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Taxes Tag

Posted by New Neo on February 27, 2016 61 Comments
On Wednesday Mitt Romney said some interesting things about Donald Trump and his tax returns, and they got picked up by a lot of news outlets and pundits, including Legal Insurrection. This is the way his remarks were generally reported:
He also called on the entire GOP field to release their tax returns. “I think there’s something there,” Romney said of Trump’s returns, “Either he’s not anywhere near as wealthy as he says he is, or he hasn’t been paying the kind of taxes we would expect him to pay,” Romney, a former Massachusetts governor, told Fox News’ Neil Cavuto on “Your World.”
Trump supporters felt that this was a low blow, and unsubstantiated as well. Also, coming from Romney---the guy many judge as having been insufficiently hard on Obama in 2012---it seemed uncharacteristic. As usual, though, it's always instructive to look at the transcript, and then to do a little digging into the background. In the full transcript Romney went into more detail than that. He went on to say:

Posted by Fuzzy Slippers on February 05, 2016 31 Comments
In his last year in office, Obama promised to be more bold (reckless?) in pushing his agenda, and one thing that has long irritated him about our great country is our consumption of oil. To address this pet peeve of his, Obama has released a budget in which he proposes a $10 per barrel tax hike on oil; the money, he says, will go to boost the failed "green" energy economy for which he's long pined.  Never mind his embarrassing and costly past plans to boost the green energy sector. The Hill reports:
President Obama will propose a $10-per-barrel fee on oil production to fund a new green transportation plan, the White House announced Thursday.

Posted by Fuzzy Slippers on January 20, 2016 10 Comments
Last week, I noted that Bernie Sanders was reluctant to reveal how he intends to pay for everything for everyone; this week, the Washington Examiner has some answers. The Washington Examiner estimates that the bill for Bernie's "free stuff for everyone!" promises will be approximately $19.6 trillion.  Our national debt, which has nearly doubled under Obama, is under that at just over $18 trillion. Where's the money going to come from?  Taxes.  Of course. The Washington Examiner writes:
Sen. Bernie Sanders' populist message has put him in the position to potentially win Democratic nomination contests in both Iowa and New Hampshire, shaking the sense of inevitability that has surrounded Hillary Clinton. As the socialist senator from Vermont gains traction in polls, Clinton has more aggressively attacked his policy proposals, forcing Sanders to release details on how he would pay for his ambitious economic and social agenda.

Posted by Mike LaChance on December 15, 2015 27 Comments
Last month we reported that the DNC was going into debt while the RNC was raising millions. In a new but related development, the cash poor Democrats want taxpayers to help pay for their national convention. Stephen Dinan reported at the Washington Times:
Struggling DNC craves tax dollars for convention Already struggling with finances, the Democratic Party has drafted a plan to have taxpayers help pay about $20 million for next summer’s nominating convention, reversing a change Congress approved just a year ago. Democratic National Committee Chairwoman Debbie Wasserman Schultz, who is also a congresswoman from Florida, has drafted a bill to restore money that both parties used to receive from the federal government to help defray the costs of running their quadrennial conventions.

Posted by Fuzzy Slippers on November 27, 2015 6 Comments
Art Laffer, famed member of President Reagan's Economic Policy Advisory Board, has co-authored, with Stephen Moore, an article for Investor's Business Daily in which they assert that Rand Paul and Ted Cruz have the "best" tax proposals. They begin with a bit of a warning to those serious about tax reform:
All the GOP tax plans look good to us — though some are admittedly better than others. The danger now is that too many conservatives have formed a circular firing squad and are shooting down nearly all proposals on purity grounds or attacking trivial differences. This is the surest way to derail tax reform altogether. If Ronald Reagan, Jack Kemp and Bill Bradley had held to such a "my way or the highway" approach, the epic 1986 tax reform that collapsed tax rates to 15% and 28% never would have happened.
That said, Laffer and Moore continue by narrowing their focus to Rand and Cruz:
Which brings us to Rand Paul and Ted Cruz. The two of us helped craft their low-rate flat tax plans. The plans are similar: Paul's rates are 14.5% on business net sales and wages and salaries. Cruz has a 16% business net sales tax and a 10% wage and salary tax.

Posted by Mike LaChance on September 06, 2015 37 Comments
A newly published study shows taxpayers are (still) abandoning blue states and heading to states where Republicans retain a greater level of influence. Leah Jessen of the Daily Signal reported:
Study: Taxpayers Are Leaving Democrat-Run States for States Controlled by Republicans In an analysis of Internal Revenue Service income statistics and migration data, Americans for Tax Reform—an advocacy group for lower and simpler taxes—concluded that in 2013 more than 200,000 taxpayers fled states with a Democrat governor to states with Republicans in control. The analysis shows that in 2013 states run by Democrats lost 226,763 taxpayers while Republican-run states gained about 220,000 new taxpayers. The state with the most growth in new taxpayers? Texas. The state, governed by Republican Rick Perry during the 2012-2013 year, saw a positive net migration of 152,477 people. “Texas accounted for more than half of the net migration into the South,” the IRS reports.
The IRS report can be seen here.

Posted by Mike LaChance on August 16, 2015 10 Comments
Since the beginning of fiscal year 2015, the federal government has taken in a staggering $2.6 trillion in tax revenue. Despite this record breaking haul, the United States is still operating in the red. Terence P. Jeffrey of CNS News reports:
$2,672,414,000,000: Federal Taxes Set Record Through July; $17,955 Per Worker--Feds Still Run $465.5B Deficit The federal government raked in a record of approximately $2,672,414,000,000 in tax revenues through the first ten months of fiscal 2015 (Oct. 1, 2014 through the end of July), according to the Monthly Treasury Statement released today. That equaled approximately $17,955 for every person in the country who had either a full-time or part-time job in July. It is also up about $183,397,970,000 in constant 2015 dollars from the $2,489,016,030,000 in revenue (in inflation-adjusted 2015 dollars) that the Treasury raked in during the first ten months of fiscal 2014. Despite the record tax revenues of $2,672,414,000,000 in the first ten months of this fiscal year, the government spent $3,137,953,000,000 in those ten months, and, thus, ran up a deficit of $465,539,000,000 during the period.
FOX News put the issue in perspective:

Posted by Mike LaChance on July 23, 2015 17 Comments
President Obama appeared on the Daily Show this week and claimed that the IRS never targeted the Tea Party. Yet according to an explosive new report from Judicial Watch, the IRS used donor lists from certain organizations to target specific people for audits:
Judicial Watch: New Documents Show IRS Used Donor Lists to Target Audits (Washington, DC) – Judicial Watch announced today that it has obtained documents from the Internal Revenue Service (IRS) that confirm that the IRS used donor lists to tax-exempt organizations to target those donors for audits.  The documents also show IRS officials specifically highlighted how the U.S. Chamber of Commerce may come under “high scrutiny” from the IRS.  The IRS produced the records in a Freedom of Information lawsuit seeking documents about selection of individuals for audit-based application information on donor lists submitted by Tea Party and other 501(c)(4) tax-exempt organizations (Judicial Watch v. Internal Revenue Service (No. 1:15-cv-00220)). A letter dated September 28, 2010, then-Democrat Senate Finance Committee Chairman Max Baucus (D-MT) informs then-IRS Commissioner Douglas Shulman: “   I request that you and your agency survey major 501(c)(4), (c)(5) and (c)(6) organizations …”  In reply, in a letter dated February 17, 2011, Shulman writes: “In the work plan of the Exempt Organizations Division, we announced that beginning in FY2011, we are increasing our focus on section 501(c)(4), (5) and (6) organizations.”

Posted by Kemberlee Kaye on June 28, 2015 83 Comments
Forty-eight hours after the Supreme Court's monumental gay marriage decision, and progressives are already calling for an end to tax exemptions for churches. Anticipating the Supreme Court's eventual ruling on Obergefell v. Hodges, Senator Mike Lee and Rep. Raul Labrador introduced the First Amendment Defense Act. The bill would protect religious institutions who, for religious beliefs, do not actively participate in gay wedding ceremonies. In an op-ed published two weeks ago in the Deseret News, Sen. Lee explained:
This is a bill that would prohibit the federal government from penalizing individuals or institutions on the basis that they act in accordance with a religious belief that marriage is a union between one man and one woman. The First Amendment Defense Act, which Rep. Raúl Labrador, R-Idaho, will introduce in the House of Representatives, would prevent any agency from denying a federal tax exemption, grant, contract, accreditation, license or certification to an individual or institution for acting on their religious beliefs about marriage.
Supreme Court Gay Marriage Oral Argument Fox News Tax Exemption After hearing the oral arguments in Obergefell v. Hodges, Sen. Lee was most disturbed by a question asked by Justice Alito.

Posted by Mike LaChance on April 28, 2015 17 Comments
The Clinton Foundation has admitted that it may have made "mistakes" with regard to their taxes and will refile five years of returns. The admission came after a Reuters report was published on Sunday:
Clinton Foundation admits making mistakes on taxes The Clinton Foundation's acting chief executive admitted on Sunday that the charity had made mistakes on how it listed government donors on its tax returns and said it was working to make sure it does not happen in the future. The non-profit foundation and its list of donors have been under intense scrutiny in recent weeks. Republican critics say the foundation makes Hillary Clinton, who is seeking the Democratic presidential nomination in 2016, vulnerable to undue influence. After a Reuters review found errors in how the foundation reported government donors on its taxes, the charity said last week it would refile at least five annual tax returns. "So yes, we made mistakes, as many organizations of our size do, but we are acting quickly to remedy them, and have taken steps to ensure they don't happen in the future," Clinton Foundation acting Chief Executive Officer Maura Pally said in a statement.
Watch Dana Loesch of The Blaze discuss the issue with Dinesh D'Souza. The Clinton Foundation's finances are so questionable that non-profit experts are calling it a slush fund.

Posted by Mike LaChance on April 25, 2015 8 Comments
The progressive hosts of MSNBC may like the idea of big government programs, but for some of them, paying taxes seems to be a challenge. Jillian Kay Melchior outlined the issue in a recent column for National Review:
MSNBC’s Touré Has the Taxman on His Case Touré Neblett, co-host of MSNBC’s The Cycle, owes more than $59,000 in taxes, according to public records reviewed by National Review. In September 2013, New York issued a state tax warrant to Neblett and his wife, Rita Nakouzi, for $46,862.68. Six months later, the state issued an additional warrant to the couple for $12,849.87. In January 2014, Neblett tweeted, “Regressive taxation & tax-avoidance & union crushing & the financial corruption of legislation has fueled inequality more than hard work.” In 2012, he also criticized Republican politicians, saying they were “all afraid to vote for a modest tax increase of people who can totally afford it.” MSNBC’s hosts and guests regularly call for higher taxes on the rich, condemning wealthy individuals and corporations who don’t pay their taxes or make use of loopholes. But recent reports, as well as records reviewed by National Review, show that at least four high-profile MSNBC on-air personalities have tax liens or warrants filed against them.
Melchior discussed the issue with Sean Hannity on Thursday night:

Posted by Fuzzy Slippers on April 25, 2015 7 Comments
While I'm not a fan of Grover Norquist, I do appreciate his Americans for Tax Reform's work each election cycle to get candidates on the record regarding tax increases.  It's not the be-all-and-end-all, but it does indicate to voters where candidates stand in terms of big government and taxation.  The Hill reports:
The Taxpayer Protection Pledge is maintained by Grover Norquist’s group, Americans for Tax Reform (ATR), and has been signed by the majority of Republicans in Congress. The group says it has shared the pledge with all candidates running for federal office since 1986. In separate statements, Norquist said their signatures show Paul and Cruz continue “to protect American taxpayers against higher taxes.” Signing the pledge could help the senators draw a contrast with former Florida Gov. Jeb Bush, who is expected to also launch a presidential bid and is considered a leading candidate for the GOP nomination.
Ted Cruz tweeted a photo of himself signing it to underscore his seriousness:

Posted by Leslie Eastman on April 16, 2015 42 Comments
Since we "celebrated" Tax Day with an analysis on the difficulties of cutting down the tax code, now seems like a good time to review the topic that is the only other certainty in life -- death. California's politicians, not content with messing around with our water flow, are looking to OK physician-assisted suicide rules.
A controversial bill to bring physician-assisted death to California passed its first hurdle Wednesday after hundreds of people lined up to voice support and opposition to the legislation. Senators approved the legislation in a packed committee hearing in the state Capitol. “We are pleased to see it pass,” said Sen. Bill Monning, D-Carmel, one of the authors of SB128, which would allow a mentally competent terminally ill adult to receive a lethal prescription to hasten death. The Senate Health Committee voted 6-2 along party lines to pass the legislation, with Sen. Richard Pan, a Democrat from Sacramento who is also a doctor, abstaining from the vote. “This vote reflects the changing sentiment in California,” Monning said.

Posted by Amy Miller on April 15, 2015 17 Comments
Today, the RNC sent out their annual "isn't this terrible" tax day press release decrying big government excesses and calling for reform. Take a look:
“Today is Tax Day, our annual reminder of how much of our hard-earned money is sent to Washington, DC, and spent recklessly by a bloated federal government. And now, ObamaCare has made Tax Day even more complicated for American families,” said Chairman Priebus. "With Hillary Clinton running for president, Americans should realize that future Tax Days will be even more painful if she’s elected. Clinton and her party want to grow government and spend more, and that means they want to tax you more. "If you want to keep less of what you earn, then Hillary Clinton is your candidate. But if you want the government to spend your money more carefully and let you keep more of what you earn, then the Republican Party is on your side. Even if we don't agree on everything, you can agree with the Republican Party on this principle: government should use our money more responsibly and respectfully."
There's also this:

Posted by Mike LaChance on March 12, 2015 22 Comments
Al Sharpton's tax problems are well known. It's a good thing he isn't a member of the Tea Party, otherwise he might be in real trouble with the IRS. Luckily for the good reverend, he's a liberal progressive and therefore subject to a different set of rules. What you may not have heard, is that some of Al Sharpton's financial records have unfortunately been destroyed by not one but two completely unsuspicious fires. Jillian Kay Melchior of National Review has written a very interesting report on the subject. Hat tip to the great Jazz Shaw of Hot Air:
Suspicious Fires Twice Destroyed Key Sharpton Records As Al Sharpton ran for mayor of New York City in 1997 and for president in 2003, fires at his offices reportedly destroyed critical financial records, and he subsequently failed to comply with tax and campaign filing requirements. The first fire began in the early hours of April 10, 1997, in a hair-and-nail salon one floor below Sharpton’s campaign headquarters at 70 West 125th Street. From the start, investigators deemed the fire “suspicious” because of “a heavy volume of fire on arrival” and because many of the doors remained unlocked after hours, according to the New York Fire Department’s fire-and-incident report... Top city officials, including then-mayor Rudy Giuliani, said initial suspicions centered on the hair-and-nail salon, not on Sharpton’s campaign, Newsday reported. The fire department sent the case as an arson/explosion investigation to the New York Police Department. By the time of publication of this report, the NYPD had not provided the records requested by National Review Online on December 16, 2014, but it confirmed that the investigation had been closed without an arrest. FDNY’s report references a “flammable liquid,” and firefighters’ photos of the scene show traces of an incendiary puddle. Another photo captures what appears to be a singed rag that someone is holding next to a fuse box, perhaps because that is where it was found.
Read it all. I look forward to Reverend Sharpton's well articulated response to this controversy.

Posted by Mike LaChance on February 25, 2015 25 Comments
Tax season approaches and the Obamacare bill is finally coming due. Sarah Ferris of The Hill has some bad news for people who have been receiving Obamacare subsidies:
H&R Block: Majority of ObamaCare customers paying back subsidy A majority of ObamaCare customers, 52 percent, are being forced to pay back some of their subsidies during this year’s tax season, according to new data from H&R Block. Customers are paying back an average of $530, which has caused a 17 percent drop in the average return so far this spring, according to the analysis by the tax services giant. The Obama administration had warned that people could end up paying back some of their subsidies because many were relying on previous years’ income when applying for the tax breaks. H&R Block has predicted that “most filers” would owe some of their subsidies back to the federal government because they were relying on 2012 income. The new data, which was released Tuesday, only represents about six weeks of tax filings. Still, it could pose a significant challenge for the administration as it faces an already tough tax season.
Remember when Obamacare supporters insisted it wasn't a tax? Good times. Remember when Obama repeatedly claimed Obamacare would save families $2,500 per year?

Posted by Amy Miller on February 12, 2015 18 Comments
Last week, we covered IRS Commissioner John Koskinen's testimony about the shocking tax consequences of Obama's executive amnesty plan. In previous testimony before Congress, Koskinen explained that illegal immigrants who were granted amnesty would be eligible to receive back-refunds in the form of the Earned Income Tax Credit (EITC)---but only if they had registered with an Individual Taxpayer Identification Number (ITIN.) This means that, although the person was here illegally, they were still working and paying taxes and thus eligible for a refund. It's a bogus loophole, but it stems from an existing IRS interpretation of their own rules, so at the end of the day it was a "fix this now" situation rather than an "end of the world" scenario." That was scandal enough, though, considering the divisive nature of illegal immigration itself; but this week's testimony from Koskinen just made things a whole lot worse. That's right---we've had a "clarification." From the Washington Times:
On Wednesday, he said even illegal immigrants who didn’t pay taxes will be able to apply for back-credits once they get Social Security numbers. The EITC is a refundable tax credit, which means those who don’t have any tax liability can still get money back from the government. “Under the new program, if you get a Social Security number and you work, you’ll be eligible to apply for the Earned Income Tax Credit,” Mr. Koskinen said. He said that would apply even “if you did not file” taxes, as long as the illegal immigrant could demonstrate having worked off-the-books during those years. That expands the universe of people eligible for the tax credit by millions. He said only about 700,000 illegal immigrants currently work and pay taxes using an Individual Taxpayer Identification Number, but as many as 4 million illegal immigrants could get a stay of deportation and work permits under the temporary amnesty, which would mean they would be eligible to claim back-refunds if they worked those years.

Posted by Mike LaChance on February 02, 2015 20 Comments
Obama sure does like to spend money. Back in 2009, his Stimulus bill managed to use up almost a trillion dollars. The budget he's going to release this time around will request just under half a trillion dollars for American roads and bridges. Juliet Eilperin and Ed O'Keefe of the Washington Post:
Obama budget: Tax on overseas profits to pay for U.S. roads and bridges President Obama's budget request set for release Monday includes plans for a six-year, $478 billion public works program that would be paid for with a one-time 14 percent tax on overseas corporate profits. Details of Obama's budget plan released in recent days have been widely rejected by congressional Republicans. But finding a way to enact a new federal infrastructure spending plan has been an unattainable goal on Capitol Hill for several years. Speaker John A. Boehner (R-Ohio) hoped to pass a new highway bill shortly after the GOP took control of the House in 2011 but has struggled to build support among skeptical conservatives. According to a document shared by administration officials on Sunday, Obama's plan to rebuild the nation's airports, bridges, highways and railroads would be paid for by imposing a 14 percent tax on up to $2 trillion in profits that companies have accumulated overseas over a number of years to avoid paying corporate income taxes. That's far lower than the current top corporate tax rate of 35 percent. The one-time tax on the repatriation of foreign profits differs from other proposals to offer a "tax holiday" for companies that would pay a much lower tax rate voluntarily to help fund new road construction projects. Obama opposes such tax holidays.
One has to wonder if there are more "shovel ready" jobs available this time.
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