Bryan Fischer thinks that if “Obamacare” can tax people who don’t have health insurance, then atheists should be taxed for not going to church because they are putting their health at risk.
Tag Archives | Taxes
Lauryn Hill Versus The Military-Industrial Complex
Lauryn Hill. Photo: Lisa Liang (CC)
Well what do you think, will Lauryn Hill fare better against the tax evasion charges she faces than Wesley Snipes did? Ms. Hill explains her position on her Tumblr:
For the past several years, I have remained what others would consider underground. I did this in order to build a community of people, like-minded in their desire for freedom and the right to pursue their goals and lives without being manipulated and controlled by a media protected military industrial complex with a completely different agenda. Having put the lives and needs of other people before my own for multiple years, and having made hundreds of millions of dollars for certain institutions, under complex and sometimes severe circumstances, I began to require growth and more equitable treatment, but was met with resistance. I entered into my craft full of optimism (which I still possess), but immediately saw the suppressive force with which the system attempts to maintain it’s control over a given paradigm.
Identity Thieves Scamming U.S. Government With Fake Tax Refund Claims
Ingeniously devious and glaringly simple. Lizette Alvarez reports on the latest ID theft scam for the New York Times:
Besieged by identity theft, Florida now faces a fast-spreading form of fraud so simple and lucrative that some violent criminals have traded their guns for laptops. And the target is the United States Treasury.
With nothing more than ledgers of stolen identity information — Social Security numbers and their corresponding names and birth dates — criminals have electronically filed thousands of false tax returns with made-up incomes and withholding information and have received hundreds of millions of dollars in wrongful refunds, law enforcement officials say.
The criminals, some of them former drug dealers, outwit the Internal Revenue Service by filing a return before the legitimate taxpayer files. Then the criminals receive the refund, sometimes by check but more often though a convenient but hard-to-trace prepaid debit card.
The government-approved cards, intended to help people who have no bank accounts, are widely available in many places, including tax preparation companies.
Why Are So Many People Renouncing United States Citizenship?
There’s been a massive amount of fretting over the ethics of Facebook co-founder Eduardo Saverin’s renunciation of his U.S. citizenship (which the Brazilian native gained roughly 15 years ago).
Various scandalized headlines have mentioned that he’s just one of 1,800 other Americans to give up citizenship last year, up from 235 in 2008, while others have speculated that it’s a cynical move to avoid taxes resulting from a massive capital gain when Facebook shares become publicly traded. Saverin has been savaged in the media and on the social web, but in fact it turns out that this cannot be a tax-saving move. Any ideas as to why Saverin and the other ex-Americans gave up the benefits of Uncle Sam’s protections?
Tom Worstall explains why Saverin will actually owe more taxes in Forbes:
Eduardo Saverin, one of the founders and major shareholders in Facebook, has renounced his US citizenship just before the company’s IPO.
Legalizing Pot Would Raise More Revenue Than Buffett Rule
Philip Klein makes a good economic case for legalization of marijuana, writing for the Washington Examiner:
Over the past week, President Obama spent time promoting the Buffett Rule surtax on millionaires and paid a visit to Colombia in which he reiterated his opposition to legalizing drugs. Though the two issues were unrelated, it’s worth remarking that legalizing drugs would actually do more to reduce deficits than implementing the Buffett Rule.
The Buffett tax, which failed to advance in the Senate last night, would have raised $5.1 billion in 2013 (theoretically its first full year of implementation), according to the Joint Committee on Taxation. Yet a 2010 study by the libertarian Cato Institute found that legalizing marijuana alone would save the federal government $3.3 billion in reduced enforcement expenditures per year and raise an additional $5.8 billion in revenue assuming it would be taxed. If all drugs were legalized, the study estimated it would save the federal government $15.6 billion a year and raise an additional $31.2 billion in revenue — for a total of $46.8 billion.
Why Booze Is Barely Taxed
Photo: Clock (CC)
Now you might think that’s a crazy headline, but as Frank Bruni points out in the New York Times, “Congress last revised excise taxes on distilled spirits in 1991, [and] the real value of those taxes has declined more than 35 percent”! (Disinfonauts outside the US, let us know how alcohol is taxed in your country)
… excise taxes on alcohol have gone down over the last few decades, when adjusted for inflation and measured in terms of the percentage they represent of the wholesale and retail price of a bottle or a can. The federal government and many states long ago set those levies in terms of a certain dollar amount per gallon — and then didn’t tweak them much as the cost of living went up.
Because Congress last revised excise taxes on distilled spirits in 1991, the real value of those taxes has declined more than 35 percent, said Alexander Wagenaar, a professor at the University of Florida’s College of Medicine who specializes in alcohol research.
Seven Big Economic Lies
Do tax cuts for the rich trickle down to the rest of us? And does taxing the rich hurt the economy? Is Social security a Ponzi scheme? Robert Reich, Secretary of Labor under President Bill Clinton, presents his list of seven popular-wisdom economic claims that are untrue. Feel free to debate.
Large US Corporations Have Tax Rates As Low As -58%
And the media wonders why the 99% are angry? From MarketWatch:
The official federal corporate income tax rate in the U.S. is 35%, but plenty of the nation’s largest publicly traded companies are paying no taxes — even getting money back from the government in some cases — in years when they reap big profits, according to a new report.
Thirty of the 280 Fortune 500 companies studied paid zero in federal income taxes or enjoyed tax rebates in 2008, 2009 and 2010, according to the study by the left-leaning Citizens for Tax Justice, a Washington-based nonprofit research and advocacy group, and the Institute on Taxation and Economic Policy, a nonprofit, nonpartisan research group.
And 78 of the 280 companies paid nothing in federal income taxes or enjoyed a tax rebate in at least one of those years. Those 78 companies, including General Electric Co. (NYSE:GE) and Pepco Holdings Inc.
Denmark Becomes First Nation With Tax On Fat In Food
Is Denmark’s new fat tax a just response to the societal problems caused by obesity? Or is it sweet, buttery tyranny? Via the BBC:
Denmark has introduced what is believed to be the world’s first fat tax – a surcharge on foods that are high in saturated fat. Butter, milk, cheese, pizza, meat, oil and processed food are now subject to the tax if they contain more than 2.3% saturated fat.
Some consumers began hoarding to beat the price rise, while some producers call the tax a bureaucratic nightmare.
Danish officials say they hope the new tax will help limit the population’s intake of fatty foods.
However, some scientists think saturated fat may be the wrong target. They say salt, sugar and refined carbohydrates are more detrimental to health and should be tackled instead.
Warren Buffett: ‘Stop Coddling the Super-Rich’
Photo: Mark Hirschey (CC)
Billionaire Buffett sounds off in the New York Times:
Our leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.
While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.
These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species.
