BREAKING: GOP Ways and Means chairman sees IRS problem as part of administration `culture of cover-ups.’ – @AP
NOW: Rep. Levin says IRS showed “total disreagard” for Congressional oversight in targeting certain groups; “Wholly unacceptable.”
‘I count at least 5 serious violations of the taxpayers’ rights’ Chair Camp says to IRS chief pic.twitter.com/l3PmLDehhm
NEW: IRS began searching early 2010 for applications named ‘Tea Party,’ ‘Patriots,’ ’9/12,’ and other political titles, per statement
WATCH LIVE: [...]
When Obamacare’s individual mandate takes effect in 2014, all Americans who file income tax returns must complete an additional IRS tax form.
The new form will require disclosure of a taxpayer’s personal identifying health information in order to determine compliance with the Affordable Care Act’s individual mandate.
As confirmed by IRS testimony to the tax-writing House Committee on Ways and Means, “taxpayers will file their tax returns reporting their health insurance coverage, and/or making [...]
The U.S. Senate is expected to pass a new law Monday making it easier for states to enforce online sales tax
Local retailers are rejoicing while small online shops call the expectation a huge burden as they scramble to comply with soon-to-be law
Few taxpayers know they’re expected to pay sales tax on online purchases, so a new law likely to pass in Congress Monday will help states force retailers to pay [...]
“While I believe the concern over a devalued dollar as a result of an unsustainable federal deficit is justified, I am unable to support this legislation,” Brewer, a Republican, said in an open letter to state Senate President Andy Biggs.
Brewer noted that the “administrative and fiscal burdens” for taxpayers and the revenue department “remain vague.” She also cited uncertainty over whether the legislation would have required the state to exempt [...]
The addition of a ?renowned death penalty lawyer to the defense of marathon bombing suspect Dzhokhar Tsarnaev is a coup for his growing team of lawyers and a strong signal they could try to strike a plea deal that would spare the accused teen terrorist his life, legal experts say.
With San Diego attorney Judy Clarke now in the fold, Tsarnaev’s defense gained a nationally recognized ?defender who has successfully steered [...]
The House Committee on the Judiciary reported Rep. Sheila Jackson Lee (D-Texas) traveled around the world on an official trip in February that cost $23,646. The February 16-22 trip on commercial flights was to Korea, Vietnam and Cambodia.
Today Jim Sinclair spoke with King World News about the ongoing chaos and told KWN the world is witnessing something that has never been seen in history. Sinclair also warned that “the US is going to get Cyprused.” Below is what Sinclair, who was once called on by former Fed Chairman Paul Volcker to assist during a Wall Street crisis, had to say in this remarkable and exclusive interview.
Eric King: [...]
The Internal Revenue Service says Boston-area taxpayers need time to finish their tax returns without worry.
April 13, 2013
With less than three days to go before federal taxes are due, the Internal Revenue Service is denying claims that it wants to snoop on taxpayers by reading their emails and monitoring other forms of electronic communication without a warrant.
“Respecting taxpayer rights and taxpayer privacy are cornerstone principles for the IRS,” the agency said in a statement. “Our job is to administer the nation’s tax laws, and we [...]
By Wolf Richter
Eurozone countries are falling like dominos. Next: Slovenia. But bailouts – by taxpayers in other countries – keep banks from collapsing, governments form defaulting, and investors from incurring well-deserved losses. In the US, President Obama’s budget, with its new taxes, is causing heart palpitations left and right. But how do countries really stack up?
Eurozone countries are falling like dominos. But bailouts—funded by taxpayers in other countries—keep banks from [...]
April 10, 2013
President Obama wants to make sure that people don’t save “more than is needed,” and his budget proposal includes steps that would limit the amount of money individuals can have in their retirement accounts.
President Barack Obama’s budget proposal would cap multimillion-dollar tax-favored retirement accounts like the one held by Mitt Romney, his Republican rival in 2012.
Obama’s budget plan, to be unveiled April 10, would prohibit taxpayers from [...]
April 6, 2013
President Obama’s budget, to be released next week, will limit how much wealthy individuals – like Mitt Romney – can keep in IRAs and other retirement accounts.
The proposal would save around $9 billion over a decade, a senior administration official said, while also bringing more fairness to the tax code.
The senior administration official said that wealthy taxpayers can currently “accumulate many millions of dollars in these [...]
Former Secretary of State Hillary Clinton’s farewell online town hall, complete with live audiences and interactive connections around the globe, cost taxpayers $85,000, according to federal contract documents.
The January 29 town hall, dubbed a “Global Townterview” and held at the Newseum, came after a virus sidelined President Obama’s top diplomat, forcing her to cancel several trips a few weeks before she turned over the keys of the department to former [...]
Paul De Grauwe, a professor at the London School of Economics, told Tom Keene on “Bloomberg Surveillance” today that the euro area is at risk because “so many big mistakes have been made.”
De Grauwe went on to say that the “ineptitude of policy makers” allowed Cyprus to “degenerate into systemic crisis” and that European leaders should not allow Russia to take over gas in Cypriot waters as it would allow [...]
If you didn’t bother filing a federal tax return for 2009, it might be a good time to rethink your tax strategy.
The Internal Revenue Service says it has $917 million in unclaimed tax refunds from 2009, and time is running out to claim them.
The refunds are owed to nearly 1 million people who failed to file returns for 2009. Taxpayers must file their 2009 returns by April 15 to claim [...]
Quantitative easing could cost the taxpayer £8bn, the Bank of England has warned in its first admission that the “money printing” programme may be unprofitable.
by Philip Aldrick, The Telegraph:
Policymakers had previously insisted they expected to make money on the £375bn of gilts bought through QE. But, in a study published on Thursday, the Bank conceded there were scenarios under which the Government would have to bear a loss by the end [...]
Peter Schiff: The Economy Is Actually Getting “Sicker” Because of FED Policy
Peter Schiff: Wall Street’s rising back thanks to the taxpayers
TALEB: ‘If I Were President, I’d Fire Bernanke!’
If inflation is zero, why does my paycheck feel like it’s shrinking?
So how can inflation be at zero percent when so many of us feel like our paychecks don’t go as far as they used to?
Mark Thoma is a professor of economics at [...]
The infamous Las Vegas bash held by the obscure General Services Administration wasn’t that unusual after all.
The lavish 2010 conference, which cost over $800,000, had lawmakers fuming last year. But a new congressional report shows taxpayers picked up the tab for at least 894 conferences in 2012 — to the tune of $340 million.
Those figures only cover “big-ticket” conferences — or those that cost $100,000 or more — so the [...]
TRENTON — Gov. Chris Christie will expand the state’s Medicaid program to cover 300,000 uninsured New Jersey residents, The Star-Ledger learned today.
The governor’s new budget, which he plans to unveil at joint session of the Legislature this afternoon, also relies on state revenue growth of 4.9 percent and delays some property tax rebates for local taxpayers, according to three sources with knowledge of the budget plan who spoke on the condition of [...]
Major unions like the AFL-CIO and the Teamsters are now demanding that they be allowed to stay on their current health care plans and receive government subsidies to cover the increased costs some of Obamacare’s provisions will impose on lower-income workers. They want to eat their government cake and have it too. What else is new? Who would foot the bill? You guessed it: We, the taxpayers.
New York City Mayor Michael Bloomberg, who has fought against smoking, big sugary drinks and salty food during his tenure, is setting his sights on a new foe: Styrofoam.
Bloomberg plans to use part of his Thursday State of the City address to push for a ban on Styrofoam food packaging. He also will call for initiatives that would increase the number of parking spaces for electric cars and begin recycling [...]
A recent government report criticizes the US Treasury Department for approving salary raises for executives at the companies the taxpayers had to bail out. AIG, General Motors and Ally Financial – all of these corporate giants benefited from the taxpayer bailout and all of them g…
President Barack Obama will fly over 9 hours tomorrow, round-trip from Washington, D.C. to Las Vegas, Nevada, just to deliver a speech on immigration, according to the president’s White House schedule. With Air Force One estimated to cost $182,000 per hour in flight, Obama’s trip–that is, only his travel to and from Vegas–will cost taxpayers over $1.6 million.
“In the morning, the President will depart the White House en route Las [...]
January 20, 2013 republished from December 6, 2012
Stephen Dinan reports that “Because next year’s inauguration falls on a Sunday, President Obama will hold only a small, private swearing-in ceremony on Jan. 20, and will hold a big public redo the next day. The Inaugural Committee announced Thursday that activities will last three days: a day of service on Saturday, the small private ceremony on Sunday, and the public swearing-in, parade and [...]
Kneel down before the Government, submit to their tyranny, and the IRS will give you a tax break. That was the bill introduced into Congress Jan 13, 2013.
House of Representatives Connecticut Democrat Rep. Rosa DeLauro introduced Bill H.R. 226 - Support Assault Firearms Elimination and Reduction for our Streets Act
This will amend the 1986 IRS code give a credit to taxpayers that surrender their guns to the government.
President Barack Obama’s administration announcedon Thursday that it wants to spend about $200,000 of U.S. taxpayers’ money conducting “Cultural Programming” inside the “People’s Republic of China.”
The money, split up among an expected 30 total awards, range in dollar amount between $5,000 and $50,000. The money would be spent “conducting cultural exchange programs that will provide Chinese audiences with the opportunity to experience U.S. culture and the arts.”