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Keyword: taxes

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  • Illegal Immigration and Tax Issues

    05/23/2018 1:04:18 PM PDT · by Oldeconomybuyer · 6 replies
    The CPA Journal ^ | May 23, 2018 | By Joseph Foy, CPA, DPS
    Taxpayers may be surprised to know that, prior to the enactment of the Tax Cut and Jobs Act of 2017 (TCJA), under certain conditions illegal aliens or undocumented immigrants could be claimed as a dependent on individual tax returns, which also allowed the taxpayers to claim various tax credits. Section 10 of the TCJA has repealed the old law, making it now impossible to claim this dependency deduction. The law does still allow individuals to claim qualifying aliens for certain tax credits. There are tax preparer due diligence requirements for some of these tax credits, and a new provision in...
  • Left-Wing Billionaire Bloomberg Says Raising Taxes On Poor People A "Good Thing"

    05/23/2018 9:16:28 AM PDT · by rhett october · 25 replies
    Americans For Tax Reform ^ | May 22nd, 2018 | Americans For Tax Reform
    Nanny-state-imposing left-wing billionaire Michael Bloomberg is now on video admitting how much he likes to raise taxes on poor people, calling such tax hikes a “good thing.” For years, Bloomberg has personally funded and promoted all sorts of regressive taxes and regulations in an attempt to push people around. He uses the coercive power of the government to force people to live their lives as he sees fit. So here is Bloomberg on stage with another global mandarin, Christine Lagarde of the International Monetary Fund. He refers to low income individuals as “those people” and then takes a shot at...
  • Law firm of Stormy Daniels' attorney hit with $10-million judgment

    05/22/2018 1:47:22 PM PDT · by Enterprise · 84 replies
    http://www.latimes.com ^ | MAY 22, 2018 | MICHAEL FINNEGAN
    The law firm of adult film star Stormy Daniels' attorney, Michael Avenatti, was hit with a $10-million judgment Tuesday in U.S. Bankruptcy Court after he broke his promise to pay $2 million to a former colleague.
  • Seattle Levies Head Tax on Jobs [semi-satire]

    05/21/2018 10:13:36 AM PDT · by John Semmens · 8 replies
    Semi-News/Semi-Satire ^ | 20 May 2018 | John Semmens
    In a bid to discourage what it alleges is "wage slavery," the Seattle City Council voted to levy an annual tax of $275 on each person employed in the City by companies grossing $20 million or more. The originally proposed tax rate of $500 was reduced after Mayor Jenny Durkan threatened a veto. Council member Kshama Sawant says he is disappointed the tax isn't higher. "Man's preferred state is leisure," he said. "Forcing people to give up their leisure in order to obtain the means needed to survive is a crime against humanity. The $500 levy was an opening bid...
  • Why Are So Many People Moving Out Of California?

    05/19/2018 11:36:01 AM PDT · by SeekAndFind · 88 replies
    TEC ^ | 05/18/2018 | Michael Snyder
    In recent years, the number of people moving away from the state of California has greatly outnumbered the number of people moving into the state. Reasons for the mass exodus include rising crime, the worst traffic in the western world, a growing homelessness epidemic, wildfires, earthquakes and crazy politicians that do some of the stupidest things imaginable. But for most families, the decision to leave California comes down to one basic factor… Money.For a lot of Californians, it simply does not make economic sense to remain in the state any longer. So over the past decade approximately 5 million people...
  • What Do Taxes Do For Us?

    05/18/2018 8:30:18 PM PDT · by jfd1776 · 18 replies
    Illinois Review ^ | May 16, 2018 A.D. | John F. Di Leo
    As you may have heard, Illinois has a pension problem. Now, that’s not Illinois’ only problem, of course. Illinois also has a crime problem, an education problem, a quality-of-life problem, a transportation problem, a public corruption problem, an unemployment problem, and a population shrinkage problem. Frankly, there isn’t enough room in this column to list all of Illinois’ problem, but that’s a start. The Chicago Fed – that’s the Chicago branch of the Federal Reserve System – has proposed an idea for dealing with a part of Illinois’ pension problem. Since the problem is that many state and local government...
  • A reckoning is coming for blue states

    05/17/2018 4:17:01 PM PDT · by re_tail20 · 108 replies
    The Washington Post ^ | May 17, 2018 | Megan McArdle
    Before the ink was dry on our new tax bill, outraged blue states were screaming about the cap on the deductibility of state and local taxes. Their governments were also frantically seeking ways around it, and small wonder. For decades, high-tax states with a lot of wealthy residents enjoyed a hefty subsidy from the rest of America. Legislators were understandably panicked over what voters might do when handed the rest of the bill. That panic generated some desperate ideas. The most popular, currently, is allowing people to convert tax payments above the $10,000 cap into a "charitable donation." New York,...
  • Seattle’s Socialist City Council Punishes Amazon and Starbucks to Help Homeless…Liberals aren't as..

    05/17/2018 8:52:26 AM PDT · by davikkm · 17 replies
    IWB ^ | Bob Shanahan
    On Tuesday, I wrote about the spike in homelessness on the West Coast and the insurmountable problem politicians face in tackling this troubling issue. There is no clear cut solution, but something needs to be done. California has an astonishing 24 percent of the country’s homeless population. More than 10 cities and counties along the West Coast have declared states of emergency due to the rise of homelessness. Seattle, Washington was one of them. The socialists on Seattle’s City Council passed a head tax on big companies like Amazon and Starbucks to address the homeless crisis. By Legacy Research The...
  • Trump says Pelosi’s high-tax plan will help GOP win midterms

    05/16/2018 6:17:22 PM PDT · by Libloather · 8 replies
    NY Post ^ | 5/09/18 | Mark Moore
    President Trump on Twitter Wednesday predicted the Republican Party will win the midterm elections in November because of the “sooo strong” economy and Nancy Pelosi confirming she supports a​ ​tax increase, ​asking, “why wouldn’t we win?” “The Republican Party had a great night. Tremendous voter energy and excitement, and all candidates are those who have a great chance of winning in November. The Economy is sooo strong, and with Nancy Pelosi wanting to end the big Tax Cuts and Raise Taxes, why wouldn’t we win?​,” the president wrote.​ Pelosi, the House minority leader, was quoted criticizing Trump’s tax cut plan...
  • Baltimore police commissioner resigns after federal tax charges

    05/15/2018 6:00:51 PM PDT · by Libloather · 43 replies
    Fox News ^ | 5/15/18
    **SNIP** The U.S. Attorney's office announced last week that De Sousa "willfully failed to file a federal return for tax years 2013, 2014, and 2015, despite having been a salaried employee of the Baltimore Police Department in each of those years." If proven, each of three misdemeanor counts carries up to one year in prison and a $25,000 fine. But his ongoing case has the potential to get a whole lot worse for De Sousa: Federal prosecutors have issued grand jury subpoenas to the city's finance and police departments, seeking specifics about his pay, taxes, travel, and second jobs dating...
  • Jack up property taxes for pensions, say three Chicago Fed economists

    05/15/2018 2:03:25 PM PDT · by InvisibleChurch · 128 replies
    Chicago business ^ | May 14, 2018
    Illinois homeowners, who already pay some of the nation's highest property taxes, should pay about 40 percent more for the next three decades to wipe out the state's crippling pension debt, according to a trio of economists at the Federal Reserve Bank of Chicago. The economists argue that paying off the state's $129.1 billion in unfunded pension obligations cannot be done with revenue from new taxes such as a tax on marijuana sales or on financial transactions. Would you pay 40 percent more in property taxes if it would wipe out the state's crippling pension debt? Yes No See results...
  • Confiscating the American Dream?

    05/14/2018 9:17:38 PM PDT · by TBP · 14 replies
    Glenn Beck Show ^ | May 14, 2018 | Glenn Beck
    Under the Chicago Federal Reserves new program to cover underfunded pensions, the residents of Illinois are basically being asked to buy their homes all over again.
  • Worst Idea in Illinois: Statewide Property Tax (to pay for unfunded pensions)

    05/14/2018 11:28:59 AM PDT · by doug from upland · 51 replies
    cdobs.com ^ | 5-2018 | Mike Glennon
    An audible gasp went out in the breakout room I was in at last month’s pension eventcosponsored by The Civic Federation and the Federal Reserve Bank of Chicago. That was when a speaker from the Chicago Fed proposed levying, across the state and in addition to current property taxes, a special property assessment they estimate would be about 1% of actual property value each year for 30 years. Evidently, that wasn’t reality shock enough. This week the Chicago Fed published that proposal formally. It’s linked linked here. It surely ranks among the most blatantly inhumane and foolish ideas we’ve seen...
  • Chicago Fed Thinks It Knows How To Tax Illinoisans Fleeing Pension Liabilities

    05/13/2018 7:13:14 AM PDT · by blam · 57 replies
    Wire Points ^ | 5-13-2018 | Mark Glennon
    An audible gasp went out in the breakout room I was in at last month’s pension event cosponsored by The Civic Federation and the Federal Reserve Bank of Chicago. That was when a speaker from the Chicago Fed proposed levying, across the state and in addition to current property taxes, a special property assessment they estimate would be about 1% of actual property value each year for 30 years. Evidently, that wasn’t reality-shock enough. This week the Chicago Fed published that proposal formally. It’s linked here. It surely ranks among the most blatantly inhumane and foolish ideas we’ve seen yet....
  • Arizona Red4Ed Tax Implications

    05/11/2018 12:36:51 PM PDT · by hsmomx3 · 33 replies
    Invest in Education Act Petition Ballot Measure ^ | 04/30/18 | Joshua Buckley, Invest in Education
    New tax proposal on all Arizona residents and non-residents filing income tax in Arizona
  • Mel Reynolds Vows to Serve Jail Term and Leave the Country: "I'm Done With America."

    05/11/2018 10:15:37 AM PDT · by PBRCat · 53 replies
    The Chicago Sun-Times ^ | May 11, 2018 | Mark Brown
    Former U.S. Rep. Mel Reynolds is headed back to jail, but for a short enough time — four months — that he said hopes to be living in Africa by Christmas. “I’m done with America. I’m going to do this, and I’m going home — to Africa. … I’ve given up on America,” Reynolds told reporters after U.S. District Judge Robert Gettleman sentenced him to six months imprisonment for his failure to file income tax returns. “It’s really a tragedy you’ve squandered the opportunities you’ve had and the type of person you could have been,” the judge told Reynolds. Reynolds,...
  • Statewide property tax proposed by Chicago Fed

    05/11/2018 6:11:34 AM PDT · by KeyLargo · 38 replies
    Illinois Review ^ | Mark Glennon
    Glennon: Statewide property tax proposed by Chicago Fed By Mark Glennon - An audible gasp went out in the breakout room I was in at last month's pension eventcosponsored by The Civic Federation and the Federal Reserve Bank of Chicago. That was when a speaker from the Chicago Fed proposed levying, across the state and in addition to current property taxes, a special property assessment they estimate would be about 1% of actual property value each year for 30 years. Evidently, that wasn't reality-shock enough. This week the Chicago Fed published that proposal formally. It's linked here. It surely ranks...
  • Blue State blues -- Trump's tax cut is supercharging job growth in low tax states

    05/10/2018 9:22:19 AM PDT · by SeekAndFind · 20 replies
    Fox News ^ | 05/10/2018 | Chuck Devore
    On December 22, 2017, President Trump signed a massive tax cut and reform bill crafted by Republicans without the help of one Democrat vote. One of the bill’s more controversial measures was the limitation of the state and local tax (SALT) deduction to $10,000 through 2026. According to the CPA Journal, taxpayers in California, New York, New Jersey, Illinois, Massachusetts, Connecticut, and the District of Columbia lose the most by the limitation of the SALT deduction. That said, most taxpayers will see their federal taxes reduced, even in high-tax states. Tax laws, as with the regulatory compliance burden and lawsuit...
  • Pelosi says Dems will work to roll back Trump tax cuts if they retake Congress

    05/09/2018 2:58:47 AM PDT · by Libloather · 38 replies
    Fox News ^ | 5/08/18 | Samuel Chamberlain
    House Democratic Leader Nancy Pelosi indicated Tuesday that her party would like to roll back the tax reform law passed last year if they gain control of Congress this November. At a breakfast hosted by Politico, reporter Jake Sherman asked Pelosi to respond to a Republican ad that claims "you would like to institute a single-payer health care program and cancel — [raise] taxes, I think they mean, roll back the tax cuts they passed this year." "Well, the second part there is accurate," Pelosi chuckled in response, before adding "I do think we should revisit the tax legislation in...
  • Sorrell praises Trump economy, warns about Amazon, China (Thinks Trump will be re-elected)

    05/09/2018 8:18:16 AM PDT · by 2ndDivisionVet · 3 replies
    US Campaigns ^ | May 9, 2018 | Thomas Moore
    Former WPP chief executive Sir Martin Sorrell warned the audience at the Techonomy NYC 18 conference on Tuesday about the power of Amazon and China, praised the Trump economy, and predicted that US president Donald Trump might win a second term. Sorrell pointed out that Facebook and Google should be worried about the growing power of Amazon in the ad world and the economy. "They don’t like being referred to as ‘the duopoly’ for obvious reasons," he said of Facebook and Google. "But they still have a stranglehold. The one threat to them is Amazon. Last quarter, I saw that...