Posts

IRS not answering Senate Finance Committee questions

The IRS thinks it’s OK to ask conservative and libertarian groups hundreds of questions, yet they ignore Senate Finance Committee questions posed concerning how the department put into place policies targeting groups including local TEA Party organizations.

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Tax-Exempt Media Matters for America illegally coordinates with Congress (Update)

We’ve known Media Matters for America is hiding behind its tax-exempt, non-partisan 501(c)(3) status, but it’s time the IRS calls them out and pull their tax-exempt approval. Read more

Does it really matter who the Top 1% are and how much they make?

For some, it makes a big difference. I’ve been spitting out tax statistics that people have been shrugging off for years, but I had a revelation earlier today. It does not matter. It’s just another Symptom of the Disease.

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The IRS v. charities

This article caught my eye, though I’m still not sure why.  It seems troubling on several fronts, so, hopefully you can help me out.  Approximately 275,000 nonprofit organizations, lost their nonprofit status with the IRS earlier of  this year.  To explain, let me begin, as they say, at the beginning.  Read more

Federal tax figures from 2008 – Limbaugh, WSJ and Powerline

There has been a lot of discussion concerning where the money really is on conservative blogs, the Wall Street Journal and the Rush Limbaugh show. I heard Limbaugh discuss the subject during his first hour yesterday and I thought his presentation was a bit confusing to listeners.

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O’Reilly vs Congressman Weiner – Who’s on first?

This may be O’Reilly’s most frustrating moment since … ummm … Barney Frank.

O’Reilly is tryig to pin down Rep. Anthony Weiner (D-N.Y.) on who will enforce the Health Care penalty for people who choose not to buy insurance and refuse to pay the penalty. A reasonable question … that O’Reilly asks five times. But Weiner never gives an answer. The ultimate answer of course is the IRS but Weiner won’t budge.

This little comedy routine actually runs six minutes. I could only cut three minutes at the end, and frankly, it’s all you could take too.

httpv://www.youtube.com/watch?v=3O6Jk7icfMw

These lefities so think we are stupid, or is it just O’Reilly they think is stupid. My guess, they think O’Reilly will let them spew their crap in the interest of bipartisanship. Silly lefty.

I think I like this one better. Ha!

httpv://www.youtube.com/watch?v=sShMA85pv8M

Update (Steve): Thanks to Ed Morrissey at Hot Air for the linkage.

Obama’s international tax plan – overseas banks balk

A few weeks ago I wanted to put a piece together concerning the implications of targeting domestic corporations who did business overseas. President Obama and his administration have used the attack code-word loophole concerning world-wide corporations who commit the sin of structuring their business to ensure they play the lowest legally allowed amount of taxes to the U.S. government.

Unfortunately, I never got that post finished, but now the Obama administration has moved from corporations who do business overseas to individuals who work and do business overseas. From the UK Telegraph, with my emphasis in bold.

The decision, which would make it hard for Americans in London to open bank accounts and trade shares, is being discussed by executives at Britain’s banks and brokers who say it could become too expensive to service American clients. The proposals, which were unveiled as part of the president’s first budget, are designed to clamp-down on American tax evaders abroad. However bank bosses say they are being asked to take on the task of collecting American taxes at a cost and legal liability that are inexpedient.

Let’s get right to the most important part. President Obama thinks that individuals who are living, working and already paying taxes – in whatever form – in an other country are rich tax evaders. In reality, many of these individuals pay a high tax price to live overseas.

American citizens who are residents of another country and work legally in that country are taxed on their world-wide income. It’s important to note the first $87,600 of income earned outside of the States is excluded from being taxed, but the exemption starts to phase out at $120,000 for a married couple.

Remember, those living overseas must already pay many taxes overseas including value added tax (VAT), duty, national insurance and many other hidden taxes.

The rules are many – as an example there is the physical presence test requiring you’re out of the United States more than 330 days – and the Obama administration wants overseas banks who allow residents from the United States to open accounts to step up and take responsibility for ensuring that United States citizens are paying their fair share back home.

This is the reason why overseas banking institutions may consider turning away customers who are citizens of the United States. I’m sure they have enough difficulties trying to figure out their own tax laws let alone the thousands of pages of U.S. tax code. This would put them into “why bother” mode.

One executive at a top UK bank who didn’t want to be named for fear of angering the IRS said: “It’s just about manageable under the current system – and that’s because we’re big. The danger to us is suddenly being hauled over the coals by the IRS for a client that hasn’t paid proper taxes. The audit costs will soar. We’ll have to pay it but I know plenty of smaller players won’t.”

Nice…

Not Quite Pravda

Imagine a new role for Treasury Secretary and tax cheat Timothy Geithner: editor-in-chief of your local newspaper. Read more

You know that tax break of $7.69? The IRS wants some of it Back

Remember how kind and generous we all thought the young President was being when we got that swell tax cut of $7.69?  Yea  the one that increased the amount of your weekly paychecks.  Well , Huston, we have a problem.

The Ap News reporting today that the tax credit was going to provide up to an additional $400 for individuals, and $800 for married couples.  However the IRS withholding tax tables could cause millions of Americans a little headache come April 2010.

Oh and this does not just affect the Hard Working Americans, oh no it even affects retirees!

Like my father said, You don’t ever get something for nothing.

Read the full story here: http://hosted.ap.org/dynamic/stories/U/US_TAX_CREDIT_PICKLE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2009-04-30-20-08-40

Audit Congress

Well you knew it had to happen sooner or later. Some of you have already suggested it and I can’t say its a bad idea.

Have you paid your taxes lately? If you said
“yes” then you are in good company.  Millions of Americans not only
struggle with the duty of following a convoluted tax code, but they
sweat out the approaching tax deadline.  We live in fear of the IRS,
bringing in experts to ensure we comply with federal law and do it in a
way that won’t come back to haunt us.

But we’re not seeing the same concern from our leaders.  In fact, it
seems all too common that national leaders are not only tax scofflaws,
but even when their tax evasion is exposed, there are few
consequences.  They certainly appear to cheat, yet still get plum jobs
and perks of high office.

Click here to learn more.