TAX POLITIX
The Politics of Taxes
45% of Households Pay No Federal Taxes
Every year, the various tax agencies calculate how many Americans do not pay a federal income tax. The 2015 tax year number estimates that 77.5 million households, which is 45.3%, according to the research Tax Policy Center. This number is only for federal taxes and does not include state income taxes. There are two main reasons for the lack of federal taxes: either the household has no taxable income, or their tax liability is reduced and offset by tax breaks. The research also calculated the...
IRS Tax Tip 2016-33: Facts About Capital Gains and Losses
Capital Gains and Losses – 10 Helpful Facts to Know When you sell a capital asset, the sale normally results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are 10 facts that you should know about capital gains and losses: 1. Capital Assets. Capital assets include property such as your home or car, as well as investment property, such as stocks and bonds. 2. Gains and Losses. A capital gain or loss is the difference...
IRS Tax Tip 2016-35: Free Help Preparing Tax Returns
Free Help Preparing Tax Returns Available Nationwide IRS YouTube Videos: Free Help Preparing your Tax Return: English | Spanish | ASL WASHINGTON –– The Internal Revenue Service reminded taxpayers today that they may be eligible to receive free tax help at more than 12,000 preparation sites available nationwide. The sites, generally located at community and neighborhood centers, provide tax assistance to taxpayers with low- and moderate-incomes and the elderly. The IRS Volunteer Income Tax...
Rubin Is Wrong on Business Tax Policy
A recent commentary on business tax policy by Richard Rubin in the Wall Street Journal had some very glaring errors and suggestive, misleading language. For instance, Rubin discusses inversions in a way that makes them sound unjust and problematic --calling them a "discrete business-tax problem" that Congress has been unable to properly address. However, this is a patently false statement. Business inversions are perfectly legal, and sometimes the only just remedy for an anti-business climate...
Christie on Trump
New Jersey governor Chris Christie has announced his endorsement of Donald Trump for President. Is he really so clueless? Perhaps he is just so annoyed because he lost to the real candidates that he is having a temper tantrum.
GAO Report: Government Made Fraudulent Obamacare Payments
The Government Accountability Office (GAO) released a new study that monitored Obamacare subsidy payments. The results are sobering; billions in payments were made to individual Obamacare users which may have been the result of fraud. The Centers for Medicare and Medicaid Services (CMS) uses information from three agencies in order to verify Obamacare eligibility; they are the IRS, DHS, and SSA. But if there are inconsistencies within the data, the system doesn't necessarily catch them,...
Revisiting Depression History
On January 28, 2016, the Wall Street Journal ran a press release from August 10, 2004 in their "Notable & Quotable" section. The press release was fascinating, both in subject and source. The release, from the University of California, Los Angeles, announced the results of a study on the Great Depression, and found that government interference in the economy hampered and prolonged the Depression recovery. As UCLA is not really considered a bastion of conservative or economic thought, the fact...
Koch On Bernie: He’s Right On One Issue
Charles Koch applauds Bernie Sander's recognition of cronyism in government, and he is right. Cronyism has no place in our system. Koch makes a particular note about ethanol integrity -- which he opposes in spite of ethanol mandates -- against the likes of Harry Reid and others who try to denigrate the Kochs. Koch's article in the Washington Post is worthwhile to read in its entirety; it's not pro-Bernie, but raises important and correct notes about the function of government as well as...
IRS Seizure Cases Deserve New Scrutiny
I have written numerous articles over the year about the onerous, destructive practice of IRS asset forfeiture cases. Basically, the IRS has been leveraging laws intended to target money launderers and criminals in order to seize the bank accounts of business owners who make one or more deposits of $10,000 cash. Time after time, these cases showed the circumstances were not criminal, and yet citizens spent months and even years trying to get their hard-earned money back. In 2014, after a...
Scotusblog: What Happens To This Term’s Close Cases?
As we mourn the loss of the magnanimous Supreme Court Justice Antonin Scalia, questions inevitably rise about the pending cases in the Supreme Court. Scotusblog has issued the following release: "What happens to this Term’s close cases? (Updated) The passing of Justice Scalia of course affects the cases now before the Court. Votes that the Justice cast in cases that have not been publicly decided are void. Of course, if Justice Scalia’s vote was not necessary to the outcome – for example, if...
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