Is the U.S. Bankrupt?
[332Kb PDF] Laurence Kotlikoff, writing in this month's Federal Reserve Bank of St. Louis Review
, says "yes" - to the tune of $66 trillion! [more inside]
posted by ikkyu2
on Jul 16, 2006 -
From estate tax to 'death tax'
Public Citizen released a report
[PDF link] today that "reveals how 18 families worth a total of $185.5 billion have financed and coordinated a 10-year effort to repeal the [U.S.] estate tax, a move that would collectively net them a windfall of $71.6 billion." The rich get richer...
posted by tippiedog
on Apr 25, 2006 -
Oregon man gets jailtime for website.
There's a lot you can do on the internet, but "cheating" the state out of tax revenue is a crime. "Washington County Circuit Judge Michael McElligott found Eric Ivan Guthrie not guilty of racketeering and computer crime for selling cigarettes through the now-defunct Inexpensivesmokes.com Web site. However, McElligott found Guthrie guilty of doing business as a cigarette distributor without a license, two counts of unlawful distribution of cigarettes for not affixing the packs with Oregon revenue stamps and five counts of failing to comply with tobacco sale requirements for not verifying that buyers were at least 18 years old. Oregon Department of Revenue has the names and sales receipts for 7,500 people who bought cigarettes online without paying the state tax of $1.18 a pack. A small percentage have been sent bills, and officials are determining how many others will be asked to pay the state". This seems wrong.
posted by Mack Twain
on Aug 21, 2005 -
"With 1.4 million employees worldwide, Wal-Mart's workforce is now larger than that of GM, Ford, GE, and IBM combined. At $258 billion in 2003, Wal-Mart's annual revenues are 2 percent of US GDP,
and eight times the size of Microsoft's. In fact, when ranked by its revenues, Wal-Mart is the world's largest corporation." The real cost belongs to the taxpayer, as this report (PDF
through Google), by the Democratic Staff of the House Committee on Education and the Workforce, makes clear. A "total annual welfare bill of $2.5 billion for Wal-Mart's 1.2 million US employees."
posted by OmieWise
on Dec 20, 2004 -
It's the stupid, economy.
I'm no economist
, but I'm reminded of the underpants gnomes
business strategy when I read this
. Obviously there is a political component (to the story) but what the $!@(# are the nuts and bolts? Why is pressuring economic engine states (California, New York) a good thing?
(registration to the L.A. Times ... sry) Pretty much the same story here
posted by Smedleyman
on Dec 5, 2004 -
Mr. Bush's first big political move.
Banning gays? Killing babies to produce oil? No, tax reform! What? Nothing sinister in that, you say! Except he might totally do away with the current system and create a flat tax or national sales tax. Quick, everyone read up on flat taxes,
and national sales tax
! Blogger's favorite economist Atrios gives his two cents
. With everything going on, it is almost nostalgic to see tax reform become an issue.
posted by geoff.
on Nov 8, 2004 -
Bush says tax cuts stimulate the economy. Unfortunately, he's fallen more than 2.2 million jobs short of the projection made by his own economists.
posted by Postroad
on Jul 28, 2004 -
Canada's current Prime Minister, running for re-election for the Liberal
party, suggests that voting for him will prevent us from being like the US in his latest television AD
campaign (sorry, they only make a WiMP 9 version available). Will your country be next?
posted by shepd
on May 26, 2004 -
is a consumption tax designed to replace the entire federal income tax system, including personal, payroll, corporate, self-employment, capital gains, gift, and inheritance taxes. [more!!]
posted by hama7
on May 1, 2004 -
A flood of red ink This time the turnaround will be much tougher. There will be no “peace dividend” from the end of the cold war (indeed, the pressure on military spending may continue to increase). America is unlikely to see another stockmarket bubble, with its surge in tax revenues. As baby-boomers retire, the pressure from entitlement spending will be more acute. Set against this background, the path back to a sustainable fiscal policy will be extremely painful, even without any dramatic fiscal crisis. Long after Dubya is back on his ranch, Americans will be trying to recover from the mess he created.
posted by y2karl
on Nov 6, 2003 -
Money Saving Expert
is a site for UKians, to play the credit card game and win, save tax, understand consumer rights, and generally be more savvy in all things fiscal.
posted by Blue Stone
on Sep 30, 2003 -
about the legality
of the IRS, and about people
who've managed to avoid paying income taxes based on the lack of legality of the IRS itself. Is any of this real, or simply people trying to make a buck selling a book or two? And if the IRS is fraudulent, what can a citizen without massive fundage do to fight it?
posted by woil
on Aug 25, 2003 -
"We've got a conservative, evangelical Christian,Republican governor, trying to get a massive turnout of black voters to pass a tax increase
so he can raise taxes on Republican constituents." Alabama Governor has massive and unexpected change of heart.
posted by jonson
on Aug 18, 2003 -
Monetary Policy in a Zero-Interest-Rate Economy [pdf]
This report written by the Dallas Fed
is amazing. Amongst other things, it outlines a plan to tax your savings
as a way to continue to stimulate consumption should rates
fall to zero. While opinions of the 'fed
range from worship to outrage, their actions raise some serious questions. Why does this unelected
group wield so much power? At what point are their actions (taxing savings) a violation of our property rights? If our economy is built on capitalism, why can we not be capitalists and embrace the opportunity presented by both boom and bust? At what point are we a command economy
posted by H. Roark
on Jun 19, 2003 -
The bait and switch.
A last-minute revision by House and Senate leaders in the tax bill
that President Bush signed today will prevent millions of minimum-wage families from receiving the increased child credit that is in the measure.
posted by four panels
on May 29, 2003 -
Quick, Hide The Body!
"...But the Bush administration chose to keep the findings out of the annual budget report for fiscal year 2004, published in February, as the White House campaigned for a tax-cut package that critics claim will expand future deficits.
The study asserts that sharp tax increases, massive spending cuts or a painful mix of both are unavoidable if the US is to meet benefit promises to future generations. It estimates that closing the gap would require the equivalent of an immediate and permanent 66 per cent across-the-board income tax increase."
posted by owillis
on May 28, 2003 -
the CEO of Berkshire Hathaway
seems to disagree
with the Bush clan on tax cuts.
"As owner of 31 percent of Berkshire, Buffett would receive $310 million in extra income if the company decided to pay $1 billion in dividends next year; his tax rate would plunge to 3 percent, while the rate of Berkshire's receptionist would remain at 30 percent."
posted by CrazyJub
on May 20, 2003 -
Turncoats in Bermuda shorts
. Arianna Huffington continues to skewer offshore tax shelters in her latest Salon opinion piece. Despite her patriot-speak denouncing these corporations for avoiding taxes while our young men are getting ready to die for their country, she does shine the light on a growing problem – “basic fairness and economic justice” – or, the lack of it. How can the average American not be outraged at this, when so many of us are expected to be able to account for even the smallest charitable donation we would dare to use as a tax write-off?
posted by archimago
on Mar 13, 2003 -
Bush Cited Non-Existent eport
There was only one problem with President George W. Bush's claim
Thursday that the nation's top economists forecast substantial economic growth if Congress passed the president's tax cut: The forecast with that conclusion doesn't exist.
posted by orange swan
on Feb 24, 2003 -
Three-Volume report on Enron released today
Among the findings: "Enron paid zero federal income taxes from 1996 to 1999, despite reporting $2.3 billion in net income during the period" (from the linked article); executives took "1.4 billion" in compensation packages (SFGate has a piece on that
.); and myriad details about the complicated machinations involved to pull this off (Mercury News
). I am among the outraged though, frankly, I feel like they were just taking advantage of the system as it is was in place. If the economy hadn't tanked, this stuff might never have come out.
posted by amanda
on Feb 14, 2003 -
Most state tax systems are regressive.
That's the thesis of "Who Pays: A Distributional Analysis of the Tax Systems In All 50 States" published by the Institute on Taxation and Economic Policy. The writers argue that states actually augment the effects of the Bush tax plan by replacing income taxes with sales and property taxes, a move that disproportionately hurts the poor and middle classes. Scroll down to the charts to see how your state matches up. (Link is PDF 653 KB, and is summarized at TomPaine.com.
Via Talking Points Memo.
posted by PrinceValium
on Feb 13, 2003 -
Millionaires' Havens, Heavens And Hell Holes:
Ghastly, depressing Monaco
comes in for a deserved drubbing from Philip Delves Broughton in this week's Spectator
. The idea of billionaires surfing the Web looking for a hide-out makes me giggle and gag, but it appears poor people can play too. Have a look at (free!) e-zine Escape From America
; run your index finger down a list
of tax havens
and choose the
you'd scarper off to, if your money problems, whether from excess or lack of money, ever become too [sorry...
posted by MiguelCardoso
on Nov 29, 2002 -
Karl Frank Kleinpaste is on trial
defending himself for tax evasion claiming that he lives in the 'Democratic Republic of Pennsylvania' and is therefore not duty bound to pay federal income tax. Some
think that this will not go very well for him while others encourage
the masses to do the same.
posted by Raichle
on Nov 21, 2002 -
A Seattle group is pressing for a tax on espresso.
And recently they've collected the 17,000 signatures
necessary to put the issue on the ballot. I'll be the first to mark myself out as a raving anti-taxation loony, but I generally accept things such as the income tax as a necessary evil given our current governmental structure. What annoys me about initiatives like this, however, is the selectiveness of it -- with an income tax, everyone pays proportionately. When you go taxing espresso, you're making some random group that you arbitrarily select pay for something they may not have any concern for. This is a step beyond sin-taxing, in that there is usually a link, however tenuous, between the tax and what it is meant to pay for. Is there any logical connection here?
posted by jammer
on Aug 5, 2002 -
UnificationChurch Under Siege in Brazil
Rev. Moon's massive land purchases lead to major search-and-seizure operation. Money laundering and other no-no activities. This cult, the Avis to Scientology's Hertz, has paid President Bush I handsome money to speak in their behalf when they began operations in Brazil. They also own the Washington Times, Insight Magazine and many many other businesses, including a university, jewelry stores nationwide, and a ballet company. Their found, Rev. Moon, a convicted felon (taxes). Rumored to get money from Japanese mob to do their conservative activities, and now want to open car plant in China. Gone the days of merely selling roses.
posted by Postroad
on May 14, 2002 -