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TAXES

Nov 29 11:25

The Cruelest Tax Of All

Nov 28 06:49

Biden’s Build Back Better: IRS Audits for Working Class, Tax Cuts for the Rich

President Joe Biden and Democrats are hoping to squeeze an extra $200 billion in tax revenue out of American taxpayers by mostly targeting working and middle class households with Internal Revenue Service (IRS) audits.

As part of Biden’s “Build Back Better Act,” which was already passed by House Democrats, nearly 600,000 more working and middle class Americans earning $75,000 or less a year would be audited by the IRS, an analysis by Republican lawmakers reveals.

“Democrats’ tax and spending spree will more than double Americans’ chances of being audited as it targets lower and middle-income earners,” the analysis states:

The proposal will lead to an additional 1.2 million IRS audits each year, nearly half of which will hit middle class families making less than $75,000. All this so Democrats can wring an extra $200 billion out of the American people, particularly from middle class families and small businesses.
[Emphasis added]

Webmaster's Commentary: 

Nov 27 08:57

Biden’s Build Back Better: IRS Audits for Working Class, Tax Cuts for the Rich

President Joe Biden and Democrats are hoping to squeeze an extra $200 billion in tax revenue out of American taxpayers by mostly targeting working and middle class households with Internal Revenue Service (IRS) audits.

As part of Biden’s “Build Back Better Act,” which was already passed by House Democrats, nearly 600,000 more working and middle class Americans earning $75,000 or less a year would be audited by the IRS, an analysis by Republican lawmakers reveals.

“Democrats’ tax and spending spree will more than double Americans’ chances of being audited as it targets lower and middle-income earners,” the analysis states:

The proposal will lead to an additional 1.2 million IRS audits each year, nearly half of which will hit middle class families making less than $75,000. All this so Democrats can wring an extra $200 billion out of the American people, particularly from middle class families and small businesses.
[Emphasis added]

Nov 27 07:55

Unvax Tax: Expert Proposes Monthly Fines for the Unvaccinated

Vice President of the Lower Austrian Medical Association Gerrit Loibl has suggested that the government should levy a monthly fine of up to €100 to anyone unvaccinated.

Loibl has suggested that those who have not been vaccinated should pay between €90 and €100 (£78-£84/$90-$113) per month to the government, claiming that the amount is based on the current tax on tobacco products.

The proposed monthly fines would be part of Austria’s already announced vaccine mandate for all residents that is scheduled to begin in February of next year.

Medical law expert Karl Stöger was critical of the proposal, however, and said it was questionable whether or not fines would encourage people to get vaccinated, as some people would simply accept to pay them rather than be vaccinated, newspaper Kronen Zeitung reports.

Nov 23 09:07

Biden to Hire 80,000 New IRS Agents to Target the Middle Class and Conservatives – Just Like the Obama Regime Did

The Obama IRS targeted over 400 conservative groups for unprecedented scrutiny.

The IRS Conservative Targeting Scandal involved:

Hundreds of conservative groups
At least 5 pro-Israel groups
Constitutional groups
Groups that criticized Obama administration
At least two pro-life groups
An 83 year-old Nazi concentration camp survivor
A 180 year-old Baptist paper
A Texas voting-rights group
A Hollywood conservative group
Conservative activists and businesses
At least one conservative Hispanic group
IRS continued to target groups even after the scandal was exposed
10% of Tea Party donors were audited by the IRS
And… 100% of the 501(c)(4) Groups Audited by IRS Were Conservative

Nov 23 07:30

Sanders Tries To Rescue Dems From A GOP Attack

In a last-ditch attempt to rescue Democrats from their own worst instincts, Sen. Bernie Sanders (Ind-Vt.) is working to try to limit the party’s politically toxic initiative to enrich wealthy property owners in liberal locales. If his maneuver fails, Republicans will have a potent political weapon heading into the 2022 midterms, as evidenced by a new video the GOP just released on Monday.

At issue is corporate Democrats’ proposal to raise the amount of state and local taxes (SALT) that can be deducted from households’ federal taxes. The $275 billion proposal is now the second largest part of the Build Back Better legislation, even though it would only benefit the 13 percent of Americans who itemize their tax returns.

Nov 22 08:34

'It Was All Nonsense': GOP Lawmaker Cites CBO Score As He Criticizes Build Back Better Agenda

Nov 22 07:54

Democrats' Tax Cuts For The Wealthy In NY, NJ Spotlights Build Back Better Hypocrisy

State and Local Tax (SALT) deductions have made hypocrites out of the entire group of House Democrats.

Tax Plan Inflames Democratic Debate

House Democrats are in a fresh revolt over SALT.

It's a fine (hypocritic) time for it given they all voted for the Build Back Better build.

BBB is now in the hands of the Senate where an Inflamed Discussion is taking place.

House passage of Democrats’ $2 trillion education, healthcare and climate package has inflamed an intraparty debate about whether the bill gives overly-generous tax benefits to high-income Americans.

At the center of the dispute is the House plan to raise the $10,000 cap on the deduction for state and local taxes to $80,000 through 2030. A small but committed group of lawmakers from high-tax states like New York and New Jersey have for years insisted on repealing the $10,000 cap, which Republicans put into place as part of the 2017 tax law.

Nov 20 07:28

So What's in Biden’s $1.75 Trillion ‘Care Economy’ Bill the House Just Passed?

Months of grinding negotiations finally yielded some progress on Friday as the US House of Representatives passed the Build Back Better Act (BBBA), a $1.75 trillion bill packed with social programs that are key to US President Joe Biden’s post-Covid economic recovery agenda. Many are wondering: what sort of programs are in this massive bill?

Biden has billed the BBBA as addressing the “care economy,” in contrast to the Infrastructure Investment and Jobs Act, which he signed into law on Monday. While House negotiations were done in close consultation with the Senate in order to ensure a quick passage, the upper chamber must still debate and vote on it before it can go to Biden’s desk.

Nov 19 10:02

BREAKING: House passes Biden's massive social spending bill after McCarthy's marathon speech opposing it

On Friday morning, the House passed Biden's $1.75 trillion Build Back Better spending package after House Minority Leader Kevin McCarthy delivered a marathon speech overnight that harshly condemned the Build Back Better spending package.

McCarthy's marathon speech lasted over eight hours as be blasted the bill, stalling the vote on the package.

Webmaster's Commentary: 

BTW, the sign should read "Well paying jobs." Oh, right, good grammar is now white supremicism!

Nov 19 07:50

'This Place Should Be Ashamed': David Schweikert Gives Epic House Speech Blasting Build Back Better

Nov 19 06:29

McCarthy blocks Democrats from passing Biden’s social welfare bill in ‘dead of night’

House Minority Leader Kevin McCarthy prevented Democrats from expediting the passage of President Biden’s multitrillion-dollar social welfare bill on Friday, just hours after budget hawks warned the measure adds more than $367 billion to the deficit.

Mr. McCarthy, a California Republican, spoke for more than four hours in opposition to the bill. The marathon session blocked Democratic leaders from ending debate on the partisan spending package.

“Democrats have left the Capitol for the night,” Mr. McCarthy said. “If they think I’m going to stop, I’m not.”

Nov 18 10:39

“Inappropriate Giveaway of Galactic Proportions”: Outrage Over $10 Billion Taxpayer Gift to Bezos Space Obsession

By Brett Wilkins

Activist Post Editor’s Note: We don’t agree with the progressives’ plans for spending other people’s money either.

Progressives on Wednesday slammed what they called a proposed $10 billion handout to Amazon founder Jeff Bezos—the world’s first multi-centibillionaire—in the 2022 National Defense Authorization Act as a “giveaway of galactic proportions” in the face of growing wealth inequality and the inability of U.S. lawmakers to pass a sweeping social and climate spending package.

Nov 15 09:03

Apple Making Taxpayers Pay for Rollout of Digital ID Card in Some States

By Hugh Son

Apple is making U.S. states foot part of the bill and provide customer support for its plan to turn iPhones into digital identification cards, according to confidential documents obtained by CNBC.

The company requires states to maintain the systems needed to issue and service credentials, hire project managers to respond to Apple inquiries, prominently market the new feature and push for its adoption with other government agencies, all at taxpayer expense, according to contracts signed by four states...

Nov 12 06:59

Biden's US Will See Highest Taxes In Western Society

If President Biden's Build Back Better agenda passes the Senate in its prevailing form, the U.S. would have the highest top income tax in the advanced world.

The average top tax rate would get to 57.4 percent, and the top rate would break the 50 percent sealing in all 50 states.

The top marginal tax rate at the federal level would be 51.4 percent. Most states deduct an income tax, the average being 6.0 percent, which would take the top rate to no less than 57.4 percent.

Webmaster's Commentary: 

"Hey, it's only money!" -- Official White Horse Souse

Nov 09 12:07

The Billionaire Tax will be for Everyone

Nov 08 06:50

Trump Labels Spending Bill As Manifestation Of The Green New Deal

Former President Trump mocked President Biden's spending agenda as the "Green New Deal bill," suggesting that, if passed, the American people will face tax increases, and the Democratic Party will lose dozens of seats in the House of Representatives during the 2022 midterms.

In an exclusive interview with Fox News Friday, the former president addressed President Biden's "Build Back Better" agenda and the bipartisan infrastructure package pending in Congress.

Nov 06 09:05

How to avoid taxes… (legally, of course)

Nov 05 06:06

Biden prepares for make or break votes on his Build Back Better and infrastructure bills TODAY despite Manchin's vocal opposition: President's domestic agenda hangs in the balance

The U.S. House of Representatives will convene at 8am Friday in a make of break session for President Biden's massive domestic policy agenda, as Democrats hope they can advance the $1.75 trillion Build Back Better Act and the $1.2 trillion bipartisan infrastructure bill already passed in the Senate in August.

But it comes after they saw a Thursday deadline come and go, the latest in a series of missed targets.

Biden lobbied Democrats in the House on Thursday night to vote 'yes' on his social policy and climate-change bill, as the party tries to recover from sobering state election losses.

Nov 05 06:06

Biden's $1.75 trillion Build Back Better plan will ban religious schools from using infrastructure grants to renovate or repair their facilities

President Biden's $1.75 trillion Build Back Better act will specifically ban religious schools from using infrastructure grants to renovate or better their facilities.

If the infrastructure bill passes the House when it will be voted upon on Friday, then it will ban religiously-affiliated schools or child care services from allocating funds to improve their facilities.

Grant recipients 'may not use the funds for modernization, renovation or repair of facilities that are primarily used for sectarian instruction or religious worship,' the bill says.

In March, Representative Mike Kelly (R-PA.) and junior South Carolina Senator Tim Scott introduced the Child Welfare Inclusion Act, a bill to ensure that both state and local governments cannot discriminate against faith-based adoption and foster care providers by forcing them to choose between offering these vital services and violating their deeply held religious beliefs.

Nov 04 11:16

Exclusive — House Republican Leaders: Biden’s Build Back Better Agenda Is ‘Dead’

House Republicans told Breitbart News in an exclusive interview Wednesday that President Joe Biden’s Build Back Better legislative agenda is “dead” after Tuesday’s Republican landslide elections.

Reps. Drew Ferguson (R-GA); the House Republican chief deputy whip, Kat Cammack (R-FL); and Warren Davidson (R-OH) spoke to Breitbart News after Republicans scored major victories in Virginia, New Jersey, and other elections on Tuesday.

The House Republicans told Breitbart News that the elections serve as a repudiation of Biden’s agenda. Biden has pinned his legislative majority on passing dual infrastructure bills, the $1.2 trillion so-called bipartisan infrastructure bill, or the Infrastructure Investment and Jobs Act, and the $1.75 trillion Build Back Better Act.

Nov 03 07:31

Manchin Once Again The Royal Thorn In Progressives A#s

Joe Manchin’s firm opposition to President Joe Biden’s $1.75 trillion social spending bill framework on Monday left Democrats contending that the irregular Democratic Senator would change his mind.

In a blunt press conference, Manchin said he would not yield to peer pressure to endorse the more progressive social spending bill and denounced the “shell games, budget gimmicks” used in writing it. The West Virginia Democrat slammed House Democrats’ delay of a bipartisan infrastructure bill he helped draft, declaring it “time to vote.”

Oct 31 07:18

The $1 Trillion Child Tax Credit Is Really Universal Basic Income

In the Democrat-backed $3.5 trillion Build Back Better Act that funds so-called “human infrastructure,” is money categorized as a child tax credit but acts as a universal basic income for people with children.

This expansion of the social safety net is a “turbocharged child tax credit that is really a universal basic income, which will discourage work and cost $1 trillion,” The Wall Street Journal editorial board said.

While the bill extends the tax credit through 2025, the editorial board argues neither Republicans nor Democrats running Congress or the White House will ever repeal it.

Democrats expanded the 2021 credit to $3,600 for children under age six and $3,000 for older dependents as part of the March Covid-19 relief bill.

It was an increase from the $2,000 that Republicans offered in their 2017 tax reform plan, which was an increase from $1,000.

Since it’s a “refundable” credit, it’s paid in a check to those who don’t owe any income tax.

Oct 29 05:02

Biden Pitches 'Historic' Spending Plan To Transform America

US President Joe Biden on Thursday announced a "historic" blueprint for remaking America's economy, as he sought to pressure dissenters within his own Democratic Party to back the plan after months of tortuous negotiations.

Biden is banking his legacy on passing the $1.75 trillion Build Back Better social welfare package, a compact with the American people for a more equitable and greener society and the jewel in the crown of his domestic agenda.

He announced he was sure of support for a revised spending framework just before taking off for a G20 summit in Rome -- although whether his efforts galvanized the party's feuding rank-and-file remained to be seen.

Oct 28 07:37

The IRS Is Terrified Of Biden's Plans

On Monday, a group of 99 banks and industry groups addressed a letter to President Biden prompting him to drop his proposal to hand over transaction data to the IRS, noting they were not satisfied with simply raising the threshold from $600 to $10,000.

The organizations that represented business and financial interests, called for the White House to withdraw support for the measure and find 'more targeted measures' to reduce the tax gap.

The proposal to hand over data on all aggregate inflows and outflows of accounts with more than $600 in total transactions, drew sharp outcry from Republicans and banks alike, provoking Democrats to raise the amount to $10,000. However, the letter asserted that raising that cap amounted only to 'cosmetic' changes.

Oct 28 05:06

A Wealth Tax

Most Americans pay an annual wealth tax on their largest asset. It’s called property tax. Each year, they pay an amount equal to a small percentage of the estimated value of their house, and a house is by far the most valuable item that most families own.

The very rich are different. While they pay property taxes too, their homes tend to make up a tiny share of their net worth. The bulk of their assets are not taxed.

In past decades, other taxes — like the corporate tax (the burden of which falls on stockholders) and the estate tax — served almost as de facto wealth taxes. But those other taxes have declined, causing the total federal tax rate on the wealthy to plummet:

Webmaster's Commentary: 

Oct 28 05:04

Hunting for Money, Democrats Rush to Rewrite Tax Code

As they hunt for revenue to pay for their sprawling spending bill and try to unite a fractured caucus, Democrats are attempting to rewrite the United States tax code in a matter of days, proposing the kind of sweeping changes to how America taxes businesses and individuals that would normally take months or years to enact.

The effort has effectively discarded trillions of dollars of carefully crafted tax increases that President Biden proposed on the campaign trail and that top Democrats have rolled out in Congress. Instead, lawmakers are throwing a slew of new proposals into the mix, including a tax on billionaires, hoping that they can pass muster both legally and within their own party.

Oct 26 14:13

PETA Calls on Fauci to Resign After (More) Allegations His Agency Funded Horrific Experiments on Puppies

By Jon Miltimore

Dr. Anthony Fauci, already facing calls for his ouster for allegedly lying to Congress about his agency’s funding of controversial genetic research at China’s Wuhan lab, is now facing political heat on a different front.

On Friday, a bipartisan group of lawmakers sent a letter to the National Institute of Allergy and Infectious Diseases (NAID) and President Joe Biden requesting information regarding allegations that the government funded experiments that injected puppies with parasites.

“We write with grave concerns about reports of costly, cruel, and unnecessary tax-payer funded experiments on dogs commissioned by the National Institute of Allergy and Infectious Diseases,” said Republican Rep. Nancy Mace of South Carolina, one of 24 lawmakers to sign the letter.

By Sunday, People for the Ethical Treatment of Animals (PETA) had joined the group of lawmakers demanding action at the National Institutes of Health (NIH)...

Oct 26 12:07

How Unrealized Capital Gates Works

Oct 26 11:30

A $10K Bank-Snooping Threshold Would Intrude On Millions

Bowing to pressure from banks and taxpayers concerned about a proposal to require financial institutions to report to the IRS gross inflows and outflows for just about every account in the country, Democrats have attempted to quell concerns by raising the threshold. Unfortunately, even the raised threshold is still laughably low to accomplish Democrats’ stated purpose of cracking down on wealthy tax cheats.

The original proposal would have required financial institutions to report on any account (be it a checking account, savings account, stock portfolio, etc.) which handled more than $600 in inflows and outflows in a given year.

Obviously, that’s just about every account.

But the new proposal isn’t much better. This time, the threshold would be set at $10,000, and exempt payroll deposits. In other words, if a given taxpayer received $20,000 in payroll deposits, they would only exceed the threshold were other deposits and spending, taken together, to exceed $30,000.

Oct 26 08:17

The wealth tax is coming

Oct 25 09:56

Pelosi Confirms Wealth Tax On Billionaires' Unrealized Gains Is On The Way

In the scramble to find a tax hike that all 50 Democrat Senators could support, Senator Kyrsten Sinema OKs a Tax on Billionaires’ Unrealized Gains.

A new annual tax on billionaires’ unrealized capital gains is likely to be included to help pay for the vast social policy and climate package lawmakers hope to finalize this week, senior Democrats said Sunday.

“We probably will have a wealth tax,” House Speaker Nancy Pelosi (D., Calif.) said Sunday on CNN, noting that Senate Democrats were still working on their proposal, which isn’t technically a wealth tax but bears a strong resemblance to that idea.

The proposal under consideration from Senate Finance Committee Chairman Ron Wyden (D., Ore.) would impose an annual tax on unrealized capital gains on liquid assets held by billionaires, Treasury Secretary Janet Yellen said Sunday on CNN.

Oct 22 09:15

Why Congress Should Say No To An IRS Power Grab

It’s hardly surprising that the Internal Revenue Service (IRS) often receives low marks from American taxpayers. After all, simply filing your tax return can be a headache, let alone fighting for deductions or dealing with an audit. A recent survey conducted by Gallup found that Americans' view that the IRS was doing an "excellent" or "good" job has dropped from 50 to 37 percent in the last two years. It’s puzzling then that – with all the pressing issues facing our country today – some members of Congress are choosing to prioritize expanding the power and authority of the IRS at the expense of taxpayers and their privacy.

Progressive members of Congress, led by Senator Elizabeth Warren (D-Mass.), are pushing to give the IRS the power and responsibility to prepare tax filings on behalf of all Americans, even though the private sector currently provides this service cheaply - many times at no cost — and efficiently.

Oct 22 06:26

Biden REPEATS his debunked claim that his multi-trillion dollar spending plan costs nothing and says people don't understand what's in it

Joe Biden repeated his questionable claim Thursday night that his multi-trillion spending plan will not cost anything, which some experts have called 'delusional.'

The president made the remark at the top of his town hall meeting on CNN, saying: 'By the way, all this paid for. Every single penny. It's not going to raise one single cent.'

Biden also acknowledged that his congressional agenda is hard to understand. He has two pieces of legislation he's pushing: his infrastructure plan that funds traditional projects like roads, bridges and airports and he has a second plan that focuses on social programs. That second plan has been called a budget package, a reconcilitation bill, and his Build Back Better bill.

Oct 22 05:49

US Seals Agreement To End European Digital Taxes

The United States has resolved a key point of trade friction with Europe after inking a deal to end controversial digital services taxes on American tech giants.

Washington said Thursday it will remove punitive tariffs on products from Austria, France, Italy, Spain and Britain as part of the deal -- a critical step in improving frayed relations even though the duties were never imposed.

Under the joint agreement, those countries will end taxes on Big Tech companies once a global minimum corporate tax deal takes effect, which is expected in 2023.

Any levies paid for the DSTs in the interim will be credited to future tax bills, according to the deal.

Oct 21 10:24

California tried to save the nation from the misery of tax filing — then

Oct 21 10:21

Inside TurboTax’s 20-Year Fight to Stop Americans From Filing Their Taxes for Free

Intuit’s QuickBooks accounting product remains a steady moneymaker, but in the past two decades TurboTax, its tax preparation product, has driven the company’s steadily growing profits and made it a Wall Street phenom. When Smith took over in 2008, TurboTax was a market leader, but only a small portion of Americans filed their taxes online. By 2019, nearly 40% of U.S. taxpayers filed online and some 40 million of them did so with TurboTax, far more than with any other product.

But the success of TurboTax rests on a shaky foundation, one that could collapse overnight if the U.S. government did what most wealthy countries did long ago and made tax filing simple and free for most citizens.

Oct 21 06:00

Watch: Biden And Dems Continue Hopeless Spending Bill Pitch

Democratic members of Congress trooped to the White House Tuesday in the latest attempt to hammer out an agreement on a multi-trillion dollar social spending bill they are attempting to enact without Republican backing.

Nine members of the far-left House Progressive Caucus emerged from an almost two-hour meeting with President Biden, Vice President Kamala Harris, and Treasury Secretary Janet Yellen speaking hopefully of progress though had few details to point to.

Oct 21 05:04

'I've Said Too Much': John Kennedy Lets Loose On Democratic IRS Monitoring Proposal

Oct 21 05:01

Democrats Cut Spending Package To $1.9 Trillion, Drop Free Community College

President Joe Biden and Democrats continue to negotiate the final price tag of their spending package where both sides believe an agreement can be reached between $1.75 trillion and $1.9 trillion, after removing free community college and curtailing the child tax credit.

The slimmed package will still include priorities such as universal pre-K and an expansion of Medicare. Billions will be allocated to address climate change, but parts of the climate agenda will be scaled back. Paid leave will be cut from 12 weeks to four, and less money will be allocated toward affordable housing than initially envisioned, while eldercare and insurance tax credits remain on the table. The child tax credit would only be extended for one additional year, according to reports.

Oct 19 08:03

Decoding the Proposed New Invasive IRS $600 Bank Reporting Rule

The right to privacy is a fundamental human right in any democratic country.

It is also recognized by the UN Declaration of Human Rights, the International Covenant on Civil and Political Rights, and many other international and regional treaties.

Beyond the laws and proclamations, the right to privacy is rooted in a citizen’s inherent right to dignity.

In a democracy, the state is subordinate to the citizen hence the government must respect the rights and dignity of the citizen.

The citizen has the right to withhold any information that he or she deems unsuitable for public consumption, provided that the information is not related to any criminal activity.

Oct 19 07:38

Tax The Rich? More Like CRUSH The Poor

Under a new Biden administration proposal, the Internal Revenue Service is three times more likely to audit a citizen making less than $25,000 instead of someone in the top 1 percent of wealth.

The new proposal, which would need financial institutions to annually report customers’ account deposits and withdrawals at $600 or more, provides the IRS more leverage over those making less than $25,000 because they are more prone to have irregular income. Over the next decade, the reporting on over 140 million bank accounts would raise an approximated $700 billion in tax revenue, covering social spending in the Reconciliation Bill.

Oct 19 06:20

Jesse Watters reveals what's really in Biden's massive spending plan

Oct 19 05:42

White House Still Pushing 'Free' Biden Agenda

President Biden is sticking by his claim that his Build Back Better agenda will cost the average American taxpayer absolutely nothing.

"The cost of the Build Back Better Agenda is $0," the White House tweeted Sunday.

"The President's plan won't add to our national deficit and no one making under $400,000 per year will see their taxes go up a single penny," the declaration read. "It's fully paid for by ensuring big corporations and the very wealthy pay their fair share."

Webmaster's Commentary: 

Oct 18 07:00

What's Next For Washington: $2.5 Trillion In Spending, Higher Taxes And More

Full disclosure: This is NOT another tea leaf reading on exactly how and when Congress will manage to raise the debt ceiling, keep the government open, and pass a multitrillion-dollar package of spending offset by tax hikes. To be clear, we continue to think that it will do all of the above. But rather than focus on the palace intrigue, we’ll deal with DC’s policy choices in classic Morgan Stanley Research fashion…by focusing on tangible market impacts.

Oct 13 07:59

Republicans Warn Biden's IRS $600 Disclosure Plan Could Lead To "Surveillance State"

Republicans are sounding the alarm over a proposal tucked inside the Democrats’ 2,500-page $3.5 trillion Build Back Better Act that would expand the Internal Revenue Service (IRS) and allow the agency to have access to any bank transaction of $600 or more.

The proposal would give the IRS further access to anyone’s financial information, which Republicans say amounts to federal overreach and a “surveillance state.”

“How can you possibly justify to the American people that the IRS should be snooping around in their bank, retirement, or investment accounts,” said Sen. Rick Scott (R-Fla.) said on Oct. 7 from the Senate floor.

“There’s only one explanation, and it’s simply terrifying: The Democrats want to control how you spend your money.”

“I want to be very clear what President [Joe] Biden’s proposing here is as close to policy from communist China that we’ve seen in the United States,” Scott added.

Oct 13 07:30

The Future of Direct Taxation

Oct 13 06:03

'I think you all could do a better job of selling it': Nancy Pelosi reprimands the MEDIA for not publicizing Biden's $3.5T spending plan in a positive light: Insists plans for the IRS to snoop on Americans will STILL be included

During a news conference, a reporter told Pelosi that banks were 'starting to get calls' from customers worried about the IRS proposal tucked into the bill that would have banks hand over all transaction data on accounts over $600.

Webmaster's Commentary: 

Which means Yellen's claim that individual transactions will not be examined is a lie!

Oct 13 05:59

'I think this proposal has been seriously mischaracterized': Janet Yellen defends plan for IRS to snoop on accounts with more than $600 and claims it will help make billionaires pay more tax

The Treasury Secretary has defended plans to monitor bank transactions of more than $600, insisting that the scheme was designed to end 'tax fraud' by billionaires, and would not mean Americans' accounts were recorded.

The new proposal requires financial institutions to annually report the total amount that went in and out of the bank as well as loan and investment accounts if within that year the accounts hold a value of at least $600 or if the total transactions are $600 or more in a year.

More simply, this means that if total funds flowing in and out of a credit or debit account equal at least $600, banks have to report those figures to the IRS. This includes paychecks or money transferred from apps like PayPal.

Amid the backlash in Congress, some proposed raising the threshold from $600 to $10,000.

But Treasury Secretary Janet Yellen insisted on Tuesday that there was a lot of unwarranted panic.

Webmaster's Commentary: 

If the issue were really billionaires, then a $10,000 threshold would be sufficient (along with cracking down on off-shore accounts). This is about spying on ordinary Americans.

Oct 12 15:32

Nancy Pelosi admits Dems will have to cut Biden's $3.5T spending plan and blames the MEDIA for not 'selling it' - but insists plans for the IRS to snoop on Americans will STILL be included

House Speaker Nancy Pelosi said she is 'very disappointed' Democrats will have to trim down their $3.5 trillion budget reconciliation bill after moderates balked at the number, and said the IRS proposal for banks to hand over transaction data would still be included.

'I'm very disappointed that we're not going with the original $3.5 trillion which was very transformative,' the California Democrat told reporters Tuesday upon returning from a trip to Europe to meet with G-20 leaders.

But she promised: 'Whatever we do well make decisions that will continue to be transformative about women in the workplace.' She cited proposals such as universal pre-kindergarten, funding for child care and home health care and child tax credits.

Webmaster's Commentary: 

Time to go back to a cash-only lifestyle!

Oct 10 06:27

DAWN OF THE GLOBAL TAX... 136 COUNTRIES AGREE

Oct 07 10:58

Former Fed President: Government Snooping on Bank Transactions Over $600 a “Massive Search Without a Search Warrant”

By Jon Miltimore

A proposal from the Biden Administration that would require banks to monitor personal accounts and report all financial transactions over $600 to the IRS is under fire.

On Tuesday, Treasury Secretary Janet Yellen defended the proposal on CNBC’s “Squawk Box,” calling the collection of financial information “routine” after some in the banking community criticized it as an unprecedented invasion of privacy.

“It’s just a few pieces of information about individual bank accounts,” the secretary said...

Oct 06 08:01

Biden says Dems changing the filibuster rules with a 'nuclear option' to suspend the debt ceiling is a 'real possibility' as they scramble to avoid historic default

President Joe Biden floated the idea on Tuesday of using a one-time change to Senate rules to prevent a Republican filibuster in order to suspend the debt limit.

It comes as Democrats scramble to find ways to avoid a historic debt default that could plunge the country into recession.

After traveling to Michigan during the day to hawk his $1.2 trillion bipartisan infrastructure bill and an even bigger spending plan, he returned to Washington and an impending debt crisis.

Webmaster's Commentary: 

The Democrats are pushing a $3.5 trillion dollar 10 year social engineering bill and justifiably meeting opposition. But the Pentagon budget over the next ten years will total $7 trillion ... and nobody is bitching about that!

Oct 06 06:35

Tara Reade: The Pandora Papers are just a distraction from America's own corrupt and broken tax system

The latest revelations of creative accounting used by the global elite notably failed to mention any American billionaires. A curious omission, considering eight of the ten richest men on Earth reside in the good old US of A.

The release of the Pandora Papers, which brag of leaks exposing the somewhat ‘artistic’ financial practices of the rich and powerful, has once again seen the media take aim at Vladimir Putin. The West’s obsession with the Russian president’s private life is on full, torrid display. His name and picture are on the front pages of publications and above online articles, although reports finally acknowledged that he is not actually named anywhere in the ‘bombshell’ papers.

Western media are obsessed with trying to peek inside the private life of Putin for anything salacious, and their motive is transparent. Putin’s image and name have just been used as clickbait; I know this, as I have also been used as clickbait by Western media for at least two years now.

Oct 05 13:51

Kremlin Says Pandora Papers Show US is Largest Tax Haven Despite Vows to Fight Money Laundering

On 4 October, the International Consortium of Investigative Journalists (ICIJ) published a new leak on the alleged financial secrets of over 35 current and former world leaders, as well as more than 330 politicians and officials from across the globe.

The recent publication of the Pandora Papers has shown that the US is the largest tax haven, despite Washington's vows to fight against money laundering, Kremlin spokesperson Dmitry Peskov said on 4 October.

Peskov added that Moscow sees no reason to conduct an investigation into the publication because it considers the leaked files as "unfounded statements".

"To be honest, we did not see any hidden wealth of Putin's entourage... It seems that there will be more publications on that matter, but so far we have not seen anything special. We know where they get information from, and how they get information", Peskov noted.

Oct 05 13:47

‘Pandora papers’: New leaks reveal how world leaders use offshore companies to dodge millions of dollars in taxes

Leaked papers appear to show how some of the world’s elites accumulate property empires while avoiding millions in taxes, with reports focusing on European, Middle Eastern and South American leaders, and world-famous celebrities.
Obtained from 14 offshore banking institutions and analyzed by the International Consortium of Investigative Journalists (ICIJ), the ‘Pandora Papers’ reveal the financial chicanery of more than 100 billionaires, 35 current and former world leaders, and 300 public officials. The first round of information, handed to a select list of international outlets and studied by “600 journalists,” was published on Sunday.

Oct 05 13:29

The IRS Wants to Look at Your Bank Account

On your next trip to the ATM, imagine that Uncle Sam is looking over your shoulder. As if your annual tax filing wasn’t invasive enough, the Biden Administration would like a look at your checking account.

Charles Rettig, commissioner of the Internal Revenue Service, wants banks to report annual cash flows for ordinary account holders. Treasury Secretary Janet Yellen is promoting the plan, and the House Ways and Means Committee is debating whether to include this mandate in the Democrats’ $3.5 trillion spending bill.

Ms. Yellen says the reporting will help to catch wealthy tax dodgers. In a recent letter to the committee she said the plan would reveal “opaque income streams that disproportionately accrue to the top.” Treasury and congressional Democrats hope taxpayers will report income more accurately if they know the feds have their account information.

Oct 04 10:35

White House Admits To Wanting Limitless Debt Ceiling

White House press secretary Jen Psaki implied that President Joe Biden might back Treasury Secretary Janet Yellen's approval of eliminating the debt ceiling to dodge future credit distresses.

When asked at her Friday briefing if Biden supported Yellen's comments, Psaki said the administration's current focus "for the next 17 days" is "getting the debt limit raised in the Senate."

"That's what we're working toward," she continued. "There's plenty of time after that to discuss what the path forward looks like."

Congress proposed a bill in May that would eliminate the debt ceiling, but the White House has not published a Statement of Administration Policy supporting it.

Oct 04 10:33

Media Echo Chamber Pushing Biden Regime To Back Left On Budget Amnesty Battle. Guess We’ll Find Out Who’s Right

The battle over the infrastructure and budget bills is reaching a climax. The Senate Parliamentarian has ruled twice that Democrats cannot sneak an Amnesty into the budget bill, but Leftists still refuse to compromise. Moderate Democrats are growing more agitated because this intransigence threatens passage of their prized infrastructure bill. Perhaps as a fallback, Homeland Security Secretary Alejandro Mayorkas, in a recent memorandum to the Treason Lobby bureaucrats who now run immigration policy, all but stopped deportations of illegal aliens [Guidelines for the Enforcement of Civil immigration Law, ICE.gov, September 30, 2021]. This although another 60,000 Haitians are reportedly on their the way to the U.S.-Mexico border [Next border surge, by Stef W.

Oct 04 10:16

'You Stand Guilty Of Financial Treason, Madam Speaker': Madison Cawthorn Slams Dem Spending

Oct 04 08:11

Pandora papers: biggest ever leak of offshore data exposes financial secrets of rich and powerful

Millions of documents reveal offshore deals and assets of more than 100 billionaires, 30 world leaders and 300 public officials

The secret deals and hidden assets of some of the world’s richest and most powerful people have been revealed in the biggest trove of leaked offshore data in history.

Branded the Pandora papers, the cache includes 11.9m files from companies hired by wealthy clients to create offshore structures and trusts in tax havens such as Panama, Dubai, Monaco, Switzerland and the Cayman Islands.

They expose the secret offshore affairs of 35 world leaders, including current and former presidents, prime ministers and heads of state. They also shine a light on the secret finances of more than 300 other public officials such as government ministers, judges, mayors and military generals in more than 90 countries.

Webmaster's Commentary: 

The Australian tax authority has launched an investigation, not into the tax evasion revealed in the Pandora Papers, but the identity of the leaker!

Oct 04 07:46

Pelosi Admits Defeat On The Infrastructure Bill

House Speaker Nancy Pelosi attracted up the white flag Friday evening, admitting that "more time is needed" to pass a $1 trillion infrastructure bill that is one of the pillars of President Biden's agenda, after previously pledging to pass the measure this week.

While Pelosi had promised moderate House Democrats the infrastructure bill would be on the floor, progressives threatened to sink it unless it was coupled with a $3.5 trillion spending measure, recognized as the Build Back Better Act, that covers a mixture of social welfare programs.

Oct 04 07:40

Progressives Blink First, Offer To Cut Spending Short To Reduce $3.5 Trillion Plan

House progressives have just become the first to blink in a congressional standoff with Senate moderates over the price tag on the Biden administration's massive domestic agenda - and are now open to scaling back programs by attaching expiration dates, rather than them be permanent according to Bloomberg.

"One of the ideas out there is to fully fund what we can fully fund, but instead of funding it for 10 years, fund it for five years," said Rep. Alexandria Ocasio-Cortez (D-NY) in a statement to CBS's "Face the Nation."

Oct 04 07:23

Government Debt Is Taxation Without Representation

With Thursday’s passage of a continuing resolution that funds government operations until December 3rd, Congress dodged one fiscal cliff, but a bigger one looms ahead. The federal government has maxed out its credit, and if Congress doesn’t raise the statutory debt ceiling by October 18, the Treasury won’t be able to cover all of Uncle Sam’s obligations.

With Democrats controlling the House, Senate and White House, Republicans have declared they’re leaving it entirely up to the Democrats to raise the ceiling through the budget reconciliation process. Democratic leaders and their media allies claim that would be too complex, time-consuming and risky.

However, if past experience is a reliable guide, we can expect a couple weeks of harsh rhetoric, media hype and hand-wringing that culminate in the debt ceiling being modified for the 99th time in its 104-year history.

Oct 04 06:13

Pandora Papers

The Pandora Papers is the biggest trove of leaked offshore data, comprising 11.9 million files "exposing" the alleged secret wealth and dealings of the world's richest and most powerful. The documents were released by the International Consortium of Investigative Journalists

Oct 04 06:12

Soros-Funded Group Releases 'Pandora Papers' Allegedly Exposing 'Offshore Secrets' of World Leaders

Journalists claimed that the leaked documents from 14 offshore companies unveiled "how the rule of law has been bent and broken around the world by a system of financial secrecy enabled by the U.S. and other wealthy nations".

The International Consortium of Investigative Journalists (ICIJ) has released the Pandora Papers, the largest trove of leaked offshore data, accusing world leaders, businessmen, and celebrities of engaging in offshore activities.

The consortium, which receives general support funding from the Open Society Foundations, founded by Hungarian-American billionaire George Soros, claims that the just-published documents represent "the most expansive exposé of financial secrecy yet".

According to the ICIJ, the investigation involved more than 650 journalists from 117 countries. It reportedly includes 11.9 million leaked files "covering every corner of the globe".

Oct 02 06:39

Amazing: Segerblom says $3 billion tax increase would be ‘meaningless’ for average individual

Are you concerned about rising gas prices? Sen. Tick Segerblom doesn't appear to be — in fact, he wants to substantially increase Nevada's gas tax. And he thinks that tax increase would be "meaningless" for the average consumer.

Meaningless? Does he know any average or poor consumers?

The Las Vegas Democrat (Segerblom) said the timetable (for Project Neon) can be cut in half if his Senate Bill 377 becomes law. The bill would impose a 2 cent-per-gallon gasoline tax increase per year for 10 years. The tax, now 52.2 cents per gallon, would rise to 72.2 cents by the end of the decade. …

Segerblom said the new tax was “meaningless” for the average consumer and would bring in $3 billion over 10 years.

Segerblom doesn't just want to increase the gas tax by 2 cents a gallon. He wants to increase the gas tax by 2 cents per gallon each year for 10 years, a 20-cent increase in total.

Oct 01 05:11

Biden Has Big Plans That Involve YOUR Bank

Wyoming Republican Sen. Cynthia Lummis tore into Treasury Sec. Janet Yellen on Tuesday for her backing of a Biden proposal to ask banks to hand over transaction data over $600 on individual bank accounts.

'Banks do not work for the IRS,' Lummis announced. 'This is an invasion of privacy. Wyoming's people literally will find alternatives to traditional banks just to thwart IRS access to their personal information, not because they're trying to hide anything, but because they are not willing to share everything.'

Sep 30 08:41

Taxing Unrealized Capital Gains: A Bad Idea That Just Won’t Die

Vampires are — so the stories go — extremely difficult to kill, and so it’s somehow appropriate that the same is true, but in reality, of predatory tax proposals.

The Wall Street Journal

President Biden expressed support for a proposal under consideration in the Senate to place an annual income tax on billionaires’ unrealized capital gains.

The potential tax increase, being pursued by Senate Finance Chairman Ron Wyden (D., Ore.), would be among a number of tax provisions that Mr. Biden is seeking to pay for a proposed $3.5 trillion spending plan that encapsulates much of his first-term agenda. It is an alternative to some administration tax ideas that have flopped in Congress, and it would generate money from the wealthiest sliver of Americans, whose incomes can be a fraction of their wealth.

Sep 30 08:17

Manchin Slams Dem Spending Plan As "Definition Of Fiscal Insanity", Will Not "Reengineer Social Fabric" With 'Vengeful' Taxation

Moderate Democrat Sen. Joe Manchin of West Virginia has issued a statement over his refusal to back his party's $3.5 trillion spending plan, calling "trillions more on new and expanded government programs" the "definition of fiscal insanity" when we "can't even pay for the essential social programs, like Social Security."

Sep 29 13:27

Does Biden’s $1.2 Trillion Infrastructure Bill Include a Mileage Tax?

By Brad Polumbo

Here’s a dismaying prospect: Paying 6, 8, or 10 cents in new taxes for every mile you drive. It may sound small, but at an 8 cent rate, that would be $1,144 in new annual taxes for the average American, who drives about 14,300 miles a year. Yikes!

Some on social media are claiming that this punitive tax scheme has been slipped into President Biden’s $1.2 trillion infrastructure spending legislation—which, after all, is nearly 3,000 pages and is chock full of unrelated waste and partisan pet projects. But are they right to be concerned about a mileage tax soon becoming reality?...

Sep 29 10:04

'Carrying Water for Big Corporations': Sinema Faces Backlash for Opposing Tax Hikes

Sen. Kyrsten Sinema of Arizona has reportedly told her Democratic colleagues that she will not support any tax hikes on corporations or wealthy individuals, a stance that could derail the party's plan to fund its sprawling safety net and climate package.

According to the New York Times, Sinema's "resistance to tax rate increases" that Democrats have proposed to finance their reconciliation bill "has set off a scramble for alternatives, including a carbon tax, international corporate tax changes, and closing loopholes for businesses that pay through the individual income tax system."

Sep 29 09:47

Sen. Lummis slams Yellen over $600 IRS reporting requirement

Sen. Cynthia Lummis, R-Wyo., on Tuesday let loose on Treasury Secretary Janet Yellen over the Biden administration's proposal to force banks to report to the Internal Revenue Service on every transaction Americans make that is $600 or more.

"There are obvious privacy concerns for all Americans here and this represents a dramatic new regulatory burden for community banks and credit unions in Wyoming and elsewhere," Lummis told Yellen of the proposal, which is one of several aimed at helping to pay for President Biden's multitrillion-dollar plans for expanding social programs and fighting climate change.

Webmaster's Commentary: 

And about the billionaires paying almost no tax?

Sep 28 14:33

BIDEN’S DRIVING TAX

Sep 28 07:41

CHAMBER OF COMMERCE TRIES TO REIN IN DEMOCRATS IT ENDORSED

In 2020, the U.S. Chamber of Commerce endorsed 23 freshmen Democrats for Congress. I’m tempted to say that if Congress enacts the Democrats’ massive spending packages, complete with tax increases and anti-business agenda items, the Chamber will have gotten what it deserves. In fact, I will say it.

The Chamber is belatedly trying to avert this disaster and to limit the damage its improvident endorsements caused. It’s warning the Democrats it endorsed to oppose the $3.5 reconciliation package or lose the Chamber’s support.

Sep 28 06:16

House Republican Group Ties Vulnerable Democrats to Biden’s Massive Tax Hikes

The National Republican Congressional Committee (NRCC), the campaign arm for House Republicans, released 17 new ads Monday, attempting to tie vulnerable Democrats to President Joe Biden’s “biggest tax increase in decades.”

The committee’s new ad describes how prices are going up and paychecks are going down, claiming that the “biggest tax increase in decades” will be hurting businesses all across the county.

The 23-second ad that targets explicitly Rep. Cindy Axne (D-IA) — a vulnerable member from Iowa and the last congressional Democrat left in the state — shows Biden on the 2020 campaign trail saying that he will raise taxes if elected, “If you elect me, you’re not going to have taxes, are gonna be raised, not cut.”

Sep 28 05:34

Higher Tax Rates Coming

Sep 28 05:30

Democrats Reach Agreement to Raise $600 Cap for Biden’s Proposal on IRS Reporting, Surveillance

Democratic lawmakers have said they plan to raise the threshold of President Joe Biden’s radical proposal that all bank transactions of more than $600 be reported to the Internal Revenue Service (IRS).

The initial proposal (pdf)—which Biden says is aimed at curbing tax evasion—would require banks and other financial institutions to report to the IRS any deposits or withdrawals totaling more than $600 annually to or from all business and personal accounts.

The new reporting requirement would take effect in 2022 and would apply to both private individual and commercial business accounts owned by a taxpayer.

But House Ways and Means Committee Chairman Richard Neal (D-Mass.) said on Sept. 23 that he and other Democratic leaders are planning to scrap the $600 annual figure and set a higher threshold, of which the details are still being worked through.

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