The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the proposed rule and guidance announced Monday includes plans to essentially stop “partnership basis shifting” — a process by which a business or person can move assets among a series of related parties to avoid paying taxes.
Read More: Breitbart
Former President Donald Trump and his two eldest sons signed the checks the Trump Organization’s chief financial officer used to cheat on his taxes, but they didn’t know it was fraud, the ex-CFO testified Thursday.
Read More: NBCnews
The Internal Revenue Service this week announced higher inflation adjustments for the 2023 tax year as it takes into account the relentless increase in the cost of basic goods like food, rent and gasoline.
Read More: Fox Business
Just to review the bidding on this bill, according to the nonpartisan Joint Committee on Taxation, people earning less than $10,000 a year will be hit the hardest with a 3.1% tax hike. Those between $20,000 and $30,000 will have a 1.1% tax hike. Those making under $100,000, you’ll get a $6 billion tax hike. Under $200,000 will get a $17 billion tax hike.
Read More: Fox Business
The prosecutor investigating Hunter Biden’s taxes reportedly stalled the investigation until after the election, to avoid politicizing the case.
Read More: Fox News
The French labor minister, Michel Sapin, caused a stir on Monday when he described the country as “totally bankrupt” during a radio interview.
The comments will cause yet more embarrassment for French President Francois Hollande.
“There is a state but it is a totally bankrupt state,” Mr Sapin said. “That is why we had to put a deficit reduction plan in place, and nothing should make us turn away from that objective.”
The French government are seeking to reduce their massive deficit through a mixture of spending cuts and tax hikes.
The tax hikes are already causing a capital flight, as the wealthy leave the country to avoid Hollande’s proposed 75% tax rate on the wealthy.
TOP TEN – ONLY IN AMERICA!
1). Only in America, could politicians talk about the greed of the rich at a $35,000 a plate campaign fund raising event.
2). Only in America, could people claim that the government still discriminates against black Americans when we have a black President, a black Attorney General, and roughly 18% of the federal workforce is black. 12% of the population is black.
3). Only in America, could we have had the two people most responsible for our tax code, Timothy Geithner, the head of the Treasury Department, and Charles Rangel who once ran the Ways and Means Committee, BOTH turn out to be tax cheats who are in favor of higher taxes.
4). Only in America, can we have terrorists kill people in the name of Allah, and have the media primarily react by fretting that Muslims might be harmed by the backlash.
5). Only in America, would we make people who want to legally become American citizens, wait for years in their home countries and pay tens of thousands of dollars for the privilege, while we discuss letting anyone who sneaks into the country illegally just become American citizens.
6). Only in America, could the people who believe in balancing the budget and sticking by the country’s Constitution, be thought of as “extremists.”
7). Only in America, could you need to present a driver’s license to cash a check or buy alcohol, but not to vote.
8). Only in America, could people demand the government investigate whether oil companies are gouging the public, because the price of gas went up, when the return on equity invested in a major U.S. oil company, (Marathon Oil), is less than half of a company making tennis shoes (Nike).
9). Only in America, could the government collect more tax dollars from the people than any nation in recorded history, still spend a trillion dollars more than it has per year, with total spending of $7 million PER MINUTE, and complain that it doesn’t have nearly enough money.
10). Only in America, could the rich people who pay 86% of all income taxes be accused of not paying their “fair share”, by people who don’t pay any income taxes at all.