TAX POLITIX
The Politics of Taxes
Social Security Disability: A Case for Reform
Last week, the Washington Examiner did a nice job covering the growing Social Security Disability Insurance (SSDI) crisis, and Congress's recent response to it. The issue at stake is the 2016 benefit adjustment, which would cut 20% of benefits for more than 10 million SSDI recipients: "Many Democrats want to sweep the problem under the rug with an accounting gimmick that would merge the disability trust fund with the general Social Security trust fund, which, on paper, isn't expected to be...
Social Security is not Pay-As-You-Go and Its Unfunded Liabilities are Massive
There’s a First For Everything: Cautiously Optimistic About An Eric Holder Decision
Yes, yes -- I never thought I'd write something positive about Eric Holder, but from the looks of today's news in the Washington Post, Eric Holder has done something about which I (cautiously) agree. Today, Holder announced that he has "barred local and state police from using federal law to seize cash, cars and other property without warrants or criminal charges. Holder’s action represents the most sweeping check on police power to confiscate personal property since the seizures began three...
IRS Budget Cuts: The Good, the Bad, and the Ugly
Budget cuts to the IRS will be impacting citizens more drastically this year. The Taxpayer Advocate, Nina Olsen, painted a bleak picture for filing season and beyond in her annual report to Congress. The Good: -- The number of audits will decline. The Bad: -- Technology upgrades will be delayed, although the Commissioner, John Koskinen, is "reasonably confident — very confident" that upgrades needed to handle Obamacare related information has been successfully completed. The Ugly: -- If you...
Obama’s Keystone Absurdity
Obama increasingly keeps blathering about the Keystone pipeline in an increasingly negative way, such as how it isn’t economically sound or how it won’t do much for the US soil industry, and so forth. But does he have any idea how ridiculous his protests are, especially considering how both the House, and now the Senate, have given bipartisan approval for the pipeline? The most egregious aspect of this whole situation is that Obama makes it sound like Keystone is some sort of government...
Even More Compliance Laws Make It Difficult to Anyone To Stay In Business In New York
Obamacare and Tax Returns: 21 Helpful Pages of IRS Filing Instructions
The IRS is getting ready for Obamacare to be accounted for by every citizen. For completing this section of your tax form, the IRS has published 21 pages of instructions, as well as long forms and tip sheets. For Americans who do not have Obamacare, the process is simple: check a box indicating you have insurance. For those who enrolled in an Obamacare plan through the Marketplace, they will have a more comprehensive section. If a person opted not to have any insurance, he or she needs to pay...
Massive Federal Debt, Cost Per Full Time Worker Soars
Thank goodness for CNS News. They continuously number crunch federal numbers so that we can keep apace with the ever-growing national debt. The bottom line? Debt has increased $7.5 trillion since Obama took office. "The federal government drove $789,473,350,613.20 deeper into debt in calendar year 2014, an increase that equaled $6,875 per household, $7,458 per full-time year-round worker, and $8,853 per full-time year-round private-sector worker. According to the Treasury, the debt started...
It Doesn’t Matter If You Are Keynesian Or Not — You Still Have To Pay It Back
Everyone knows that Greece is so far in debt that it is actually impossible for them to ever repay it all. France, Spain, Portugal, Italy, and most of the rest of the EU is not much better. Even worse than Greece is Japan's debt; at over 200% of GDP -- and growing -- it seems hopeless, despite some reputable economists thoughts that since a large portion of the debt is owed by one branch of their government to another, it is somehow not all that bad. The U.S. debt is now $18 trillion and still...
The Treasury is Offering a New Investment Plan, Created Without Congressional Approval
The Wall Street Journal unveiled the existence of a new investment plan that was created without Congressional approval. To be fair, we first heard about it during last years State of the Union address in January, 2014; Obama announced that he would instruct the Treasury to craft a new retirement plan, which the WSJ noted "was puzzling because such plans are normally created by law, not Presidential order" Sure enough, Obama kept his word. It's called "myRA", and it is a retirement plan that...
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