Home > Federal, National > A country is crisis (so goes it tax code); Ramped up Class warfare; and Are you a 93%er? the real story, why most of the Occupy idiots are really 7%ers!

A country is crisis (so goes it tax code); Ramped up Class warfare; and Are you a 93%er? the real story, why most of the Occupy idiots are really 7%ers!

April 17, 2012

Senate Defeats ‘Buffett Rule’ April 16, 2012 Senate Republicans with help from a few Democrats (and a few Senators that didn’t vote at all) defeated President Barack Obama’s so-called “Buffett Rule” in a 51-45 procedural vote Monday.

Obama (Actually) pays lower effective tax rate than his secretary. (Unlike the claims about Buffett who does not, Buffett is actually taxed twice and collectively pays a much higher rate, you dopes.)

Obama’s (class warfare) Buffett Rule would have actually decreased tax revenues (thereby creating more economic crisis, thereby giving the Obama loons cause, in their own twisted minds, to attack the rich some more!)

Our troubling tax system

by Meredith Jessup

It’s April 17 — Have you filed your taxes yet?

We can all agree that taxes are a pain, but they are the price we pay to live in a civilized society, right?  Eh, not so much.

While this idea may have been true at one time, the U.S. tax code gets more and more complex every year, leaving the United States at a powerful competitive disadvantage in the world.  Many aspects of our current tax code even violate basic civil liberties.  It’s become a system plagued by increasing complexity and inefficiency:

In the first year of the income tax in 1913, the 1040 tax form came with just one page of instructions. This year the instruction book for the 1040 is 189 pages long.

That’s just one IRS tax form, but there are more than 500 others. Consider, for example, that the number of special tax breaks for energy has soared from 11 in 1995 to 26 today, and each break has separate tax forms, instructions, regulations and other paperwork.

The total quantity of federal tax rules is gigantic. Tax publisher CCH collects all the paperwork in one volume, and it currently spans 73,608 pages and covers nine feet of shelf space. That is more than triple the volume of tax rules as recently as the 1970s, as shown in the chart.

Our troubling tax system

The Cato Institute dissects these and other troubling aspects of our tax system in a new video:

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Are you a 93%er?

Posted April 16, 2012 at 11:03 am by Meredith Jessup

New statistics compiled by the Internal Revenue Service offer a detailed look at which Americans pay the vast majority of taxes.  According to the IRS, Americans making over $50,000 paid 93.3% of all federal taxes paid in 2010.  These people had an effective tax rate of 14.1%.  In contrast, those Americans making less than $50,000 had an effective tax rate of 3.5% and their total share of the tax burden was just 6.7%.

Americans making more than $250,000 had an effective tax rate of 23.4 percent and their total share of the tax burden was 45.7 percent.

Out of the 143 million tax returns that were filed with the IRS in 2010, 58 million – or 41 percent – of those filers were non-payers.

In other words, only 85 million actually paid taxes.

But Tax Foundation data also shows that people who didn’t pay any income tax received $105 billion in refundable tax credits from the IRS.

This tax loophole really exists

Posted April 17, 2012 at 2:14 pm by Eddie Scarry

Rent a cow, get a tax breakRent a cow in Florida, get a tax break.

“It’s kind of symbolic of a lot of the problems we see with the tax code today,” Carl Davis, a senior analyst with Citizens for Tax Justice, told me, “of how needlessly polluted and complicated and loophole ridden it is.”

It was reported in 2006 that Walt Disney World was saving $1.5 million each year by taking advantage of this loophole.

[The Atlantic]

OK, that story almost seemed to stupid to report, except it’s true. Speaking of such things, here’s another:

(Oh by the way, here’s a little shout out to the Hollywood Left that we so loathe):
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