TAXES | WHAT REALLY HAPPENED X-Frame-Options: DENY X-Frame-Options: SAMEORIGIN

TAXES

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.

Jun 14 05:35

Private Inequity: How a Powerful Industry Conquered the Tax System

There were two weeks left in the Trump administration when the Treasury Department handed down a set of rules governing an obscure corner of the tax code.

Overseen by a senior Treasury official whose previous job involved helping the wealthy avoid taxes, the new regulations represented a major victory for private equity firms. They ensured that executives in the $4.5 trillion industry, whose leaders often measure their yearly pay in eight or nine figures, could avoid paying hundreds of millions in taxes.

The rules were approved on Jan. 5, the day before the riot at the U.S. Capitol. Hardly anyone noticed.

Jun 11 08:00

U.S. senators push for infrastructure plan that avoids tax hikes

A bipartisan group of 10 senators is trying to craft a plan to revitalize U.S. roads and bridges without tax hikes, lawmakers said on Wednesday, though some of President Joe Biden's fellow Democrats fretted that such an approach on infrastructure legislation would fail.

Revamping America's infrastructure is a high priority for Biden, but his sweeping $1.7 trillion proposal has run into trouble in a Congress that his party only narrowly controls, making Republican support pivotal.

Republican Senator Mitt Romney told reporters that members of the group have reached "tentative conclusions" on their plan but did not provide details. The proposal is expected to total nearly $900 billion.

"We're not raising taxes," Romney told reporters. "We're going to be talking to other members to see if we can get enough support for this to have the necessary votes to be successful."

Jun 10 14:22

The Real Tax Scandal

Federal income taxes have always been a tool for compliance. The IRS has always been a tool for presidents to go after rivals—or for rivals to go after presidents. Why would we expect otherwise?

Jun 10 08:02

People Leaving Blue States Advise Those Who Remain, ‘Start Making Better Decisions on Who You Vote For’

Florida was the No. 1 relocation destination for Americans in 2020, according to Move.org. New York and California took first and second place in the contest for which states had the most people choosing to leave.

Justin Pearson is a 27-year-old truck loader for a Target distribution center. A resident of Hemet, California, for 22 years, Pearson moved to the town of Riverside for another three years until the dramatic change in policies and rising cost of living made it impossible for him to live on his own. There also was no way he could afford to buy his own home, he said. In order to survive at all, he fled to Lake City, Florida.

While the national average in property taxes is 1.07 percent, Floridians pay only 0.83 percent, and Californians pay even less—0.73 percent. But Pearson said the cost of everything else in California erased the benefit of lower property taxes. Additionally, Florida is one of only nine states in the country that has no state income or wage taxes.

Jun 09 10:29

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 09 09:44

Former US Treasury official sentenced to six months in prison for leaking documents

Former senior Treasury official Natalie Mayflower Sours Edwards on Thursday was sentenced to six months in prison for giving thousands of confidential reports related to special prosecutor Robert Mueller’s Russian collusion investigation to multiple news outlets around the world.

Edwards, who worked for the Treasury Department's Financial Crimes Enforcement Network (FinCEN), was charged in 2018 with leaking confidential financial reports to media outlets like BuzzFeed News. Edwards's actions were discovered when agents from the Treasury Inspector General’s office detected "a pattern" of unauthorized media disclosures beginning in October 2017.

U.S. District Court Judge Gregory Woods granted prosecutors' request that Edwards be given the minimum sentence of six months, Politico reports. Edwards's attorney, Stephanie Carvlin, had asked for a "time served" sentence, Politico notes, appearing to refer to the day Edwards spent in custody following her arrest in 2018.

Jun 09 09:19

US tax agency requests ‘clear dictate’ from Congress to collect cryptocurrency transfers data

America’s federal tax agency – the Internal Revenue Service – has set its sights on cryptocurrencies and requested that Congress grant it authority to collect data on transfers to supposedly fight tax evasion.

“I think we need congressional authority,” the IRS head, Charles Rettig, said on Tuesday in testimony to the Senate Finance Committee. He argued that his service gets “challenged frequently” in the field of cryptocurrency operations and having a “clear dictate from Congress” allowing it to collect the relevant information “is critical.”

Most cryptocurrencies are “designed to stay off the radar screen, so we will be challenged right now,” Rettig said, adding that cryptocurrency market capitalization has since grown to over $2 trillion as it includes more than 8,600 exchanges worldwide.

Jun 08 11:55

Amazon Will Be Covered If International Tax Deal Ever Becomes Law

Amazon shares tumbled to their lowest levels of the session on Monday amid reports that Amazon would be included in a G-7 deal cemented over the weekend to retool the minimum corporate tax in some of the world's wealthiest nations (though a US-led movement to force the proposal down the throats of reluctant Ireland, Singapore and other low-tax nations remains very much in doubt).

As we learned over the weekend via a communique from G-7 ministers, a pillar of the deal envisaged that the tax would apply on "profit exceeding a 10% margin for the largest and most profitable multinational enterprises." Thanks to Amazon's low-margin e-commerce business, the firm doesn't technically meet that cutoff, as the Guardian pointed out in a story published earlier today that quoted a bevy of experts who warned that Amazon might be excluded from the new tax regime if some special arrangement weren't included.

Jun 07 17:38

One Huge Problem with the White House’s Plan for Global Taxation

By Brad Polumbo

The Biden administration secured progress toward a major political victory this weekend, with the “G-7” group of seven wealthy countries agreeing in principle to a 15% minimum corporate tax rate. But average taxpayers will suffer if the White House’s global tax scheme ultimately comes to fruition—and here’s why...

Jun 07 08:36

Taxpayers Fleeing California Take $8.8 Billion In Gross Income To Other States

California, with its relatively large tax burden compared to other states, has seen a taxpayer exodus in recent years and, along with it, billions in taxable gross income.

State-to-state migration data recently released by the Internal Revenue Service (IRS) shows that California lost an estimated net 70,534 households—or 165,355 taxpayers and their dependents—in the years 2017-2018, with those fleeing taking around $8.8 billion in net adjusted gross income with them.

Commuters navigate early morning traffic as they drive towards downtown in Los Angeles, CA, U.S., on July 22, 2019. (Mike Blake/Reuters File Photo)
Interstate migration flows are influenced by a number of factors, including retirement, job opportunities, and housing costs. Brandon Ristoff, a policy analyst with the California Policy Center, told Center Square that the flight of billions of dollars from California is driven by the state’s “bad policies on the economy, education and more.”

Jun 05 18:34

6th State Announces Vaccine Lottery. Will Yours Be Next?

By B.N. Frank

Kentucky has joined 5 other states holding controversial COVID “Vaccine Lotteries." They even have special prizes for the 12-17 year olds. Governor Andy Beshear called it a "great opportunity." ...

Jun 04 10:01

Biden Signals Flexibility on Taxes for Infrastructure

President Biden signaled he could accept a narrower infrastructure package that didn’t include raising the corporate tax rate, telling a top Senate Republican that he wants $1 trillion in new spending and floating alternative ways to pay for the measure, according to people briefed on the matter.

The new proposal, which includes a minimum corporate tax of 15% for the nation’s largest companies and the repurposing of some Covid-19 aid funding, marks a late shift from the White House, as Mr. Biden and Senate Republicans kick off what is expected to be a final flurry of talks on the size of the infrastructure plan and how to fund it.

Jun 04 10:00

Biden now willing to drop corporate tax hike to get infrastructure deal done

President Biden does not have a Monday deadline for an infrastructure deal with Republicans, the White House said Thursday amid a report that he is willing to drop his corporate tax hike in exchange for getting an infrastructure deal done.

Press secretary Jen Psaki said Biden intends to continue negotiations next week with Republicans led by Sen. Shelley Capito (R-W.Va.) and said the White House is open to a wide range of potential ways to pay for a bill as Republicans balk at tax hikes.

“We’re going to keep our options open to see what paths we can move forward on,” Psaki said at her daily press briefing.

Biden’s spokeswoman fielded questions at the White House as the president joined first lady Jill Biden for a bike ride near his vacation home in Rehoboth Beach, Del., where he’s spending two nights to celebrate his wife’s 70th birthday.

Jun 04 05:37

Biden Said To Mull Dropping Corporate Tax Hike To Fund Jobs Plan

In an effort to win Republican support for President Joe Biden's infrastructure and jobs plan, the White House on Thursday signaled it was willing to negotiate over his pledge to increase the corporate tax rate.

The Washington Post reported Biden offered to drop his proposal to return the top corporate tax rate to 28 percent -- where it had been before a Republican-backed tax cut in 2017 -- from its current 21 percent level, something the opposition party strenuously opposes.

Citing sources familiar with the discussions, the newspaper said the offer was made in a private White House meeting on Wednesday with Republican Senator Shelley Moore Capito, as the president looks for opposition support for his spending plans.

Jun 03 13:03

LEAVE THE TAX MAN BEHIND WITH WENDY SMITH DAVID ADELMAN & CHARLIE WARD

Jun 02 05:06

$2 trillion in taxes, $6 trillion in spending, $22 trillion in borrowing — what could go wrong?

A few years ago some nutty professors came up with a crackpot idea called "modern monetary theory," or MMT. It was the idea that as long as interest rates stay low, the U.S. government can spend and borrow trillions upon trillions of dollars at almost no cost and we will all be richer. This is a little like saying you can jump out of an airplane without a parachute and as long as you never hit the ground, you will be fine.

This looney idea was mostly ridiculed as a flat-earth-society idea - and yet now we have a president, Joe Biden, who actually is practicing MMT. His latest budget calls for $6 trillion in spending, soon to rise to $8 trillion, paid for with a $2 trillion tax hike on the rich and $7.6 trillion in additional debt. This is more debt than accumulated by the previous four presidents - combined.

May 31 06:35

GOP Is Coming Up With A Strategy To Fight Biden's HUGE 2022 Budget

Republicans are preparing to combat President Joe Biden’s huge $6 trillion federal budget proposal, featuring a proposed $1.8 trillion deficit.

They claim Biden’s bill will leave the country hurt by higher taxes, debt, and inflation rather than “building back better," as the president himself explains his economic agenda.

May 31 06:32

Biden's budget plan swells U.S. debt before tax hikes kick in

U.S. President Joe Biden's $6 trillion budget plan foresees a big near-term increase in U.S. debt to fund his plans to reduce inequality, combat climate change, rebuild U.S. infrastructure and invest in new technologies, but counts on higher tax revenues to reduce deficits in the longer term.

The budget proposal released on Friday builds on a partial "skinny budget" the White House announced last month that sought spending increases for addressing climate change, fighting cancer and boosting underperforming schools. read more

Following are some takeaways from Biden's first comprehensive spending blueprint for fiscal year 2022 - a proposal that faces strong opposition from Republican lawmakers and will be subject to months of negotiation:

May 30 06:26

Prosecutors Seek To Seize $15 Million Fly Fishing Lodge In "Biggest U.S. Tax Evasion Case Ever"

Billionaire Robert Brockman was indicted last year on the "biggest U.S. tax-evasion case ever against an individual". Now, prosecutors are looking to seize his assets, including a $15 million fishing lodge in Colorado and $77.9 million in a Swiss bank account, according to Bloomberg.

The 80 year old Brockman is being accused of failing to report $2 billion in income and using a foreign company to buy secondary debt in his own software firm at a deep discount. The government says that assets tied to the debt fraud can be forfeited, which includes the fishing lodge on the Frying Pan River. It's the government's first attempt at taking his property since he was indicted last October.

The 143 acres were used by Brockman as he "spent parts of his summers fly fishing for rainbow and brown trout". He built the property to avoid the 30 minute drive from Aspen to the Frying Pan River.

May 28 07:46

Biden's Budget Assumes a Massive Retroactive Capital Gains Tax

Biden seeks to hike the top rate on capital gains to 43.4% from 23.8% for households with income over $1 million.

He also wants to make the increase retroactive and force capital gains realization at death as well.

Webmaster's Commentary: 

Doesn't that violate the ex post facto provision of the Constitution?

May 27 12:08

R.I.P. Bill Benson

During the early morning hours of May 5, 2021, the honorable man William J. Benson left our good company forever.

Born March 30, 1927 in Harvey, Illinois, he'd just turned 94. A stalwart defender of American liberty, he never wavered in his commitment to hold government accountable for its misbehaviors. Over the years he assisted many in successful defenses against a cruel, illegitimate and tyrannical tax system; those who adhered to his careful guidance were exonerated of wrongdoing.

He leaves us a legacy difficult to fulfill. He was almost larger than life. His discoveries have shaped how we see the history of our nation.

Rest in peace, Bill. You've earned it.

May 24 07:18

All those electric vehicles pose a problem for building roads

Last week, Washington Gov. Jay Inslee—the guy who, while running for president two years ago, proposed a nationwide ban on sales of gas-powered cars by 2030—vetoed a statewide ban on gas-powered car sales by 2030.

The reason for the puzzling move, Inslee said in a statement, was a provision tucked into the legislation. The language said the 2030 target would take effect only if lawmakers created a program to charge drivers based on how far they drive each year.

The bill had been hailed as path breaking for electric vehicles and US climate policy, more aggressive than deadlines from states like California, Massachusetts, and New York, which have set their sights on 2035. Washington plans to follow California's rules and phase out the sale of gas-powered cars by 2035.

May 21 10:07

US Treasury Requires Any Crypto Transfer Over $10K Be Reported as Tax Evasion Countermeasure

The US government has long considered how cryptocurrencies should be taxed, and has, as yet, not thoroughly determined how to go forward. Meanwhile, with digital currency prices skyrocketing over the past few years, not only investors, but big companies as well have gotten a taste for crypto assets.

The Internal Revenue Service (IRS) will demand that companies report and and all cryptocurrency transfers of over $10,000, the body said in a statement on Thursday.

"Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion", the release reads.
The action is part of US President Joe Biden’s recently announced $1.8 trillion American Families Plan that includes $80 billion in spending for the IRS to enhance its enforcement of high earners while carrying out overall modernization by “hiring new specialized enforcement staff, [and] modernizing antiquated information technology.”

May 20 03:27

VP Kamala Harris 'broke her own campaign ethics pledge by keeping assets hidden in a tax-protected trust', her 2020 tax disclosure reveals

Kamala Harris and Joe Biden said they would close loophole that allows trust beneficiaries not to disclose holdings
In meantime, administration officials were asked to publish all assets
The pledge accused President Trump of using the loophole to avoid disclosing his financial holdings
But Harris's financial disclosure states: 'Trust assets are not reportable'
2020 tax return shows Harris and her husband earned almost $1.9 million

Webmaster's Commentary: 

I LOVE THE STENCH OF HYPOCRISY IN THE MORNING!!!!

May 19 18:37

Let’s Level the Playing Field between the Dollar and Competing Currencies

By Michael Milano

To be a reliable and useful medium of exchange, money must be durable, portable, divisible, and recognizable, but also scarce. The privileged power of the state to manipulate the scarcity of money has had disastrous consequences for national currency systems throughout history. While money, like everything else, is subject to the subjective valuations of consumers—as noted by Mises—money’s exchange value is “the most important kind of value, because it governs the social and not merely the individual aspect of economic life.” Legal tender laws and other regulations imposed on currencies cause value discrepancies to arise...

May 16 13:29

“Infrastructure” Is Now Anything the Government Wants To Do

By Robert Zumwalt

A common rhetorical tactic is to change the definition of a key word in a debate to fit a preferred conclusion. This tactic is now being used by President Biden and other lawmakers in support of an anticipated $2 trillion infrastructure bill they are expected to propose by arguing that the definition of “infrastructure” should be expanded to include anything remotely connected to the economy.

The forthcoming bill is expected to propose approximately $400 billion for childcare and other care programs under the heading of “infrastructure,” the argument being that spending taxpayer money on these programs would free up more mothers and others who currently devote their time to providing care to take jobs outside the home. Because it would enable more mothers to work outside the home, the argument goes, “infrastructure” should include childcare...

May 15 11:54

Biden Wants a Global Minimum Tax to Offset His Proposed Huge Corporate Tax Increase

By Andrew Moran

In the classic 1939 film, The Roaring Twenties, a desperate James Cagney tells Priscilla Lane, “You want the Brooklyn Bridge, all you gotta do is ask for it. If I can’t buy it, I’ll steal it.” Like a desperate lovesick puppy trying to force the object of his affection to fall in love with him, President Joe Biden has promised the American people the Brooklyn Bridge, relying on an elixir of higher taxes to carry out his plans. ..

Recently, Treasury Secretary Janet Yellen unveiled a new proposal to implement a global minimum tax on corporations to prevent these vast businesses from shopping around for the lowest rate. This would be in addition to raising the corporate tax rate to 28%...

May 14 07:51

Larken Rose - The Tiny Dot

Webmaster's Commentary: 

Posted at reader request!

May 13 10:05

Top Republican seeks clarity on estimate of $1 trillion in unpaid taxes

Sen. Mike Crapo (Idaho), the top Republican on the Senate Finance Committee, is asking IRS Commissioner Charles Rettig for clarity about his remarks that the "tax gap" between the amount of taxes owed and the amount paid could be about $1 trillion annually.

Crapo is seeking more information about the $1 trillion figure as President Biden is proposing to boost IRS funding in order to help pay for his economic recovery proposals, and as lawmakers also consider ways to reduce the amount of uncollected taxes.

The senator said that he is interested in working on a bipartisan basis on IRS funding and enforcement issues, but thinks it's important that enforcement efforts aren't overly invasive for taxpayers.

May 13 10:03

Ohio Governor Lifts COVID Mandates; Uses Federal Funds for Million Dollar Lottery-Style Drawings for Vax Recipients

By B.N. Frank

Nice to offer taxpayer funds for a lottery scheme to bribe people for the vax, which only the vaxed have a chance at winning. Seems legal...

May 12 19:24

$60 Billion U.S. Tax Dollars Swindled by Biofuel Scam Artists is “most significant series of frauds on the environment ever prosecuted.”

By B.N. Frank

Journalist Donald Carr is right – “the saga of biofuels fraud is a cautionary tale that reads like a spy thriller.” No doubt it could and probably will be turned into a big-budget Hollywood movie with an all-star cast that will be raved about for years.

What is particularly haunting about Carr’s recently published article about the $60 billion dollar scam is a quote from Southern Illinois University biofuels historian Jeffrey Manuel. Manuel said he believes carbon markets “will certainly be vulnerable to fraud like the RFS has been.”...

May 12 07:37

Lower Chamber of Russian Parliament Votes to Revoke Tax Agreement With Netherlands

At a plenary session on Tuesday, the lower chamber of the Russian parliament voted for revoking a Russian-Dutch agreement on the avoidance of double taxation and prevention of tax evasion.

The Russian government submitted a bill to denounce the agreement to the lower chamber last month.

"If the Russian side submits a notification on agreement denunciation before 30 June 2021, it will be terminated on 1 January 2022", the explanatory note read.

At the same time, the Russian Finance Ministry said it would propose amending taxation deals with Hong Kong, Singapore, and Switzerland.

May 12 07:16

Hedge Funds Descend On Puerto Rico As Biden Tax Threat Looms

With President Biden and the Democrats on the warpath to separate the richest Americans from their income, hedge funds managers are starting to expand into Puerto Rico - leaving open the possibility of relocating to the island to obtain huge tax breaks, according to Bloomberg.

Both ExodusPoint Capital Management and Millennium Management have opened local subsidiaries on the island, according to local records. ExodusPoint, headed by Michael Gelband, created a money-management in Puerto Rico on behalf of co-founder Hyung Soon Yee, who moved there last year.

Millennium, run by Izzy Englander, set up shop on the island just weeks after Biden won the 2020 US election.

And with Biden's proposed tax increases on the wealthy and corporations looming, those who venture to Puerto Rico may be able to avoid both state and federal taxes according to the report.

May 11 05:40

Taxation without representation

May 10 14:48

The Coming IRS Reign Of Terror

The one certainty is that the new powers Biden bestows on the IRS will be horrendously abused, and that most members of Congress won’t give a damn. Instead, they will pile on to further oppress American citizens and political activists. In 1967, a federal appeals court decision proclaimed, “The court will not place its stamp of approval upon a witch-hunt, a crusade to rid society of unorthodox thinkers and actors by using the federal income tax laws” to silence them. -- Unfortunately, such lofty sentiments are far more likely to be found in musty judicial compilations than in today’s Washington.

May 08 06:49

U.S. court authorizes IRS to seek identities of taxpayers who have used cryptocurrency

A federal court in the United States has authorized the Internal Revenue Service (IRS) to serve a "John Doe Summons" on the crypto exchange Kraken, seeking identities of U.S. taxpayers who have used cryptocurrency, the Department of Justice said on Wednesday.

The IRS is seeking information about taxpayers who conducted at least $20,000 worth of transactions in cryptocurrency from 2016 to 2020, the DOJ said in a statement.

"Those who transact with cryptocurrency must meet their tax obligations like any other taxpayer", acting Assistant Attorney General David Hubbert of the Justice Department's Tax Division said in the statement.

May 07 05:41

Thomas Reviews Are Individuals More Willing To Lie To A Computer Or A Human About Their Taxes?

Imagine your accountant asks you if you earned any income that wasn’t reported on a 1099 or W-2 this year, and you know that you have an extra $5000 of such income. Do you tell her? Probably. For starters, you might be worried that she is going to be suspicious if you lie to her. Something in your voice might give it away, or perhaps your income this year is lower than last year and she wants to know why. Further, you might have developed a rapport with your accountant, and lying to her might cause psychological discomfort.

May 05 06:47

How tax prep companies conspired to make filing your taxes so damn hard

In 1985, President Ronald Reagan called for a simple tax filing system under which most people would not have to fill out a tax return. Instead, they’d just receive a form from the IRS showing their refund or tax liability. In 2010, a White House advisory board proposed the same idea, noting that Americans spend billions of hours and hundreds of billions of dollars annually preparing their taxes. In 2019, Sen. Elizabeth Warren (D-Mass.) also proposed a free, easy filing system that would allow the bulk of taxpayers to avoid the unpleasantness of filling out returns that are dozens of pages long, with complicated sheets of instructions. She’s recently been promoting that bill again, ahead of Tax Day 2021.

With such a long history of support from across the political spectrum, why hasn’t America followed the lead of dozens of other countries in adopting a simple, government-run system for paying taxes?

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA