Wednesday, December 7, 2016

taxes

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truth

Democrats and Republicans agree with one thing on Hillary Clinton, she doesn’t always tell the truth, but in one campaign speech she was honest and people can’t believe what she said.

Hillary has been under scrutiny for lying to the American public about her email server and even Director of the FBI, James Comey, proved she mislead America.

Maybe Hillary is turning a corner, because at a recent stop with Warren Buffet in Nebraska she was very honest. So honest it has people second-guessing her economic plan.

Watch this clip of Hillary explaining what she wants to do to the middle class.

That’s right, she just said she wants to raise taxes on the middle class.

How much is the question, and you won’t like the answer.

The American Action Forum released a report on how much Clinton’s domestic agenda would cost and the number is shocking.

The AAF found that Hillary’s plans would come up roughly $2.2 trillion dollars short and that is after she raises taxes by $1.3 trillion. This is all just for her domestic plans.

Clearly she wants to tax the middle class and $1.3 trillion is a big number.

Not only will she pull more from paychecks, she will “have a dramatic effect on the federal budget” according to the report. Plus, Hillary’s economic plans would increase the debt held by the public from $14 trillion today to roughly $26 trillion by 2026.

She will almost double the debt held by the public! Combine that with adding trillions to the federal debt that stands at almost $20 trillion after being doubled under Obama, and our country will not be able to handle it.

Democrats shout that Trump will ruin the nation, but looking at Hillary’s economics, Trump could be the only candidate that doesn’t bankrupt us.

What are your thoughts on Hillary’s plan to tax the middle class more? Let us know in the comments below.

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Liberal Hypocrites

One of the things we love about liberals is that you can always count on them to say one thing and do another. They can be a constant source of both frustration and entertainment.

Sometimes there heart is in the right place but their pants are on the wrong bedroom floor.

Sometimes they want to help you understand taxes and how the economy works, meanwhile they owe millions in back taxes themselves.

Ahhh, don’t you love‘ em? Take fun look at the 25 great liberal hypocrites.

START >

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powerball

Powerball mania is sweeping the nation (and even Canada) as the jackpot has grown to an estimated $1.4 billion payout.

Winners who choose the lump sum payout will only receive $806 million with $594 million staying within the government lottery system.

But who will make the most money?

Thanks to a Magic 8 Ball and an understanding of tax brackets, we can accurately predict that federal and local governments will be the ones laughing to the bank with a guaranteed win.

While 25% is taken of the top from winners automatically, they will still be thrown into the highest tax bracket of 39.6%.

The feds will walk away with $319.9 million.

States will also get their cut. In Virginia, that would be 5.75% or $46 million.

And thanks to President Obama’s fiddling with the tax code, individuals who earn over $381,900 and couples who earn over $433,800 lose personal exemptions . . . that means even more taxes to pay.

In the end, a Powerball winner in Virginia who hits the $1.4 billion jackpot, in the end, takes home about a billion less after taxes with the lump sum payout . . . $439.7 million.

It’s easy to predict the Powerball winner which walks away with nearly a BILLION bucks. It’s not the lucky soul who hit the winning numbers . . . it’s the governments that control that poor soul.

The lottery tax scheme which is supposed to support low-income programs in states is another government ponzi scheme that takes from the vulnerable to give to the government behemoth.

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George_Soros

Hypocrisy, thy name is George Soros.

Soros–the liberal billionaire investor who funds Leftist attack groups like Center for American Progress, Media Matters, and countless others–frequently says that the rich need to pay higher taxes. But when he says “the rich,” he doesn’t mean himself. Obviously.

Soros, through his company, Soros Fund Management, has apparently amassed $13.3 billion in income–solely by “deferring” taxes. Soros did so by taking advantage of a tax code loophole, which allowed him to defer taxes on certain pots of money, and reinvest them in his fund, where they’d continue to grow tax-free.

Congress closed the loophole in 2008, and ordered hedge funds like Soros Fund Management to pay back the taxes by 2017. Because Soros lives in New York City, he’d be taxed at 55.4%, including federal, state, and city taxes, as well as an additional tax to pay for ObamaCare (which he also supported.)

Soros’s outstanding tax bill comes to roughly $6.7 billion. Ouch.

But here’s the craziest thing: Soros might not have to pay a single penny. Shortly before Congress closed the loophole back in 2008, Soros moved billions of dollars from the U.S. to Ireland–where he paid a total of $962 (that’s not a typo) in taxes between 2008 and 2013. Soros moved that money again in 2014 to the Cayman Islands–one of the world’s premier tax shelters. Soros has also transferred billions to “related parties” over the last few years, reviving an old-fashioned method to decrease his tax burden.

Funny how George Soros, who loves taxes so much he wants to see more of them, won’t seem to put his (literal) money where his mouth is.

In his mind, that’s exactly how America should run: skyrocketing taxes on hardworking stiffs, and absolutely zero in taxes for the 23rd richest man in the world.

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counting-money

The ink is barely dry on the Federal Communications Commission (FCC) “Net Neutrality” takeover of the Internet and the first of many predictions about government control appear to be coming true.

As FCC commissioner Ajit Pai warned before FCC chairman Tom Wheeler’s Internet power grab became “law”, bureaucrats within the FCC have been loosed on the Internet.

Their mission… their goal… their reason for being is to dream up new ways to break the rich Internet piñata and shake loose billions of dollars in new taxes and fees to fund “free” Internet access for favored Democrat constituencies, redistribute wealth and provide the FCC with the resources it needs to do both.

During a recent appearance on Newsmax TV and punctuated in an interview on radio’s “The Steve Malzberg Show”, FCC commissioner Ajit Pai revealed that:

“The president said…on WhiteHouse.gov, this is my plan and I’m asking the FCC to implement it. On the day the FCC took the vote on Feb. 26, the Democratic National Committee put out a tweet saying, Hooray! The FCC has approved President Obama’s plan.”

“Now, you cannot square those two statements from those two entities with the notion that the FCC was acting independently” Pai said. “The position I’ve taken is that this was a break from our traditional position as an independent agency.”

“Even if the president’s opinion was one among many, nonetheless, it’s hard to argue that his opinion was equal. Certainly, some opinions in this process were more equal than others.”

Stretching incredulity, Chairman Wheeler (appointed by President Barack Obama) testified before the House Committee on Oversight and Government Reform this past Tuesday that:

“I would like to be clear: There were no secret instructions from the White House. I did not, as CEO of an independent agency, feel obligated to follow the president’s recommendation.”

Expressing understanding but not approval, Commissioner Pai said:

“I have some sympathy for the chairman’s position having proposed something in May, having tried out an alternative in the summer, just to get blindsided in November by the president and ultimately having to buckle. It doesn’t speak well for the agency when we have these political considerations that are placed on us.”

With respect to new taxes and fees on Internet service, Pai said:

“They’re going to be a number of different effects over the coming months and years … Most immediately what is going to happen is that the FCC has now explicitly opened the door to an increase in the tax that is going to be placed on broadband.”

“I would imagine in the next month or two we’re going to see for the first time taxes placed on broadband bills. Your bill is going to go up. In the longer term, some of the more incidental effects are going to be a reduction to the amount of competition. Some of the smaller Internet service providers are going to find it more difficult to stay in.”

That’s not all.

The rising cost of Internet use under FCC control will not stop with government imposed taxes and fees. These costs to consumers will be dwarfed by the states who are chomping at the bit to collect sales taxes Internet purchases.

Brick and mortar stores have long complained that consumers visit retail stores to “touch and feel” products only to go home and buy them on the Internet – sidestepping state and local sales taxes that could make purchases cost prohibitive.

Republican lawmakers are busy crafting legislation to nullify Chairman Wheeler’s “Net Neutrality” Internet power grab but the legislation will likely face a veto if it makes its’ way to President Obama’s desk.

In the meantime, Internet Service Providers (ISP’s) will have to settle for legal action and hoped for court injunctions to stop FCC control of the Internet from taking effect – resources that will not be available to innovate, invent and invest in new Internet technologies.

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Amnesty Bonus

President Barack Obama’s executive amnesty allowing an estimated 5.5 million illegal immigrants to remain in the country without fear of deportation comes with a big payday for the gatecrashers covered by the order.

So says Ms. Eileen J. O’Connor, a tax lawyer and the former head of the tax division of the United States Department of Justice in congressional testimony before the Senate Homeland Security Committee said yesterday.

According to O’Connor, those affected by the President’s “deffered action” on deportation will receive social security numbers making them instantly eligible for tax “refunds” under the Earned Income Tax Credit (EITC) provision in the tax code – a wealth transfer scheme worth more than $6,000 a year in cash payments to low wage and no wage people who file tax returns.

That’s not all. Persons living in the U.S. illegally under the president’s order can also file amended tax returns going back three tax years meaning they could receive a whopping $24,000 in tax (cash) credits.

According to O’Connor:

“In 1999, the Chief Counsel’s office of IRS ruled…that when a person receives a social security number, he can file amended returns to claim the credit for the three preceding years during which he did not.

“The logic is puzzling: the credit is not available if you don’t have a social security number, but you can receive it retroactively for years during which you did not qualify for it because you didn’t have a social security number.”

Committee member Senator Ben Sasse (R-NE) described the payments as “amnesty bonuses” leading Sasse and Homeland Security Committee Chairman Senator Ron Johnson (R-WI) to pen as letter to the U.S. Treasury Department Office of Inspector General that reads in part:

“By offering illegal aliens new payments under the Earned Income Tax Credit, the IRS may encourage fraud from those claiming children living in other countries. The Administration may have blown open the doors for fraud with amnesty bonuses of more than $24,000 to those who receive deferred action,” Sasse says in the statement.

“This is basic economics: if you want more of something, you subsidize it. By subsidizing illegal entry with four years’ worth of new tax credits, the IRS would promote lawlessness. This program severely undermines the White House’s lip-service to enforcing the law and would increase the burden on law-abiding taxpayers.”

In a separate statement, Senator Ron Johnson writes:

“Most notably, qualifying applicants for the president’s programs can now claim thousands – even tens of thousands – of dollars in payments from the Earned Income Tax Credit and, for some, the Additional Child Tax Credit (ACTC).

“The EITC and ACTC programs, ‘which cost taxpayers $89.6 billion in 2013, were responsible for $21 billion in improper, potentially fraudulent payments that same year.’”

The letter signed by Sasse and Johnson posed nine direct questions for the inspector general:

  1. “Is…“Ms. O’Connor’s testimony an accurate description of the effects of the President’s executive actions?
  2. Given the high rates of fraud in both tax credit programs, is there an incentive for tax filers to fraudulently claim more children than they have?
  3. To be eligible for the Additional Child Tax Credit, is a tax filer required to provide a Social Security Number for each claimed child?
  4. Is it possible for individuals to claim tax benefits under either program for children that do not live in the United States? If so, can you estimate the amount of fraudulent claims?
  5. If someone with children who has worked in the United States receives deferred action and gets a new Social Security Number, but has never filed their taxes, what is the highest amount that person might receive under both tax credit programs?
  6. What additional tax benefits might someone be eligible for with a Social Security Number that they would not have been eligible for with merely an Individual Tax Identification Number?
  7. What do you estimate will be the full cost of providing EITC benefits to illegal aliens under the President’s executive actions?
  8. How many people do you estimate will be eligible for EITC benefits under the President’s executive actions who were not previously eligible?
  9. Is the Internal Revenue Service equipped to detect and prevent fraud as it processes millions of new claims for EITC benefits?”

The letter was sent to the Treasury Department today. Calls to the Senator Johnson’s office concerning the timing of a response from the treasury department Inspector General had not been returned by press time.

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New Taxes on E-Cigarettes

With the popularity of e-cigarettes or “vapor” products that have taken consumer markets by storm as a smokeless alternative of cigarettes, state and local governments are faced with revenue declines.

State and local governments commonly defend extremely high cigarette taxes by earmarking funds for education funding.

In the city of Philadelphia, the city council recently imposed a $2 per-pack tax hike on cigarettes and are also considering an new taxes on e-cigarettes.

The government after all, can’t lose revenue by the increased use of a healthier alternative to tobacco cigarettes.

To protest Philadelphia’s proposed tax hikes, Americans for Tax Reform (ATR), a tax cutting group led by Grover Norquist, will be holding a discussion in Philadelphia with consumer advocates to represent smoke-free alternatives.

The event which will be held on Sunday at Bridget Foy’s in Philadelphia, will be open to the public and free drinks will be offered, and as ATR stated in their announcement, “especially to the press.”

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Looking for great deals for Cyber Monday?  Walmart and Amazon are the places to go, but before you shop, take a moment to reflect on the Internet backbone that you use to get those great deals.

No, your Cyber Monday purchases are not tax free, however if President Obama and the Federal Communications Commission get their way, you’ll have to pay an extra tax in your Internet bill thanks to new Net Neutrality rules that kick in with new legislation.

In 2015, your Cyber Monday shopping will very likely come with a new “poll tax” that Obama’s administration thinks is necessary to convert the Internet into a public utility.

For online shoppers in 20 states, this new Internet Tax will be in addition to their state’s sales tax.

For those Cyber Monday shoppers in the 30 other states, their online shopping will remain a tax-haven — at least until the FCC takes action.

In the meantime, take advantage of some of those great deals in 2014. Here are just a few:

Happy shopping  . . . for now.

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