Theoretically speaking, every penny you have earned since Jan. 1 this year has gone to the government in the form of one tax or another.
But today is Tax Freedom Day, and the Tax Foundation wants to help you celebrate your freedom from taxation for the rest of the year with a new song. Here’s an excerpt, followed by the video: “I work almost four months a year until I’m finally free. Every penny that I earn they keep ’til April 23.”
Categories: Taxes
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Federal income-tax returns are due to the Internal Revenue Service, making this week a politically opportune time for Congress to debate tax issues.
The House today debated a “taxpayer assistance” bill that would end the private collection of federal taxes, strengthen taxpayer protections from identity theft and tax fraud, stop federal contractors from using foreign subsidiaries to evade Social Security and other employment taxes, simplify the reporting of cellular telephone taxes, and expand tax help for low-income taxpayers.
Democrats who spoke in favor of the bill included Earl Blumenauer of Oregon, Rosa DeLauro of Connecticut, Brad Ellsworth of Indiana and Rahm Emanuel of Illinois.
Categories: Connecticut, Illinois, Indiana, Oregon, Producer's Picks, Technology, Brad Ellsworth, Taxes, Earl Blumenauer, Crime, Rosa DeLauro, Rahm Emanuel
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Rep. Wayne Gilchrest is a tax hiker from way back, a lover of pork-barrel projects, a public official determined to line his own pockets with pay raises, and a liberal who votes like House Speaker Nancy Pelosi, D-Calif.
Well, at least that is Gilchrest’s biography according to The Club For Growth, which is no fan of the Maryland Republican and wants to see him defeated in the GOP primary Feb. 12. It’s a message that Andy Harris, the conservative rival to Gilchrest, is sending himself. Here are ads by the club and Harris
Categories: Maryland, Politics, Budget, Taxes, AdWatch, Republicans, Wayne Gilchrest, Andy Harris
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The House today passed a bill that would funnel $146 billion worth of tax cuts and other proposals in an effort to stimulate an economy hindered by mortgage woes, high gas prices and other problems. The vote was 385-35.
Minority Leader John Boehner, R-Ohio, said the bill isn’t perfect but praised the “generous spirit” of Republicans and Democrats who rallied around it. “If we do nothing, we’re just asking for our economy to slow even further,” he said.
Speaker Nancy Pelosi, D-Calif., added: “This is a middle-class tax rebate bill. … It targets the middle class and those who aspire to it.”
Categories: California, Ohio, Producer's Picks, Nancy Pelosi, Taxes, Economy, John Boehner
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Congress should stop tax deductions to private equity firms that buy companies in order to quickly resell them at a profit, according to a former government economist who founded the Economic Policy Institute.
We should not allow companies who are buying these firms and flipping them to take tax deductions on borrowed money,” Jeff Faux, the author of “The Global Class War,” said in a video interview with Brave New Films. Deductions for those kinds of investments should only be allowed if the goal is “creating jobs and making America more competitive,” he added, arguing that the income should be taxed just like wages.
“Congress is elected by voters; voters need to tell members of Congress that this has to be changed,” Faux said. “Otherwise, America’s economic problems will just get worse.”
The interview is part of Brave New Films’ “War On Greed” campaign, which also asks presidential candidates to “make a pledge, if elected, that you will work to close the buyout industry’s tax loopholes.” The primary target is buyout specialist Henry Kravis.
Other videos in the series are available at the company’s YouTube page.
Categories: 110th Congress, Taxes, Economy
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