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Tax lady and TV tax expert Roni Deutch has got some splaining to do according to the California Attorney General who sued her for $34 million. Here is the AG’s Auguest 23, 2010, press release: Attorney General Edmund G. Brown Jr. today filed a $34 million lawsuit against television’s “Tax [...] Another example of how desperate local governments are for money is the new$300 per year tax imposed by Philadelphia, Pennsylvania, on bloggers who reside within the city limits. Apparently speech is not free in Philly. It costs $300 a year. Yea. We Arizonans have something to be proud of in these difficult economic times – highest taxes in the United States. Arizona is number 3 at 9.01% and kicking the tax butt of the lower taxed 47 states. Tennessee is 1st (9.44%) and California is 2nd (9.08%). Seven Arizona cities can also [...] The Daily Caller: “One provision in the new health care law will be yet another costly distraction for small business owners. In order to raise revenue to pay for the $1 trillion new health care program, the law includes a provision requiring businesses to file a 1099 form with the IRS for [...] The Congressional Research Service published “Form 1099 Information Reporting Requirements as Modified by the Patient Protection and Affordable Care Act.” It is a report to Congress about the new Obamacare 1099 rules that require businesses to issue an IRS Form 1099 to all people and companies from which the business purchases $600 [...] The Wall St. Journal has a timely article on the consequences arising from the death of people during 2010 when the stepped up basis rules applicable to inherited property is replaced by a carry over basis rule. The article states, Under current law, heirs of 2010 estates who sell assets [...] Forbes: “Do you have trouble getting good tax advice? Billionaire hedge fund manager Leon G. Cooperman says he has the very same problem. Cooperman filed a U.S. Tax Court lawsuit last month after the Internal Revenue Service disallowed his deductions for $43 million in charitable contributions he made to his own family’s [...] Investment News: “For years, wealthy retirees from high-tax states in the Northeast and Midwest have been streaming to sunny, low-tax Florida. That stream is now turning into a flood.” Fox News: “Millions of families will be faced with thousands of dollars in tax increases if the Bush tax cuts are allowed to expire at the end of the year, according to estimates from the nonpartisan Joint Committee on Taxation.” Tax Foundation: “The Tax Foundation launched a new calculator last week that helps users see how their taxes might rise in 2011. In a FoxNews piece about it, we explained that some families making $250,000 or less could see a tax increase under Obama’s budget proposal, which would be a violation of [...] Boston Herald: “John Kerry bails on taxing questions. Sen. John Kerry, hounded by questions over whether he is dodging state and local taxes on his ultra-luxe $7 million sailing yacht, yesterday slammed his car door on a pack of reporters demanding to know if he would pony up to the cash-strapped commonwealth. . . [...] Forbes: “The Justice Department is calling the ObamaCare mandate a tax. . . . it amounts to what’s likely the largest tax increase in U.S. history. Use MyTaxBurden.com’s simple fill-in-the-blanks income tax calculator to estimate your 2011 federal income tax under any or all of the following scenarios: Congress allows all of the Bush tax cuts to expire; Congress acts to extend into 2011 all of the Bush tax cuts; and Congress passes the tax laws suggested in [...] How do these people continue to get reelected to office the ruling class? See “Sen. John Kerry skips town on sails tax,” which reports that “Sen. John Kerry, who has repeatedly voted to raise taxes while in Congress, dodged a whopping six-figure state tax bill on his new multimillion-dollar yacht [...] Cato Institute: “the health-care law did include a new tax on real estate profits. . . . It’s only a 3.8 percent tax on some real estate sales, no doubt only a minority of sales . . . .” The Heritage Foundation: “2010 is the only year since 1916 in which heirs to an estate will not have to pay the dreaded death tax. Victory for small businesses? Not yet—due to a legal quirk, the death tax is scheduled to come back to life in 2011. Studies, statistics, and real life [...] Investors Business Daily: “Letting the Bush cuts expire will cost taxpayers $115 billion next year alone, according to the Congressional Budget Office, and $2.6 trillion through 2020. But even more tax headaches lie ahead. This “second wave” of hikes, as Americans for Tax Reform puts it, are designed to pay for [...] Professor Edward A. Zelinsky of the Benjamin N. Cardozo School of Law has written an article called “The Health-Related Tax Provisions of PPACA and HCERA: Contingent, Complex, Incremental and Lacking Cost Controls.” The abstract states: “Americans must, into the indefinite future, confront difficult issues pertaining to health care and health care costs. [...] Investors Business Daily: “Today’s reduced federal tax rates on dividend income are good for investors, consumers, American businesses and the recovering U.S. economy. But unless Congress acts now to stop a tax hike, the maximum tax rate on dividend income is set to skyrocket at the end of the year — leaping [...] Wall St. Journal: “Yet with ObamaCare, the agency is now responsible for ‘the most extensive social benefit program the IRS has been asked to implement in recent history.’ And without “sufficient funding” it won’t be able to discharge these new duties.” Arizona Republic: “Arizona could gain as much as $708 million in 2012 by taxing more Internet, Home Shopping Network, catalog and other out-of-state sales, according to the National Conference of State Legislatures. The catch: It would have to greatly simplify its sales-tax structure, with changes approved by state and federal lawmakers.”
Business & Media Institute: “NBA superstar free agent would pay over $12 million in New York income taxes, none in Miami.” Yahoo Finance: “The so-called Bush tax cuts are scheduled to expire at the end of the year. Although some of the cuts retain bipartisan support in Congress and may yet be extended, as of now, Washington has some severe changes in store for you and your family.” U.S. News & World Report article called “10 States Where Taxes Are Rising the Most” found that Arizona is number 6 on the list of the states whose taxes are rising the fastest. The top ten are: New York: $8.2 billion, $419 per person California: $11.5 billion, $312 per person Delaware: $253 million, $286 per person Connecticut: $777 million, $221 [...] From the tax anything that moves department, aka using taxes to affect behavior: New York Post: “Smokers huff & puff over new cigarette tax. Smokers are used to coughing up a lot — but this is getting ridiculous. The price on a pack of cigarettes has skyrocketed to $14.50 at some New York City [...] Cnet News: “The halcyon days of tax-free Internet shopping will, if Rep. Bill Delahunt gets his way, soon be coming to an abrupt end. Delahunt, a Massachusetts Democrat, introduced a bill on Thursday that would rewrite the ground rules for Internet and mail order sales by eliminating the option for many Americans [...] Americans for Tax Reform: “In just six months, the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves on January 1, 2011: First Wave: Expiration of 2001 and 2003 Tax Relief. In 2001 and 2003, the GOP Congress enacted [...] Don’t Mess with Taxes: “the extended-yet-again homebuyer tax credit bill is on its way to Obama so his signature can make it law. Remember, this latest piece of legislation is only for folks who had a contract in place by April 30, but couldn’t finalize the purchase by the previous June 30 [...] Recent North Carolina law school graduate Daniel Cowan’s law review article is entitled “New York’s Unconstitutional Tax on the Internet: Amazon.com v. New York State Department of Taxation & Finance and the Dormant Commerce Clause.” The law reveiw’s abstract is: As the current economic downturn continues to ripple through every [...] The Treasury Inspector General for Tax Administration released a report on June 17, 2010, titled Additional Steps Are Needed to Prevent and Recover Erroneous Claims for the First-Time Homebuyer Credit. A study by the Inspector General found widespread fraud involving the government hand out that gives people a tax credit of $8,000 for [...] |
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