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Taxes Tag

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.

Posted by Amy Miller on January 27, 2015 19 Comments
He announced. America retaliated. He ran screaming from his toxic tax proposal. Today, the White House threw its own plan under the bus by announcing that it would no longer pursue its proposed tax hike on "529" college savings account. From the Wall Street Journal:
The move followed a public call by House Speaker John Boehner (R., Ohio) on Tuesday for the White House to withdraw its plan. Calls also were coming privately from leaders of the president’s own party. House Minority Leader Nancy Pelosi (D., Calif.) pressed the case for dropping the plan in conversations with senior administration officials aboard Air Force One, as she flew with the president from India to Saudi Arabia, according to a person familiar with the matter. A White House official said late Tuesday: “Given it has become such a distraction, we’re not going to ask Congress to pass the 529 provision.”
A "distraction?" I think the word you're looking for is "complete PR cluster." It could also translate to, "the Party's most effective bundlers called and threatened to sit 2016 out if we asked Congress to pass this thing, so we chickened out." Whatever it takes to get you through the press cycle.

Posted by Mike LaChance on January 27, 2015 32 Comments
The economy of Greece has been a disaster for years due to massive entitlement and pension programs. Decades of overspending finally caught up with the Greek government in 2010, when their financial system nearly collapsed. Other countries in the European Union, notably Germany, loaned Greece billions on the condition that Greece would impose austerity measures; those measures eventually produced small results at a slower rate than expected. Frustrated with austerity and cuts to benefits, the people of Greece recently elected a new prime minister from the far left Syriza party named Alexis Tsipras. Tsipras won by promising to end the pain of austerity and to renegotiate Greece's debt, which means that the people of Greece have forgotten what caused their problem in the first place. Nicholas Paphitis of the Associated Press via ABC News writes:
Greece's First Radical Left Prime Minister Sworn In Tieless and eschewing the traditional religious swearing-in ceremony, but with a surprise coalition deal in the bag and a sanguine international reception, radical left leader Alexis Tsipras took over Monday as austerity-wracked Greece's new prime minister. Hours earlier, the 40-year-old's Syriza party trounced the outgoing, conservative government in Sunday's national elections, on a platform of easing social pain and securing massive debt forgiveness. Although Syriza fell tantalizingly short of a governing majority in the 300-seat parliament, Tsipras moved quickly Monday to secure the support of 13 lawmakers from the small, right-wing populist Independent Greeks party, raising his total to 162. "''We have the required majority," Tsipras told Greek President Karolos Papoulias, shortly before being sworn in as prime minister, the youngest Greece has seen in 150 years and the first incumbent to take a secular oath rather than the religious one customarily administered by a Greek Orthodox official.
Fans of Tsipras are celebrating, but his victory presents a whole new set of problems.

Posted by Mike LaChance on January 20, 2015 29 Comments
Last night on Special Report with Bret Baier, Bret asked Charles Krauthammer for his thoughts on Obama's proposal to raise the capital gains tax. Krauthammer pointed out that like all things Obama says and does, this is about left wing political ideology. Via National Review:
Krauthammer’s Take: Obama ‘Wants to Punish the Rich Regardless of Effect on Economy’ The president’s proposal to raise the capital gains tax has nothing to do with America’s economic vitality, and everything to do with ideology, says Charles Krauthammer. “Obama was asked about whether raising the capital gains tax is something he would support even — this was a famous question asked by Charlie Gibson in the run-up to the 2008 campaign — even if it lowered revenues, which it does, which is of course totally illogical; you raise taxes to bring in revenue. Obama’s answer, a famous answer, was, yes, in the name of ‘fairness.’”​ “This is a man who wants to punish the rich regardless of its effect on the economy,” said Krauthammer.
Watch the exchange: Obama seems set on denying the reality of the new Republican-controlled Senate.

Posted by Kemberlee Kaye on January 16, 2015 8 Comments
This day in 1919 was irrefutably one of the darkest days in American history -- the day the 18th amendment to the Constitution was ratified, making Prohibition the law of the land. Forever the hallmark of nanny-statism run amok, Prohibition was a progressive dream come true -- an amendment to the Constitution that limited freedoms rather than securing them. Interestingly enough, the 16th amendment paved the way for the 18th amendment. With the income tax in place, the federal government was no longer reliant upon taxes from alcohol producers. In his documentary Prohibition (which I highly recommend), Ken Burns explains:

Posted by Mike LaChance on January 04, 2015 13 Comments
Tax season is right around the corner and this year brings another consequence of the Affordable Care Act. Many Americans are going to discover that instead of getting a tax refund, they will owe money to the IRS. Tami Luhby of CNN Money reports:
Obamacare tax surprise looming Obamacare enrollees who received subsidies to help pay for coverage will soon have to reconcile how much they actually earned in 2014 with how much they estimated when they applied many, many months ago. This will likely lead to some very unhappy Americans. Those who underestimated their income either will receive smaller tax refunds or will owe the IRS money. That's because subsidies are actually tax credits and are based on annual income, but folks got their 2014 subsidy before knowing exactly what they'd make in 2014. So you'll have to reconcile the two with the IRS during the upcoming tax filing season. It won't be surprising if many enrollees guessed wrong. The sign up period began in October 2013 and many people did not know what they'd earn in 2014. Some went off what they earned in 2012... Those who underestimated their earnings could owe thousands of dollars, though there is a $2,500 cap for those who remain eligible for subsidies. The threshold for eligibility is based on income - $45,900 for an individual and $94,200 for a family in 2014.
Isn't it great how Democrats have tied our healthcare system to our tax system?

Posted by Leslie Eastman on January 02, 2015 24 Comments
My family was set to see the snow in the local mountains today, until we discovered thousands of fellow Californians decided they were going to check out this novelty as well.
Interstate 8 east ground to a halt, the mountain town of Julian became completely gridlocked in traffic -- and access to several mountain recreation areas was closed off at mid-afternoon Thursday -- as thousands of San Diegans went to play in the snow. The quaint town of Julian was packed Thursday as residents tried to park to find snow, hot pie or other attractions. "It's busy, but not too crazy," said Pistols & Petticoats owner Debbie Mushet. "It's mainly the restaurants and pie shops that are busy." That was confirmed by employee Monique Quijano at Julian Pie Company. "The line is all the way down the street and probably 45 minutes to an hour," Quijano said.
It may be hard for some of you to believe, but the amount of snow was such a rarity that today's traffic to see it backed up for miles:

Posted by Mike LaChance on December 16, 2014 20 Comments
Obama's immigration plan has been criticized by many conservatives as nothing more than a plan to create new voters for the Democratic Party. If that's true, which is likely, what could be worse? How about using taxpayer funds to do it? Daniel Wiser of the Washington Free Beacon reports:
Taxpayer-Funded Immigrant Advocacy Group Blasts Republicans An immigrant advocacy group that receives taxpayer funding condemned Republicans on Sunday and encouraged undocumented residents seeking deportation relief to solicit political support from young voters. The New York Times reported that groups including the Coalition for Humane Immigrant Rights of Los Angeles (CHIRLA) hosted an information session for about 5,000 unauthorized immigrants at the Los Angeles Convention Center. Immigrants received assessments about whether they would be among the millions who could qualify for three-year deportation deferrals and work permits under President Obama’s executive order. The event was also explicitly political in nature. CHIRLA executive director Angelica Salas reportedly blasted Republicans for “getting in the way of immigration reform.” A slide show presented during orientation for the session featured unflattering pictures of House Speaker John Boehner (R., Ohio) and House Majority Leader Kevin McCarthy (R., Calif.).
Isn't it a bit unethical to use tax dollars provided by some Americans who are presumably Republicans to advance the cause of the Democratic Party?

Posted by Amy Miller on December 04, 2014 5 Comments
U.K Treasury Treasury Chief George Osborne is looking at his budget for the next year, and he doesn't like what he sees; namely, that overseas corporations are making a killing in his country. He's proposed a new tax in an effort to make sure “big multinational businesses pay their fair share" in exchange for access to a budding tech market. Some tech companies like Google and Facebook have been using creative procedures to lower their tax bills on operations based in the U.K., which means that without a new regulatory structure, U.K. officials will essentially be leaving millions of dollars on the table. The Wall Street Journal explains why European officials like Osborne want this tax to happen:
“Some of the largest companies in the world, including those in the tech sector, use elaborate structures to avoid paying taxes,” he said. “That’s not fair to other British firms. It’s not fair to British people either. Today we’re putting a stop to it. My message is consistent and clear: low taxes, but low taxes that will be paid.” The tax, dubbed a “Google tax” by the British press, is expected to raise more than £1 billion ($1.56 billion) over five years, Mr. Osborne said. It’s still unclear exactly what will constitute taxable activity in the U.K. and how it might change the tax bill of companies like Google GOOGL +1.05% and Facebook FB +0.40%. Representatives from several tech companies weren’t immediately available to comment. Google and other companies have been targeted by France and other European governments for not paying enough taxes. The issue is complicated by the companies’ setup: They can have sales representatives in one country selling online services, like ads, that appear in others, while the company’s residence for taxation purposes might be elsewhere still.
Meanwhile, the Eurozone at large is in an all-out war over who should have the authority to regulate these tech giants. What's making the decision so difficult to hammer out? They simply have too many agencies to choose from:

Posted by Amy Miller on November 26, 2014 9 Comments
Chuck Schumer (D-NY) might just be the worst Democratic Policy and Communications Center head of all time. Or, the best, depending on how invested you are to Congressional Dems' current messaging strategy. Yesterday, Schumer stood up at the National Press Club and unequivocally threw President Obama and his coalition under the bus for pressing forward with health care reform at the expense of more "middle class"-oriented programs. Fusion has his remarks:
The “mandate” voters had provided Democrats with their 2008 victories, Schumer said, was put on the wrong problem. “After passing the stimulus, Democrats should have continued to propose middle class-oriented programs and built on the partial success of the stimulus, but unfortunately Democrats blew the opportunity the American people gave them. We took their mandate and put all of our focus on the wrong problem – health care reform,” Schumer said. “The plight of uninsured Americans and the hardships caused by unfair insurance company practices certainly needed to be addressed,” he added. “But it wasn’t the change we were hired to make. Americans were crying out for an end to the recession, for better wages and more jobs — not for changes in their health care.”
Sure, Schumer was one of Obamacare's biggest cheerleaders, but that was then and this is now, people!
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