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Michael Phelps may be untouchable in the water, but even he can’t out-swim the Tax Man. America’s Olympic medalists must pay state and federal taxes on the prize money they get for winning. The U.S. Olympic Committee awards $25,000 for gold medals, $15,000 for silver and $10,000 for bronze. That’s not all. Olympians also have to pay tax on the value of the medals themselves. Gold and silver medals are made mostly of silver, while bronze medals are composed of mostly copper. Rio’s medals are among the largest and heaviest ever and contain about 500 grams of either silver or...

If you're like me, you love the Olympics. You especially love the Olympics when Team USA is wracking up bragging rights and this time around, they're winning big. Unfortunately, years of dedication to mastering a sport and taking home Olympic medals is expensive. Why? Team USA athletes who win medals get slapped with giant tax bills as soon as they arrive home from Rio. America's Olympic medalists must pay state and federal taxes on the prize money they get for winning. The U.S. Olympic Committee awards $25,000 for gold medals, $15,000 for silver and $10,000 for bronze. That's not all. Olympians also...

Apple CEO Tim Cook struck back at critics of the iPhone maker’s strategy to avoid paying U.S. taxes, telling The Washington Post in a wide ranging interview that the company would not bring that money back from abroad unless there was a “fair rate.” Along with other multinational companies, the tech giant has been subject to criticism over a tax strategy that allows them to shelter profits made abroad from the U.S. corporate tax rate, which at 35 percent is among the highest in the developed world. The move complies with the letter of the law, if not the spirit,...

Doing the same thing over and over again and expecting different results, when in fact the results never change, is one definition of insanity. That definition works for economic insanity, too. Over the past seven-and-a-half years, President Obama has maintained a steady course of burdensome new regulations, significant tax increases, and massive federal spending on so-called infrastructure. He has unconstitutionally ordered executive actions, favored labor over business, attacked banks, insulted successful corporate leaders, and backed federal-government mandates on business. And with all this, strong economic recovery from a deep recession -- which has been an American tradition -- never came...

California’s costly tax and regulatory policies prompted more than 10,000 businesses to leave the state, reduce their operations or curtail plans to locate here between 2008 and 2015, according to a report from Spectrum Location Solutions. The Irvine-based company conducts site-selection studies and other assessments to help businesses relocate to optimum states and locales for their operations. Some of their clients include corporations that have relocated out of California, like Honda. The report, “California Business Departures: An Eight-Year Review 20082015,” reveals that at least 1,687 California disinvestment events occurred during that period, a count that reflects only those that became...

Warren Buffett says even though he and other top earners are paying higher taxes this year, he thinks he's still paying a lower rate than his secretary.

Hillary Clinton released her latest federal income tax return Friday, further pressuring Republican opponent Donald Trump, who is now the first major-party presidential candidate since 1976 to refuse to release tax returns. The Clintons’ 2015 personal tax return showed the Democratic Party presidential nominee and her husband Bill earned $10.6 million in 2015, while paying $3.24 million in federal income taxes. Their tax return showed the Clintons paid an effective federal tax rate of 34.2 percent and an effective state and local tax rate of 9 percent, totaling a combined tax rate of 43.2 percent for last year, according to...

"Hillary Clinton has turned over the only records nobody wants to see from her – the American public wants to see the 33,000 emails she deleted to obstruct an FBI investigation. We want to see the Clinton Foundation records showing how the Clintons sold our uranium to Russia, ripped off Haiti and cut deals with oppressive regimes around the world. We want to see the pay-for-play emails that Clinton’s Chief of Staff, Cheryl Mills, refuses to turn over. We want to see the transcripts of the secret Wall Street speeches Clinton was paid $10,000 dollars-a-minute to give. We want to...

Throughout his two terms in the White House, Barack Obama has either exaggerated or covered up his failed record on the economy. Soon after taking office in the midst of a deep recession, he said the only way to grow our economy was to blow $1 trillion on government infrastructure projects across the country and fatten the budgets of a lengthy list of federal bureaucracies here in Washington. He raised taxes, created a sea of costly regulations on struggling businesses and employers, and made excuses when the economy continued to limp along year after year, by blaming the Bush administration,...

Hillary Clinton is set to go after Donald Trump’s economic agenda — aiming to portray her rival’s approach as offering handouts for the rich. […] Her campaign says she’ll try to make the case that the Republican presidential nominee’s plans would benefit him and his wealthy friends — and amount to an update of “trickle-down economics.” …

Tax cuts. Tax simplification What’s really news about the tax proposal Donald Trump laid out in Detroit yesterday is that it’s basically the same thing Republican House leaders are proposing: Three rates of 12, 25 and 33 percent rather than the seven we have today. He also proposed a special rate of 10 percent for repatriated profits brought home from overseas by companies operating abroad. This has long been one of Herman’s big issues, since we’re talking about hundreds of billions in capital that remain overseas because the companies would have to pay a 35 percent tax on them if...

Taxpayers in the uber liberal city of Seattle recently discovered the money being zapped from their paychecks each week is about to be flushed down the toilet in a whole new way as their local government has decided to host two workshops on “white fragility.”

BEGIN TRANSCRIPT RUSH: Yeah, I checked in with Trump and his speech at the Economic Club of Detroit, and I gotta tell you: This audience is eating it up. He is bashing Hillary Clinton's economics. I heard him preview what his tax philosophy is, and he practically got a standing ovation on that one. He hasn't gotten into detail yet except on one thing, and in the middle of it when he started talking about only his campaign's reaching out to everybody and trying to unite everybody, some protestor started screeching like Hillary Clinton, and they had to drag her...

In a bid to boost her post-convention momentum, Democratic presidential nominee Hillary Clinton latched onto two ideas her campaign believes will finally put her over the top. One idea is to appoint outgoing President Obama to the first Supreme Court vacancy available. "One of the things that has got to be depressing a lot of Americans is the prospect of losing the talents of the most extraordinary man to have ever held the presidency," Hillary observed. "While term limits may force him out of his current position the nation could retain his services for decades if we can get him...

the Washington Free Beacon has uncovered $49,577,386 worth of questionable NIH studies since the Zika epidemic began in the beginning of 2015. The projects include everything from studying how drunk men look at women to teaching 11-year-old Kenyans how to use condoms. Many of the studies involve behavioral research into obesity, including the now $3,531,925 study into why a majority of lesbians are obese while gay men generally are not, which concluded that gay men have a “greater desire for toned muscles” than straight men. The project is slated to receive additional funding this year. The agency spent $1,679,030 on...

Democratic and Republican nominees Hillary Clinton and Donald Trump agree that the U.S. tax code needs major changes, but their proposed changes have drastically different effects on Americans’ pocketbooks. Clinton wants to increase taxes on individuals, specifically wealthy Americans, and businesses. She also proposes a significant change to the capital gains tax and wants to expand the estate tax, according to analysis by the Tax Foundation. Trump wants to abolish the estate tax and wants an income tax reduction that encompasses most American families. Let’s get into the specifics of each tax plan and how they impact America’s bottom line....

With all the trouble that Rahm Emanuel has been having in Chicago lately, specifically with unrest surrounding his police department and other scandals, it’s easy to forget that he’s dealing with another serious problem: his city is nearly bankrupt. As with so many other large, Democrat run municipalities, the chief culprit here is the massively underfunded pension system for municipal workers. Their unions negotiated some real sweetheart deals for them over the years, but the costs were completely unsustainable. When the city began to go broke, no real compromise was ever offered by the unions so Rahm is left to...

In a new economic blueprint that is set to unveil next week, Donald Trump will propose one of the biggest tax cuts since Ronald Reagan’s presidency, an advisor to the Republican Presidential nominee told Bloomberg. The proposal will reiterate Trump’s plan to cut the corporate tax rate to 15%, Stephen Moore, who is the chief economist for the Heritage Foundation, and of one of the men on Trump’s 13-member economic advisory team that the Republican presidential candidate announced Friday, said.

https://www.youtube.com/watch?v=qU__9f0kEb0&feature=gp-n-y&google_comment_id=z13ltx55tpb0jd4s322jgxtrzletuvjlg Hillary Clinton plans to raise taxes for the workers the affluent and middle class. Pay roll taxes and national sales taxes for workers, Higher income taxes for the rest with the middle class bearing the brunt of these taxes. With commentary by Mike Savage Also get a load of some of the people who are gonna benefit the most from these new taxes, yokels, alcoholics, potheads, anarchists, thugs and crazies!