Posts Tagged ‘ taxes ’

Identity theft is taking a toll on tax refunds

April 18, 2015
posted by

National Center for Policy Analysis National Center for Policy Analysis
by Jeff Lerner  

"The first tax deadline has now passed, and many individuals still needing extra time will file extensions. But some who have electronically filed their returns are surprised to receive notice that a tax return for them has already been submitted -- by somebody who is not the taxpayer. This tax-related identity theft is a real and growing problem for the Internal Revenue Service (IRS) and for hundreds of thousands of taxpayers." (04/17/15)

http://www.ncpa.org/sub/dpd/index.php?Article_ID=25570  

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Loco parentis

April 17, 2015
posted by

Liberty Unbound Liberty Unbound
by SH Chambers  

Cartoon. (04/15/15)

http://libertyunbound.com/node/1401  

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Income tax withholding: Involuntary servitude and self incrimination

April 16, 2015
posted by

Reformed Libertarian
by Brian Jacobson  

"The income tax system with its refund is really brilliant the way it makes people think they made money. However big your tax return is (aside from deductions) it only means you loaned money to the government at 0.00% interest by overpaying your taxes. Either way there is a good chance you spent a great deal of unwanted time filling out forms, finding tax services, searching for lost receipts and papers, and generally just staring confusedly at government forms. According to the IRS itself the average person who fills out a 1040 tax form (68% of us) spent 13-22 hours trying to comply with, file, and pay taxes." (04/15/15)

http://tinyurl.com/n6ssugb  

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Busy week in Congress on a number of tax bills

April 16, 2015
posted by

Pamela Villarreal National Center for Policy Analysis
by Pamela Villareal  

"Even the most ardent supporters of taxing the rich are starting to realize that the estate tax is more bother than its worth. For one thing, it doesn't really target the very wealthy as much as it does those who are less wealthy but have planned their estates in order to pay as little of it as possible. ... As for H.R. 622, making permanent the state and local sales tax deduction, it is a good policy on the surface since it would give state and local sales taxes the same permanent status as the state income tax deduction. However, neither state income tax nor state sales tax deductions are good fiscal policy." (04/15/15)

http://tinyurl.com/q4alaep  

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Multinational taxes: What do politicians know?

April 16, 2015
posted by

Adam Smith Institute Adam Smith Institute
by Tim Ambler  

"This election has ratcheted up the calls for Starbucks and other multinationals to pay more taxes on their British revenues. Politicians give no indication of how they will achieve that; one suspects their silence is based on ignorance. This blog is a brief explanation of why multinationals are fully entitled, under present laws, to push profits into lower tax regimes. If the UK wants to change, it may need multinational legislation." (04/16/15)

http://tinyurl.com/mvybqyz  

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Nation’s citizens boycott IRS, refuse to file taxes

April 15, 2015
posted by

Students For Liberty Students For Liberty
by Suzanne Schaefer  

"In what has become the largest collective boycott ever recorded in the United States, and indeed, in the history of all of mankind, every one of the approximately 120 million American taxpayers nationwide has decided to boycott the IRS by refusing to file their taxes, sources confirmed Monday. 'We all just kind of decided not to do them this year,' explained Sara Freeman of Fishers, Ind., 'I mean, what's the point? It's not like we get a say in where it goes. Plus, I'd really like to finish my basement.'" [satire -- unfortunately] (04/15/15)

http://tinyurl.com/ltbqvwo  

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Starve the beast: The Federal Tax Funds Act

April 15, 2015
posted by

10th Amendment Center Tenth Amendment Center
by Michael Boldin  

"One such way that the IRS can be effectively neutered is by a number of states passing legislation that blocks their ability to collect. Called the 'Federal Tax Escrow Account' or the 'State Authority and Federal Tax Funds Act,' such laws would require that all federal taxes come first to the state's Department of Revenue, an act of state interposition vis-a-vis the IRS. A panel of legislators would assay the Constitutional appropriateness of the Federal Budget, and then forward to the federal government a percentage of the federal tax dollars that are delineated as legal and Constitutionally justified." (04/15/15)

http://tinyurl.com/mzxhb37  

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Slavery and the income tax

April 15, 2015
posted by

Bumper Hornberger Future of Freedom Foundation
by Jacob G Hornberger  

"Not surprisingly, the New York Times has an op-ed today entitled 'Shaming Those Who Skip Out on Taxes,' which calls on the federal government to publicly shame tax delinquents as part of its efforts to increase tax collections. I've got a better idea: How about people in the private sector publicly shaming everyone who favors the continuation of the federal income tax?" (04/15/15)

http://fff.org/2015/04/15/slavery-income-tax/  

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The online sales tax cash grab

April 15, 2015
posted by

Veronique de Rugy Reason
by Veronique de Rugy  

"In 2014, U.S. sales on the Internet amounted to an estimated $305 billion. While still small in comparison to the $4.7 trillion in overall domestic sales, the online component grew 15 percent over the previous year, sending terror into the hearts not only of brick-and-mortar competitors, but of state legislators desperate to get their hands on sales-tax revenue. Now the two groups are lobbying Congress to let state governments require businesses to collect sales taxes on out-of-state purchases made online. But they should be careful what they wish for: A bill on the subject is making headway on Capitol Hill, and it's not quite what the two lobbies wanted." (for publication 05/15)

http://reason.com/archives/2015/04/14/online-sales-tax-cash-grab  

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The problem with inheritance tax

April 15, 2015
posted by

Tim Worstall Adam Smith Institute
by Tim Worstall  

"We're told, as with Rawls and the veil of ignorance, that it's simply wrong for the members of the lucky sperm club to inherit gazillions. Further, that inheritance tax doesn't actually have any effects upon incentives: it cannot, as the people who face the incentives are by definition dead at this point. The argument then becomes, in some quarters, only about how much to tax inheritances. Should it be at 100% or should the kiddies get some pocket money perhaps? We exaggerate, but only a little. There really is a consensus that inheritance taxes are not distorting and thus are 'good taxes' in a manner that income and or capital taxes are not. And we're really not sure about that." (04/14/15)

http://tinyurl.com/kezulu9  

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More “tax freedom” requires adherence to the “let-alone” principle

April 15, 2015
posted by

Richard M. Ebeling The Daily Bell
by Richard M Ebeling  

"April 15th is the day that every American is expected to have filed their federal income tax form. Some of us may have done it long before the deadline, some of us will wait until just before the stroke of midnight on April 15th and some of us may be filing for extensions to defer the actual submission of the full set of income tax-related documents. But whichever it may be, it is a day that reminds all of us just how much the government has siphoned off from each of us during the preceding calendar year." (04/14/15)

http://tinyurl.com/qhu5us6  

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France: Nina Ricci heir convicted of trying to avoid paying extortionists

April 13, 2015
posted by

Sacramento Bee    

"The heiress of the fashion and perfume house Nina Ricci was sentenced Monday to a year in prison and ordered to pay heavy fines and back taxes for having hidden millions of euros in HSBC bank accounts in Switzerland. The ruling was the first involving a famous name in the so-called Swissleaks scandal, in which a former HSBC employee gave authorities thousands of names of suspected tax evaders. Other trials are expected to follow. A Paris court convicted Arlette Ricci, 73, granddaughter of designer Nina Ricci, of tax evasion and money laundering and sentenced her to three years in prison, with two of them suspended. The court ordered a 1 million euro ($1.1 million) fine and the confiscation of two properties worth 4 million euros." (04/13/15)

http://www.sacbee.com/news/business/article18386945.html  

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Switzerland: HSBC Swiss unit faces probe from French extortionists

April 9, 2015
posted by

The Local [Switzerland]    

"British banking giant HSBC said Thursday it is facing a French criminal probe over its Swiss private banking arm, weeks after 'SwissLeaks' allegations it had helped clients hide billions from the taxman. HSBC said in a statement that 'it has been placed under formal criminal investigation by the French magistrates in connection with the conduct of its Swiss HSBC Private Bank in 2006 and 2007 for alleged tax-related offences.' The probe is in addition to one launched by French authorities last year into the Geneva-based subsidiary." [editor's note: I'm not much for capital punishment, but I wouldn't shed any tears for Herve Falciani if he turned up dead - TLK] (04/09/15)

http://tinyurl.com/ood33bx  

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Abolishing non-doms; welcome to the Laffer Curve

April 9, 2015
posted by

Tim Worstall Adam Smith Institute
by Tim Worstall  

"It’s election season so, yes, obviously, all sorts of things are going to be promised. Which gives us Ed Miliband’s idea that Labour, if elected, will abandon non-domicile as a tax option. This is an interesting example of where reality meets the Laffer Curve ..." (04/09/15)

http://tinyurl.com/oofkwk7  

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Customer service with a middle finger

April 9, 2015
posted by

A Geek With Guns
by Christopher Burg  

"The worst part about monopolies is if you don't like their service you have no alternatives. When it comes to monopolies the state is the biggest one of them all and it shows. For example, the state has declared a monopoly for itself in gang-style protection schemes. That is to say if you don't want to be roughed up, kidnapped, or have your business stolen from you you only have one protection racket you can pay off, the Internal Revenue Service (IRS). Since the IRS has no competition it can demand you pay it off under the penalty of having armed thugs sent to kidnap you and still refuse to answer any of the questions you have about its overly complicated extortion structure ..." (04/09/15)

http://tinyurl.com/lbg4m8s  

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16 percent VAT is economic suicide for Puerto Rico

April 8, 2015
posted by

Frank Worley-Lopez The Canal
by Frank Worley-Lopez  

"Sixteen percent VAT is the same as having 16 percent inflation in the first year, with the potential for greater cost increase in years to come. VAT is often called a hidden tax because instead of a sales tax, which is added after the purchase, the VAT is already included in the price. The problem is that VAT can be rolled over from an importer, to a distributor, to a retail outlet, meaning it can easily morph into a 16 percent charge, plus an additional 16 percent on the new price, and then another 16 percent surcharge on the consumer price." (04/07/15)

http://tinyurl.com/kw32p9j  

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Observe the naked cash grab by the tobacco control people

April 7, 2015
posted by

Tim Worstall Adam Smith Institute
by Tim Worstall  

"It's a general rule of UK taxation that we don't do hypothecation. On the very sensible grounds that how much we can raise by taxing on activity has absolutely no relationship whatsoever to how much we desire to spend on some other activity. Fuel tax is not all spent on the roads, national insurance does not pay for the NHS and so on. But we now have a proposal that we should have an explicity hypothecated tax: Pressure is growing for the introduction of an additional levy on cigarette sales in the UK, a move that campaigners say could help eradicate tobacco consumption within decades." (04/06/15)

http://tinyurl.com/kqcxrdc  

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Palestinian Authority rejects Israel tax transfer

April 6, 2015
posted by

BBC News BBC News [UK state media]    

"Palestinian leader Mahmoud Abbas says he has refused to accept hundreds of millions of dollars of tax revenues unfrozen by Israel. Mr Abbas says he returned the money because Israel deducted a third to pay for what it called utility bills. He has threatened to take Israel to the International Criminal Court (ICC) unless the full amount is released. Israel collects taxes on behalf of the Palestinian Authority (PA), but halted payments in January. ... Israel says it has deducted the cost of services provided to the Palestinian population, including electricity, water and hospital bills." (04/06/15)

http://www.bbc.com/news/world-middle-east-32193371  

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Tax Day

April 5, 2015
posted by

Campaign For Liberty Campaign For Liberty
by Zac Nickerson  

"Tax Day (April 15th) is quickly approaching and many Americans are feeling a sense of dread. This feeling is not unfounded, in that there is something inherently American, yea human, about wanting to keep what you earn and not give a portion of it away under threat of fine or imprisonment. Yet sadly, the government needs money to protect us, and taxes are the one collective even libertarians sometimes agree on to fund the government. But is the idea of taxation the source of dread? Or is it rather the extent of our current tax code that causes such misgivings among the people?" (04/02/15)

http://www.campaignforliberty.org/tax-day  

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What is in the Lee-Rubio tax plan?

April 2, 2015
posted by

Pamela Villarreal National Center for Policy Analysis
by Pamela Villarreal  

"Senators Mike Lee (R-Utah) and Marco Rubio (R-Fla.) have released a blueprint for federal tax reform called the 'Economic Growth and Family Fairness Tax Plan.' The plan's goal is to simplify the tax code and pave the way to a flatter income tax, reducing federal income taxes to just two tax brackets and eliminating capital gains taxes." (04/02/15)

http://www.ncpa.org/pub/ba810  

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Puerto Rico: Padilla signs law to make avoiding government muggers harder

April 1, 2015
posted by

ABC News ABC News    

"Puerto Rico's governor has signed a law that requires service providers to accept at least two different types of payment in a push to crack down on tax evaders. The law applies to anyone requiring a license or legal authorization to provide services. It is common for doctors, lawyers and others who work in the U.S. territory to accept only cash." (04/01/15)

http://tinyurl.com/nr5lfah  

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You want the IRS to tell you how to navigate complicated tax forms? That’ll cost you

March 31, 2015
posted by

JD Tuccille Reason
by JD Tuccille  

"There are rules, you know. And they'll tell you what they are for 23 bucks." (03/31/15)

http://tinyurl.com/q7rrvhf  

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Subsidize the poor, soak the rich

March 31, 2015
posted by

Laurence M. Vance LewRockwell.com
by Laurence M Vance  

"The Republicans are out with yet another tax reform plan. This time Senator Marco Rubio of Florida has joined with Senator Mike Lee of Utah to give us the 'Economic Growth and Family Fairness Tax Reform Plan.' Although it is touted as a 'pro-growth, pro-family tax reform plan' and contains many good features, it also subsidizes the poor and soaks the rich. Rubio and Lee rightly say in their introduction that 'our current system taxes too much, taxes unfairly, and stifles economic opportunity for American families, businesses, and individuals.' But because it is a tax reform plan rather than a tax relief plan, it is doomed from the very beginning to fall short." (03/31/15)

http://tinyurl.com/on5u3t4  

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Why we should use the word “taxpayer”

March 24, 2015
posted by

James E Miller Mises Canada
by James E Miller  

"I'll grant that [Elizabeth Stoker Bruenig] is correct about one thing: tax dollars and private dollars are different. One is the product of thievery; the other is the product of hard work and voluntary interaction. Money spent by a government differs from money spent by the individual. There are often different goals involved. But does that difference really mean politicians should stop using the word 'taxpayer?' The answer is simple to anyone who values precision in language: of course not. Taxpayer means someone who pays taxes. That's it. There is no pernicious ploy behind its use. Taxpayer has a specific meaning: individuals who pay taxes. And yes, some folks pay more in taxes than others. That's a built-in function of the current tax system in the U.S. Mrs. Bruenig resents this not because it's true, but because it gives some people the idea that 'those contributing larger shares would seem to be due greater consideration, like shareholders in a company.'" (03/23/15)

http://mises.ca/posts/blog/why-we-should-use-the-word-taxpayer/  

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The dirty dozen tax scams

March 17, 2015
posted by

Cato Institute Cato Institute
by Daniel J Mitchell  

"Tax day, April 15, is almost upon us, and our friends at the Internal Revenue Service have a relatively new tradition of providing an annual list of 12 'tax scams' that taxpayers should avoid. It's an odd collection, comprised of both recommendations that taxpayers protect themselves from fraud, as well as admonitions that taxpayers should be fully obedient to all IRS demands. Unsurprisingly, the list contains no warnings about the needless complexity and punitive nature of the tax code. Nor does the IRS say anything about how taxpayers lose the presumption of innocence if there's any sort of conflict with the tax agency. Perhaps most important, there's no acknowledgement from the IRS that many of the dirty dozen scams only exist because of bad tax policy." (03/16/15)

http://www.cato.org/publications/commentary/dirty-dozen-tax-scams  

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