TAXES | WHAT REALLY HAPPENED

TAXES

Sep 17 05:51

Biden’s ‘long overdue’ tax hikes span from Wall Street to Main Street, from superwealthy to smokers

President Biden’s plan for higher taxes on corporations and the wealthy to pay for his $3.5 trillion social welfare expansion so far includes 40 new taxes.

The menu of hikes ranges from doubling the federal tobacco tax to more than $2 per pack to boosting the top income tax rate to 39.6% from 37%, adding up to one of the largest tax increases in U.S. history.

Mr. Biden said Thursday that he’s ready to do more. To justify the taxing spree, he said the wealthiest Americans and biggest corporations skirt their duties to pay for government safety net programs.

Webmaster's Commentary: 

Sep 16 14:52

Biden goes after top 1 percent in defending tax hikes

President Biden on Thursday went after big corporations and wealthy Americans while promoting his economic agenda that congressional Democrats are working to get across the finish line.

“Let me ask you this, where is it written in that all the tax breaks in the American tax code go to corporations and the very top? I think it’s enough, I’m tired of it,” he said in remarks at the White House on the economy.

The president reiterated his calls for big corporations and the wealthy to pay their fair share in taxes, saying it's “long overdue.”

“I’m not out to punish anyone, I’m a capitalist. If you can make a million or a billion dollars, that’s great. God bless you. All I’m asking is you pay your fair share, pay your fair share, just like middle class folks do,” he said.

Sep 16 14:31

TheTinyDot

Sep 16 11:30

New Plan Would Push Top Tax Rate to Almost 60 Percent In These 4 States

By Brad Polumbo

Successful residents of high-tax states are in for an ugly surprise if new tax legislation passes in Congress. Democratic legislators are currently proposing a multi-trillion-dollar tax hike to raise revenue for a massive welfare and climate change spending plan. Proposed tax hikes include raising the corporate tax rate, higher taxes on cigarettes and vaping products, raising the capital gains tax rate, and higher individual income tax rates.

On the last front, the proposed income tax increase would apply to income over $400,000 for an individual and raise the rate from its current 37 percent to 39.6 percent. The proposal also includes a 3 percent surcharge on all income above $5 million. The tax hikes could push Americans in states like New York, California, New Jersey, and Hawaii up to nearly 60 percent top income tax rates...

Sep 15 12:30

The Rich Already Pay Too Much in Taxes

Alexandria Ocasio-Cortez donned an elegant gown with the slogan “tax the rich” painted on the back at the Met Gala in New York, where guests selected by Vogue’s Anna Wintour ponied up around $35,000 a pop for tickets. The scene was reminiscent of Tom Wolfe’s “Radical Chic” — though rather than being guests of the well-heeled in Park Avenue duplexes, today’s revolutionaries own luxury condos and drive around in government-subsidized electric cars that most Americans could never afford.

Sep 15 05:23

Fury as Biden tries to let IRS SNOOP on your bank accounts

One key prong of President Biden's plan to bankroll Democrats' $3.5 trillion budget plan is to monitor gross inflows and outflows from an individual's bank account.

The Biden administration says such surveillance would target audits and prevent tax evasion, but some are concerned that it might run up against the Fourth Amendment and those who can't afford to fight tax audits or move their money into offshore accounts.

The proposal would require banks to report to gross inflows and outflows to the IRS, including transactions from Venmo, PayPal, crypto exchanges and the like in an effort to fight tax evasion.

Sep 14 13:10

The Tiny Dot

Sep 14 11:13

Treasury Department Seeks to Track Financial Transactions of Personal Bank Accounts Over $600

By Peter Jacobsen

In May, the Treasury Department released the Biden administration’s revenue proposals for fiscal year 2022. One aspect of this document that has gone under-reported is the administration’s new plan for reporting requirements for financial institutions.

The document is unequivocal about the administration’s goal for financial reporting, stating, “this proposal would create a comprehensive financial account information reporting regime.”

The Biden administration’s goal here is to increase tax revenue by making sure no income avoids detection. How will the administration do this? It plans to leverage financial institutions like banks...

Sep 14 10:00

$80 Billion in New IRS Funding Will Open Taxpayers Up to Harassment and Abuse

Tucked within the Democrats $3.5 trillion tax-and-spend plan is the largest expansion of the Internal Revenue Service in history. If the Left prevails, the agency will hire 87,000 new agents, more than double its current workforce, and receive $80 billion in new funding to audit and harass taxpayers including American families and small businesses.

The left claims that additional IRS funding would help close the so-called “tax gap” by making wealthy people pay the taxes they allegedly don’t pay.

In reality, the wealthy and large corporations already have armies of lawyers and accountants that ensure they legally take advantage of the credits and deductions offered by the tax code.

Sep 13 12:05

IRS launching 'bizarre' new punishment for small businesses

Most IRS guidance documents make for poor pleasure reading. Then again, most IRS guidance doesn’t effectively impose a retroactive tax on small business owners merely for having a family. IRS Notice 2021-49, issued on August 4, includes a bizarre interpretation of the law that will effectively raise taxes for business owners with close relatives, even if their family members have no involvement in the company.

A core goal of the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed early on in the pandemic was to assist businesses in keeping employees on their payroll even as they dealt with the economic effects of lockdowns. Part of the plan was the Employee Retention Tax Credit (ERTC), which provides a tax credit against employer payroll tax liabilities.

Sep 13 07:46

Biden's Total Financial Surveillance

The administration's proposed "comprehensive financial account reporting regime" would dramatically increase the types of financial institutions and transactions exposed to the feds' prying eyes. "All business and personal accounts from financial institutions, including bank, loan, and investment accounts," would be forced to "report gross inflows and outflows" to the IRS. And not just bank accounts: The dragnet would now include PayPal, settlement companies, and "crypto asset exchanges," for starters.

Sep 09 09:16

Democrats float a tax on investments to help pay for $3.5 trillion budget plan

Congressional Democrats are floating a slew of taxes to help cover their $3.5 trillion budget plan, including new levies on the wealthy.

Senate Finance Committee Chairman Ron Wyden, D-Ore., has introduced proposals for taxes on so-called derivatives, which are financial contracts linked to assets as well as carried interest, which generally is received by hedge-fund managers and private equity firms.

These measures call for a “mark-to-market” tax, meaning investors may pay levies annually based on market value, and may pave the way for a broader push for similar levies on capital gains, according to a Tax Foundation analysis.

Currently, investors don’t pay taxes on gains or claim a deduction for losses until they sell. However, mark-to-market levies would occur every year, even if they still own the asset.

Sep 09 09:02

Democrats eye reforms to Trump tax break for businesses as part of $3.5 trillion spending plan

Congressional Democrats are considering reforms to the 20% pass-through tax deduction as part of a $3.5 trillion federal spending package.

Democrats’ proposal would phase out the tax break for business owners with taxable income exceeding $400,000, according to a discussion list obtained by CNBC. It would also make the tax cut available to more people below the $400,000 threshold by removing some existing restrictions.

A discussion list is a draft of ideas that lawmakers assemble before formally pitching them in the House or Senate. Democrats are weighing changes to the tax code to help raise money for up to $3.5 trillion in spending on climate, education, paid leave and other measures.

Sep 09 04:51

US To Exhaust Funds By October If Debt Limit Not Raised: Yellen

The US government will run out of money at some point in October unless Congress acts to increase the federal borrowing limit, Treasury Secretary Janet Yellen said on Wednesday.

Congress suspended the debt limit in 2019, but the two-year suspension lapsed on July 31, resetting the cap at $28 trillion and forcing Treasury to begun taking "extraordinary measures" to continue funding government operations without breaching the limit.

In a letter to House Speaker Nancy Pelosi, Yellen warned that if the ceiling was not raised, "the United States of America would be unable to meet its obligations for the first time in our history."

"Based on our best and most recent information, the most likely outcome is that cash and extraordinary measures will be exhausted during the month of October," she wrote.

Sep 08 09:44

Resources to Help You Fight IRS Reporting Mandates

We care about you, your finances, and your account with our community bank, so we want to let you know about a concerning proposal taking shape in Washington. If passed, the proposal would require financial institutions like ours to report the inflows and outflows on personal and business accounts to the IRS.

Recent Independent Community Bankers of America polling conducted by Morning Consult found that 67 percent of voters oppose the proposal, which would be an excessive government intrusion that could hurt small businesses by double-taxing their income.

If you want to make your voice heard by policymakers or learn more about this proposal, visit banklocally.org/privacy. We value your business and privacy and want to make sure you have all the information you need regarding your finances and your money.

Sep 03 08:17

This Is How America's Ultra Wealthy Are Evading The Democrats' New Taxes

For most Americans, the term Private Placement Life Insurance, or PPLI, is financial gibberish. But for the ultra-wealthy, those who represent the top 0.1% in the wealthy pyramid, that acronym represents financial freedom from the coming Democratic tax hike tsunami.

As many ultra wealthy Americans - those whose net worth is $20 million and over - scramble for places to hide from Democrat plans to hike their taxes, many on Wall Street think they’ve found just the thing, and as Bloomberg reports today the tax oasis is a niche strategy called private placement life insurance, which is was already gaining popularity among the very rich for its ability to shield fortunes from taxes. Advisers to the top 0.1% already say it’s dominating conversations with their clients.

Sep 03 08:16

"Hit The Pause Button": Manchin Throws Democrats' $3.5 Trillion Plan Into Disarray

Moderate Democratic Senator Joe Manchin (WV) has called on fellow Democrats to "hit the pause button" on their $3.5 trillion economic blueprint, throwing the tax-and-spending plan into disarray

According to Bloomberg, Manchin said this week that "runaway inflation" and uncertainty over Afghanistan-fueled national security risks warrants a 'go-slow' approach and a possible rethinking of the plan.

Sep 01 05:57

Under Biden Plan, The IRS Would Know A Lot More About Your Bank Accounts

President Biden announced the American Families Plan today, which is designed to “grow the middle class and expand benefits of economic growth to all Americans.” The American Families Plan includes a lot to like, no matter what side of the aisle you are on. By any measure, the amount of benefits being proposed is staggering, which begs the question, how will we pay for all of this? By increasing IRS enforcement, by increasing reporting obligations for financial institutions, and by raising taxes on the wealthy. Each aspect of this plan is worthy of its own column. This column will focus what a senior administration official called one of the “significant steps” designed to make “sure that [ ] taxpayers are paying the taxes they already owe”: increased reporting obligations for financial institutions.

Aug 31 14:22

'I just couldn't pay' | Navy veteran evicted from N.O. home after property was sold for taxes owed

In Louisiana, if taxes are owed on a property then that property can be sold to pay those taxes — without paying the property owner.

A few N.O. homeowners are paying the price of not being able to pay property taxes: Losing their homes.

Delores Bishop lived in the 9th Ward and was evicted from her home in late January.

Aug 31 04:57

Biden's gambling on another death tax to fund his budget goals

Our nation's job creators have endured an economic calamity unlike anything we have ever seen in modern times — the crushing blow of COVID. In response, President Joe Biden promised to “Build Back Better” America’s economic growth and prosperity opportunities. But his proposed American Families Plan threatens the very foundations of those opportunities — a foundation long supported by small businesses across America.

Republican and Democratic presidents before Biden offered plans to sustain America's greatness; however, these goals often become lost in the bureaucracy of Washington's partisan fights. The real tension is about who sacrifices and pays for the cost of prosperity.

Webmaster's Commentary: 

Aug 30 18:16

Signed as Law: Ohio Takes Step Toward Treating Gold and Silver as Money

By Michael Maharrey

COLUMBUS, Ohio (Aug. 30, 2021) – Ohio Gov. Mike DeWine has signed a bill into law exempting gold and silver bullion and coins from sales tax. The new law will relieve some of the tax burdens on investors, and it will also eliminate one barrier to using gold and silver in everyday transactions, a foundational step for people to undermine the Federal Reserve’s monopoly on money.

House Bill 110 (HB110) – the 2022-2023 budget appropriations bill – was introduced back in February. Provisions in the omnibus bill repeal the sales tax on gold, silver, platinum, and palladium bullion and coins.

DeWine signed the appropriations bill on June 30. The provisions relating to sales tax on precious metals go into effect. Oct. 1...

Aug 27 09:07

Why Is A Global Tax Rate A TERRIBLE Idea?

Aug 26 07:26

New Report Finds US Has Spent Over $2.3 Trillion on Afghanistan War

Brown University’s Costs of War project released an updated report Wednesday on US spending for the war in Afghanistan. The report found that since the 2001 invasion, Washington has sunk over $2.3 trillion into the war.

The spending includes operations in both Afghanistan and Pakistan and is broken down into five categories. The biggest chunk is the Defense Department’s budget for the war, which is just over $1 trillion. The State Department’s war budget adds another $60 billion. War-related Increases to the Pentagon budget account for $433 billion.

Estimated interest payments on war borrowing accounts for $532 billion, and spending on care for veterans of the war adds up to $233 billion. Costs of War did not account for future interest payments or future spending on lifelong care for veterans, so the total will still increase even after the US completes its military withdrawal from Afghanistan.

Aug 26 07:25

The Government Spent Over $300 Million a Day for 20 Years on Unconstitutional Afghanistan War

James Madison warned that “of all the enemies to public liberty war is, perhaps, the most to be dreaded.”

Why?

Because it comprises and develops the germ of every other enemy of liberty.

“War is the parent of armies; from these proceed debts and taxes; and armies, and debts, and taxes are the known instruments for bringing the many under the domination of the few.”

Taxation not only steals our wealth; it limits our freedom. Access to fewer resources shrinks the number of options available to us. The more the government takes from us, the more limited our options become.

Aug 25 07:14

List: Tax Hikes to Expect in the Dems' $3.5 Trillion Plan

Today, the House voted to pass S. Con. Res. 14, the Democrat Fiscal Year 2022 budget resolution. The Senate has already passed this measure on a party-line vote. By voting for this budget, Democrats have fast tracked President Biden’s reckless $3.5 trillion ($3,500,000,000,000) tax and spending spree later this year.

The passing of this resolution has now teed off the following proposals:

Trillions in new tax increases on working families and small businesses. This budget resolution is the first step toward the Biden plan to raise taxes by $3 trillion over the next decade. Some of these tax increases include:

Aug 21 06:55

Biden and Pelosi Set to Impose Tax Hikes on Small Businesses

During his campaign, President Biden promised the American people that he would not raise taxes on small businesses. Now he is violating that promise, and next week House Democrats will vote on the framework to make the tax hikes possible.

Biden's small business tax promise was made on Feb. 20, 2020 before a national audience during a Democratic debate hosted by MSNBC:

MSNBC's Hallie Jackson: "I want to ask you about Latinos owning one out of every four new small businesses in the United States. Many of them have benefited from President Trump's tax cuts, and they may be hesitant about new taxes or regulations. Will taxes on their small businesses go up under your administration?"

Biden: "No. Taxes on small businesses won't go up."

Aug 16 07:10

'Named & Shamed' - IRS Lists The Record Number Of Wealthy Americans Becoming Ex-Americans In 2020

The number of wealthy Americans with assets over $2 million who renounced their citizenship has surged amid socioeconomic despair, political firestorms, and an unrelenting virus pandemic sparking increasingly freedom-destroying mandates from the 'petty tyrants' - as Rand Paul described them - in Washington.

Earlier this year, we noted 6,705 Americans gave up their citizenship in 2020, a 260% increase from 2019 when 2,577 renounced their citizenship. People fleeing the country tend to have the economic mobility to do so and seek tax haven countries. They also seek areas that are safer (free of social unrest) and have more freedoms.

Webmaster's Commentary: 

"How DARE they not want to be our debt slaves any more!!"

Aug 12 11:25

Democrats Reject Measure To Prevent IRS From Collecting Americans’ Sensitive Banking Information

The Senate on Tuesday rejected a measure introduced by Finance Committee Ranking Member Mike Crapo that would have prevented the Internal Revenue Service from having access to Americans’ private banking records.

The rule, which Crapo proposed as an amendment to Democrats’ $3.5 trillion budget resolution, was narrowly defeated 50-49 in a party-line vote. It would have prohibited President Joe Biden’s administration from requiring financial institutions to report all transactions on accounts with a balance of more than $600.

“The IRS financial institution reporting requirement forces financial institutions to turn over detailed bank account information to the IRS based on vague and ‘flexible’ criteria, such as a $600 threshold and account inflows and outflows, which are determined by the IRS,” Crapo said in a statement.

Aug 12 05:06

New Infrastructure Bill Packed With 'Nonsense'

Sen. John Kennedy (R-La.) slammed the $1 trillion bipartisan infrastructure bill as dense of “stupid stuff” Monday night, hours before the bill was passed.

Kennedy told Fox News's “The Ingraham Angle” that he was inclined to vote “yes” on the package until he got a copy of the 2,700-page measure.

“I realized pretty quickly that if you look up ‘stupid stuff’ in the dictionary, there’s a picture of this bill,” said Kennedy. “They told us it was a real infrastructure bill. It’s not; only 23 percent of the bill is real infrastructure, the rest is Green New Deal and welfare. They told us the bill was paid for; it isn’t, we’re gonna have to borrow maybe up to $400 billion to pay for it. They told us there were no tax increases. There are; my state’s gonna have to pay $1.3 billion in new taxes on our petrochemical industry.

Aug 11 06:56

Dems Set Stage for Trillions in Tax Hikes, 87,000 IRS Agents, Woke Spending

Senate Budget Committee Chairman Bernie Sanders (I-Vt.) and Senate Majority Leader Chuck Schumer (D-N.Y.) have introduced the Democrat Fiscal Year 2022 budget resolution. This budget includes instructions for the Democrats to fast-track their reckless $3.5 trillion ($3,500,000,000,000) tax and spending spree later this year.

ATR urges Senators to vote no on this resolution. If signed into law, it will tee off passage of the following proposals:

Trillions in new tax increases on working families and small businesses. This budget resolution will be the first step toward the Biden plan to raise taxes by $3 trillion over the next decade. Some of these tax increases include:

Webmaster's Commentary: 

Aug 10 10:23

How the new mileage tax will get your old car off the road

"Joe Biden and the Republicans – without whom Joe Biden could not have done it – may have just outlawed cars that can’t be tracked without actually outlawing them, per se. Instead, they will be regulated away – the new trick in government’s dirty bag thereof.

It might have caused a ruckus to propose a law outlawing older vehicle without Onboard Diagnostic (OBD II) electronic data collection ports, GPS transponders or some other, similar means by which a vehicle can be externally tracked – using the pretext of keeping track of its mileage that way, so as to tax its owner that way. This being bad enough all by itself, being invasive enough all by itself. Instead of paying gas taxes anonymously at the pump whenever you fill up – possibly with cash – the federal government will tax automatically and electronically you by the mile, wherever you drive.

Aug 10 07:40

Democrats Risk Showdown by Omitting Debt Ceiling Raise in $3.5 Trillion Trojan Horse Package

Congressional Democrats omitted instructions for raising the debt ceiling in the $3.5 trillion infrastructure package, risking a showdown with Republicans over the debt limit in September.

“The budget blueprint is expected to be voted on this week in the Senate soon after final passage of the Biden’s bipartisan $550 billion infrastructure package,” Bloomberg reported Monday. “It allows Democrats to bypass Republicans to expand the social safety net and raise taxes on the wealthy and corporations.”

The text of the bill was released after Treasury Secretary Janet Yellen told congressional Democrats on Monday the debt limit ceiling should not be lifted in the reconciliation package.

Yellen told Congress to increase the debt ceiling via “regular order”:

Aug 09 05:34

Democrats’ infrastructure bill includes per-mile fee, making driving too costly for many Americans

A provision in the Biden administration-backed $1.2 trillion infrastructure bill currently under debate in the U.S. Senate has sparked controversy for an initiative tucked into the legislation that would explore charging Americans a fee for every mile they drive.

If undertaken, the program would make driving considerably more expensive for Americans, a result the Western Journal’s Taylor Penney suggested is “intentional,” and “another way to cripple our existing ways of life.”

The pilot program to research charging Americans a per-mile fee to drive their personal vehicles is described in section 13002 of the bill, nestled into pages 508 to 519 of the massive 2,702-page infrastructure package.

Webmaster's Commentary: 

Drivers already pay mileage-based taxes via gas and tire taxes.

Aug 08 06:15

The Inside Story of How We Reported the Secret IRS Files

In late July, ProPublica hosted a virtual event with reporters and editors to talk about our reporting on the U.S. tax system. Thus far, the series has focused on how the ultrawealthy use legal stratagems not available to average Americans to avoid paying what many regard as their fair share of taxes. The stories that we’re collectively calling The Secret IRS Files have inspired calls for reform in Congress and ignited a national discussion around tax fairness and wealth inequality.

Aug 05 00:23

John McAfee`s speech about government, taxes, banks, corruption, and cryptocurrency

Why the governments fear cryptocurrency? It's because with privacy coins like Monero and distributed exchanges, the governments can neither monitor nor control your financial life. If using a privacy coin, and a distributed exchange like McAfeeDEX that just came out 2 weeks ago... in 6 months it will be the equivalent of Binance, on a distributed and decentralized basis, so you can't shut it down... when the IRS comes, 'what have you done?' I'm gonna go, 'Oh, I'm sorry, I never thought that you might want to see what's happening, I made a mistake. But it cannot be changed, it can never be shut down..."

Aug 04 09:44

Senate infrastructure bill includes pilot program to test mileage tax on motorists

Earlier this year, the Biden administration floated the idea of taxing motorists based on the number of miles they travel each year. Now, senators who crafted the $1.2 trillion bipartisan infrastructure bill are moving that idea one step closer to reality.

A pilot program to create a system for taxing drivers based on their vehicle mileage was slipped into Section 13002 of the legislation entitled, "National motor vehicle per-mile user fee pilot." Senators could change the language as they try to get a final version of the bill that can secure enough votes for passage.

Earlier this year, Transportation Secretary Pete Buttigieg floated the creation of such a system during his confirmation process as a way to fund an infrastructure bill. The idea was later abandoned by the Biden administration.

Webmaster's Commentary: 

Aug 04 06:48

Senate Infrastructure Bill Gives Feds Go-Ahead to Test Taxing Every Mile Americans Drive

Buried in the “Infrastructure Investment and Jobs Act” in the U.S. Senate is approval for the Department of Transportation (DOT) to test a new federal tax on every mile driven by individual Americans.

Webmaster's Commentary: 

The problem is that you are already taxed on how much you drive ... through taxes on gasoline and tires. The more you drive, the more you pay!

Aug 03 10:29

Chicago Officials Trying To Block $1 Million Tax Refund On Trump Building

Chicago officials are trying to block former President Donald Trump from receiving a $1 million tax refund that the Illinois Property Tax Appeal Board ruled is owed on his Chicago skyscraper’s 2011 tax bill.

The office of Cook County State’s Attorney Kimberly Foxx filed a lawsuit with the Illinois Appellate Court on July 9 disputing the refund, noting that the money would come out of the property taxes due to the city of Chicago, the Chicago Public Schools and several other government agencies.

Aug 02 18:33

The Cryptocurrency Surveillance Provision Buried in the Infrastructure Bill is a Disaster for Digital Privacy

By Rainey Reitman

The forthcoming Senate draft of Biden’s infrastructure bill—a 2,000+ page bill designed to update the United States’ roads, highways, and digital infrastructure—contains a poorly crafted provision that could create new surveillance requirements for many within the blockchain ecosystem. This could include developers and others who do not control digital assets on behalf of users.

While the language is still evolving, the proposal would seek to expand the definition of “broker” under section 6045(c)(1) of the Internal Revenue Code of 1986 to include anyone who is “responsible for and regularly providing any service effectuating transfers of digital assets” on behalf of another person. These newly defined brokers would be required to comply with IRS reporting requirements for brokers, including filing form 1099s with the IRS. That means they would have to collect user data, including users’ names and addresses...

Aug 02 05:01

Why Don't Billionaires Pay the Same High Tax Rates the Rest of Us Pay?

As with everything else in polarized America, billionaires proclaiming space tourism is the next big thing for humanity neatly divides opinion into two camps: those who laud the initiative, hard work and innovations of the billionaires as laudable examples of the American Can-Do Dream, and those who wished the billionaire space tourists had taken a one-way flight to a distant orbit of blissful silence.

Setting aside that bitter divide, let's explore another divide: how our two-tier tax system enables billionaires to become billionaires while the rest of us get poorer. Whenever I discuss the taxes of the non-billionaire self-employed, armies of apologists leap to the defense of the status quo with various quibbles: the 0.9% Medicare surcharge only kicks in above $200,000, the cap on Social Security taxes is $142,800, and so on.

Aug 01 13:35

SpaceX and Other Internet Service Providers Asked to Return Money Former FCC Chair Shouldn’t Have Given Them

By B.N. Frank

According to a group of telecom experts (The Irregulators) who filed a lawsuit filed against the Federal Communications Commission (FCC), Americans have been overcharged for decades for telecommunications services that millions still haven’t received. Over the years, Irregulator Bruce Kushnick has written dozens of articles about how the corrupt and “captured” Federal Communications Commission (FCC) made this possible. Of course legislators made this possible too. Now the current acting FCC chair has accused the previous FCC chair of “mismanaging” taxpayer money...

Aug 01 11:29

Why Don't Billionaires Pay The Same High Tax Rates The Rest Of Us Pay?

The truth is America has lost its way if commoners pay a rate of 40% but its billionaires pay next to nothing...

Jul 30 12:31

Biden DOJ orders IRS to give Trump’s tax returns to Congress

President Joe Biden’s Department of Justice told the Department of the Treasury on Friday that it must turn over former President Donald Trump’s tax returns to the House Ways and Means Committee because the committee has “invoked sufficient reasons” for the request.

The DOJ letter, authored by the department’s Office of Legal Council (OLC), says the committee’s latest June 2021 request to obtain Trump’s tax records states “former President Trump’s tax returns could reveal hidden business entanglements raising tax law and other issues, including conflicts of interest, affecting proper execution of the former President’s responsibilities,” and that an “independent examination” of those documents “might also show foreign financial influences on former President Trump that could inform relevant congressional legislation.

Webmaster's Commentary: 

The Democrats are out to bury Trump to keep him from running in 2024.

Jul 28 12:34

Disabled Mother Wins Legal Fight to Keep Family Home From Property Tax Collectors

By Olivia Rondeau

After Mary Ann Dupere had a stroke in 2010, her daughter, Tina, became her caretaker in the family’s Dartmouth, Massachusetts home of 42 years. But, because of an outstanding property tax debt of only 0.7% of the home’s total worth, they faced eviction.

The house was originally purchased in 1979 by Mary Ann’s parents, who transferred ownership to Mary Ann herself in 1986. Mary Ann holds the title, as well as life estate interest in the home, and Tina holds the remainder of the interest in the property. This means that Mary Ann should own her property until she passes away, at which point the title may be transferred to her daughter. However, their family home was recently foreclosed upon despite them owning equity in the property. She and Tina paid all property taxes on the home from 1986 until they began financially struggling in 2013...

Jul 28 09:47

Why the Middle Class Should Start Paying Attention to the Death Tax

By Daniel Kowalski

There are more millionaires now in American history than there were in 1910. Unfortunately, this isn’t a totally good thing.

It’s true that the average American is more prosperous than they were 110 years ago with a higher standard of living, but the purchasing power of the dollar has dramatically decreased during that time as well. Thanks to inflation, more than 20 million Americans have a net worth of one million dollars or more, but to be wealthy like the millionaires of the past one would need about $30 million today.

Jul 26 06:18

UK Taxpayers To Face COVID Bill For Decades To Come, MPs Warn

Two reports from the Commons Public Accounts Committee (PAC) released on Sunday slammed the Government’s spending on unusable personal protective equipment (PPE) and said a public inquiry expected next year was not soon enough to fix some issues.

The PAC said the taxpayer would be exposed to “significant financial risks for decades to come,” and already the estimated cost of the government measures had reached £372 billion ($511 billion).

The committee also “remains concerned that despite spending over £10 billion ($14 billion) on supplies, the PPE stockpile is not fit for purpose.”

The PAC said that as of May this year, out of 32 billion items of PPE ordered by the Department of Health and Social Care (DHSC), some 11 billion had been distributed, while 12.6 billion are stored in the UK as central stock.

Some 8.4 billion on order from other parts of the world have still not arrived in the UK.

Jul 22 07:40

Paying Your "Fair Share" Of The Warfare-Welfare State

A recurring theme in national tax debates is the idea that everyone should pay their "fair share" of taxes. While that aspiration’s validity is widely taken for granted, the stark reality is there’s no such thing as a "fair share" of federal taxes.

To understand why, let’s first scrutinize what’s meant by "fair." When paired with "share," the most fitting definition is "reasonable, right and just." If the United States government were limited to its only morally sound function—protecting rights, liberties and lives—perhaps one could entertain the theoretical notion of a "reasonable, right and just" share of the cost.

However, that ideal is far from today’s grim reality, as tax revenue is used to assault rights, liberties and lives of Americans and people around the world—to say nothing of the sprawling waste and cronyism associated with a 2021 budget of $6.8 trillion.

Jul 19 12:29

Senate Infrastructure Bill Drops IRS Funding, Raising Pressure for New Revenue

Lawmakers dropped plans to pay for a roughly $1 trillion infrastructure package in part by boosting tax-collecting enforcement at the Internal Revenue Service, a setback for the bipartisan measure ahead of a looming deadline for agreement.

The shift came after pushback from Republicans who were wary of granting the agency more money and power, Sen. Rob Portman (R., Ohio), one of the lead negotiators, said Sunday on CNN. Legislative aides from both parties confirmed the move.
The change means that the plan to strengthen the IRS to do more to collect taxes owed but not collected—a priority for President Biden —has stalled, at least for now. But lawmakers say it could be revived elsewhere, in a separate spending package pushed by Democrats.
The decision to exclude the IRS provision means lawmakers will have to scramble to replace it to complete the infrastructure package before a midweek deadline, and it casts new uncertainty over the talks.

Webmaster's Commentary: 

Jul 08 13:07

These 9 States Are Cutting Income Taxes to Boost Their Recovery

By Brad Polumbo

Finally, some good news. In nine states and counting, residents will owe less on their next state income tax bill as local officials seek to stimulate the economic recovery by lowering taxes.

Arizona is the latest state to slash income taxes, Fox Business reports, with Governor Doug Ducey signing into law last week a “flat tax” reform that will lower the average Arizonan’s tax bill by $340. According to the Tax Foundation, the other states to lower income taxes include Ohio, Idaho, Oklahoma, Iowa, Louisiana, Missouri, Montana, and New Hampshire. Others such as North Carolina and Wisconsin are currently considering doing the same.

Jul 07 06:29

Biden's Policies Pushing The Wealthy Out Of The Country

The wealthiest American earners could pay $1.5 million more in taxes, shows a new analysis based on if Congress passes Joe Biden’s recommended tax hikes to pay for his so-called ‘human infrastructure’ plan.

The nonpartisan Urban-Brookings Tax Policy Center discovered that the top 0.1 percent of Americans – those who make $3.6 million or more – would pay an added $1.56 million each in federal taxes each year on top of the taxes they already pay.

Jul 05 09:07

America - Freedom to Fascism

Jul 05 09:05

The Tiny Dot

Jul 05 08:58

Opinion: The global tax revolution is coming

The world is truly on the verge of a "colossal" upheaval of the tax system applied to big companies. This was how German Finance Minister Olaf Scholz hailed the agreement reached in principle by 130 countries, under the guidance of the Organization for Economic Cooperation and Development (OECD). It really can be described as historic. For the first time in 100 years, the global community is set to agree on a radical restructuring of the tax system that would make it fairer with regard to the global economy, including online business.

Jul 03 05:21

"They Just Want Our Money": California's Gas Tax Has Risen Again

You know what we were just thinking California could use? Higher taxes.

And it must not just be us "thinking clearly" because the state is about to push through yet another gas excise tax increase that has the state's citizens so annoyed they have committed to "not go anywhere". This begs the Laffer-curve inspired question: what's a 51.1 cent per gallon tax worth when people in the state have just abandoned buying gas altogether?

The new tax went into effect on Thursday, according to CBS 8. It comes from an automatic increase as part of Senate Bill 1 that was signed into law in 2017. The bill incrementally raises the fuel excise tax each year for road and bridge repairs. The report says the tax is now 51.1 cents per gallon, putting California's gas and state taxes at the highest in the country.

Jul 01 13:38

Trump Organization and CFO charged with tax crimes

Tax crimes, huh? Well, I filed on 3/19/21 and my Federal return hasn’t come back. I received none of the stimulus either, not that it’s a good plan to print money endlessly. Talk about credibility — most people that filed around the same time, are in the SAME DAMN SITUATION of not getting anything back for going on 105 days of NOTHING on the federal level…. I reported my income for ONE job, no goofy tax loop holes, no under the table, no tips, probably the most BORING return to ever be filed – because, well, keep it simple stupid. This “witch hunt” costs more per hour than I made all year, but I can’t get back like 1/3rd of the money taken from my checks for 52 weeks? Talk about Bullshit…

Jun 29 06:32

Who Stole the People’s Money?

Too many American politicians at all levels of government have come to believe that your money is their money. Federal, state and local tax rates are set annually and often arbitrarily based on the issues that elected officials and tax managers consider to be important. Input from the public is basically unwelcome except at election time but, even then, the breakdown of dollars and cents that will be coming out of one’s pocket is rarely under discussion.

Jun 28 06:57

Critics Warned the Largest Tax Increase in San Francisco History Would Be Ill-Spent. It's Now Funding $60,000 Tents for the Homeless.

When San Francisco voters were considering a 2018 ballot measure that would impose the largest tax increase in city history to fund homelessness services, critics warned that the initiative's spending plan was vague and unaccountable. Now, a chunk of that money is going to fund some very expensive tents.

On Wednesday, staff for the city's Department of Homelessness and Supportive Housing went before the Board of Supervisors' Budget and Appropriations Committee to request $20 million over the next two fiscal years to continue operating six "safe sleeping" tent encampments.

This safe sleeping program was launched early in the pandemic as a way of getting people out of crowded shelters, and into open-air, socially distanced camping sites where the homeless had access to showers, meals, and around-the-clock security.

Jun 25 10:52

By suggesting all Christians are Republican, Biden’s IRS is making America more polarized than ever

A non-profit group Christians Engaged has been refused tax exempt status due to apparent Republican leanings. Making judgements on people’s politics based on religion is a bad idea that can only further divide the US.

Joe Biden is no stranger to controversies with the IRS. During his time as vice president with the Obama administration, there was widespread criticism of its targeting of conservative groups using the IRS as a bludgeon. There was always the possibility that history may repeat itself, but an IRS letter recently sent to the group Christians Engaged – which denied the non-profit organization tax-exempt status – could take things to a whole new level.

Jun 23 07:12

A Record Buyout Is Just the Start as Wealthy Flee Tax Hike

For 110 years, four generations of Mills family members earned their money by expanding their great-grandfather’s Chicago apron business into a medical supplier that ranked among the nation’s largest private companies.

But soon after Democrats turned their attention toward raising taxes for the wealthy this year, the family signed a deal to cash out billions.

It was no coincidence, according to people close to the more-than $30 billion transaction, which sold part of Medline Industries Inc. to a consortium of Wall Street investors in the health-care industry’s biggest leveraged buyout. The threat of subjecting billions in proceeds to additional capital gains taxes motivated the clan to get it done before the end of 2021, when higher rates could take effect, the people said.

Jun 21 07:04

Biden's Campaign Lies DESTROY Middle Class

An analysis by the nonpartisan Tax Policy Center discovered that 60% of households would meet a higher tax burden under President Joe Biden’s plans.

"For those looking to see if Biden kept his promise to not raise taxes for those making $400,000 or less, the answer is: mostly, but not entirely," explained Tax Policy Center senior fellow Howard Gleckman. "Including corporate tax increases, most households would pay more in 2022. About three-quarters of middle-income households would face a tax increase averaging about $300. But nearly all would be a result of those higher corporate taxes."

Webmaster's Commentary: 

Taxes are choking the life out of America!

Jun 20 06:31

IRS Denies Christian Non-Profit Tax-Exempt Status: ‘Bible’s Teachings Affiliated with Republican Party’

A Christian non-profit is challenging the Internal Revenue Service after the agency denied them tax-exempt status saying “the Bible’s teachings are typically affiliated with the Republican Party and candidates.”

Christians Engaged describes itself as educational, Christian, and non-partisan, and operates out of Garland, Texas. Its three main goals, as described by the non-profit, include:

To awaken, motivate, and empower ordinary believers in Jesus Christ to: pray for our nation and our elected officials regularly, vote in every election to impact our culture, and engage our hearts in some forms of political education or activism for the furtherance of our nation.

Jun 19 06:05

An America where your kids can't afford to keep your money: Middle income families' disgust with Biden's 'twisted' 'death tax' that would force many to part with their inheritance to pay the bill

Middle income families are lashing out against Joe Biden's punitive new tax plan that would claim a large chunk of the amount someone leaves to their kids when they die just because it has gone up in value over the course of their lifetime.

The harsh new tax - dubbed Biden's 'death tax' - is hidden in his American Families Plan and it's receiving ferocious backlash. It proposes that when someone dies, any asset they leave behind that has appreciated in value by more than $1million since the time they bought it should be taxed.

The tax rate would go as high as 40% - double what it is now - and it applies to how much the asset has appreciate. So someone who inherited a house their mother and father paid $250,000 for but that's now worth $2.5million would have to pay tax on the difference.

Jun 17 07:58

U.S. Billionaires Paid Just 3% in Income Tax

Jun 16 11:51

They Want Billionaires Gone

For the Left, abiding by the law is no defense for the crime of being too wealthy.

The ProPublica tax leaks have shaken up the business world and led to a flurry of cries to overhaul the tax system. Many have increased their calls for a wealth tax, arguing that billionaires can flaunt the rules ordinary Americans have to abide by. But people across the political spectrum should all be concerned by the rhetoric coming from the left. Recent events show some on the left won’t be satisfied until the entire billionaire class is eliminated.

Jun 16 11:45

Fed-up business owners in Baltimore threaten to withhold taxes until city increases police presence

It has never made any sense why people who live in big cities continue to vote for the Democrats who have destroyed them while expecting things to change after every election cycle, only to be disappointed, frustrated and angry when they don’t. -- Doing the same thing over and over again while expecting a different result is the textbook definition of insanity — so our big cities, by clinical definition, seem to be full of crazy people. -- A growing number of business owners are threatening to withhold their taxes if the Democratic city bosses don’t do something to attract, hire and deploy more police officers — and then let them do their jobs keeping the peace, arresting criminals and getting the murderous dirtbags off the streets.

Jun 16 11:04

Zombie Tax punishes farmers to fill DC coffers

There is a new tax proposal taking root in Washington that will be extremely damaging to our nation's farmers and ranchers if it becomes part of the tax code.

After a painful year of unknowns due to the coronavirus epidemic, the last thing the agricultural sector needs is a punitive and retroactive tax that goes after one of America's greatest legacies - multi-generational farming and ranching.

Sens. Chris Van Hollen (D-Md.), Cory Booker (D-N.J.), Bernie Sanders (I-Vt.), Sheldon Whitehouse (D-R.I.) and Elizabeth Warren (D-Mass.), have proposed a new tax that would negatively implicate farmers for wanting to pass down the family business to their children. Rep. Bill Pascrell (D-N.J.) has introduced a similar bill in the House. Unfortunately, President Biden has embraced the idea and included it in his American Families Plan to help pay for the expansive $1.8 trillion program.

Jun 15 12:45

Inflation’s Here, Getting Worse, And Could Last Longer Than COVID-19 Pandemic

Both the out-of-touch Biden administration and our betters at the Federal Reserve Board continue to assert that inflation’s no big thing. They’re right. It’s not, unless you work for a living. Then it’s a very big thing indeed. -- This is what you get, inevitably, from so-called progressive economic experiments conducted by the far left, which now means the entire Democratic Party. Massive amounts of spending. Suffocating regulation. High taxes. More out-of-control money printing by the Federal Reserve. Severe wage controls and, eventually, price controls.

Jun 15 10:50

Shots ring out despite Baltimore's attempted crime crackdown after businesses threatened to stop paying taxes

Bullets fired in Baltimore's Fells Point neighborhood on Saturday suggest the city's attempted crime crackdown amid a threatened tax revolt by businesses is off to a shaky start, regardless of how the gunfire might be euphemized.

Baltimore police told local media outlet WBAL Radio that they're investigating an overnight “discharging,” not shooting, in Fells Point. The discharging, as it turns out, came from a gun or guns, and the bullets damaged several vehicles. A man sitting in one of the vehicles suffered a laceration to the head, perhaps when the discharging broke a window in his car.

Jun 15 09:44

ProPublica’s Release of Leaked Tax Return Data for Billionaires: Why Wall Street’s Mega Banks Are Freaking Out

Last Tuesday, June 8, at 4:59 a.m. EDT, the public interest news outlet, ProPublica, dropped a bombshell. A source unknown to it had leaked “a vast trove of IRS data on the tax returns of thousands” of the richest Americans, including the top 25 billionaires in the country as of 2018. The data covered numerous years of tax filings and showed that some of the most well known billionaires in the U.S. had paid no income taxes in some years.

Carefully reading through the ProPublica material, a few critical details emerge. First, ProPublica does not appear to have tax return data for years later than 2018. Since it’s now June of 2021, that suggests that someone in the Trump administration might have downloaded this data to a thumb drive and waited until recently to leak it. ProPublica acknowledges that it’s had the data for “months,” as its reporters attempted to analyze the data and verify its authenticity.

Jun 15 09:12

IRS Is Investigating Release of Tax Information of Wealthy Americans

Federal authorities are investigating the release of wealthy Americans’ tax information, Internal Revenue Service Commissioner Charles Rettig said Tuesday.

ProPublica, a nonprofit news organization, published details about the reported income and tax payments of some of the richest Americans, including Amazon.com Inc. Chief Executive Officer Jeff Bezos and Berkshire Hathaway Inc. CEO Warren Buffett.

Taxpayer information is confidential, and there are potential criminal penalties for IRS employees or others who release such information. Mr. Rettig told lawmakers that there were internal and external investigations beginning, with potential prosecutions to follow.

Jun 14 10:27

Biden's plan puts U.S. taxes under 'global control'

The Biden administration is pushing a misguided 21 percent global corporate minimum tax on American businesses. At the same time, the administration is pushing for a global agreement amongst foreign countries to set a foreign minimum tax rate of 15 percent.

This is a terrible idea that, if successful, will surrender U.S. sovereignty to foreign leaders in Russia, China, Saudi Arabia, and the European Union in order to bind the world into higher taxes and bigger government.

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