658 results for search: AXE


Taxes, Spending, and Tax Credits Out of Control under Kurt Schaefer


IRS has been ‘bungling’ back taxes for more than two decades

The software used by the IRS to attribute payments to taxpayer accounts has had drawbacks for nearly two decades that could, if left unresolved, leave taxpayer data open to “increased risk of inappropriate and undetected use,” according to a Government Accountability Office report. The Washington Examiner has the details. Since at least the mid-1990s, the tax agency's software has been unable to attribute taxes received to the accounts of specific taxpayers who owed back taxes. Instead the IRS has employed a labor intensive statistical estimation process to track $9 billion in adjustments during Fiscal Year 2015, the report states. "Bas...

Grappling with Obamacare taxes

Despite administration denials, it’s been well established that the Affordable Care Act is one large tax. Some estimates[1] put the tax-hike count in Obamacare at 18. In fact, there’s barely anyone the law doesn’t tax; it hits doctors, state governments, insurance companies, consumers, device makers and pharmaceutical companies. Consumers are already grappling with the individual mandate, and the tax it carries if they fail to buy health insurance. States are forking over $700 million in 2014 just to pay for the tax on new Medicaid health plans. And just a few weeks ago, an $8 billion tax[2] on the insurance industry took effect. There’s ...

Unpaid Taxes Worth Half U.S. Deficit

Earlier this year, Democrats successfully garnered $600 billion in tax increases over the next decade. Not satisfied with this redistribution of the American people’s money, they are now pushing for another $50 billion to replace a portion of sequestration cuts. America has a spending problem, not a tax revenue problem, so tax increases should be out of the question as Congress examines a possible budget deal. However, that does not mean the code should remain as it is. Loopholes and credits create unfair market distortions that reward special interests at the expense of the American people as a whole. Rather than raise taxes, however, two IRS ...

Apple, demonized for taxes, participates in the Beltway’s revolving door

Last week, Apple was hauled in for an inquisition in front of a Senate subcommittee for not paying what the subcommittee thought was enough taxes – even though the company pays all it is legally required to. Tea Party Patriots offered a scathing assessment shortly afterwards: So let’s get this straight: Congress has provided U.S. corporations the highest corporate tax in the industrialized world. In order to please various constituencies, Congress then enacted loophole after loophole to bring the net corporate tax rate down for favored companies. Apple took advantage of the loopholes Congress passed. Apple did not break any laws, yet ...

Congressman confuses taxes and charity

Last week, the CEO of Apple was called in for an inquisition by a Senate Subcommittee over the company’s low net tax rate. As Tea Party Patriots wrote at the time: So let’s get this straight: Congress has provided U.S. corporations the highest corporate tax in the industrialized world. In order to please various constituencies, Congress then enacted loophole after loophole to bring the net corporate tax rate down for favored companies. Apple took advantage of the loopholes Congress passed. Apple did not break any laws, yet Congress targeted them. Based on statements made by members of Congress, Apple was likely targeted because of ...

Axelrod says government too vast

Too vast for the President to know everything that is going on inside it, that is. From The Corner: The government is simply too big for President Obama to keep track of all the wrongdoing taking place on his watch, his former senior adviser, David Axelrod, told MSNBC. “Part of being president is there’s so much beneath you that you can’t know because the government is so vast,” he explained. The link is worth following, if only because Axelrod gets hammered by Joe Scarborough for the backhoe-sized load of garbage he is dealing out. Apparently, though, this is the excuse for corruption – government is too big to keep track of. Which ...

Internet businesses, taxes, & Senator Mitch McConnell

In late April, Senate Minority Leader Mitch McConnell (R-KY) spoke against the Marketplace Fairness Act. The Senator’s comments – seen in full here – deserve both criticism and praise for philosophically sound positions and an awareness of the complexity of America’s various tax codes mixed in with factually inaccurate assessments of the Act. First, where the Senator was correct. As part of his statement, Senator McConnell said there are “there are nearly 10,000 state, local and municipal tax codes nationwide.” Glenn Kessler examined this at The Fact Checker, and found the following: McConnell’s office said he got the figure from ...

Shocking update: The President’s budget aims for more taxes, more spending, and more debt

Today, President Obama released his budget for the 2014 fiscal year. Coming just a little over two months past the legal deadline for the budget, it’s as bad as anyone would expect: President Obama plans Wednesday to unveil a $3.77 trillion spending plan that proposes modest new investments in infrastructure and education, major new taxes for the wealthy and significant reforms aimed at reducing the cost of Social Security and Medicare. The President’s budget forecast looks pretty bad as well: While the nonpartisan Congressional Budget Office forecasts $3.6 trillion in outlays in the fiscal year that begins in October, Obama calls for $170 ...

Speaker Boehner, Rep. McCarthy err on taxes

In late February, both House Speaker John Boehner (R-OH) and House Majority Whip Kevin McCarthy (R-CA) argued record revenue for federal coffers proves there’s no need to raise taxes. Here is what the Speaker said: “The president got his tax hikes in January. The federal government will have more revenue this year than any year in our history. It’s time to tackle spending. Period.” Whip McCarthy added: "We have more revenue in in 2013, projected, than at any other time….You’ve got more money going into the coffers today than at any other time….In the last four decades, on average, we brought in 17.9 percent of GDP. Now we're going ...