TAX POLITIX
The Politics of Taxes
Ongoing ObamaCare Lies
Obama has lied to this country. Most recently and most memorably, he lied to when he told “you can keep your health plan" and "you can keep your doctor". But charging that someone "lied" implies that they knew it was untrue when they said it, so how can anyone be sure? Records dating back to 2010 discussed the fallout from ObamaCare implementation that would render most plans obsolete and doctor choices restricted. If Obama truly believed that individuals could keep their health plan and...
Changes on the IRS 1040 for Tax Year 2013, Part III: The Medicare Surcharge
Do you make above $250,000 (married joint filer) or $200,000 (individual filer)? For 2013 filers, you get to pay an additional tax starting this year. Prior to tax year 2013, the Medicare Payroll tax was 2.9%. Self-employed taxpaxers pay the entire 2.9% themselves. Non self-employed taxpayers pay this tax split evenly between employer and employee, each paying 1.45% The new surtax that starts this year was implemented as part of paying for Obamacare. It tacks on an additional 0.9% tax for...
The Lost Art of Investing in Our Future
It seems like the White House and media these days are spending a lot of their energy discussing disparity between the haves- and have-nots. The phrase “income inequality” is especially being used more frequently as a means to continue the class warfare rhetoric and is absolutely certain to be a major theme of Obama’s State of the Union Address this month. Many explanations are bandied about in an attempt to show that “devious policies” are causing the wide gulf between higher and lower income...
To Owe or Not To Owe (Taxes)
Most people like receiving a tax refund – it's kind of like a windfall for many people, especially those for whom saving is a difficult discipline. However, getting a big tax refund from the IRS may not necessarily be the best thing for you in certain situations. Try to think about your refund in a different way. Essentially, you are giving the government an interest-free loan, which they give back to you when you file your taxes. There's really no reason to do that, other than you like the...
Changes on the IRS 1040 for Tax Year 2013, Part II
New Changes to the Itemized Medical Deduction For years, taxpayers have been able to claim an itemized deduction on their taxes for medical expenses. That deduction still exists, but the threshold has been increased starting this years, as part of the implemenation of Obamacare taxes. When a taxpayer, spouse, and/or dependents accumulate large medical bills in a given year, the ability to deduct them comes as a welcome relief to many family. The rule-of-thumb was that the sum of medical...
Changes on the IRS 1040 for Tax Year 2013, Part I
Most items on this year's 1040 are the same for last year. However, a few changes should be noted -- mainly related to adjustments for inflation. The new Standard Deduction amounts are as follows: Single: $6,100 Married Filing Separate: $6,100 Married Filing Joint: $12,200 Head of Household: $8,950 Dependent: the greater value of either 1) earned income plus $350 or 2) $1,000. This cannot exceed $6,100 There are additional Standard Deduction amounts for filers with special status: 1) age 65...
Thomas Jefferson on Taxes and Public Debt
"We must make our election between economy and liberty, or profusion and servitude. If we run into such debts as that we must be taxed in our meat and in our drink, in our necessities and our comforts, in our labors and our amusements,... our people ... must come to labor sixteen hours in the twenty-four, give our earnings of fifteen of these to the government,... have no time to think, no means of calling our mis-managers to account; but be glad to obtain sustenance by hiring ourselves out to...
The Democrats Own the Government Shutdown
As we get into blame season surrounding the extension of the debt ceiling, let's make sure we remember - and remind anyone who will listen -- what actually caused the government to shut down just a few short months ago. The Democrats insisted that the Republicans accept a pure Continuing Resolution (CR) as a first and final offer with no negotiation along the way. In contrast, the Republicans (after a number of initial offers were rebuffed and ignored with no discussion), made a final offer of...
EJ Dionne Likes To Make Up Facts
Last week’s Meet the Press roundtable featured, among others, E.J. Dionne -- a columnist with the Washington Post. Mr. Dionne’s discussion on Obama and Obamacare was so incredibly inaccurate, it is quite obvious that he is a person who just likes to make up facts as he goes along. And with moderators like David Gregory, who do little to nothing to question the commentary coming from his guests, viewers are left with severely wrong or misinterpreted information. Some highlights from the show:...
Why Hillary Clinton Could Run On Repealing Obamacare
With all the talk abuzz about an inevitable Hillary Clinton candidacy, I wager that her platform might quite likely include repealing Obamacare. Hillary is certain to declare late in the spring so that she can positively impact the midterm elections to benefit the Democrats. What would Hillary gain from a repeal-Obamacare platform? Here's three things: First, a "repeal-Obamacare" position would effectively neuter the Republican narratives of anyone running in 2014 (and possibly beyond). All...
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