Federal Taxes - News & Discussion on Tax Policy

Exterior of the Internal Revenue Service office in midtown New York.Exterior of the Internal Revenue Service office in midtown New York.By: Matthew G. Bisanz

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  • Ted Cruz Reflects Confusing GOP Attitude Toward Acronyms
    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.
  • Obama Moves to Cement His Legacy With a Rallying Cry to Lift up the Middle Class
    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.
  • From a Promised Utopia to Catastrophe: Welcome to Sam Brownback's Kansas
    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.
  • Corporations Are Paying Historically Low Tax Rates
    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.
  • Tax Preparation Industry is the Wild West of the 21st Century
    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.
  • Washington State Is Selling Legal Weed Now
    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.
  • Earned Income Tax Credit (EITC): What It Is & How To Qualify
    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

StartedRepeated LieAboutQuotes (SORT)Rank
07/02/12The Affordable Care Act is the Biggest Tax Hike in HistoryTaxes0
Controversies & Scandals
  • 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.

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