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Category Archives: Taxation in the United States

IRS Pulls Equifax Contract In “Precautionary Step”

And the hits just keep on coming… Until today's headlines indicating the possibility of another breach of Equifax's security, dip-buyers had been enjoying a few days' relief as analysts clammored to explain how one of the biggest cyberhacks of all time did nothing to hinder Equifax's business model. Tonight, they might just start questioning that […]

Welcome To The Hunger Games: Trump’s Tax Plan To Unleash Battle Royal Among D.C. Lobbyists

Authored by Michael Snyder via The Economic Collapse blog, Are you ready for mass chaos in Washington? There are lobbyists for just about every cause that you can possibly imagine, and they are always working hard to influence members of Congress on their particular issues.  But when you are talking about a major tax reform […]

Trump Tax Plan To Benefit “Top 1%” Most, Cost $2.4 Trillion, Middle Class To Pay More Taxes

Based on what we already know about the proposed Trump tax reform, which can be summarized as follows: collapse the seven individual income tax rates to three (12, 25, and 35 percent), increase the standard deduction, eliminate personal exemptions, increase the child tax credit, eliminate most itemized deductions, repeal the individual and corporate alternative minimum […]

Mnuchin Begins Selection Process For Trump’s New IRS-Auditor-In-Chief

In just over six weeks, IRS Commissioner John Koskinen’s term expires. This allows President Trump to choose a new IRS chief who may have two high-profile and sensitive jobs: helping implement the the president’s proposed tax cuts and overseeing an audit of his tax returns. Trump hasn’t nominated anyone to replace Koskinen yet, but as […]

Pension Consultant Offers Dire Outlook For Kentucky: Freeze Pension And Slash Benefits Or Else

Underfunded public pensions are undoubtedly the biggest threat facing America’s long-term economic stability.  As we’ve argued numerous times in the past, the size of the aggregate underfunding, $5-$8 trillion depending on your assumptions, is simply too large for even the overly generous American taxpayer to cover. Of course, one of the biggest contributors to this […]

CalExit 3.0: New Petition Calls For Cali Secession…3rd Time’s A Charm?

A new group of CalExit activists are hoping they can secede (see what we did there?) where two predecessor groups failed in efforts to force California’s independence from the United States of America.  Ironically, you would think that removing California from the union would be something that Republicans and Democrats could actually agree on…so we […]

Did you see this unbelievable front page news?

Via The Daily Bell Sovereign Valley Farm, Chile A few weeks ago the Board of Trustees of Social Security sent a formal letter to the United States Senate and House of Representatives to issue a dire warning: Social Security is running out of money. Given that tens of millions of Americans depend on this public pension program […]

Realtors Warn Of “Another Housing Crash” If Mortgage Tax Deductions Are Scrapped

After failing miserably if their efforts to repeal and replace Obamacare, Republicans are set to shift their legislative agenda to focus on tax reform when they get back from their generous month-long August recess (taxpayers are such great employers).  Among other things, proposed changes to the personal tax code would include eliminating nearly all tax […]

IRS Reports 40% Surge In People Underpaying Their Tax Bills

Paying taxes is just about as much fun as a root canal.  As such, apparently more and more people are just deciding not to do it.  As the Wall Street Journal points out today, the IRS saw a 40% surge in returns that owe tax penalties between 2010 and 2015. For reasons that aren’t clear, […]