Posts Tagged ‘taxes’

Taxes and the IRS, when will IT stop?????

April 27, 2015

I have written before about the IRS and the Tax code.

This post IDENTIFIES individuals, from BOTH POLTICAL PARTIES, that have had “trouble” completing their taxes.  Oops, I did not mean “trouble”, I meant, they made “honest mistakes”.  No wait…..I meant “trouble”,  “honest mistakes” was THEIR EXCUSE.

Here is another post that identifies an INDIVIDUAL that Obama appointed to the Treasury Department.

Did I already say that Obama appointed ANOTHER ONE with TAX PROBLEMS??

I am sure that you can find others, if these are not enough of REAL WORLD, FACTUAL articles about HIGH RANKING people that CAN NOT DO THEIR TAXES CORRECTLY.  Or you can be cynical and think these are not just “Honest Mistakes” and that these people are TAX CHEATS, and are NOT PAYING THEIR FAIR SHARE.

But now, I have another FACTUAL story that makes my blood boil.  You can say whatever you like, but if you take an honest, unbiased look at this next story, you can come to only one conclusion.  This person is a LIAR.  This person is a THIEF.  This person is a TAX CHEAT.  This person BELONGS IN PRISON!

I am going to write a couple of paragraphs.  I would like you to read them both, with an open mind, and THINK ABOUT YOUR REACTIONS.  I am going to write these articles from two different perspectives.  One from the Left and one from the Right.

Let’s start from the Right.

Let’s say we have a Ex-President (like Richard Nixon) and he does some lobbying for the Oil companies.  These Oil companies pay him large amounts of money so that he can convince law makers to go easy on laws that restrict their drilling.  Then an oil spill happens, and he helps lighten the burden of the clean up.  So the oil companies pay him some more, because he is very helpful.  While he was doing this, the Tobacco companies also liked the access that he had, so they paid him also.  He helped keep the lawmakers at bay, so that they could keep selling their cancer sticks.  Now, let’s say this ex-president had filed his taxes, for his lobbying company, but someone noticed that there “might” be some mistakes and that he needs to “re-file” for SEVERAL years to correct these “honest mistakes”.

Now from the Left.

Let’s say we have a Ex-President (like Jimmy Carter) and he does some charity work for some farmers and homeless people.  This work that he does is so good that companies pay him large amounts of money so that he can continue to help the downtrodden.  He goes around the world helping people that need it, and does this for decades.  Then he start speaking politics and really picks some sides in some fights.  The people that he is advocating for, enjoy the publicity from an ex-president and think this helps their cause so they pay him some more, because he is very helpful.  Now, let’s say this ex-president had filed his taxes, for his charity, but someone noticed that there “might”, be some mistakes and that he needs to “re-file” for SEVERAL years to correct these “honest mistakes”.

Please read those two paragraphs again.  Think about them.  Think about your reaction.

Which one of these people do YOU think was LYING??  Did they both make “honest mistakes”?  Do you think that someone that used to be President could not find someone to do their taxes correctly?  Do you think one or the other did this on purpose?  Is the Tax Code too complex that the former most powerful person in the world can not find someone that knows it?  WHAT IS YOUR REACTION?

Here is the TRUE STORY.

 

 

Hillary Clinton.  The person who was the runner-up for the Democrat nomination to be President in 2008.  The person who was a Senator from New York.  The person who was an Attorney.  The person who was the First Lady.  The person whose husband was President for 8 years.  The person who was the Secretary of State.  The person who appears to be leading for the Democrat nomination to be President in 2016.  Hillary Clinton started a charitable foundation and CAN NOT GET HER TAXES DONE CORRECTLY.

Here is an article from Reuters.

Exclusive: Clinton charities will refile tax returns, audit for other errors

Hillary Clinton’s family’s charities are refiling at least five annual tax returns after a Reuters review found errors in how they reported donations from governments, and said they may audit other Clinton Foundation returns in case of other errors.”

FIVE YEARS WORTH???

I’m not making this story up.  Here is an article from Fox News that contains a ACKNOWLEDGEMENT FROM THE CLINTON FOUNDATION:

Clinton Foundation addresses disclosure of $31M Canadian donation, re-filing IRS revenue forms

The Clinton Foundation acknowledged Sunday that the nonprofit group “made mistakes” in IRS filings…”

FIVE YEARS WORTH???

These people belong in JAIL!!!  And/Or the Tax Code needs to be thrown out!!!

There are NO OTHER OPTIONS.

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Obama and his PROMISE to not raise taxes…

May 2, 2012

Does everyone remember when President Obama PROMISED that, under his plan, “no family making less than $250,000 per year, would pay more in taxes, PERIOD!!”??  Here is a video on youtube, you will only have to watch the first 30 seconds.  He was very emphatic and he wanted to you to hear it “from him”!!

I just have two words for Mr. Obama, except I cannot take credit for them as they have already been spoken in the House Chambers.  Thank you Mr. Wilson:

“YOU LIE!!!”

If anyone doubts me, let me explain it this way.  Just the facts. 

I have a family of three.  We make much less than $250,000 per year.  Last year, 2011, not only did we earn LESS money than the year before, 2010 (in real dollars, not including inflation), BUT we paid MORE in taxes to the federal government than we did in 2010.  To make matters worse, we donated about 10 times more to charities in 2011, we also had a mortgage deduction that we did not have in 2010.  So not only was the absolute dollar amount higher, our TAX RATE was higher as well!!!  Thank you for raising my taxes Mr. Obama, you are responsible!!

Mr. President, YOU LIE!!!  If he ever says that taxes will NOT or HAVE NOT gone up for the middle class, call him out.  Where is the press?? 

If a Republican President had said anything close to this, the press would have lambasted that person across the country.  Oh wait…..does anyone remember President H. W. Bush??  That is what NEEDS to happen to the current president.  If the MSM was actually honest and was doing their JOB, there would be no confusion about the President’s policies.

The Buffett Rule….

September 19, 2011

The “Buffett Rule“!!!

This is what The One is basing his new American Jobs Act on???  Seriously???

HE needs more money so that HE can spend it on what HE wants to spend it on.  HE is saying that the economy is NOT bad because we, the United States of America, have spent more than we have earned for DECADES.  NOOOOOOO!!!  It is because we have not spent enough.

HUHHHHHH?

First of all, we are BROKE!!!!  WE do not have enough money to fund all of the promises that have been made in the last half century!!  It does not matter if we collect all of the “millionaires” money.  There is STILL not enough!!  Even if we collected ALL of the “1/4 millionaires” (that is people that earn more $250,000) money, it would NOT cover the bills due!!!  I am not talking about raising “their” taxes a little either.  I am saying, IF “their” tax rate was 100% (on earnings more than $250,000), we still would NOT have enough money to fund the promises made!!  Think about that.  And this assumes that those people would continue to work hard, even though they would not be paid once they reach $250,000.  Who thinks that would happen??

Second, IF Obama, and by default Warren Buffett, wants to make a “Buffet Rule”, then here is my suggestion:

     1.  Start with Warren Buffett.  Confiscate EVERYTHING that the BILLIONAIRE has earned, or donated, above $1,000,000,000 (One Billion Dollars)!!!  He should be able to live comfortably on a cool Billion.  Correct?

     2.  Next continue with every Multi-Billionaire, until you are finished!!!  This should not take long, I think there between 400 and 500.  I’ll bet Forbes even knows their names, so the Government would not even need to hire many people to complete the job.  (I know, I know, I am giving “government workers” the benefit of the doubt)

When they finish, use the money to REDUCE the debt!!!  NOTHING ELSE.  Any questions??

Matt Damon and Taxes…

August 3, 2011

Apparently, Matt Damon (interview by Nicholas Ballasy) is upset that “rich” people, LIKE HIM, do not pay more in taxes.

“Matt Damon Calls for 50% Tax Rate & Says Nobody Who Earns Over $250,000 Starts Businesses if They Keep More of Their Own Money”

I would like to make a wager with Mr. Damon.  What if I told Mr. Damon that there are people in the USA making less than his $250,000/year income, that pay MORE than 50%!!  Would he say that does not happen??

You can visit a posting I did a few years ago here.  If we include ALL of the taxes paid by citizens, I would wager that most income tax payers in New Jersey are paying more than 50%.  And that does NOT include the self-employed.  Speaking of the self-employed, I would wager that if it is a small company (less than 20 employees), that the owners pay more than 50%.  I KNOW!  I have owned a small business.  My taxes were closer to 65%.  AND I did start that business with MY own money.  Seriously, Mr Damon??  Do you really believe that most of the small businesses started in this country, are started with someone else’s money??  Seriously??  I would wager that greater than 50% of the businesses started in ANY year in the USA, are started with the founder’s money, or family of the founder.

Pick the wager Mr. Damon, and let me know what you would like to wager.  I’m willing to back up the FACTS with MY OWN money, are you willing to back up your faulty opinions with your money??

A comment for Mr. Damon.  I have checked and there is NO law that prohibits Mr. Damon from sending more than the minimum to the IRS.  I think it would behoove Mr. Damon, if next April, he showed EVERYONE the check that he was sending to the IRS.  What say you Mr. Damon.  Please, quit being one of those standard “Hollywood Stars” that says “Do as I say, not as I do.”  Stand behind your convictions and lead by example.  Until then, I think you should stick to “acting”, your “real life” experiences are lacking!  If you really BELIEVE what you are saying, send the money, then you can “lecture” the rest of us.

Deficit Reduction and the Debt Limit….

June 28, 2011

I was reading this article from the Wall Street Journal this morning, and I saw the following sentence:

“The two sides are aiming to reach a deficit reduction agreement that could pave the way for Congress to raise the $14.29 trillion federal borrowing limit by Aug. 2.”

I am just wondering if ANYONE else sees the problem with this statement??

the two sides are attempting to come to an agreement to REDUCE THE DEFICIT so they can INCREASE THE DEBT CEILING!!!

Anyone?…..Anyone?  Bueller…..Bueller….Bueller

Hello???

This is the problem with the situation today.  The politicians are trying to spin the situation to their viewpoint, the media is NOT critical, and no one is calling them on it!!!  In order for the DEFICIT to be REDUCED we must SPEND LESS than we TAKE IN.  It is NOT difficult!!  IF we spend less than we take in, there is NO need to increase the DEBT LIMIT!!

Any questions??

GE and taxes…..

April 11, 2011

Much has been written/said recently about Government General Electric and the taxes that it has paid, or NOT

It “earned” $14.2 BILLION in 2010 and paid a grand total of $0 in taxes to the United States Government.  In the last 5 years, GE has earned more than $26 BILLION and received more than $4 BILLION in tax credits from the IRS.

Now don’t get me wrong, I understand some of the accounting that goes into a “tax loss carry forward”.  I DO believe that “honest” companies should be able to carry a loss forward, into another year to offset profits, in order to reduce taxes.

However, here is the problem that I am having.  When the latest recession began, as a result of indiscriminate lending, of which GE (through its subsidiary GE Capital) was a HUGE beneficiary, GE Capital provided 40% of the profits of GE.  GE Capital was involved in ALL of the kinds of “shady” loans, CDO’s, etc.  They were using the lax loan standards, approved and being used by all of the other major players, to maximize their fees while limiting their exposure.  Still, they did as poor a job, as all the other major players, or worse.  At that point in time, GE Capital “could” have bankrupted GE.

Then GE used the “Bank Bailouts” (TARP, TLGP, Stimulus, etc.) to the tune of at least $140 BILLION to “save” themselves.  That is, they TOOK money from US, and used it to stay in business and make profits.  And, now they are “using” the losses that they incurred to evade/avoid paying taxes to US.

Here is what I would like to see.  IF a company used the United States Government to remain in business, and to profit from free, or cheap, money loaned to it; then ALL previous losses are negated.  No more shenanigans, those companies will be ALLOWED to say THANK YOU, for saving us and our overpaid jobs, to the American public, and they will pay TAXES on ALL income generated.  Hey, GE let’s call it even and you PAY the taxes that you OWE!!

Let your representative know what you think, and if you think that you do NOT pay enough in taxes, NO ONE is stopping you from sending more.

How is that “No increase in TAXES for people making less than $250,000” working for YOU???

July 19, 2010

Remember when (September 12, 2008 in Dover N.H.) Presidential Candidate (Senator) Obama promised, “I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increases.  Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.”, if not you can see it here.

And now the TRUTH is starting to come out.  Here is an article from the New York Times.  For those who do not have time to read the entire article here is an excerpt.

When Congress required most Americans to obtain health insurance or pay a penalty, Democrats denied that they were creating a new tax. But in court, the Obama administration and its allies now defend the requirement as an exercise of the government’s “power to lay and collect taxes.”

This means that President Obama has just RAISED the TAXES that EVERY citizen of the United States pays.  This means YOU!!  AND, if you think that because you are one of the 40% that does not pay any income taxes you will not be affected, try this.  EVERYTHING that YOU buy (food, clothes, fuel, etc.), will have the price of this Health Care Law included in the final price.

And here is a video of the President saying it is NOT a TAX, in an interview with George Stephanopolis.

Who is LYING, you decide.  Let me know what you think.

“Pass Through” Taxes

April 16, 2010

This is a follow-up to blogs that mentioned “Pass Through” Taxes, here and here.

Pass Through Taxes are taxes that businesses pay in order to do business.  These businesses then INCLUDE these taxes in the final price of the products that they sell for a…..gasp….profit.  That means that ANYONE that buys their products, pays for these “Pass Through” Taxes.  IF these taxes were not included in the cost of the final product, the companies would be LOSING money and would not stay in business.  So, trust me on this one, if YOU buy anything (like food, gas, clothes,etc.), YOU are paying for these “Pass Through” Taxes.

Here is a good article concerning the size of the “Pass Through” Taxes that YOU pay.

Write your representatives and tell them how you feel.

Tax Freedom Day from the Tax Foundation

April 9, 2010

I want to be fair, so I am including other calculations for Tax Freedom Day.  I have posted here about 2009 “Cost of Government Day” and here about what we think YOU pay in taxes.  We have included our calculations so you can examine our calculations and determine for yourself if we missed something.  We encourage you to do your own research, so that you can make informed decisions.  Please, if you find mistakes that we have made, let us know so we can remedy the situation.  Now for a new article that comes up with a WAY different conclusion.

Here is an article from the Tax Foundation, that says that “Tax Freedom Day” is on April 9th, 2010.  We have not had a chance to examine their method, but suffice it to say, we think they are NOT including ALL taxes.

We will make further posts, as we examine their methods.

Obama picks another with Tax problems

November 19, 2009

And here is Lael Brainard, Obama’s nominee for undersecretary of the Treasury for international affairs, with past tax problems.  If the people (check another-obama-nominee-with-you-guessed-it-tax-problems and the-tax-code-is-broken and how-much-do-you-pay-in-taxes for other entries) running the Treasury (that is the department that is in charge of the Internal Revenue Service, IRS) can not do their own taxes competently, there can only be one of three conclusions.

  1. The tax code is too complex for anyone to comply with and the tax code needs to be abolished and something less complex enacted, or
  2. They are idiots and incompetent for the jobs that they have and should not be in those positions, or
  3. They are liars, cheats, and immoral and should not be in those positions.

I will let you choose your own conclusion, but I would like to hear what you think in the comments.