Tag Archives: taxes

Income Tax: Why 70 Million Americans Don’t Pay Uncle Sam a Dime — Politics Daily

By midnight Thursday, about 150 million Americans will have buckled down and filed their annual federal income tax returns, and the IRS will begin collecting nearly $1 trillion in revenue from these individuals.

While you struggle to meet your deadline, consider that although the law requires you to file a tax return, more than 70 million of your fellow filers will not owe a single penny to Uncle Sam. As the latest news from the non-partisan Tax Policy Center shows, a record 47 percent of tax filers will have no federal income tax liability this year.

You may wonder, how is this possible? And, more importantly, how can I join this group?

There are many legal ways to reduce your income tax liability to zero. Of course, there are many illegal ways as well, but there’s no sense in breaking the law. Not filing a tax return can get you into big trouble. Two years ago, the actor Wesley Snipes was sentenced to three years in jail and required to pay up to $17 million in back taxes plus penalties and interest because he didn’t file his tax return for three years.

via Income Tax: Why 70 Million Americans Don’t Pay Uncle Sam a Dime — Politics Daily.

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Joe Biden On Taxes: You Call It “Redistribution Of Wealth,” I Call It “Just Being Fair”

In part two of my exclusive interview, I asked the Vice President whether we can afford these tax cuts, given the country’s massive federal deficits. Biden’s view is that we can’t afford not to do them: “We can’t afford to leave the middle class behind,” he says. “These things matter to people who are struggling and they matter to people who have lost their jobs as well.”

There’s also the issue of whether these tax cuts, in conjunction with the health care reform bill signed last week, represent a redistribution of wealth in America, as many claim.

“It’s a simple proposition to us: Everyone is entitled to adequate medical health care,” Biden says. “If you call that a ‘redistribution of income’ — well, so be it. I don’t call it that. I call it just being fair — giving the middle class taxpayers an even break that the wealthy have been getting.”

The top quintile of Americans earned 55.7% of pretax income and paid 69.3% of federal taxes in 2006, according to the most recent CBO data. But the Vice President isn’t buying the idea that the wealthiest are already paying their fair share, noting the top 1% of earners get 22% of all income made in the U.S.

“Taxes have been lowered for the wealthy considerably over the years,” he says. “It’s about time we get a little tax equity here.”

Read the entire Article and Watch the Video Here:  Joe Biden On Taxes: You Call It “Redistribution Of Wealth,” I Call It “Just Being Fair”.

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The Tax Foundation – Basic Facts on Redistribution and the Impact of Obama’s Policies

Introduction

The debate over taxing high-income families to fund the expansion of health care coverage in America has renewed the broader question of government’s role in redistributing income through tax and spending policies. What is missing from this debate is some hard numbers on how much current tax and spending policies redistribute income from some Americans to others and how much the policies advocated by the Obama Administration will change the overall amount of redistribution.

The Tax Foundation’s “Fiscal Incidence” project has filled this void by first calculating how much current tax and spending policies are redistributing, then estimating how much President Obama’s policies—from taxes to health care to climate change—will alter that redistribution. Simply put, the Fiscal Incidence Model[1] compares the total amount of federal taxes families pay (such as income taxes, excise taxes, payroll taxes, etc.) to the total amount of government spending they receive (such as entitlement benefits, defense spending, public works, etc.).

How the Money Comes and Goes

We divide American families into ten equal groups by income level, and at the top end of the spectrum, we are able to break that 10 percent down into smaller groups. In general, as anyone would expect, families who earn more pay more in taxes than they receive in benefits while families who earn less receive more in federal spending than they pay in federal taxes. These individual results are then summed up into a national picture of how much tax and spending policies redistribute income from some American families to others.

READ THE REST OF THIS ARTICLE HERE:  The Tax Foundation – Basic Facts on Redistribution and the Impact of Obama’s Policies.

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Why most Americans are angry about approval of ObamaCare

In spite of heavy opposition from the citizens from sea to shining sea, the U.S. House of Representatives proceeded to approve the ObamaCare legislation by a vote of 219-212.  The bill was passed without the support of even one Republican.

Yet 34 Democrats joined with Republicans in voting no.

Rarely has any piece legislation so bitterly divided the citizens of this nation.  The clear majority in poll after poll shows that this bill is very unpopular and Americans by and large are very angry that their elected representatives in Congress would even consider such a thing, much less vote in favor of it.

read the rest here: Why most Americans are angry about approval of ObamaCare.

**This article was written by Anthony G. Martin, one of my FAVORITE

Twitter friends.  You can follow him on twitter @welshman007

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SENATOR HATCH ON ONE-YEAR ANNIVERSARY OF STIMULUS BILL

HATCH ON ONE-YEAR ANNIVERSARY OF STIMULUS BILL

Utah Senator Calls Trillion-Dollar Spending Bill “A Profound Disappointment”

WASHINGTON – U.S. Senator Orrin Hatch (R-Utah) issued the following statement today on the one-year anniversary of the President signing the “stimulus” bill that Hatch opposed, into law:

“In its first year, the trillion-dollar stimulus has been nothing less than a profound disappointment costing tens of billions more than estimated. The American people were promised that it would stop the unemployment rate from going over 8 percent, that 90 percent of the jobs created would be in the private sector and that it would jump start our economy immediately. Regrettably, none of those things has turned out to be true. Giving Utahns and Americans their hard-earned money back through tax relief to make choices for themselves is a much better way to turn our economy around – not another big-government Washington solution that adds to our already sky-high debt.”

via HATCH ON ONE-YEAR ANNIVERSARY OF STIMULUS BILL.

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