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Oct 13 07:59

Republicans Warn Biden's IRS $600 Disclosure Plan Could Lead To "Surveillance State"

Republicans are sounding the alarm over a proposal tucked inside the Democrats’ 2,500-page $3.5 trillion Build Back Better Act that would expand the Internal Revenue Service (IRS) and allow the agency to have access to any bank transaction of $600 or more.

The proposal would give the IRS further access to anyone’s financial information, which Republicans say amounts to federal overreach and a “surveillance state.”

“How can you possibly justify to the American people that the IRS should be snooping around in their bank, retirement, or investment accounts,” said Sen. Rick Scott (R-Fla.) said on Oct. 7 from the Senate floor.

“There’s only one explanation, and it’s simply terrifying: The Democrats want to control how you spend your money.”

“I want to be very clear what President [Joe] Biden’s proposing here is as close to policy from communist China that we’ve seen in the United States,” Scott added.

Oct 13 07:30

The Future of Direct Taxation

Oct 13 06:03

'I think you all could do a better job of selling it': Nancy Pelosi reprimands the MEDIA for not publicizing Biden's $3.5T spending plan in a positive light: Insists plans for the IRS to snoop on Americans will STILL be included

During a news conference, a reporter told Pelosi that banks were 'starting to get calls' from customers worried about the IRS proposal tucked into the bill that would have banks hand over all transaction data on accounts over $600.

Webmaster's Commentary: 

Which means Yellen's claim that individual transactions will not be examined is a lie!

Oct 13 05:59

'I think this proposal has been seriously mischaracterized': Janet Yellen defends plan for IRS to snoop on accounts with more than $600 and claims it will help make billionaires pay more tax

The Treasury Secretary has defended plans to monitor bank transactions of more than $600, insisting that the scheme was designed to end 'tax fraud' by billionaires, and would not mean Americans' accounts were recorded.

The new proposal requires financial institutions to annually report the total amount that went in and out of the bank as well as loan and investment accounts if within that year the accounts hold a value of at least $600 or if the total transactions are $600 or more in a year.

More simply, this means that if total funds flowing in and out of a credit or debit account equal at least $600, banks have to report those figures to the IRS. This includes paychecks or money transferred from apps like PayPal.

Amid the backlash in Congress, some proposed raising the threshold from $600 to $10,000.

But Treasury Secretary Janet Yellen insisted on Tuesday that there was a lot of unwarranted panic.

Webmaster's Commentary: 

If the issue were really billionaires, then a $10,000 threshold would be sufficient (along with cracking down on off-shore accounts). This is about spying on ordinary Americans.

Oct 12 15:32

Nancy Pelosi admits Dems will have to cut Biden's $3.5T spending plan and blames the MEDIA for not 'selling it' - but insists plans for the IRS to snoop on Americans will STILL be included

House Speaker Nancy Pelosi said she is 'very disappointed' Democrats will have to trim down their $3.5 trillion budget reconciliation bill after moderates balked at the number, and said the IRS proposal for banks to hand over transaction data would still be included.

'I'm very disappointed that we're not going with the original $3.5 trillion which was very transformative,' the California Democrat told reporters Tuesday upon returning from a trip to Europe to meet with G-20 leaders.

But she promised: 'Whatever we do well make decisions that will continue to be transformative about women in the workplace.' She cited proposals such as universal pre-kindergarten, funding for child care and home health care and child tax credits.

Webmaster's Commentary: 

Time to go back to a cash-only lifestyle!

Oct 10 06:27

DAWN OF THE GLOBAL TAX... 136 COUNTRIES AGREE

Oct 07 10:58

Former Fed President: Government Snooping on Bank Transactions Over $600 a “Massive Search Without a Search Warrant”

By Jon Miltimore

A proposal from the Biden Administration that would require banks to monitor personal accounts and report all financial transactions over $600 to the IRS is under fire.

On Tuesday, Treasury Secretary Janet Yellen defended the proposal on CNBC’s “Squawk Box,” calling the collection of financial information “routine” after some in the banking community criticized it as an unprecedented invasion of privacy.

“It’s just a few pieces of information about individual bank accounts,” the secretary said...

Oct 06 08:01

Biden says Dems changing the filibuster rules with a 'nuclear option' to suspend the debt ceiling is a 'real possibility' as they scramble to avoid historic default

President Joe Biden floated the idea on Tuesday of using a one-time change to Senate rules to prevent a Republican filibuster in order to suspend the debt limit.

It comes as Democrats scramble to find ways to avoid a historic debt default that could plunge the country into recession.

After traveling to Michigan during the day to hawk his $1.2 trillion bipartisan infrastructure bill and an even bigger spending plan, he returned to Washington and an impending debt crisis.

Webmaster's Commentary: 

The Democrats are pushing a $3.5 trillion dollar 10 year social engineering bill and justifiably meeting opposition. But the Pentagon budget over the next ten years will total $7 trillion ... and nobody is bitching about that!

Oct 06 06:35

Tara Reade: The Pandora Papers are just a distraction from America's own corrupt and broken tax system

The latest revelations of creative accounting used by the global elite notably failed to mention any American billionaires. A curious omission, considering eight of the ten richest men on Earth reside in the good old US of A.

The release of the Pandora Papers, which brag of leaks exposing the somewhat ‘artistic’ financial practices of the rich and powerful, has once again seen the media take aim at Vladimir Putin. The West’s obsession with the Russian president’s private life is on full, torrid display. His name and picture are on the front pages of publications and above online articles, although reports finally acknowledged that he is not actually named anywhere in the ‘bombshell’ papers.

Western media are obsessed with trying to peek inside the private life of Putin for anything salacious, and their motive is transparent. Putin’s image and name have just been used as clickbait; I know this, as I have also been used as clickbait by Western media for at least two years now.

Oct 05 13:51

Kremlin Says Pandora Papers Show US is Largest Tax Haven Despite Vows to Fight Money Laundering

On 4 October, the International Consortium of Investigative Journalists (ICIJ) published a new leak on the alleged financial secrets of over 35 current and former world leaders, as well as more than 330 politicians and officials from across the globe.

The recent publication of the Pandora Papers has shown that the US is the largest tax haven, despite Washington's vows to fight against money laundering, Kremlin spokesperson Dmitry Peskov said on 4 October.

Peskov added that Moscow sees no reason to conduct an investigation into the publication because it considers the leaked files as "unfounded statements".

"To be honest, we did not see any hidden wealth of Putin's entourage... It seems that there will be more publications on that matter, but so far we have not seen anything special. We know where they get information from, and how they get information", Peskov noted.

Oct 05 13:47

‘Pandora papers’: New leaks reveal how world leaders use offshore companies to dodge millions of dollars in taxes

Leaked papers appear to show how some of the world’s elites accumulate property empires while avoiding millions in taxes, with reports focusing on European, Middle Eastern and South American leaders, and world-famous celebrities.
Obtained from 14 offshore banking institutions and analyzed by the International Consortium of Investigative Journalists (ICIJ), the ‘Pandora Papers’ reveal the financial chicanery of more than 100 billionaires, 35 current and former world leaders, and 300 public officials. The first round of information, handed to a select list of international outlets and studied by “600 journalists,” was published on Sunday.

Oct 05 13:29

The IRS Wants to Look at Your Bank Account

On your next trip to the ATM, imagine that Uncle Sam is looking over your shoulder. As if your annual tax filing wasn’t invasive enough, the Biden Administration would like a look at your checking account.

Charles Rettig, commissioner of the Internal Revenue Service, wants banks to report annual cash flows for ordinary account holders. Treasury Secretary Janet Yellen is promoting the plan, and the House Ways and Means Committee is debating whether to include this mandate in the Democrats’ $3.5 trillion spending bill.

Ms. Yellen says the reporting will help to catch wealthy tax dodgers. In a recent letter to the committee she said the plan would reveal “opaque income streams that disproportionately accrue to the top.” Treasury and congressional Democrats hope taxpayers will report income more accurately if they know the feds have their account information.

Oct 04 10:35

White House Admits To Wanting Limitless Debt Ceiling

White House press secretary Jen Psaki implied that President Joe Biden might back Treasury Secretary Janet Yellen's approval of eliminating the debt ceiling to dodge future credit distresses.

When asked at her Friday briefing if Biden supported Yellen's comments, Psaki said the administration's current focus "for the next 17 days" is "getting the debt limit raised in the Senate."

"That's what we're working toward," she continued. "There's plenty of time after that to discuss what the path forward looks like."

Congress proposed a bill in May that would eliminate the debt ceiling, but the White House has not published a Statement of Administration Policy supporting it.

Oct 04 10:33

Media Echo Chamber Pushing Biden Regime To Back Left On Budget Amnesty Battle. Guess We’ll Find Out Who’s Right

The battle over the infrastructure and budget bills is reaching a climax. The Senate Parliamentarian has ruled twice that Democrats cannot sneak an Amnesty into the budget bill, but Leftists still refuse to compromise. Moderate Democrats are growing more agitated because this intransigence threatens passage of their prized infrastructure bill. Perhaps as a fallback, Homeland Security Secretary Alejandro Mayorkas, in a recent memorandum to the Treason Lobby bureaucrats who now run immigration policy, all but stopped deportations of illegal aliens [Guidelines for the Enforcement of Civil immigration Law, ICE.gov, September 30, 2021]. This although another 60,000 Haitians are reportedly on their the way to the U.S.-Mexico border [Next border surge, by Stef W.

Oct 04 10:16

'You Stand Guilty Of Financial Treason, Madam Speaker': Madison Cawthorn Slams Dem Spending

Oct 04 08:11

Pandora papers: biggest ever leak of offshore data exposes financial secrets of rich and powerful

Millions of documents reveal offshore deals and assets of more than 100 billionaires, 30 world leaders and 300 public officials

The secret deals and hidden assets of some of the world’s richest and most powerful people have been revealed in the biggest trove of leaked offshore data in history.

Branded the Pandora papers, the cache includes 11.9m files from companies hired by wealthy clients to create offshore structures and trusts in tax havens such as Panama, Dubai, Monaco, Switzerland and the Cayman Islands.

They expose the secret offshore affairs of 35 world leaders, including current and former presidents, prime ministers and heads of state. They also shine a light on the secret finances of more than 300 other public officials such as government ministers, judges, mayors and military generals in more than 90 countries.

Webmaster's Commentary: 

The Australian tax authority has launched an investigation, not into the tax evasion revealed in the Pandora Papers, but the identity of the leaker!

Oct 04 07:46

Pelosi Admits Defeat On The Infrastructure Bill

House Speaker Nancy Pelosi attracted up the white flag Friday evening, admitting that "more time is needed" to pass a $1 trillion infrastructure bill that is one of the pillars of President Biden's agenda, after previously pledging to pass the measure this week.

While Pelosi had promised moderate House Democrats the infrastructure bill would be on the floor, progressives threatened to sink it unless it was coupled with a $3.5 trillion spending measure, recognized as the Build Back Better Act, that covers a mixture of social welfare programs.

Oct 04 07:40

Progressives Blink First, Offer To Cut Spending Short To Reduce $3.5 Trillion Plan

House progressives have just become the first to blink in a congressional standoff with Senate moderates over the price tag on the Biden administration's massive domestic agenda - and are now open to scaling back programs by attaching expiration dates, rather than them be permanent according to Bloomberg.

"One of the ideas out there is to fully fund what we can fully fund, but instead of funding it for 10 years, fund it for five years," said Rep. Alexandria Ocasio-Cortez (D-NY) in a statement to CBS's "Face the Nation."

Oct 04 07:23

Government Debt Is Taxation Without Representation

With Thursday’s passage of a continuing resolution that funds government operations until December 3rd, Congress dodged one fiscal cliff, but a bigger one looms ahead. The federal government has maxed out its credit, and if Congress doesn’t raise the statutory debt ceiling by October 18, the Treasury won’t be able to cover all of Uncle Sam’s obligations.

With Democrats controlling the House, Senate and White House, Republicans have declared they’re leaving it entirely up to the Democrats to raise the ceiling through the budget reconciliation process. Democratic leaders and their media allies claim that would be too complex, time-consuming and risky.

However, if past experience is a reliable guide, we can expect a couple weeks of harsh rhetoric, media hype and hand-wringing that culminate in the debt ceiling being modified for the 99th time in its 104-year history.

Oct 04 06:13

Pandora Papers

The Pandora Papers is the biggest trove of leaked offshore data, comprising 11.9 million files "exposing" the alleged secret wealth and dealings of the world's richest and most powerful. The documents were released by the International Consortium of Investigative Journalists

Oct 04 06:12

Soros-Funded Group Releases 'Pandora Papers' Allegedly Exposing 'Offshore Secrets' of World Leaders

Journalists claimed that the leaked documents from 14 offshore companies unveiled "how the rule of law has been bent and broken around the world by a system of financial secrecy enabled by the U.S. and other wealthy nations".

The International Consortium of Investigative Journalists (ICIJ) has released the Pandora Papers, the largest trove of leaked offshore data, accusing world leaders, businessmen, and celebrities of engaging in offshore activities.

The consortium, which receives general support funding from the Open Society Foundations, founded by Hungarian-American billionaire George Soros, claims that the just-published documents represent "the most expansive exposé of financial secrecy yet".

According to the ICIJ, the investigation involved more than 650 journalists from 117 countries. It reportedly includes 11.9 million leaked files "covering every corner of the globe".

Oct 02 06:39

Amazing: Segerblom says $3 billion tax increase would be ‘meaningless’ for average individual

Are you concerned about rising gas prices? Sen. Tick Segerblom doesn't appear to be — in fact, he wants to substantially increase Nevada's gas tax. And he thinks that tax increase would be "meaningless" for the average consumer.

Meaningless? Does he know any average or poor consumers?

The Las Vegas Democrat (Segerblom) said the timetable (for Project Neon) can be cut in half if his Senate Bill 377 becomes law. The bill would impose a 2 cent-per-gallon gasoline tax increase per year for 10 years. The tax, now 52.2 cents per gallon, would rise to 72.2 cents by the end of the decade. …

Segerblom said the new tax was “meaningless” for the average consumer and would bring in $3 billion over 10 years.

Segerblom doesn't just want to increase the gas tax by 2 cents a gallon. He wants to increase the gas tax by 2 cents per gallon each year for 10 years, a 20-cent increase in total.

Oct 01 05:11

Biden Has Big Plans That Involve YOUR Bank

Wyoming Republican Sen. Cynthia Lummis tore into Treasury Sec. Janet Yellen on Tuesday for her backing of a Biden proposal to ask banks to hand over transaction data over $600 on individual bank accounts.

'Banks do not work for the IRS,' Lummis announced. 'This is an invasion of privacy. Wyoming's people literally will find alternatives to traditional banks just to thwart IRS access to their personal information, not because they're trying to hide anything, but because they are not willing to share everything.'

Sep 30 08:41

Taxing Unrealized Capital Gains: A Bad Idea That Just Won’t Die

Vampires are — so the stories go — extremely difficult to kill, and so it’s somehow appropriate that the same is true, but in reality, of predatory tax proposals.

The Wall Street Journal

President Biden expressed support for a proposal under consideration in the Senate to place an annual income tax on billionaires’ unrealized capital gains.

The potential tax increase, being pursued by Senate Finance Chairman Ron Wyden (D., Ore.), would be among a number of tax provisions that Mr. Biden is seeking to pay for a proposed $3.5 trillion spending plan that encapsulates much of his first-term agenda. It is an alternative to some administration tax ideas that have flopped in Congress, and it would generate money from the wealthiest sliver of Americans, whose incomes can be a fraction of their wealth.

Sep 30 08:17

Manchin Slams Dem Spending Plan As "Definition Of Fiscal Insanity", Will Not "Reengineer Social Fabric" With 'Vengeful' Taxation

Moderate Democrat Sen. Joe Manchin of West Virginia has issued a statement over his refusal to back his party's $3.5 trillion spending plan, calling "trillions more on new and expanded government programs" the "definition of fiscal insanity" when we "can't even pay for the essential social programs, like Social Security."

Sep 29 13:27

Does Biden’s $1.2 Trillion Infrastructure Bill Include a Mileage Tax?

By Brad Polumbo

Here’s a dismaying prospect: Paying 6, 8, or 10 cents in new taxes for every mile you drive. It may sound small, but at an 8 cent rate, that would be $1,144 in new annual taxes for the average American, who drives about 14,300 miles a year. Yikes!

Some on social media are claiming that this punitive tax scheme has been slipped into President Biden’s $1.2 trillion infrastructure spending legislation—which, after all, is nearly 3,000 pages and is chock full of unrelated waste and partisan pet projects. But are they right to be concerned about a mileage tax soon becoming reality?...

Sep 29 10:04

'Carrying Water for Big Corporations': Sinema Faces Backlash for Opposing Tax Hikes

Sen. Kyrsten Sinema of Arizona has reportedly told her Democratic colleagues that she will not support any tax hikes on corporations or wealthy individuals, a stance that could derail the party's plan to fund its sprawling safety net and climate package.

According to the New York Times, Sinema's "resistance to tax rate increases" that Democrats have proposed to finance their reconciliation bill "has set off a scramble for alternatives, including a carbon tax, international corporate tax changes, and closing loopholes for businesses that pay through the individual income tax system."

Sep 29 09:47

Sen. Lummis slams Yellen over $600 IRS reporting requirement

Sen. Cynthia Lummis, R-Wyo., on Tuesday let loose on Treasury Secretary Janet Yellen over the Biden administration's proposal to force banks to report to the Internal Revenue Service on every transaction Americans make that is $600 or more.

"There are obvious privacy concerns for all Americans here and this represents a dramatic new regulatory burden for community banks and credit unions in Wyoming and elsewhere," Lummis told Yellen of the proposal, which is one of several aimed at helping to pay for President Biden's multitrillion-dollar plans for expanding social programs and fighting climate change.

Webmaster's Commentary: 

And about the billionaires paying almost no tax?

Sep 28 14:33

BIDEN’S DRIVING TAX

Sep 28 07:41

CHAMBER OF COMMERCE TRIES TO REIN IN DEMOCRATS IT ENDORSED

In 2020, the U.S. Chamber of Commerce endorsed 23 freshmen Democrats for Congress. I’m tempted to say that if Congress enacts the Democrats’ massive spending packages, complete with tax increases and anti-business agenda items, the Chamber will have gotten what it deserves. In fact, I will say it.

The Chamber is belatedly trying to avert this disaster and to limit the damage its improvident endorsements caused. It’s warning the Democrats it endorsed to oppose the $3.5 reconciliation package or lose the Chamber’s support.

Sep 28 06:16

House Republican Group Ties Vulnerable Democrats to Biden’s Massive Tax Hikes

The National Republican Congressional Committee (NRCC), the campaign arm for House Republicans, released 17 new ads Monday, attempting to tie vulnerable Democrats to President Joe Biden’s “biggest tax increase in decades.”

The committee’s new ad describes how prices are going up and paychecks are going down, claiming that the “biggest tax increase in decades” will be hurting businesses all across the county.

The 23-second ad that targets explicitly Rep. Cindy Axne (D-IA) — a vulnerable member from Iowa and the last congressional Democrat left in the state — shows Biden on the 2020 campaign trail saying that he will raise taxes if elected, “If you elect me, you’re not going to have taxes, are gonna be raised, not cut.”

Sep 28 05:34

Higher Tax Rates Coming

Sep 28 05:30

Democrats Reach Agreement to Raise $600 Cap for Biden’s Proposal on IRS Reporting, Surveillance

Democratic lawmakers have said they plan to raise the threshold of President Joe Biden’s radical proposal that all bank transactions of more than $600 be reported to the Internal Revenue Service (IRS).

The initial proposal (pdf)—which Biden says is aimed at curbing tax evasion—would require banks and other financial institutions to report to the IRS any deposits or withdrawals totaling more than $600 annually to or from all business and personal accounts.

The new reporting requirement would take effect in 2022 and would apply to both private individual and commercial business accounts owned by a taxpayer.

But House Ways and Means Committee Chairman Richard Neal (D-Mass.) said on Sept. 23 that he and other Democratic leaders are planning to scrap the $600 annual figure and set a higher threshold, of which the details are still being worked through.

Sep 21 12:39

Misguided Petition Demanding Permanent Monthly $2,000 Stimulus Checks Nears Huge Milestone

By Brad Polumbo

The federal government has already spent an astounding $42,000+ per federal taxpayer on ostensibly-COVID-related relief and spending programs. (Did you see that much in benefits?) Yet millions of Americans are evidently unsatisfied—and are demanding permanent $2,000 monthly “stimulus” checks.

A Change.org petition originally created in 2020 continues to gain support and is now closing in on 3 million signatures. As Newsweek reports, reaching this huge milestone would make it one of the most popular Change.org petitions of all time...

Sep 21 11:00

Tax The Middle Class: Biden Is Battling His Own Party

President Biden is working to prevent congressional Democrats from scaling back his tax proposals, as lawmakers work on a $3.5 trillion social spending package aimed at advancing the president's economic agenda.

The White House and congressional Democrats both seek to raise taxes on the wealthy and corporations, and strengthen tax enforcement, to support investments in areas such as child care, health care and climate.

But the legislation that the House Ways and Means Committee approved Wednesday raised some taxes by less than Biden had previously proposed, and left out some proposals altogether.

Sep 17 05:51

Biden’s ‘long overdue’ tax hikes span from Wall Street to Main Street, from superwealthy to smokers

President Biden’s plan for higher taxes on corporations and the wealthy to pay for his $3.5 trillion social welfare expansion so far includes 40 new taxes.

The menu of hikes ranges from doubling the federal tobacco tax to more than $2 per pack to boosting the top income tax rate to 39.6% from 37%, adding up to one of the largest tax increases in U.S. history.

Mr. Biden said Thursday that he’s ready to do more. To justify the taxing spree, he said the wealthiest Americans and biggest corporations skirt their duties to pay for government safety net programs.

Webmaster's Commentary: 

Sep 16 14:52

Biden goes after top 1 percent in defending tax hikes

President Biden on Thursday went after big corporations and wealthy Americans while promoting his economic agenda that congressional Democrats are working to get across the finish line.

“Let me ask you this, where is it written in that all the tax breaks in the American tax code go to corporations and the very top? I think it’s enough, I’m tired of it,” he said in remarks at the White House on the economy.

The president reiterated his calls for big corporations and the wealthy to pay their fair share in taxes, saying it's “long overdue.”

“I’m not out to punish anyone, I’m a capitalist. If you can make a million or a billion dollars, that’s great. God bless you. All I’m asking is you pay your fair share, pay your fair share, just like middle class folks do,” he said.

Sep 16 14:31

TheTinyDot

Sep 16 11:30

New Plan Would Push Top Tax Rate to Almost 60 Percent In These 4 States

By Brad Polumbo

Successful residents of high-tax states are in for an ugly surprise if new tax legislation passes in Congress. Democratic legislators are currently proposing a multi-trillion-dollar tax hike to raise revenue for a massive welfare and climate change spending plan. Proposed tax hikes include raising the corporate tax rate, higher taxes on cigarettes and vaping products, raising the capital gains tax rate, and higher individual income tax rates.

On the last front, the proposed income tax increase would apply to income over $400,000 for an individual and raise the rate from its current 37 percent to 39.6 percent. The proposal also includes a 3 percent surcharge on all income above $5 million. The tax hikes could push Americans in states like New York, California, New Jersey, and Hawaii up to nearly 60 percent top income tax rates...

Sep 15 12:30

The Rich Already Pay Too Much in Taxes

Alexandria Ocasio-Cortez donned an elegant gown with the slogan “tax the rich” painted on the back at the Met Gala in New York, where guests selected by Vogue’s Anna Wintour ponied up around $35,000 a pop for tickets. The scene was reminiscent of Tom Wolfe’s “Radical Chic” — though rather than being guests of the well-heeled in Park Avenue duplexes, today’s revolutionaries own luxury condos and drive around in government-subsidized electric cars that most Americans could never afford.

Sep 15 05:23

Fury as Biden tries to let IRS SNOOP on your bank accounts

One key prong of President Biden's plan to bankroll Democrats' $3.5 trillion budget plan is to monitor gross inflows and outflows from an individual's bank account.

The Biden administration says such surveillance would target audits and prevent tax evasion, but some are concerned that it might run up against the Fourth Amendment and those who can't afford to fight tax audits or move their money into offshore accounts.

The proposal would require banks to report to gross inflows and outflows to the IRS, including transactions from Venmo, PayPal, crypto exchanges and the like in an effort to fight tax evasion.

Sep 14 13:10

The Tiny Dot

Sep 14 11:13

Treasury Department Seeks to Track Financial Transactions of Personal Bank Accounts Over $600

By Peter Jacobsen

In May, the Treasury Department released the Biden administration’s revenue proposals for fiscal year 2022. One aspect of this document that has gone under-reported is the administration’s new plan for reporting requirements for financial institutions.

The document is unequivocal about the administration’s goal for financial reporting, stating, “this proposal would create a comprehensive financial account information reporting regime.”

The Biden administration’s goal here is to increase tax revenue by making sure no income avoids detection. How will the administration do this? It plans to leverage financial institutions like banks...

Sep 14 10:00

$80 Billion in New IRS Funding Will Open Taxpayers Up to Harassment and Abuse

Tucked within the Democrats $3.5 trillion tax-and-spend plan is the largest expansion of the Internal Revenue Service in history. If the Left prevails, the agency will hire 87,000 new agents, more than double its current workforce, and receive $80 billion in new funding to audit and harass taxpayers including American families and small businesses.

The left claims that additional IRS funding would help close the so-called “tax gap” by making wealthy people pay the taxes they allegedly don’t pay.

In reality, the wealthy and large corporations already have armies of lawyers and accountants that ensure they legally take advantage of the credits and deductions offered by the tax code.

Sep 13 12:05

IRS launching 'bizarre' new punishment for small businesses

Most IRS guidance documents make for poor pleasure reading. Then again, most IRS guidance doesn’t effectively impose a retroactive tax on small business owners merely for having a family. IRS Notice 2021-49, issued on August 4, includes a bizarre interpretation of the law that will effectively raise taxes for business owners with close relatives, even if their family members have no involvement in the company.

A core goal of the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed early on in the pandemic was to assist businesses in keeping employees on their payroll even as they dealt with the economic effects of lockdowns. Part of the plan was the Employee Retention Tax Credit (ERTC), which provides a tax credit against employer payroll tax liabilities.

Sep 13 07:46

Biden's Total Financial Surveillance

The administration's proposed "comprehensive financial account reporting regime" would dramatically increase the types of financial institutions and transactions exposed to the feds' prying eyes. "All business and personal accounts from financial institutions, including bank, loan, and investment accounts," would be forced to "report gross inflows and outflows" to the IRS. And not just bank accounts: The dragnet would now include PayPal, settlement companies, and "crypto asset exchanges," for starters.

Sep 09 09:16

Democrats float a tax on investments to help pay for $3.5 trillion budget plan

Congressional Democrats are floating a slew of taxes to help cover their $3.5 trillion budget plan, including new levies on the wealthy.

Senate Finance Committee Chairman Ron Wyden, D-Ore., has introduced proposals for taxes on so-called derivatives, which are financial contracts linked to assets as well as carried interest, which generally is received by hedge-fund managers and private equity firms.

These measures call for a “mark-to-market” tax, meaning investors may pay levies annually based on market value, and may pave the way for a broader push for similar levies on capital gains, according to a Tax Foundation analysis.

Currently, investors don’t pay taxes on gains or claim a deduction for losses until they sell. However, mark-to-market levies would occur every year, even if they still own the asset.

Sep 09 09:02

Democrats eye reforms to Trump tax break for businesses as part of $3.5 trillion spending plan

Congressional Democrats are considering reforms to the 20% pass-through tax deduction as part of a $3.5 trillion federal spending package.

Democrats’ proposal would phase out the tax break for business owners with taxable income exceeding $400,000, according to a discussion list obtained by CNBC. It would also make the tax cut available to more people below the $400,000 threshold by removing some existing restrictions.

A discussion list is a draft of ideas that lawmakers assemble before formally pitching them in the House or Senate. Democrats are weighing changes to the tax code to help raise money for up to $3.5 trillion in spending on climate, education, paid leave and other measures.

Sep 09 04:51

US To Exhaust Funds By October If Debt Limit Not Raised: Yellen

The US government will run out of money at some point in October unless Congress acts to increase the federal borrowing limit, Treasury Secretary Janet Yellen said on Wednesday.

Congress suspended the debt limit in 2019, but the two-year suspension lapsed on July 31, resetting the cap at $28 trillion and forcing Treasury to begun taking "extraordinary measures" to continue funding government operations without breaching the limit.

In a letter to House Speaker Nancy Pelosi, Yellen warned that if the ceiling was not raised, "the United States of America would be unable to meet its obligations for the first time in our history."

"Based on our best and most recent information, the most likely outcome is that cash and extraordinary measures will be exhausted during the month of October," she wrote.

Sep 08 09:44

Resources to Help You Fight IRS Reporting Mandates

We care about you, your finances, and your account with our community bank, so we want to let you know about a concerning proposal taking shape in Washington. If passed, the proposal would require financial institutions like ours to report the inflows and outflows on personal and business accounts to the IRS.

Recent Independent Community Bankers of America polling conducted by Morning Consult found that 67 percent of voters oppose the proposal, which would be an excessive government intrusion that could hurt small businesses by double-taxing their income.

If you want to make your voice heard by policymakers or learn more about this proposal, visit banklocally.org/privacy. We value your business and privacy and want to make sure you have all the information you need regarding your finances and your money.

Sep 03 08:17

This Is How America's Ultra Wealthy Are Evading The Democrats' New Taxes

For most Americans, the term Private Placement Life Insurance, or PPLI, is financial gibberish. But for the ultra-wealthy, those who represent the top 0.1% in the wealthy pyramid, that acronym represents financial freedom from the coming Democratic tax hike tsunami.

As many ultra wealthy Americans - those whose net worth is $20 million and over - scramble for places to hide from Democrat plans to hike their taxes, many on Wall Street think they’ve found just the thing, and as Bloomberg reports today the tax oasis is a niche strategy called private placement life insurance, which is was already gaining popularity among the very rich for its ability to shield fortunes from taxes. Advisers to the top 0.1% already say it’s dominating conversations with their clients.

Sep 03 08:16

"Hit The Pause Button": Manchin Throws Democrats' $3.5 Trillion Plan Into Disarray

Moderate Democratic Senator Joe Manchin (WV) has called on fellow Democrats to "hit the pause button" on their $3.5 trillion economic blueprint, throwing the tax-and-spending plan into disarray

According to Bloomberg, Manchin said this week that "runaway inflation" and uncertainty over Afghanistan-fueled national security risks warrants a 'go-slow' approach and a possible rethinking of the plan.

Sep 01 05:57

Under Biden Plan, The IRS Would Know A Lot More About Your Bank Accounts

President Biden announced the American Families Plan today, which is designed to “grow the middle class and expand benefits of economic growth to all Americans.” The American Families Plan includes a lot to like, no matter what side of the aisle you are on. By any measure, the amount of benefits being proposed is staggering, which begs the question, how will we pay for all of this? By increasing IRS enforcement, by increasing reporting obligations for financial institutions, and by raising taxes on the wealthy. Each aspect of this plan is worthy of its own column. This column will focus what a senior administration official called one of the “significant steps” designed to make “sure that [ ] taxpayers are paying the taxes they already owe”: increased reporting obligations for financial institutions.

Aug 31 14:22

'I just couldn't pay' | Navy veteran evicted from N.O. home after property was sold for taxes owed

In Louisiana, if taxes are owed on a property then that property can be sold to pay those taxes — without paying the property owner.

A few N.O. homeowners are paying the price of not being able to pay property taxes: Losing their homes.

Delores Bishop lived in the 9th Ward and was evicted from her home in late January.

Aug 31 04:57

Biden's gambling on another death tax to fund his budget goals

Our nation's job creators have endured an economic calamity unlike anything we have ever seen in modern times — the crushing blow of COVID. In response, President Joe Biden promised to “Build Back Better” America’s economic growth and prosperity opportunities. But his proposed American Families Plan threatens the very foundations of those opportunities — a foundation long supported by small businesses across America.

Republican and Democratic presidents before Biden offered plans to sustain America's greatness; however, these goals often become lost in the bureaucracy of Washington's partisan fights. The real tension is about who sacrifices and pays for the cost of prosperity.

Webmaster's Commentary: 

Aug 30 18:16

Signed as Law: Ohio Takes Step Toward Treating Gold and Silver as Money

By Michael Maharrey

COLUMBUS, Ohio (Aug. 30, 2021) – Ohio Gov. Mike DeWine has signed a bill into law exempting gold and silver bullion and coins from sales tax. The new law will relieve some of the tax burdens on investors, and it will also eliminate one barrier to using gold and silver in everyday transactions, a foundational step for people to undermine the Federal Reserve’s monopoly on money.

House Bill 110 (HB110) – the 2022-2023 budget appropriations bill – was introduced back in February. Provisions in the omnibus bill repeal the sales tax on gold, silver, platinum, and palladium bullion and coins.

DeWine signed the appropriations bill on June 30. The provisions relating to sales tax on precious metals go into effect. Oct. 1...

Aug 27 09:07

Why Is A Global Tax Rate A TERRIBLE Idea?

Aug 26 07:26

New Report Finds US Has Spent Over $2.3 Trillion on Afghanistan War

Brown University’s Costs of War project released an updated report Wednesday on US spending for the war in Afghanistan. The report found that since the 2001 invasion, Washington has sunk over $2.3 trillion into the war.

The spending includes operations in both Afghanistan and Pakistan and is broken down into five categories. The biggest chunk is the Defense Department’s budget for the war, which is just over $1 trillion. The State Department’s war budget adds another $60 billion. War-related Increases to the Pentagon budget account for $433 billion.

Estimated interest payments on war borrowing accounts for $532 billion, and spending on care for veterans of the war adds up to $233 billion. Costs of War did not account for future interest payments or future spending on lifelong care for veterans, so the total will still increase even after the US completes its military withdrawal from Afghanistan.

Aug 26 07:25

The Government Spent Over $300 Million a Day for 20 Years on Unconstitutional Afghanistan War

James Madison warned that “of all the enemies to public liberty war is, perhaps, the most to be dreaded.”

Why?

Because it comprises and develops the germ of every other enemy of liberty.

“War is the parent of armies; from these proceed debts and taxes; and armies, and debts, and taxes are the known instruments for bringing the many under the domination of the few.”

Taxation not only steals our wealth; it limits our freedom. Access to fewer resources shrinks the number of options available to us. The more the government takes from us, the more limited our options become.

Aug 25 07:14

List: Tax Hikes to Expect in the Dems' $3.5 Trillion Plan

Today, the House voted to pass S. Con. Res. 14, the Democrat Fiscal Year 2022 budget resolution. The Senate has already passed this measure on a party-line vote. By voting for this budget, Democrats have fast tracked President Biden’s reckless $3.5 trillion ($3,500,000,000,000) tax and spending spree later this year.

The passing of this resolution has now teed off the following proposals:

Trillions in new tax increases on working families and small businesses. This budget resolution is the first step toward the Biden plan to raise taxes by $3 trillion over the next decade. Some of these tax increases include:

Aug 21 06:55

Biden and Pelosi Set to Impose Tax Hikes on Small Businesses

During his campaign, President Biden promised the American people that he would not raise taxes on small businesses. Now he is violating that promise, and next week House Democrats will vote on the framework to make the tax hikes possible.

Biden's small business tax promise was made on Feb. 20, 2020 before a national audience during a Democratic debate hosted by MSNBC:

MSNBC's Hallie Jackson: "I want to ask you about Latinos owning one out of every four new small businesses in the United States. Many of them have benefited from President Trump's tax cuts, and they may be hesitant about new taxes or regulations. Will taxes on their small businesses go up under your administration?"

Biden: "No. Taxes on small businesses won't go up."

Aug 16 07:10

'Named & Shamed' - IRS Lists The Record Number Of Wealthy Americans Becoming Ex-Americans In 2020

The number of wealthy Americans with assets over $2 million who renounced their citizenship has surged amid socioeconomic despair, political firestorms, and an unrelenting virus pandemic sparking increasingly freedom-destroying mandates from the 'petty tyrants' - as Rand Paul described them - in Washington.

Earlier this year, we noted 6,705 Americans gave up their citizenship in 2020, a 260% increase from 2019 when 2,577 renounced their citizenship. People fleeing the country tend to have the economic mobility to do so and seek tax haven countries. They also seek areas that are safer (free of social unrest) and have more freedoms.

Webmaster's Commentary: 

"How DARE they not want to be our debt slaves any more!!"

Aug 12 11:25

Democrats Reject Measure To Prevent IRS From Collecting Americans’ Sensitive Banking Information

The Senate on Tuesday rejected a measure introduced by Finance Committee Ranking Member Mike Crapo that would have prevented the Internal Revenue Service from having access to Americans’ private banking records.

The rule, which Crapo proposed as an amendment to Democrats’ $3.5 trillion budget resolution, was narrowly defeated 50-49 in a party-line vote. It would have prohibited President Joe Biden’s administration from requiring financial institutions to report all transactions on accounts with a balance of more than $600.

“The IRS financial institution reporting requirement forces financial institutions to turn over detailed bank account information to the IRS based on vague and ‘flexible’ criteria, such as a $600 threshold and account inflows and outflows, which are determined by the IRS,” Crapo said in a statement.

Aug 12 05:06

New Infrastructure Bill Packed With 'Nonsense'

Sen. John Kennedy (R-La.) slammed the $1 trillion bipartisan infrastructure bill as dense of “stupid stuff” Monday night, hours before the bill was passed.

Kennedy told Fox News's “The Ingraham Angle” that he was inclined to vote “yes” on the package until he got a copy of the 2,700-page measure.

“I realized pretty quickly that if you look up ‘stupid stuff’ in the dictionary, there’s a picture of this bill,” said Kennedy. “They told us it was a real infrastructure bill. It’s not; only 23 percent of the bill is real infrastructure, the rest is Green New Deal and welfare. They told us the bill was paid for; it isn’t, we’re gonna have to borrow maybe up to $400 billion to pay for it. They told us there were no tax increases. There are; my state’s gonna have to pay $1.3 billion in new taxes on our petrochemical industry.

Aug 11 06:56

Dems Set Stage for Trillions in Tax Hikes, 87,000 IRS Agents, Woke Spending

Senate Budget Committee Chairman Bernie Sanders (I-Vt.) and Senate Majority Leader Chuck Schumer (D-N.Y.) have introduced the Democrat Fiscal Year 2022 budget resolution. This budget includes instructions for the Democrats to fast-track their reckless $3.5 trillion ($3,500,000,000,000) tax and spending spree later this year.

ATR urges Senators to vote no on this resolution. If signed into law, it will tee off passage of the following proposals:

Trillions in new tax increases on working families and small businesses. This budget resolution will be the first step toward the Biden plan to raise taxes by $3 trillion over the next decade. Some of these tax increases include:

Webmaster's Commentary: 

Aug 10 10:23

How the new mileage tax will get your old car off the road

"Joe Biden and the Republicans – without whom Joe Biden could not have done it – may have just outlawed cars that can’t be tracked without actually outlawing them, per se. Instead, they will be regulated away – the new trick in government’s dirty bag thereof.

It might have caused a ruckus to propose a law outlawing older vehicle without Onboard Diagnostic (OBD II) electronic data collection ports, GPS transponders or some other, similar means by which a vehicle can be externally tracked – using the pretext of keeping track of its mileage that way, so as to tax its owner that way. This being bad enough all by itself, being invasive enough all by itself. Instead of paying gas taxes anonymously at the pump whenever you fill up – possibly with cash – the federal government will tax automatically and electronically you by the mile, wherever you drive.

Aug 10 07:40

Democrats Risk Showdown by Omitting Debt Ceiling Raise in $3.5 Trillion Trojan Horse Package

Congressional Democrats omitted instructions for raising the debt ceiling in the $3.5 trillion infrastructure package, risking a showdown with Republicans over the debt limit in September.

“The budget blueprint is expected to be voted on this week in the Senate soon after final passage of the Biden’s bipartisan $550 billion infrastructure package,” Bloomberg reported Monday. “It allows Democrats to bypass Republicans to expand the social safety net and raise taxes on the wealthy and corporations.”

The text of the bill was released after Treasury Secretary Janet Yellen told congressional Democrats on Monday the debt limit ceiling should not be lifted in the reconciliation package.

Yellen told Congress to increase the debt ceiling via “regular order”:

Aug 09 05:34

Democrats’ infrastructure bill includes per-mile fee, making driving too costly for many Americans

A provision in the Biden administration-backed $1.2 trillion infrastructure bill currently under debate in the U.S. Senate has sparked controversy for an initiative tucked into the legislation that would explore charging Americans a fee for every mile they drive.

If undertaken, the program would make driving considerably more expensive for Americans, a result the Western Journal’s Taylor Penney suggested is “intentional,” and “another way to cripple our existing ways of life.”

The pilot program to research charging Americans a per-mile fee to drive their personal vehicles is described in section 13002 of the bill, nestled into pages 508 to 519 of the massive 2,702-page infrastructure package.

Webmaster's Commentary: 

Drivers already pay mileage-based taxes via gas and tire taxes.

Aug 08 06:15

The Inside Story of How We Reported the Secret IRS Files

In late July, ProPublica hosted a virtual event with reporters and editors to talk about our reporting on the U.S. tax system. Thus far, the series has focused on how the ultrawealthy use legal stratagems not available to average Americans to avoid paying what many regard as their fair share of taxes. The stories that we’re collectively calling The Secret IRS Files have inspired calls for reform in Congress and ignited a national discussion around tax fairness and wealth inequality.

Aug 05 00:23

John McAfee`s speech about government, taxes, banks, corruption, and cryptocurrency

Why the governments fear cryptocurrency? It's because with privacy coins like Monero and distributed exchanges, the governments can neither monitor nor control your financial life. If using a privacy coin, and a distributed exchange like McAfeeDEX that just came out 2 weeks ago... in 6 months it will be the equivalent of Binance, on a distributed and decentralized basis, so you can't shut it down... when the IRS comes, 'what have you done?' I'm gonna go, 'Oh, I'm sorry, I never thought that you might want to see what's happening, I made a mistake. But it cannot be changed, it can never be shut down..."

Aug 04 09:44

Senate infrastructure bill includes pilot program to test mileage tax on motorists

Earlier this year, the Biden administration floated the idea of taxing motorists based on the number of miles they travel each year. Now, senators who crafted the $1.2 trillion bipartisan infrastructure bill are moving that idea one step closer to reality.

A pilot program to create a system for taxing drivers based on their vehicle mileage was slipped into Section 13002 of the legislation entitled, "National motor vehicle per-mile user fee pilot." Senators could change the language as they try to get a final version of the bill that can secure enough votes for passage.

Earlier this year, Transportation Secretary Pete Buttigieg floated the creation of such a system during his confirmation process as a way to fund an infrastructure bill. The idea was later abandoned by the Biden administration.

Webmaster's Commentary: 

Aug 04 06:48

Senate Infrastructure Bill Gives Feds Go-Ahead to Test Taxing Every Mile Americans Drive

Buried in the “Infrastructure Investment and Jobs Act” in the U.S. Senate is approval for the Department of Transportation (DOT) to test a new federal tax on every mile driven by individual Americans.

Webmaster's Commentary: 

The problem is that you are already taxed on how much you drive ... through taxes on gasoline and tires. The more you drive, the more you pay!

Aug 03 10:29

Chicago Officials Trying To Block $1 Million Tax Refund On Trump Building

Chicago officials are trying to block former President Donald Trump from receiving a $1 million tax refund that the Illinois Property Tax Appeal Board ruled is owed on his Chicago skyscraper’s 2011 tax bill.

The office of Cook County State’s Attorney Kimberly Foxx filed a lawsuit with the Illinois Appellate Court on July 9 disputing the refund, noting that the money would come out of the property taxes due to the city of Chicago, the Chicago Public Schools and several other government agencies.

Aug 02 18:33

The Cryptocurrency Surveillance Provision Buried in the Infrastructure Bill is a Disaster for Digital Privacy

By Rainey Reitman

The forthcoming Senate draft of Biden’s infrastructure bill—a 2,000+ page bill designed to update the United States’ roads, highways, and digital infrastructure—contains a poorly crafted provision that could create new surveillance requirements for many within the blockchain ecosystem. This could include developers and others who do not control digital assets on behalf of users.

While the language is still evolving, the proposal would seek to expand the definition of “broker” under section 6045(c)(1) of the Internal Revenue Code of 1986 to include anyone who is “responsible for and regularly providing any service effectuating transfers of digital assets” on behalf of another person. These newly defined brokers would be required to comply with IRS reporting requirements for brokers, including filing form 1099s with the IRS. That means they would have to collect user data, including users’ names and addresses...

Aug 02 05:01

Why Don't Billionaires Pay the Same High Tax Rates the Rest of Us Pay?

As with everything else in polarized America, billionaires proclaiming space tourism is the next big thing for humanity neatly divides opinion into two camps: those who laud the initiative, hard work and innovations of the billionaires as laudable examples of the American Can-Do Dream, and those who wished the billionaire space tourists had taken a one-way flight to a distant orbit of blissful silence.

Setting aside that bitter divide, let's explore another divide: how our two-tier tax system enables billionaires to become billionaires while the rest of us get poorer. Whenever I discuss the taxes of the non-billionaire self-employed, armies of apologists leap to the defense of the status quo with various quibbles: the 0.9% Medicare surcharge only kicks in above $200,000, the cap on Social Security taxes is $142,800, and so on.

Aug 01 13:35

SpaceX and Other Internet Service Providers Asked to Return Money Former FCC Chair Shouldn’t Have Given Them

By B.N. Frank

According to a group of telecom experts (The Irregulators) who filed a lawsuit filed against the Federal Communications Commission (FCC), Americans have been overcharged for decades for telecommunications services that millions still haven’t received. Over the years, Irregulator Bruce Kushnick has written dozens of articles about how the corrupt and “captured” Federal Communications Commission (FCC) made this possible. Of course legislators made this possible too. Now the current acting FCC chair has accused the previous FCC chair of “mismanaging” taxpayer money...

Aug 01 11:29

Why Don't Billionaires Pay The Same High Tax Rates The Rest Of Us Pay?

The truth is America has lost its way if commoners pay a rate of 40% but its billionaires pay next to nothing...

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