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Alex Pappas MSNBC’s Chris Matthews theorized this evening that the bombing in Boston today might be the result of a Tax Day protest – as it occurred on the deadline date for filing federal income taxes. “As you point out, and I just forgot, I filed already. It’s filing day for the federal income tax, which does cause some emotions around the country – sometimes in the wrong parts [...] The President’s effective federal income tax rate is 18.4 percent. The President believes we must reform our tax system which is why he has proposed policies like the Buffett Rule that would ask the wealthiest Americans to pay their fair share while protecting families making under $250,000 from seeing their taxes go up. Under the President’s own tax proposals, including limitations on the value of tax preferences for high-income households, [...] (CNSNews.com) – Federal revenue will return to its pre-recession levels in 2013, according to projections from the Congressional Budget Office (CBO), setting a record for the most money the government has ever taken in. In its latest Budget and Economic Update, the CBO forecasts that federal revenue will top $2.7 trillion in 2013, slightly higher than the $2.6 trillion the government collected in 2007, when the last recession officially began. Government revenues had [...] Texas was its own nation before joining the United States, and many jokes have been made about some Texans still not recognizing that “other government” with which it now is affiliated. But lawmakers there are drawing attention by considering a law that would have Texas review how it would respond should the U.S. government no longer be there to send federal tax revenue back to the state. 14.9% Inflation in [...] SEATTLE (AP) – An effort is building in Congress to change U.S. marijuana laws, including moves to legalize the industrial production of hemp and establish a hefty federal pot tax. While passage this year could be a longshot, lawmakers from both parties have been quietly working on several bills, the first of which Democratic Reps. Earl Blumenauer of Oregon and Jared Polis of Colorado plan to introduce Tuesday, Blumenauer told The [...] U.S. wireless consumers pay an average 17.18% in taxes and fees on their cell phone bill, including 11.36% in state and local charges, according to a newly released study that identifies and calculates wireless taxes and fees. In Nebraska, the combined federal-state-local average rate is 24.49%, and in six other states (Washington, New York, Florida, Illinois, Rhode Island, and Missouri) it exceeds 20%. Twenty-six states have average state-local wireless taxes and [...] libertyblitzkrieg.com This trend has been in place since the financial crisis, but the fact that it is accelerating is extremely disconcerting. First off, this is not the kind of behavior that should be witnessed in an “economic recovery.” Second, we need to remember the huge percentage of Americans on food stamps and/or disability. As I have discussed previously, many of them also have jobs. So essentially, a wage anda check [...] Last month, environmentalists cheered as California launched a cap-and-trade program, but talks of a federal carbon tax raised concerns about double taxation. The San Francisco Chronicle reports that while the chances of a federal tax on carbon emissions being adopted are still remote, California state officials are worried enough to have started discussing the prospect. “We are aware that it is a possibility, and we have been considering it as of late,” said California Air Resources [...] From Bloomberg: As the year draws to a close, there’s still time to reduce your 2012 tax bill and plan ahead for 2013. The following are a few potential tax-saving opportunities. While none of us can predict the outcome of the fiscal cliff drama unfolding in Washington — except to say that it will be torturous and prolonged and entirely satisfactory to no one — these strategies offer a way to [...] For more than 18 months, Francis A. Sharrak was able to manage his multimillion-dollar Internet porn and strip club business using just a laptop computer and a telephone. And he was able to do it all from his secluded office space in downtown Detroit — a VIP cell at the Wayne County Jail. Sharrak, 44, of Farmington Hills, was awaiting sentencing on federal tax evasion charges when he was locked up in [...] EBT cards are modern-day food stamps, except they’re electronic. In essence, they are government-issued debit cards that allow recipients to spend taxpayer money for their own groceries. But EBT cards aren’t merely good on food staples like beans and rice, they can be spent on processed junk food that promotes diabetes and obesity. That’s the “dirty little secret” of the EBT scheme: It encourages low-income Americans to become high-profit customers [...]  Layoffs spread far and wide Earlier today, Twitchy related some heartbreaking stories of small business owners laying off workers to avoid the economic impact of the Obamacare tax that isn’t a tax. Comedian Jon Lovitz, a small business owner himself, was no barrel of laughs either as his timeline filled with stories of impending downsizing. So, what about those big corporations? Boeing’s defense division announced yesterday it would cut 30 percent of management staff, and the [...] Huffington Post At a time when the federal government is starved for cash — and facing layoffs and cuts in services across the board — more and more corporations are sidestepping their traditional tax rate and keeping millions of dollars for themselves. The number of U.S. corporations structuring their businesses in such a way that they can avoid higher taxes has skyrocketed in the past quarter century, The Wall Street Journal reports. In 1986, about 24 percent of corporations were [...] A large majority of likely voters believes all Americans should pay some federal income tax — even if it is as little as one percent of what they make. Seventy-nine percent say everyone should pay something, according to a Fox News poll released Thursday. That includes 85 percent of Republicans, 83 percent of independents and 71 percent of Democrats. According to the IRS, last year approximately 41 percent of tax filers did not [...] Tape recorded at private fundraiser and given to Mother Jones magazine by anonymous source Obama campaign hits back saying Republican has ‘disdainfully written off half the nation’ Mitt Romney [...] NEW YORK (AP) — Twenty-six big U.S. companies paid their CEOs more last year than they paid the federal government in tax, according to a study released Thursday by a liberal-leaning think tank. The study, by the Institute for Policy Studies, said the companies, including AT&T, Boeing and Citigroup, paid their CEOs an average of $20.4 million last year while paying little or no federal tax on ample profits, according to [...] The extremes in the US have gotten more pronounced in this economic crisis. It is hard to imagine a country where 46 million people are living with the assistance offood stamps while 6 of the 400 top income earners pay no federal tax. I’m sure that just like most Americans you pay your fair share of taxes. Of course the real burden has fallen on the middle class since the recession [...] On the face of it, Senator Harry Reid’s explosive but flimsily sourced claim that Mitt Romney paid no income tax seems preposterous. Mr. Romney has denied it, and without his returns no one can say for sure. But for someone who makes millions of dollars a year, would it even be possible? Evidently it is. It so happens that this summer the Internal Revenue Service released data from the 400 individual income tax returns [...] Sen. Marco Rubio introduced a bill Wednesday to eliminate the federal government’s tax on Olympic medals, saying the levy amounted to yet another way the government tries to punish those who succeed. Athletes who win a gold medal also earn a $25,000 honorarium — and with it a $8,986 tax bill to the IRS, according to Americans for Tax Reform, which crunched the numbers. That covers both the honorarium and the tax on the value of the [...] I’ve had that opportunity to speak with dozens of protesters this past year from Occupy and similar movements. I’ve also spoken with many more store owners, residents and people working in the area. I keep hearing these two things from the public: I agree with the protesters but they are acting juvenile. Now I understand the majority of the time it isn’t the protesters causing the violence and [...] “The failed Range Fuels wood-to-ethanol factory in southeastern Georgia that sucked up $65 million in federal and state tax dollars was sold Tuesday for pennies on the dollar to another bio-fuel maker with equally grand plans to transform the alternative energy world,” writes Dan Chapman of The Atlanta Journal-Constitution. - safewrite 22% of the retail price of items is due to federal taxes. When you buy an apple today for $1.00, 22 cents of that dollar is taxes. 999 means higher take home pay and [...] The IRS got red-faced trying to collect the new tanning tax, burning a hole in estimates on how much the levy would bring in to federal coffers, a new report said Thursday. The Treasury Inspector General for Tax Administration said the IRS developed outreach plans to notify tanning salons the 10% federal tax would be due on ultraviolet light services paid for as of July 1, [...] Between 1992 and 1995, the 400 top earners in the United States made an average of $47.5 MILLION annually. They paid an average of 28.7% of their income for Federal Income Tax and Payroll Taxes paid by or on behalf of them. Between 2005 and 2008, the 400 top earners in the United States made an average of $273.1 MILLION annually. They paid an average [...] “We are disappointed in the United States.” That’s a sentiment we seem to hear all too often from our allies these days. A Taiwan Ministry of National Defense official uttered those words to Defense News with word that the Obama Administration will deny his country new F-16 fighters. As Defense News puts it, the Obama Administration’s decision came as a result of “bowing to Chinese pressure.” Instead [...] By L. Brent Bozell | Brent Bozell III.. The latest polls show the people are not happy with President Obama’s handling of budget matters, but Republicans look even worse. And yet, while the GOP delivers one idea after another, Obama has offered nothing, instead just attacking, attacking, attacking, blaming everyone but himself in utter denial of the reality that no man on the face of this [...] by Charles Hugh Smith from Of Two Minds Our Participation Fuels Financial Tyranny Our debt and transactional consumerism fuels the tyranny which oppresses us. The basic dynamic is profound: the political and financial tyranny of Wall Street and the “too big to fail” banks is fueled by our own participation. “Reformers” both within the Central State and outside its halls of delirium-inducing power, keep hoping that some [...] So we have $4B in subsidies, if we pass that along to the end consumer of gasoline only: $4,000,000,000 / (18,771,000 barrels/day * 365 days) = $0.5838 / barrel $0.5838 / 19.4 gallon gas /barrel = $0.03 / gallon of gas. Now, don’t get me wrong, I think these subsidies as well as all others should be eliminated. But this is a distraction meant to keep the masses angry and not [...] 45% don’t owe U.S. income tax By Jeanne Sahadi, CNNMoney.com senior writerApril 18, 2011: 7:54 AM ET The Liberals have Won, or have they? NEW YORK (CNNMoney.com) — The fastest way to make the tax-averse incensed is to tell them that nearly half of U.S. households end up owing no federal income tax when all is said and done. But like most statistics, it is often misunderstood — and, in the case [...] WASHINGTON (MarketWatch) — President Barack Obama and First Lady Michelle Obama reported an adjusted gross income of $1.73 million in 2010, mostly from proceeds from the sale of the president’s books, the White House said Monday. The Obamas paid $453,770 in federal tax, the White House said, and donated $245,075 to 36 different charities. They also paid $51,568 in Illinois taxes. Vice President Joe Biden [...] |
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