will, for the first time, hit double digits in some Northern California cities. Shoppers in Albany, Hayward and Union City and San Leandro in Alameda County and El Cerrito in Contra Costa County will pay 10 percent starting next month. If a bill in the state Legislature passes, more areas could be paying that much. The statewide sales tax rate is 7.5 percent. State law allows cities and counties to add up to 2 additional percentage points in local sales and use taxes. The Legislature passed bills...
  • What liberals could learn from Ted Cruz’s flat tax

    03/30/2015 11:38:54 AM PDT · by 2ndDivisionVet · 51 replies
    Vox ^ | March 30, 2015 | Dylan Matthews
    Ted Cruz has developed a reputation as the most conservative of the major 2016 Republican presidential candidates, but he hasn't taken many specific policy positions to earn that moniker. One exception? His longtime support for a flat tax. The flat tax dramatically lowers the top tax rate and exempts capital gains and dividends from taxation. It's astonishingly regressive: the rich pay far less, hedge fund managers and private equity types like Mitt Romney would pay literally nothing, and while the exact rate varies from plan to plan, it's certainly not going to be as low as 10 or 15 percent,...
  • Excise Tax Hike on Cigarettes Irrational Choice for Washington

    03/30/2015 8:33:09 AM PDT · by MichCapCon · 6 replies
    Capitol Confidential ^ | 3/16/2015 | Michael LaFaive
    The Washington Legislature appears again poised to go to the cigarette excise tax well. A proposal to hike the state’s excise tax by another 50 cents — to $3.52 per pack — would exacerbate an already large smuggling problem and offer little in the way of gains to public health. We have created a statistical model to measure the degree to which cigarette smuggling occurs in most American states. Through 2013, our model reported that Washington had the third-highest smuggling rate among 47 states. Our estimate shows that, of all the cigarettes consumed in Washington that year, 46.4 percent were...
  • Budget 2015: Federal Government set to introduce tax on bank deposits (Australia)

    03/29/2015 5:32:03 PM PDT · by dynachrome · 20 replies
    http://www.abc.net.au/ ^ | 3-29-15 | ABC Australia
    The Federal Government looks set to introduce a tax on bank deposits in the May budget. The idea of a bank deposit tax was raised by Labor in 2013 and was criticised by Tony Abbott at the time. Assistant Treasurer Josh Frydenberg has indicated an announcement on the new tax could be made before the budget. The Government is heading for a fight with the banking industry, which has warned it will have to pass the cost back onto customers. Mr Frydenberg is a member of the Government's Expenditure Review Committee but has refused to provide any details.
  • Opinion: What if candidate Cruz catches on?

    03/28/2015 5:12:12 PM PDT · by 2ndDivisionVet · 62 replies
    The Pocono Record ^ | March 28, 2015 | Douglas Cohn and Eleanor Clift
    The voters are just getting to know the candidates running for president on the Republican side, and the months ahead will allow plenty of time to weigh their credentials and assess how they perform under pressure on the campaign trail. It will be a grueling experience for those who accept the challenge, and whoever emerges in the spring of 2016 joins the battle again in the fall against the Democratic standard-bearer. As the first official entry into what promises to be a crowded field, Texas Senator Ted Cruz got quite a ride from the media for his announcement this week....
  • Home Story E-file fraud: Identity thieves filing taxes to steal refunds

    03/28/2015 9:33:23 AM PDT · by E. Pluribus Unum · 10 replies
    MercuryNews.com ^ | 03/28/2015 | George Avalos
    By its very nature, tax season unleashes a certain amount of angst, but this year may produce a higher level of foreboding due to a slew of data breaches that have imperiled electronic filing of tax returns. "Tax fraud this year is very prevalent, primarily because of these recent high-profile data breaches," said Julie Miller, a spokeswoman for Intuit, a Mountain View software maker whose signature products include the TurboTax program. "We are seeing tax refund fraud being driven by identify theft. That has implications for people who use TurboTax online or any online tax preparation."
  • The Tip of the Climate Spending Iceberg

    03/28/2015 8:08:42 AM PDT · by Kaslin · 12 replies
    Townhall.com ^ | March 28, 2015 | Paul Driessen
    Lockheed Martin, a recent Washington Post article notes, is getting into renewable energy, nuclear fusion, “sustainability” and even fish farming projects, to augment its reduced defense profits. The company plans to forge new ties with Defense Department and other Obama initiatives, based on a shared belief in manmade climate change as a critical security and planetary threat. It is charging ahead where other defense contractors have failed, confident that its expertise, lobbying skills and “socially responsible” commitment to preventing climate chaos will land it plentiful contracts and subsidies. As with its polar counterparts, 90% of the titanic climate funding iceberg...
  • More people moved away from Illinois last year than any other state

    03/27/2015 11:00:59 AM PDT · by Beave Meister · 31 replies
    WBEZ 91.5 ^ | 3/26/2015 | Susie An
    Illinois had the biggest decrease in population according to a new report from the Census Bureau. Between July 1, 2013 to July 1, 2014, the state lost 9,972 people. On the other end, Texas saw the largest population increase adding more than 450,000 people during that time. Cook County saw a very slight decrease in population. It’s one of four counties with a population of more than 1 million to experience a decrease. Others include industrial counties like Wayne County, Michigan; Cuyahoga, Ohio; and Allegheny, Pennsylvania. The rate of people leaving Cook County for other counties has been increasing since...
  • Jeffrey Toobin: Ted Cruz ‘Could Not Be Farther’ from Sarah Palin

    03/25/2015 7:39:18 PM PDT · by 2ndDivisionVet · 31 replies
    Mediaite ^ | March 25, 2015 | Matt Wilstein
    Last June, CNN’s senior legal analyst Jeffrey Toobin profiled Ted Cruz for The New Yorker under the headline “The Absolutist.” Now that Cruz has made his 2016 presidential campaign official, Toobin discussed the senator/candidate at length with Fresh Air’s Terry Gross on Wednesday’s show. Towards the end of their conversation, Toobin discussed what it was like to spend time with Cruz last year for a series of interviews. “Well, first of all, he’s just a very smart guy,” Toobin said, calling the former Supreme Court clerk a “law nerd” at heart. Toobin also called Cruz a “very polished speaker,” noting,...
  • Colorado prepares to refund tax revenues back to taxpayers for first time in nearly 15 years

    03/25/2015 1:29:54 PM PDT · by ThethoughtsofGreg · 12 replies
    American Legislator ^ | 3-25-15 | Ben Wilterdink
    Colorado taxpayers are very likely to get a break when they file their taxes next year as the state prepares to refund some tax revenues back to taxpayers for the first time in nearly 15 years. This is due to a provision in the state’s constitution, little known outside of Colorado, called the Taxpayer Bill of Rights, or TABOR. This provision is one of the most effective limits on both Colorado state spending and on state revenue collection. TABOR works by establishing a limit on how much tax revenue the state can collect in a given year. Generally, the cap...
  • More than 100,000 feds owe back taxes

    03/25/2015 7:12:12 AM PDT · by george76 · 13 replies
    Wa Examiner ^ | MARCH 24, 2015 | SARAH WESTWOOD
    Federal employees owed more in delinquent taxes last year than any year in the past decade, costing the Internal Revenue Service $1.4 billion in 2014. The 113,805 civilian government employees who declined to pay all of their taxes last year would be ineligible to work for federal agencies under a House bill introduced last week that would hold officials accountable for evading taxes. ... It is disconcerting that federal civilian employees owe more than one billion dollars in back taxes," said Rep. Jason Chaffetz, R-Utah, chairman of the House Oversight and Government Reform Committee. "These employees are not exempt from...
  • Most Americans Hate The Tax Code, But For The Wrong Reason

    03/25/2015 5:36:57 AM PDT · by IBD editorial writer · 12 replies
    Investor's Business Daily ^ | 03/25/2015 | Staff
    Tax Reform: The good news is Americans are fed up with the current code. The bad news is most think the biggest problem is that corporations and the rich don't pay enough.
  • Minnesota GOP plan funds transportation with general fund, not tax hike

    03/24/2015 6:08:13 AM PDT · by TurboZamboni · 3 replies
    Pioneer Press ^ | 3-24-15 | David Montgomery
    Republican lawmakers on Monday proposed a $7 billion plan that they called an investment in transportation over the next decade. The proposal has some common ground with plans from leaders of the Democratic-Farmer-Labor Party, but big divisions remain. The parties are far apart on how much money a transportation plan should include, how much of it should go to Twin Cities metro-area mass transit and -- above all -- whether the plan should be paid for by raising taxes or cutting spending. DFL Gov. Mark Dayton and the Senate DFL majority each proposed their own plans in January. Their approaches...
  • Ted Cruz Cannot Be Serious

    03/23/2015 10:47:12 PM PDT · by 2ndDivisionVet · 57 replies
    The New Republic ^ | March 23, 2015 | Danny Vinik
    The big news of the day is that Senator Ted Cruz is officially running for president. Not setting up an exploratory committee or any of that perfunctory foreplay, but actually running. “It is a time for truth. It is a time for liberty,” he said in a 30-minute speech at, yeah, Liberty University. “It is a time to reclaim the Constitution of the United States.” Cruz’s address was full of red meat for the conservative crowd. But other than his oratorical skills, Cruz is entirely unsuited to be president. Luckily for America, his candidacy is likely doomed to fizzle. Cruz...
  • The Case against the Value-Added Tax

    03/23/2015 3:24:18 PM PDT · by Kaslin · 18 replies
    Townhall.com ^ | March 23, 2015 | Daniel J. Mitchell
    Even though I fret about a growing burden of government and have little faith in the ability (or desire) of politicians to make wise decisions, I somehow convince myself that good things will happen. Here’s some of what I wrote two years ago, when asked whether I thought America could be saved from a Greek-style fiscal collapse. I think there’s a genuine opportunity to save the country. …we can at least hold the line and prevent government from becoming bigger than it is today. Sort of a watered-down version ofMitchell’s Golden Rule. The key is theright kind of entitlement reform....
  • Washington’s $210 Trillion Deficit

    03/22/2015 8:14:15 PM PDT · by concernedcitizen76 · 55 replies
    Tea Party Economist ^ | March 12, 2015 | Gary North
    You read that right: $210 trillion. A trillion here, a trillion there: pretty soon, we’re talking big money. Professor Lawrence Kotlikoff of Boston University testified before the Senate Budget Committee. As usual, his testimony is shocking The U.S. has a $210 trillion “fiscal gap” and “may well be in worse fiscal shape than any developed country, including Greece,” Boston University economist Laurence Kotlikoff told members of the Senate Budget Committee in written and oral testimony on Feb. 25. “The first point I want to get across is that our nation is broke,” Kotlikoff testified. “Our nation’s broke, and it’s not...
  • Stephen King fires back after Maine governor accused him of fleeing to avoid state income taxes

    03/22/2015 4:14:52 PM PDT · by TurboZamboni · 96 replies
    daily mail ^ | 3-21-15 | Belinda Robinson
    A fierce row has broken out between Stephen King and Maine Governor Paul LePage after the governor claimed that the author doesn't pay state income taxes and has moved away from the state. King immediately shot back that LePage should 'man up and apologize' for the comments because he still resides in Maine. LePage's comments came during his weekly radio address when he argued that states without an income tax, like Florida, have lured away Maine residents, including King.
  • 16 ideas from Marc Andreessen for a more dynamic US economy

    03/22/2015 7:48:16 AM PDT · by hripka · 10 replies
    American Enterprise Institute ^ | 2/23/2015 | James Pethokoukis
    In a classic Marc Andreessen “tweetstorm,” the venture capitalist offers 16 “somewhat-less obvious ideas for how to expand the # of “unicorn” great tech startups over time.” (I have added a few links and a chart.) Taken together, I think, Andreessen’s ideas point toward a more dynamic, competitively intense economy which (a) generates both more entrepreneurs and more creative and innovative workers with deep expertise, (b) provides easy and open access to ideas for entrepreneurs and low barriers to starting and growing their firms, (c) offers a safety net that encourages work and mobility and risk taking. In short, just...
  • Proposed GOP budgets make 'no sense’ to Obama

    03/21/2015 4:30:40 PM PDT · by jazusamo · 58 replies
    The Hill ^ | March 21, 2015 | Mark Hensch
    President Obama criticized potential GOP budgets from both Congressional chambers for relying on outdated economic ideas in a new interview released Saturday. Obama said neither House nor Senate Republicans impressed him with budgetary strategies they released earlier this week. The President faulted both versions for ignoring middle-class families. “So it is the classic trickle-down, top-down approach to economics that we know has failed,” Obama said of the two budget proposals in a Friday interview with The Huffington Post . “And the fact that we are putting this forward once again — with tax cuts for the wealthiest, so that the...
  • Under Health Care Act, Many Tax Filers Are Discovering Costly Complications (Pelosi knew)

    03/21/2015 3:36:47 PM PDT · by Libloather · 11 replies
    NY Times via MSN ^ | 3/21/15 | ABBY GOODNOUGH
    **SNIP** Under the Affordable Care Act, people who remained uninsured last year must either pay a penalty with their taxes, one of the most contentious elements of the law, or claim an exemption. The Obama administration has said up to six million people would owe a penalty of $95 or 1 percent of their household income, whichever is greater. But as many as 30 million people are getting exemptions, mainly because they are too poor to afford health insurance or because they live in a state that refused to expand Medicaid last year under the health law. And people who...
  • Poll: Spend more, tax less, legalize pot (General Social Survey stuff)

    03/20/2015 6:49:00 PM PDT · by Olog-hai · 19 replies
    Associated Press ^ | Mar 20, 2015 8:48 PM EDT | Emily Swanson
    Americans want lower taxes and more government spending both at once, although their support for spending more tax dollars on health care has dropped dramatically. They’re likelier than ever to not feel connected to any particular religion, but no less likely to believe in God. And for the first time, most want to legalize marijuana. Those are among findings from the 2014 General Social Survey, which has been measuring trends in American opinion and behavior since 1972. …
  • Paul Tudor Jones Warns This "Disastrous Market Mania" Will End "By Revolution, Taxes, Or War"

    03/19/2015 10:12:30 PM PDT · by Perseverando · 24 replies
    Zero Hedge ^ | March 19, 2015 | Tyler Durden
    "This gap between the 1% and the rest of America, and between the US and the rest of the world, cannot and will not persist," warns renowned trader Paul Tudor Jones during his recent TED Talks speech, as he addressed the question - can capital be just? Hoping to expand the "narrow definitions of capitalism," that threaten the underpinnings of society, Tudor Jones exclaims, "we're in the middle of a disastrous market mania," adding "one of worst of my life." Perhaps most ominously, he concludes, historically this ends "by revolution, higher taxes or wars. None are on my bucket list."...
  • Jeb Bush Still Refuses to Rule Out Tax Hikes

    03/19/2015 6:51:35 PM PDT · by Jim Robinson · 35 replies
    Americans for Tax Reform ^ | March 19, 2015 | Posted by John Kartch
    Jeb Bush has enthusiastically endorsed a "grand bargain" tax increase with Democrats, says his father's 1990 "Read My Lips" tax increase "created the spending restraint of the 90's," (false -- see details below) and refuses to sign the Taxpayer Protection Pledge to the American people. And today, as reported in a piece by The Daily Beast's Tim Mak, the Jeb Bush camp refuses to even answer the question of whether Jeb will make any general statement promising not to raise taxes: Pressed regarding Jeb Bush’s positions on taxes, his aides did not directly respond to a question about whether Jeb...
  • White House tells GOP not to ‘lose sleep’ over executive tax hikes

    03/19/2015 2:11:58 PM PDT · by jazusamo · 36 replies
    The Washington Times ^ | March 19, 2015 | Dave Boyer
    President Obama’s spokesman urged the top tax chairmen in Congress Thursday not to “lose any sleep” about the possibility of the president raising taxes through unilateral executive action. “To the extent that there is a lot of fretting and hand-wringing on Capitol Hill, I would urge them to not lose any sleep over this,” said White House press secretary Josh Earnest, who added that the president doesn’t have any “imminent decision” to announce on taxes. ~snip~ If Republican lawmakers are worried, he said, “maybe it’s worth burning a little midnight oil to try to get to work in bipartisan fashion...
  • Debt-Default Crisis 2015: Raise, and Then Raze, the Debt Ceiling

    03/19/2015 9:03:09 AM PDT · by Citizen Zed · 6 replies
    Huffington Post ^ | 3-17-2015 | Victor Williams
    Interest rates will skyrocket, instability will roil the financial markets, the federal deficit will soar and the resulting "catastrophic" harm will last years. That is how Treasury Secretary Jacob J. Lew describes a debt-ceiling breach certain to cause a government default. Uncle Sam will be bankrupt. All national government operations will seize-up. All checks for Social Security, Medicare, Medicaid, veterans, contractors and vendors will bounce. At the stroke of midnight, March 16, 2015, the debt ceiling was again breached. The Treasury Department has begun "extraordinary measures" to forestall the certain default. Jack Lew must rob Peter to pay Paul. He...
  • Stop MN Gas Tax Hike

    03/18/2015 6:06:18 AM PDT · by TurboZamboni · 7 replies
    galt.io ^ | 3-17-15 | MR RIGHT
    So Governor Mark Dayton of Minnesota wants another new tax--this time adding a 6.5% gas tax at the wholesale level, along with license fee increases and a new metro-wide sales tax for, you guessed it, mass transit. A lack of government revenue isn't what plagues our roads. About 25% of the current federal gas tax of 18.4 (not including diesel) cents per gallon is siphoned off for non-highway uses, primarily via the Mass Transit Account. As a result, the HTF must now rely on general fund bailouts to survive. Recent history here in Minnesota also proves a similar point. In...
  • U.S. Has Highest Corporate Tax In World: Much to Learn From Ireland

    03/18/2015 2:05:42 PM PDT · by ThethoughtsofGreg · 7 replies
    American Legislator ^ | 3-18-15 | Ben Wilterdink
    While Saint Patrick’s Day gives people all over the world a reason to be Irish for a day, it might be better for the United States to move permanently ‘Irish’ when it comes to corporate income tax rates. The United States currently has the highest corporate income tax rate in the developed world at 35 percent federally, and reaches almost 40 percent once the average state corporate income tax rate is included. By contrast, Ireland maintains a top statutory rate of just 12.5 percent, less than a third of the top U.S. rate. This competitive, pro-growth corporate income tax rate...
  • Don’t even think it: GOP warns Obama not to try executive-fiat tax hikes

    03/18/2015 11:55:54 AM PDT · by Jim Robinson · 59 replies
    Washington Times ^ | March 18, 2015 | By Stephen Dinan
    Congress’s two top tax chairmen warned President Obama on Wednesday not to claim unilateral executive powers to raise taxes on his own, saying it violates the Constitution and ruins chances for a lasting deal. Rep. Paul Ryan, chairman of the House Ways and Means Committee, and Sen. Orrin G. Hatch, chairman of the Senate Finance Committee, said they were troubled by White House’s announcement earlier this month that Mr. Obama is “very interested” in exploring what options he has to raise taxes without going through Congress. “This would be a mistake, both constitutionally and politically,” the two lawmakers said, adding...
  • I just did my income taxes

    03/18/2015 6:21:17 AM PDT · by Mr. K · 21 replies
    Free Republic Blogosphere ^ | 3/18/2015 | Mr. K
    I just did my income taxes It came to a question of “Did I have health insurance coverage” and I answered NO (there was no option for “none of your f%^&ing business”) I wanted to see where this was going to take me. It then asked why I didn't have coverage and said that under ‘special circumstances’ that my fine/tax could be waived and it listed 5 options- one of which was “It was too expensive” and so I picked that... (inexplicably again there was no option for “none of your f%^&ing business”) Then it said “Congratulations! your fine/tax fee...
  • FCC Chairman Tom Wheeler Concedes Future Internet Tax Is Possible After All

    03/17/2015 12:43:53 PM PDT · by PROCON · 43 replies
    cnsnews.com ^ | March 17, 2015 | Rudy Takala
    (CNSNews.com) – In a surprise admission, Federal Communications Commission (FCC) Chairman Tom Wheeler acknowledged that an Internet tax – which he had previously said would not be imposed – could be imposed in the future. Wheeler’s remarks came during a Tuesday appearance before the House Oversight and Government Reform Committee, where he was asked to shed light on the process by which the FCC passed rules last month regulating the Internet. Wheeler’s admission came after Rep. Ron DeSantis (R-FL) asked him to go on the record with his previous assurances that there would be no new taxes. “Can you guarantee...
  • The country where you can choose your tax rate (Mali - Not Your Typical Tax Haven, Dude)

    03/16/2015 7:47:16 PM PDT · by goldstategop · 8 replies
    BBC News ^ | 03/16/2015 | BBC News
    Mrs Yattara leads me to her boss, Mr Kante. He has an office all to himself, and offers me a seat... a seat from which I can hardly see him. Tax rule books and copies of Finance Ministry decrees are piled into turrets all around his desk. He asks me questions about my expenses as a freelance journalist. It's unnerving because he is writing things down but I can't see what. Mr Kante ''You have the choice between two income tax regimens, 30% or 3%, which shall it be?'' ''Oh well... err 3%?'' I venture. ''Three per cent it is,"...
  • IRS Shuts Down Program for the Poor to Fund Well-Heeled Liberal Groups

    03/17/2015 4:49:49 AM PDT · by IBD editorial writer · 1 replies
    Investor's Business Daily ^ | 03/16/2015 | John Merline
    Cancel a program that provides free help to low-income families and the elderly, and shift the money to well-connected interest groups with a terrible track record for customer service. It sounds almost like the sort of thing a liberal would acuse a heartless Republican of doing.
  • Chasm Grows Within G.O.P. Over Spending (The return of borrow and spend?)

    03/16/2015 1:24:01 PM PDT · by NRx · 48 replies
    NY Times ^ | 03-15-2015 | JONATHAN WEISMAN
    WASHINGTON — The congressional push this week to secure the first Republican budget plan in nearly a decade is revealing a chasm between fiscal hawks determined to maintain strict spending caps and defense hawks who are threatening to derail any budget that does not ensure an increase for the military. “This is a war within the Republican Party,” said Senator Lindsey Graham, Republican of South Carolina, who has vowed to oppose a final budget that does not ensure more military spending. “You can shade it any way you want, but this is war.” The divisions will be laid bare Tuesday...
  • SBA loans support luxurious lifestyles, burden taxpayers

    03/16/2015 6:06:22 AM PDT · by huldah1776 · 20 replies
    Vermont Watchdog ^ | March 16, 2015 | Bruce Parker
    snip...According to a 2014 federal oversight report from public research group American Transparency, taxpayer-backed SBA loans are popular with businesses serving “wealthy lifestyles.” The report, which analyzed SBA loans between 2007 and 2013, found that billions of dollars flowed to businesses that, in many cases, could obtain standard loans with standard interest rates. SBA loans offer advantageous low rates. snip Many of the loans, which ranged from $1 million to $5 million, went to luxury goods retailers, exclusive clubs, Fortune 100 companies, plastic surgery clinics and even private equity firms. Found among the list of borrowers were Rolex and Lamborghini...
  • Obama's Budget Plan: Tax And Spend With A Vengeance

    03/16/2015 4:04:47 AM PDT · by IBD editorial writer · 8 replies
    Investor's Business Daily ^ | 03/13/2015 | Staff
    Fiscal Policy: When the president released his budget in February, he said it was full of new ideas for the 21st century. But now we know it's just good old tax-and-spend liberalism.
  • IRS paid out $5.8 billion in fraudulent tax refunds last year - 6.5m people in the US are 112

    03/14/2015 7:04:01 PM PDT · by Libloather · 15 replies
    Daily Mail ^ | 3/14/15
    IRS paid out $5.8 billion in fraudulent tax refunds last year as Social Security records show that 6.5m people in the US are 112 Americans are getting older, but not this old: Social Security records show that 6.5 million people in the U.S. have reached the ripe old age of 112. In reality, only few could possibly be alive. As of last fall, there were only 42 people known to be that old in the entire world. But Social Security does not have death records for millions of these people, with the oldest born in 1869, according to a report...
  • URGENT: White House Confirms Obama Planning Huge New Executive Order

    03/14/2015 12:03:25 PM PDT · by lbryce · 123 replies
    Here we go again. White House press secretary Josh Earnest has officially confirmed that President Barack Obama plans to implement yet another executive order. This one is slated to send tax rates skyrocketing through the roof! The hoopla started last Friday, when Vermont Sen. Bernie Sanders submitted a letter to the White House that asked the president to nullify six currently active corporate tax breaks. Closing these tax breaks would raise $100 billion in a decade, but also cost us innumerable jobs. When questioned about this letter by Ed Henry, senior White House correspondent with Fox News, Earnest first tried...
  • Two Videos that Perfectly Capture the Feckless Arrogance and Stupidity of the Federal Government

    Summarizing the federal government is not easy. There’s nearly $4 trillion of spending to disentangle. There’s a 75,000-page tax code to decipher. And there’s a regulatory morass that defies understanding.So when people ask me questions about the cost of the federal government, there’s never a satisfactory answer.I sometimes respond by pointing to sub-par growth rates during periods when the burden of government is expanding.For what it’s worth, I think the best way of approaching such questions is to look at broad measures of statism vs. markets, such as you get with the Economic Freedom of the Worldrankings, and then compare...
  • A Video Primer on How Taxes Reduce Economic Value and Cause Deadweight Loss

    03/13/2015 9:10:12 AM PDT · by Kaslin
    Townhall.com ^ | March 13, 2015 | Daniel J. Mitchell
    While I sometimes make moral arguments against the current tax system (because it is corrupt, because it doesn’t treat people equally, because it provides unearned wealth for insiders, etc), my main arguments are based on economics.High tax rates on workers and entrepreneurs discourage productive behavior.Double taxation on income that is saved and investeddiscourages capital formation.Tax preferences and other loopholes bribe people to use resources inefficiently.These are the principles that explain why I like tax reform, why Ipromote the Laffer Curve, and why I advocate for tax competition.Maybe it’s time, however, for a back-to-basics primer on taxes and behavior. That’s why I’m...
  • Senate Democrats target sequesters, demand tax hikes, more spending

    03/12/2015 5:53:09 PM PDT · by jazusamo · 21 replies
    The Washington Times ^ | March 12, 2015 | S.A. Miller
    Emboldened by winning the shutdown showdown over homeland security, and poised to triumph on raising the debt limit, Senate Democrats set their sights Thursday on the budget sequesters, demanding that Republicans hike taxes and raise spending. It was a shot across the bow for Republican budget writers, who are set to unveil their proposals next week, which are expected to further slash spending and balance the budget in 10 years — slowing the growth of runaway national debt that currently tops $18 trillion. Senate Democrats insisted that keeping the automatic spending cuts would jeopardize the economic recovery, hurt the middle...
  • Road builders want 15-cent gas tax hike

    03/12/2015 10:45:58 AM PDT · by C19fan · 26 replies
    The Hill ^ | March 12, 2015 | Keith Laing
    A group representing road builders said Thursday that the federal gas tax should be increased by 15 cents per gallon to help pay for infrastructure improvements. The American Road & Transportation Builders Association (ARTBA) said increasing the gas tax this year would raise $401 billion for new transportation spending. The gas tax hike could be offset with a “federal tax rebate for middle and lower income Americans for six years,” the group suggested.
  • Robert Reich: The 3 biggest myths plaguing the U.S. economy

    03/12/2015 1:33:02 AM PDT · by Cincinatus' Wife · 82 replies
    Salon ^ | March 12, 2015 | Robert Reich
    1. The “job creators” are CEOs, corporations, and the rich, whose taxes must be low in order to induce them to create more jobs. Rubbish. The real job creators are the vast middle class and the poor, whose spending induces businesses to create jobs. Which is why raising the minimum wage, extending overtime protection, enlarging the Earned Income Tax Credit, and reducing middle-class taxes are all necessary. 2. The critical choice is between the “free market” or “government.” Baloney. The free market doesn’t exist in nature. It’s created and enforced by government. And all the ongoing decisions about how it’s...
  • Detroit’s rebirth as "America’s Great Comeback City" hits roadblock as taxes kill homeowners’ dreams

    03/11/2015 10:36:56 AM PDT · by rickmichaels · 31 replies
    Financial Post ^ | March 11, 2015 | Prashant Gopal
    Cindy Gresham paid US$6,000 cash in 2010 for her Tudor-style house on Detroit’s west side for herself and three children. Now she probably will lose the home, which came with a surprise US$8,586 unpaid tax bill that has since tripled. The brick home is among about 52,000 Detroit properties the city may seize for unpaid taxes on March 31, including as many as a fifth of all occupied homes. Gresham was one of 5,000 homeowners at the city’s Cobo Convention Center last month trying to negotiate payment arrangements for tax balances that are eclipsing the area’s depressed property values. “The...