Congressional leaders apparently have a deal to extend the payroll tax cut. Two Representatives in the “closed door” committee negotiations, Reps. Renee Ellmers (R-NC) and Fred Upton (R-MI), seemed upbeat and optimistic about the agreement. Reportedly, a vote will come before the full House on Friday. Under the compromise, the payroll tax cuts would also be extendedRead more about Payroll Tax Deal[…]
Two of the new stealth taxes were created by last year’s ObamaCare. First, the Medicare payroll tax is going up. The tax is now 2.9% on all wages; employers and employees each pay 1.45%. Starting in 2013, individuals making more than $200,000 (and couples making more than $250,000) will have to kick in an additionalRead more about Stealth Taxes[…]
The new Gang of Six proposal brewing in the Senate is a total sellout which promises to usher in a vast new round of new taxes. Not just closing of loopholes, but real live taxes we will all have to pay. The proposal is based on the recommendations of the Bowles-Simpson Deficit Reduction Commission asRead more about Debt Deal[…]
The oil company subsidy is approx $ 2 Billion/per year. The Federal Deficit is $ 1.4 Trillion. Thus , the substantive tax issue is not the subsidies, rather it’s the deficit spending. The number of Americans who pay federal income taxes has been shrinking every year, with a recent report suggesting that less thanRead more about Tax Subsidies[…]
Oil and commodities aren’t rising, rather the value of the dollar is in sharp decline. Money is a veil, and the real price of oil isn’t rising much at all. Indeed, while the price of oil from 1975-79 increased 43 percent in dollar terms, the international global story was a great deal different. Over that sameRead more about Monetary Policy[…]
The United States may soon wind up with a distinction that makes business leaders cringe — the highest corporate tax rate in the world. But Nobody Pays That. American multinational corporations had become “world leaders in tax avoidance.” Topping out at 35 percent, America’s official corporate income tax rate trails that of only Japan, atRead more about Corporate Income Tax Rates[…]
President Barack Obama’s budget proposal resurrects a series of tax increase. Republicans, who now control the House, are signaling they will not be receptive. The plan unveiled Monday includes tax increases for oil, gas and coal producers, investment managers and U.S.-based multinational corporations. The plan would allow Bush-era tax cuts to expire at the endRead more about Obama Again Proposes Tax Increase[…]
President Obama on Monday may propose limiting tax breaks for the rich, budget and policy experts say. In the president’s past two budget requests, he called for limits on the value of itemized deductions for those in the top two tax brackets. That would include deductions for mortgage interest and charitable contributions. The proposals wentRead more about Proposal to Limit Tax deductions[…]
If you’ve been audited or received correspondence from the IRS that you disagree with or don’t understand, we can help. We will review your case and clarify the next steps. We can also negotiate payments with the IRS on your behalf
America’s tax system is broken. It’s needlessly complex, economically harmful, and often unfair. It fails at its most basic task, raising enough money to pay our government’s bills. And it’s increasingly unpredictable, with large, temporary tax cuts not only in the individual income tax, but also in corporate, payroll, and estate taxes. For all thoseRead more about our tax system cries out for reform[…]
