Posts Tagged ‘taxes’


“When the federal government spends more each year than it collects in tax revenues, it has three choices: It can raise taxes, print money, or borrow money. While these actions may benefit politicians, all three options are bad for average Americans. Deficits mean future tax increases, pure and simple. Deficit spending should be viewed as a tax on future generations, and politicians who create deficits should be exposed as tax hikers.” 

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Mona Charen

April 18 looms like a specter at this time of year, casting a pall over the forsythia and daffodils that coax us to be cheerful. Like a sick child who longs to play outside on a sunny day but must remain confined, we itemizers are chained to desks or dining-room tables littered with receipts, calendars, checkbook registers, and credit card statements for the annual spring ordeal.

Not that we file our own taxes. No, like 71 percent of Americans (according to Rasmussen), and like the overwhelming majority of members of Congress, including those on tax-writing committees, we pay someone else to prepare our taxes. The pencil-chewing dining-room table tribulation is merely the necessary antecedent to the actual preparation of a tax return by a professional.

The April 18 deadline predisposes one to sympathize with all other harassed taxpayers, so when The New York Times lambasted General Electric for paying no federal income tax…

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As Brad Williams walked the halls of the California state capitol in Sacramento on a recent afternoon, he spotted a small crowd of protesters battling state spending cuts. They wore shiny white buttons that said “We Love Jobs!” and argued that looming budget reductions will hurt the Golden State’s working class.

Mr. Williams shook his head. “They’re missing the real problem,” he said.

The working class may be taking a beating from spending cuts used to close a cavernous deficit, Mr. Williams said, but the root of California’s woes is its reliance on taxing the wealthy.

Nearly half of California’s income taxes before the recession came from the top 1% of earners: households that took in more than $490,000 a year. High earners, it turns out, have especially volatile incomes—their earnings fell by more than twice as much as the rest of the population’s during the recession. When they crashed, they took California’s finances down with them.

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This Economics 101 video from the Center for Freedom and Prosperity explains that excessive government spending undermines prosperity by diverting resources from the productive sector of the economy. Moreover, the two main ways of financing government — taxes and borrowing — cause additional economic damage. www.freedomandprosperity.org

 


Source

LOS ANGELES – A California-based Internal Revenue Service agent could spend up to nine years in prison after acknowledging that he cheated on his own taxes.

Federal prosecutors say 51-year-old Albert Bront pleaded guilty Wednesday in Los Angeles to filing false tax returns for himself and two innocent relatives. The false tax form claims included bogus alimony and mortgage deductions.

The former Santa Clarita resident told a federal judge that he filed fraudulent tax returns for himself from 2003 to 2007 by claiming excessive deductions and failing to report income. He also acknowledged filing fraudulent returns on behalf of two unknowing relatives.

Bront has been on unpaid leave from the IRS since he was charged in 2009. His sentencing is set for April 13.

What… hooooohaaaahoahahahahahahaha… wait!


Republicans have allowed the Left to categorize the argument as ‘extending the Bush Era Tax Cuts.’ That’s flat wrong. What President Obama and most of the remaining Democrats in Congress want to do is to RAISE TAXES. If all of the Bush Era Tax Cuts are extended, no one, not one single person of the more than 310 million in the United States will have their taxes cut. Their tax rates will remain the same. If, on the other hand, Nancy Pelosi and her Liberal colleagues in the House want to change those rates, they will not be reversing a tax cut. They will be RAISING TAXES

— political analyst Rich Galen