TAX POLITIX
The Politics of Taxes
Lowest Business Investment since the recession
Marketwatch is reporting dismal numbers related to economic growth in the first three months of 2016; expansion is "the slowest pace in two years as business slashed investment by the steepest amount since the Great Recession." GDP growth was significantly reduced as well -- recording a .5% annual growth rate. The prior three quarters were 1.4%, 2% and 3.9% in the preceeding year, per quarter. Marketwatch suggests that some economists contend this sluggishness is an anomaly and will bounce...
Obamcare Insurers Warn About Unsustainable Losses
The Hill has an interesting article about Obamacare, premium costs, and insurance companies. Insurers have been losing money as a result of the Obamacare set-up, and many are facing increased financial security. From the article: Insurers say they are losing money on their ObamaCare plans at a rapid rate, and some have begun to talk about dropping out of the marketplaces altogether. “Something has to give,” said Larry Levitt, an expert on the health law at the Kaiser Family Foundation. “Either...
GAO Audit Describes Historic Debt
A short but informative article by the Washington Free Beacon describes how the Government Accountability Office (GAO) has calculated that within a few years, the federal government will owe more money that the sum of what is produced by the economy. That, my friends, is an egregious amount of debt. "Gene Dodaro, the comptroller general for the Government Accountability Office, testified at the Senate Budget Committee to provide the results of its audit on the government’s financial books....
US Pension System Woes
The Financial Times reviewed data recently that suggested that the US public pension system is in dire straits; the funding shortage is likely 3 times as large as what is being reported. The estimated deficit is $3.4 trillion. The solutions for the funding shortfalls are grim: either raise taxes or cut spending; unfortunately the "cut spending" approach always goes to the essential services first, so that taxpayers feel the heat and will consider a tax hike instead. US Congressman Devin Nunes...
Fix the Debt and Federal Spending
The Fix the Debt Campaign Steering Committee is a bipartisan group of prominent leaders and experts, including luminaries such as Erskine Bowles and Alan Simpson, the co-chairs of the White House Fiscal Commission. The Fix the Debt group put together some decent graphics regarding federal spending. This is a "taxpayer receipt" highlighting where the money goes and highlight where it comes from in the first place. How are our federal tax dollars spent? As the taxpayer receipt illustrates, more...
Treasury Department Continues Attack on Inversions, Businesses
Yesterday, The Treasury Department made more changes to rules with regard to inversions. The driving force behind the constant meddling into this legal practice is the retention of tax revenue. "Under the new rules, there will be a three-year limit on foreign companies bulking up on U.S. assets to avoid ownership requirements for a later inversions deal, Treasury said in a statement." In an inversion, a U.S. company typically buys a smaller foreign rival and reincorporates to the rival's home...
IRS HCTT-2016-38: Obamacare and Businesses
Find Out How ACA affects Employers with 50 or More Employees Some of the provisions of the health care law apply only to large employers, which are generally those with 50 or more full-time equivalent employees. These employers are applicable large employers – also known as ALEs – and are subject to the employer shared responsibility provisions. Information Reporting Applicable large employers have annual reporting responsibilities concerning whether and what health insurance they offered to...
6 Years Later: The Failures of Obamacare
Everything we were promised with Obamacare has yet to come to fruition: keep your plan! lower prices! tens of millions insured! and a litany of other broken promises and predictions. Obamacare was signed into law on March 23, 2010. The Weekly Standard took the time to perform a thorough examination on the current state of Obamacare, an audit perhaps, comparing what was promised and what has been delivered. Their findings are sobering. It also offers some remedies of the most egregious maladies...
The IRS Scandal Continues: Judge Orders Release Of Target List
We're coming up on three years since the IRS scandal broke in May 2013. Most Americans have certainly forgotten about it, especially since the former head, Lois Lerner, went wholly unpunished. But some targeted groups have not forgotten about it, and continue to fight for transparency with the entire affair. Earlier this week, a federal appeals court "ordered the IRS to quickly turn over the full list of groups it targeted so that a class-action lawsuit, filed by the NorCal Tea Party Patriots,...
Emails Expose Obama Administration-FCC Overreach Regarding Obamanet
Earlier this month, the Wall Street Journal noted an incredible sequence of events brought to light through judicial process and undercover emails. Obama meddled in the net-neutrality process, violating standards of conduct. I have reproduced the article in its entirety, as the contents contained therein are rather incredulous: Congressional committees rarely re-report journalistic exposés, but it’s amazing what information subpoenas can pry loose. A Senate committee has exposed new details on...
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