Tag Archives : IRS
Responding to Scandals and Corruption, the IRS Rewards Itself with Giant Bonuses
What do you do if you’re part of a government bureaucracy that has been caught red-handed engaged in sleazy, corrupt, and (almost surely) illegal targeting of Americans for their political beliefs? But before you answer, keep in mind that your bureaucracy also has been exposed for wasting huge amounts of money at lavish conferences. What’s […]
read more...
Why the IRS Persecuted the Tea Party and How to Fix the Problem
Did President Obama and his team of Chicago cronies deliberately target the Tea Party in hopes of thwarting free speech and political participation? Was this part of a campaign to win the 2012 election by suppressing Republican votes? Perhaps, but I’ve warned that it’s never a good idea to assume top-down conspiracies when corruption, incompetence, […]
read more...
FATCA and US fiscal imperialism threaten to sink global economy
This article appeared in The Daily Caller.
read more...The “National Taxpayer Advocate” at the IRS is Advocating for the Government, Not Taxpayers
I’m not a big fan of the Internal Revenue Service, though I try to make sure that politicians get much of the blame for America’s convoluted, punitive, and unfair tax code. Heck, just look at these three images – here, here, and here – and you’ll find startling evidence that politicians make the tax system […]
read more...Everything that’s Wrong with the Tax System, in a Single Picture
I used to think this image was a damning indictment of the internal revenue code. Or here’s another chart showing how the tax system has become more convoluted over time. But this new image may be the most effective of all of them. We don’t know what’s in the other 72,000 pages of tax code, […]
read more...The Wall Street Journal’s Primer on Capital Gains Taxation
One of the principles of good tax policy and fundamental tax reform is that there should be no double taxation of income that is saved and invested. Such a policy promotes current consumption at the expense of future consumption, which is simply an econo-geek way of saying that it penalizes capital formation. This isn’t very […]
read more...
CF&P Applauds Senate Scrutiny of Destructive FATCA Law and New Tax Information Sharing Agreement
Four US Senators are demanding details from Treasury Secretary Timothy Geithner regarding a recent plan to impose significant financial burdens on US institutions in exchange for international compliance with the burdensome FATCA (Foreign Account Tax Compliance Act) law.
read more...
CF&P President: Congressional Vote on IRS Regulation is First Step in Reasserting Proper Legislative Role in Policymaking
Last week the House of Representatives voted with bipartisan support (251-165) to approve an amendment to the Red Tape Reduction Act (H.R. 4078) that would include the recently adopted IRS regulation requiring reporting on nonresident alien interest deposit information among the regulations to be delayed until unemployed drops below 6%.
read more...
CF&P President Andrew Quinlan Denounces IRS Adoption of Destructive, Job Killing Regulation
The IRS has announced that they will adopt an unpopular proposed regulation to require reporting of interest paid to nonresident alien depositors. The interest is not taxable under the US tax code, and both lawmakers and experts predict it will result in a loss of foreign investment in the US.
read more...
Tax Day is Again Upon Us
It’s almost that dreaded time of year again: Tax Day. As if reaching deep into our wallets to fund profligate government spending isn’t bad enough, Americans also bear a tremendous hidden cost just to comply with the tax code. At over 3.8 million words, the tax code has 850 times more words than the U.S. […]
read more...