Tag Archives: Tax Code

A Plan to Simplify the Tax Code for Businesses and Give Working Families a Better Deal

By <a href="/author-detail/3699933">Megan Slack</a>

President Barack Obama delivers remarks on the economy at the Amazon Chattanooga Fulfillment Center

President Barack Obama delivers remarks on the economy at the Amazon Chattanooga Fulfillment Center in Chattnooga, Tenn., July 30, 2013. (Official White House Photo by Amanda Lucidon)

Today President Obama traveled to Chattanooga, Tennessee today to talk about the first and most important cornerstone of middle class security: a good job in a durable, growing industry.

“We should be doing everything we can as a country to create more good jobs that pay good wages,” President Obama said. And plenty of independent economists, business owners, and people from both parties are already in agreement on some of the ingredients that we need for creating good jobs, he explained:

Putting people back to work rebuilding America’s infrastructure. Equipping our kids and our workers with the best skills. Leading the world in scientific research that helps to pave the way for new jobs in new industries. Accelerating our clean energy and natural gas revolutions. Fixing a broken immigration system so that American workers aren’t undercut, undermined because some businesses are unscrupulous and hiring folks and not paying them decent wages.

“We're not lacking for ideas, we're just lacking action, especially out of Washington,” he said.

“So I’m going to try offering something that serious people in both parties should be able to support: a deal that simplifies the tax code for our businesses and creates good jobs with good wages for middle-class folks who work at those businesses.”

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Source: FULL ARTICLE at The White House

The Dirty Little Trick Washington Loves To Use On You

By Floyd Brown

Last week, we decoded Obama’s budget proposal for you. This week, we’re taking it a step further – we’re going to explain the language politicians on Capitol Hill use everyday.

Seriously, are you ever confused by what you hear from Washington? It’s no surprise if you are. Everyone is.

And it’s not our fault. America is a country full of plain-spoken people. Good-hearted people who mean what they say and say what they mean.

But Capitol Hill lives in an alternate reality. Members, staff, and even the media up here don’t often say what they mean. Instead, they say what they think you want to hear.

Misuse of language is a truly bi-partisan affliction in our government. Even a cursory review of congressional speeches reveals a pattern of language manipulation.

And it creates great animosity toward our leaders. Words are used by members of Congress to mislead – call it a blueprint for illusion, obfuscation, and distraction.

Indeed, the congressional dictionary has words with unusual meanings. So today, I’m going to help you decipher the words found in the secret Capitol Hill dictionary.

Investment

This is the congressman’s code word for government spending. When he or she says “we require more investment,” they really mean: “we must increase spending on some pet project.”

The word “investment” seems reassuring. Typically, it connotes a venture that will generate a profit.

On Capitol Hill, nothing could be further from the truth. The returns envisioned are political or personal. A supporter or the member themselves is benefiting by receiving greater influence or aid… but a profit? No way.

Pay a Fair Share

This phrase is used by congressmen seeking the redistribution of wealth.

But what it actually means is that entrepreneurs and other productive business owners are not paying adequate taxes, and more of their income ought to be “contributed” to the authorities for redistribution to deserving constituencies.

Congress never offers a criterion as to what is a “fair share”. Naturally, a congressman’s boosters are contributing their “fair share”, regardless of how much they actually pay. Normal Americans, on the other hand…

Revenues

A representative may frequently talk of the necessity of increasing revenues.  Many times, they use this word in conjunction with the phrase “millionaires and billionaires.”

Be aware: this almost always means taxes are headed higher.

Millionaires and billionaires, from the vantage point of Capitol Hill, include most middle class families. Sometimes it means any family making more than $250,000. But as in the case of the fiscal cliff deal sealed this January, millionaires and billionaires meant everyone.

Trust me, math skills are absolutely not a requirement to be in Congress. In fact, it’s best if you don’t understand the huge numeric difference between 250,000 and one billion. Understanding math would just introduce far too much logic into the equation.

Spending Reductions

This word has the most bizarre meaning of all.

In the Tax Code, spending reductions have nothing to do with spending at all. Spending reductions just means higher taxes.

So why the confusing language? Well, every congressman likes to assume the mantle of deficit hawk. So they call a tax increase a spending reduction.

Here is

From: http://www.westernjournalism.com/the-dirty-little-trick-washington-loves-to-use-on-you/

Pro Athlete Tax Returns Illustrate Complexities of U.S. Tax Code

By Kurt Badenhausen, Forbes Staff

Republican Elephant 2 SC GOP lawmakers blast Labor secretary nominee

This is a guest post from K. Sean Packard, CPA, who is Director of Tax at OFS. He specializes in tax planning and the preparation of tax returns for pro athletes. He can be reached at sean.packard@ofswealth.com and on Twitter at @AthleteTax.

From: http://www.forbes.com/sites/kurtbadenhausen/2013/04/15/pro-athlete-tax-returns-illustrate-complexities-of-u-s-tax-code/

Congress May Not Rewrite the Tax Code in 2013, But They Can Make It Simpler

By Howard Gleckman, Contributor

As regular readers of Tax Vox know, I don’t believe there is much chance President Obama and Congress will agree on individual broad-based tax reform in 2013. Without a deal on how much this new tax system should raise, talking about a big rewrite is futile. However, Obama and Congress still have an opportunity to do something very useful: Clean up the law so it is simpler and smarter. …read more
Source: FULL ARTICLE at Forbes Latest

A Beginner's Guide To Taxes: Do I Have To File A Tax Return?

By Kelly Phillips Erb, Contributor

Tax season can be intimidating for seasoned pros, not to mention the fear it strikes into the hearts of newbies. To help you out (and inspired by the smart and savvy @samsharf), I’ve put together a series on getting started with your taxes. WAIT! DON’T STOP READING! Even if you’re not a newbie – maybe you’ve done your own taxes for years or maybe you have a tax pro who does your taxes for you – there might be a tip or two for you here, too. Since 2001, Congress has made nearly 5,000 changes to the Tax Code bringing it to nearly 4,000,000 words. That’s a lot to take in. It’s constantly changing. And nobody – not even Nate Silver – can know everything. …read more
Source: FULL ARTICLE at Forbes Latest