Federal Taxes - News & Discussion on Tax Policy
So Ted Cruz is running for President, and wants to abolish the IRS.Back in the wake of the “IRS Scandal”—that is, when the public became aware that the IRS was selectively targeting nominally conservative or Tea Party-associated groups for tax audits, Cruz’s solution was to eliminate the federal body altogether.
Don't ever think of telling President Obama he is a lame duck. He has too many things he still wants to accomplish before he leaves and beginning the process of lifting up the middle class is at the top of his list.
If you ever want to see a 'real life experiment' on how to turn Ayn Rand's philosophy into a state wide policy, then look no further than Kansas. Governor Brownback coasted to election four years ago on his promise to make Kansas a bastion of conservative orthodoxy.
The corporate tax rate is a heavily debated topic in this country. And many on the far right and those on the side of big business sight that upwards of a 35% corporate tax rate is far too high a premium to pay in taxes, just to do business in the United States.
The tax preparation industry is one of those industries that everyone loves to hate. Since the average American doesn't understand the tax code, these organizations step in and promise to take care of everything for you. All you need to do is give them a hefty fee and voila, your taxes are now done. If you're lucky, you'll get some money back.
Several months behind Colorado, but still only the second state in our union to do so, Washington state has begun to officially sell recreational marijuana. Sales began on July 8th. As with Colorado, the first day of sales was largely celebratory and more historic in nature, than anything else.
The EITC (or Earned Income Tax Credit) is one of the largest and most effective tax stimulus credits the federal government has ever installed into the economy and tax system. This refundable tax credit's goal is to help out the millions of Americans that struggle to make ends meat every year.
Let me ask you a question or two…. Are you super wealthy and about to leave this world? Do you claim to love American but don’t want to be bothered to help your fellow Americans? Does the idea of losing money, yet still having more than you could ever spend, scare you to death? Fear not! You now have a way of paying less tax on your estate. First, let’s meet Harold Simmons.
Debunking Lies & Misinformation About Taxes
Legally, Romney would have paid closer to 9% but opted to pay more, just over 14%, for political purposes. This is despite his previous stance of. "I don’t pay more than are legally due and frankly if I had paid more than are legally due I don’t think I’d be qualified to become president. I’d think people would want me to follow the law and pay only what the tax code requires."
The most newsy item of Mitt Romney's media blitz of network interview after network interview Friday night was his bold statement that he would not release any more tax returns than the two years he has already planned, despite growing pressure from President Barack Obama, Democrats and even some Republicans. GOP Governor, Robert Bentley has said that Romney needs to release his tax records in the name of transparency.
While not breaking any laws, Romney, in the course of amassing his wealth, has operated in a grey area. He has exploited every possible tax loophole imaginable. Romney has also built up his IRA on these questionable loopholes have allowed him to inflate his IRA to well over $100 million which he has invested in numerous tax free off shore accounts in places such as the Caymans.
Gov. Christie is hoarding money saved by cuts to programs aimed to help poor and working class families, and using it as a bargaining chip to ram through tax cuts that will predominately favor the rich.
C Street has been the subject of controversy over its claimed tax status as a church, the ownership of the property and its connection to the Fellowship, and the reportedly subsidized benefits the facility provides to members of Congress. Until 2009, C-Street was exempt from real property taxes. When it was revealed that rooms were being rented out as residencies, the exemption was amended to 34% exempt. Soon it was revealed that the Fellowship had no control over C-Street. Mainstream Christian Pastors filed a petition to revoke C Street's remaining tax exemption due to its secretiveness on the grounds that it is not a religious institute. Further investigations show that C Street charges its Capitol Hill residents rent that is well below market price for more tax breaks.
Taxes News & Opinion Articles
|Wed Jan 28, 2015 | theatlantic.com|
Those who earn the least pay the most in nearly every state across America. Or rather, the poorest citizens pay the highest proportion of their incomes to local and state...
"Sen. Kyl Repeated Talking Point That Ending The Bush Tax Cuts For The Wealthy Would Hurt Small Business Owners, when only a tiny fraction of small businesses fall into the top two tax brackets."
"Fox & Friends guests repeatedly suggest expiration of Bush tax cuts will largely affect small businesses, when in fact 97 percent of small businesses would not pay higher taxes if the Bush tax cuts expire."
"Sen. Kyl Suggested That Letting The Bush Tax Cuts Expire Would Result In The Largest Tax Increase In The History Of The Country . Fact: Expiration of Bush Tax Cuts would NOT be the biggest tax hike in history."
"Beck falsely claimed starting next year in the health care bill for some unknown reason, if you sell anything worth more than $600, you need to send out a 1099 . In fact, provision requires businesses to file a 1099 for purchases of more than $600. The Wall Street Journal reported on July 29:In reality, starting in 2012, businesses will be required to file a 1099 to the Internal Revenue Service for each supplier or service provider to which payments exceed $600 in a single year."
"Yeah of course its extreme, you don’t know anything the individual he could have had other issues. No one likes paying taxes obviously. But the way we are trying to deal with things in the past, at least until I got here, is there is such a log jam in Washington and people want us to do better…"