Taxes
How Income Taxes Will Change in 2011 (A Must See Site:mytaxburden.org)
A few weeks ago RTE pointed out a new tax calculator, prepared by the Tax Foundation, which shows how one’s 2011 tax burden changes based on three scenarios:
(1) Congress allows all of the Bush tax cuts to expire. (2) Congress extends into 2011 all of the Bush tax cuts. (3) Congress passes the tax laws […]
Sen. John Kerry Skips Town on Sails Tax
Sen. John Kerry, who has repeatedly voted to raise taxes while in Congress, dodged a whopping six-figure state tax bill on his new multimillion-dollar yacht by mooring her in Newport, R.I.
Isabel – Kerry’s luxe, 76-foot New Zealand-built Friendship sloop with an Edwardian-style, glossy varnished teak interior, two VIP main cabins and a pilothouse fitted with […]
11 New Tax Hikes Coming In 2011
Fasten your seat belt America. Thank you all Obama voters. Get ready for eleven new tax increase for 2011.
Read 11 New Tax Hikes Coming In 2011 at BusinessInsider.com
The Looming 164% Dividend Tax Hike
Today’s reduced federal tax rates on dividend income are good for investors, consumers, American businesses and the recovering U.S. economy. But unless Congress acts now to stop a tax hike, the maximum tax rate on dividend income is set to skyrocket at the end of the year — leaping by 164% for some investors.
Twice during […]
IRS wants taxes from BP payments for lost wages (We want our cut of the $20 Billion Fund too)
The Internal Revenue Service says oil spill victims who receive BP payments for lost wages will have to pay up come tax time.
Under current law, BP payments for lost wages are taxable — just like the wages would have been, the IRS said in tax guidance issued Friday. Payments for physical injuries or property loss, […]
Real Estate Tax (3.8% Sales Tax) Coming To The City Near You. Thanks to Obama Health Care Bill
Under the new health care bill - did you know that all real estate transactions are now subject to a 3.8% Sales Tax? The bulk of these new taxes don’t kick in until 2013 (presumably after Obama’s re-election). You can thank Nancy, Harry and Barack and your local Democrat Congressman for this one. If you […]
IRS Agent Didn’t Report $41,842 in EBay Sales
IRS Agent Didn’t Report $41,842 in EBay Sales
Read more at Bloomberg.com
Obama On Tea Partiers: “You Would Think They’d Be Saying Thank You” (Video)
AP: President Barack Obama said Thursday he’s amused by the anti-tax tea party protests that have been taking place around Tax Day.
Obama told a fundraiser in Miami that he’s cut taxes, contrary to the claims of protesters.
“You would think they’d be saying thank you,” he said.
(Excerpt) Read more at realclearpolitics.com
20 More Tax Facts That Will Make Your Head Explode
If your head didn’t explode from Reason’s awesome tax video, then take a look at the new list.
Pundits talk a lot about the growing tax share of the rich, and the 47% of Americans who don’t pay income tax. These arguments are somewhat unfair because they ignore the growing wealth disparity.
But they’re just two of […]
Hating the government finally goes mainstream
Three years ago, the Republican establishment piled scorn on the presidential candidacy of Ron Paul.
Today, he is in a statistical tie with President Obama in 2012 polling. His son, an ophthalmologist who has never run for elective office, is well ahead of not only the GOP’s handpicked candidate for Senate in Kentucky but also both […]
Pelosi: Congress has cut taxes by more than $800 billion
Pelosi: Congress has cut taxes by more than $800 billion By Jay Heflin - 04/15/10 09:51 AM ET
Speaker Nancy Pelosi (D-Calif) on Thursday announced that the current Congress has cut more than $800 billion in taxes and will add another $285 billion in relief after lawmakers extend expiring tax provisions and make permanent the 2009 […]
66% Say America Is Overtaxed (Remaining 34% get tax credits)
When thinking about all the services provided by federal, state and local governments, 75% of voters nationwide say the average American should pay no more than 20% of their income in taxes. However, the latest Rasmussen Reports national telephone survey finds that most voters (55%) believe the average American actually pays 30% or more of […]
IRS Launches New Global Program to Target ‘High Wealth Individuals’
(CNSNews.com) - The Internal Revenue Service has launched a new global program to target what it calls “high wealth individuals,” IRS Commissioner Douglas Shulman said Monday.
“Through our new global high wealth operating unit we are taking a unified look at the entire web of business and economic entities controlled by high wealth individuals so we […]
Obama Admin. Mulling National Sales Tax: ‘Value Added Tax’ Has People Screaming To Heck With ‘Vat’
A taxing development surfaced on Wednesday.
White House economic advisor Paul Volcker is calling for a new national sales tax — a value added tax or “vat” — to help close the deficit.
But as CBS 2 HD found out area residents are saying “vat chance.”
Talk about starting a tax revolt. Volcker’s call for a new national […]
ROB THY NEIGHBOR: HALF OF HOUSEHOLDS PAY NO FED INCOME TAX
Tax Day is a dreaded deadline for millions, but for nearly half of U.S. households it’s simply somebody else’s problem.About 47 percent will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. That’s according to projections […]
High earners hit as 50% tax rate goes into effect (May be coming to America )
People earning more than £150,000 a year will see a reduction in their take-home pay from today as the new 50p rate of income tax comes into force at the start of the financial year.
In addition to the new tax bracket, announced by Alistair Darling in the Budget last April, high […]
Tea partiers vow revenge over health overhaul
If you thought Tea Party activists were mad before, you ain’t seen nothing yet.Instead of being discouraged by passage of health care reform, tea party activists across the country say the defeat is a rallying cry that makes them more focused than ever on voting out any lawmaker who supported the measure.
“We’re not going to […]
Tax Delinquency:100,000 Federal Employees Owe $962 Million in Back Taxes
Working for Uncle Sam comes with some great perks, like job stability, posh benefits packages, and in many cases, average salaries that are higher than what the same job pays in the private sector.
That’s why Republican Rep. Jason Chaffetz, R-Utah, is irked that nearly 100,000 civilian federal employees owe the IRS $962 million in back […]
New tax deductions, credits could save you some pain at tax time
More forms to file. New and expanded credits and deductions.
When taxpayers sit down to file their 2009 returns, they will find plenty new - some the result of adjusting for inflation, and others changes passed by Congress last year to try to bring the country out of recession.
“Depending on their individual situation, there could be […]
Democrat Congressman introduces 50% tax on bonuses
Rep. Peter Welch (D-Vt.) will introduce legislation that would impose a 50% tax on excessive bonuses at firms that received bailout funds.
The “Wall Street Bonus Tax Act” would apply only to bonuses over $50,000, and would use the tax revenue to support loans to small businesses.
Welch unveiled the proposal at a press conference in Burlington […]