Isiah 1:17- Learn to do well. Seek justice, Relieve the oppressed, Judge the fatherless, Plead for the widow.
[VIDEO] I know this has been discussed and have little issue with the idea of abolishing the IRS. However, what does doing this entail? Does this mean prices go up for the essential goods (say the staples in your kitchen for example)?
Realistically without a solid plan this may or may not happen. At the same time I can't conceive of any issues with no more filing taxes and keeping more of my income.
When I saw this post from IG, I was all for it.
Every once in a while you would hear about President Donald Trump talking about eliminating the income tax. He could start with the 16th amendment of the U.S. Constitution.
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
What Trump has been talking about is eliminating or cutting taxes on overtime and on tips. As far as tips there has been movement in Chicago at least to eliminate tips. Tips is of course for workers such as servers or bartenders to make some extra income.
Either way, who knows if Trump is serious about eliminating the 16th Amendment. Amending the constitution seems like a long and difficult process anyway.
At least the repeal prohibition amendment (18th Amendment) wasn't exactly an unpopular deal during the Great Depression. How much support would repealing the 16th Amendment receive?
Also, I'm all for Trump and Elon Musk's D.O.G.E. having a look at what goes on with the Internal Revenue Service.
Also, it came out the President wants the U.S. Treasury to cease production of the penny. This was something that was mentioned last month. It cost more to produce a 1¢ coin and I'm for it, now does this mean that prices will be rounded to the nearest nickel. If that's the case I'm for it!
I just hope prices for goods and services doesn't increase as a result.
[VIDEO] The taxes and the cost of living in the state of New York or at least the New York City area and Long Island. He mentions tolls, parking, utilities, the cost of housing (shelter), etc.
Then he mentions places that probably would be a lot cheaper including Boston, MA of all places. What do they call Massachusetts - Taxachusetts. They're cheaper place to live than New York? Really?
If it's all about taxes where is that money going?
[VIDEO] Video via FOX Business it seems the BLM Global foundation has ran afoul of authorities in California and Washington state of all places and has been barred from even accepting donations for the time being. And even the feds, think IRS are looking into this. Let's say the time of this pandemic has been something of a boon for them especially after the death of one George Floyd. Another significant thing that happened with them is the scrutiny of Patrice Cullors who left BLM not long after her own finances came under scrutiny.
[VIDEO] The former mobster discusses a number of things that happened last year, however, he starts off with the IRS wanting you to report your illegal income or even stolen property. That's been getting around as of late and that's strange isn't it. Basically providing evidence of illegal activity because the IRS wants those taxes.
Of course he doesn't stop there, however, with a new Brandon administration the coronavirus pandemic still ongoing, or even the botched withdrawal from Afghanistan 2021 was a very rough year to say the least. And before the new year there were already memes about 2020 too or two...
[VIDEO] "Let's go Brandon!"
You may have heard about this recently, the Biden/Harris administration wants to monitors transactions over $600 into bank accounts. USA Today fact checked this.
While the claim is based in reality, it gets many of the facts wrong. The claim’s assertion is a proposal by the Biden administration, not a decision set in stone. The Treasury cannot “declare” any changes to law, as that is a legislative power that belongs to Congress. And even if the proposal is adopted banks would not provide access to individual transactions, just the total amount flowing in and out of an account annually.
...
A May document from the Department of the Treasury outlines a number of the Biden administration’s revenue proposals for the 2022 fiscal year. The proposal referred to in the claim suggests introducing more comprehensive financial account reporting to “improve tax compliance.”
The latest IRS estimates show a tax gap of $166 billion per year between the tax owed by businesses (not counting large corporations) and the tax actually paid. The document says requiring comprehensive reporting on money flowing in and out of accounts "will enhance the effectiveness of IRS enforcement measures and encourage voluntary compliance."
To achieve that, the Treasury proposed requiring financial institutions to annually report the total amount of money that went in and out of bank, loan and investment accounts if those accounts hold a value of at least $600, or if the total is at least $600 in a year.
That means that if the total debits (funds flowing out of the account) and credits (funds flowing into the account) equal at least $600 — including deposited paychecks or money transferred from finance apps like Cash App or PayPal — banks would have to report those figures to the IRS.
However, the banks would not report details on individual transactions, like how the money was spent, only the total amount of money flowing in and out of the applicable accounts.
With this said, I'll let you read of this what you will. It's clear Ramsey has an issue with this, however, just bear in mind it's a proposal being floated as he and his co-host Ken Coleman seem to indicate.
Ramsey is a good source for advice on personal finance - among others - I'll just leave it here and let you all decide what to make of this info.
Having that information will help the IRS flag under-reported income and target enforcement activities on tax evaders, the Treasury said.
[VIDEO] This is America and whether or not you disagree or agree with a subject at least we can hold our views. We don't have to go strictly along party lines. For some reason this ad bothers me.
I've mentioned this on occasion recently that Illinois voters will vote on a constitution amendment to allow the state to levy a tax on income according to thier particular income level. This "fair tax" is advertised here as an income tax hike on the rich and a huge tax cut for those who aren't wealthy.
What's amazing to me is that they got two men one Republican and one Democrat from two different Illinois cities to make this ad. I wonder if they found two actual voters or they have actors reciting lines. I can't really believe a Republican is OK with this idea of taxing the rich and believing he might get a tax cut out of it. But then who knows, I'll let you decide.
[VIDEO] This video from Prager U was presented by Freedom Works economist Stephen Moore. The differences between these so-called progressive liberal blue states vs. these conservative red states.
Extrapolated for our purposes as the viewer are the differences between California, Illinois, and New York vs. Florida, Tennessee, and Texas. The progressive liberal states who have these well intended policies that are supposed to be beneficial towards minorities, low income, and the working class vs. the idea of the state that governs least is most beneficial towards the same groups.
I want to share this with in that same vein and shared a video about that earlier this summer. Moore even notes the circumstances of Minneapolis, Minn that is noted in this Stossel vid.
I would also offer this example with regards to California, bad policies are causing people and companies to leave. There is an interesting discussion there with regards to Illinois here in this post where Ben Shapiro talks about leaving California with his company.
Incidentally I found this meme via John Ruberry on Facebook it fits how some view the situation in Illinois
Since a centerpiece of the above video is basically taxes, this has become a sticking point in this state. The man you see above is the Governor of Illinois J.B. Pritzker and part of his platform to knock off incumbent Gov. Bruce Rauner was what he's referred to as a fair tax. What he wants is a progressive or graduated income tax in this state.
When our state's constitution was written in 1970 it allowed the state to levy a flat income tax (Article IX, section 3) at that point in time. From 1818 to 1970 - and also bear in mind income taxes were allowed federally by the 16th Amendment - in Illinois residents didn't have to pay an income tax. Levying a state income tax helped cost then Gov. Richard Ogilvie his job as this state's chief executive.
In this year's presidential election Illinois voters will yet vote on another amendment to the state's constitution allowing for a graduated income tax. I get the idea that there is a good chance it will be defeated and Gov. Pritzker has already created a scenario as far as this amendment not succeeding. If it does or doesn't succeed this could be another reason Illinois residents could leave the Land of Lincoln.
Robert Smith, the billionaire who made headlines last year after saying he would wipe off the student debt of the entire Morehouse College 2019 graduating class, is facing an investigation into potential tax crimes, according to a report from Bloomberg on Friday.
Bloomberg cited four unnamed sources, some of whom said the Justice Department and IRS agents had been investigating him for the past four years.
Federal authorities are said to be examining whether Smith - a billionaire tech investor and philanthropist who is the founder and CEO of Vista Equity Partners - owes taxes on $200 million in assets that were moved through offshore entities.
A key factor in the investigation, Bloomberg reported, is whether Smith was the beneficial owner of Caribbean entities that received proceeds from Vista's private-equity fund.
Some of those proceeds flowed through offshore entities into an American charitable foundation presided over by Smith, who is its founding director, the report said.
Ideas Illinois poll shows support slipping for graduated income tax https://t.co/ZXu5cBqwY6— Rich Miller (@capitolfax) June 11, 2019
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.Well all I have to say is, there's more research for me to do as far as taxation in this nation.
"Raising revenue was never my first choice," Preckwinkle said in November. "This measure provides important revenue, not only to avoid damaging cuts for public health and public safety systems, but also to expand our community-based interventions in both arenas. It also puts us on a stable financial footing for the next three fiscal years, during which we will not have to approve any additional tax increases."This article makes sure to note that this law was poorly written and it was made clear that no business people were at the table to help write this law and institute this tax. In fact a business group filed a lawsuit to block the tax back in June. There was an injunction that was recently lifted that allowed for the ultimate implementation of this tax which was originally supposed to start in July.
Cook County is depending on the tax revenue. It had been expecting the tax to bring in $67.5 million this year and $200.6 million in 2018.
The county lost about $20 million from not being able to collect the tax in July, said Frank Shuftan, a spokesman for Preckwinkle. It will have to make up that money in order to balance the budget, and that could mean layoffs. Shuftan said a small number of employees have already been laid off, but he couldn't provide an exact figure.
— Levois (@levois) August 3, 2017
Our county board prez wants $17 mil from those who oppose beverage tax challenge accepted #tweetyourreceipt https://t.co/h7Aqqa85cX— Levois (@levois) August 3, 2017
Yet there is also another America, where things work. One hint comes from what those bosses like to call the real economy. Recent numbers from the jobs market and the housing sector have been quite healthy. Consumer balance-sheets are being repaired. The stockmarket has just hit a record high. Some of this is cyclical: the private sector is rebounding from the crunch. But it also reflects the fact that, beyond the District of Columbia, the rest of the country is starting to tackle some of its deeper competitive problems. Businesses and politicians are not waiting for the federal government to ride to their rescue. Instead, as our special report this week shows, they are getting to grips with the failings Congress is ignoring.Of course let's note not all states are working the way you see in the examples here. Illinois continues to struggle and in fact there is even a debate over fracking here as well. This state is certainly looking for answers to jobs and economic growth and fracking is one although there are certain constituencies that want to get into the way of that.
One reason for optimism is that America’s inventors are as busy as they have ever been, and its entrepreneurs are seizing on their ideas with the same alacrity as always. Investment in research and development as a share of output recently matched the previous record, 2.9% of GDP, set at the height of the space race. America is home to 27 of the 30 universities that put out the most-cited scientific research—and it is still good at developing those ideas. Although many countries possess big reserves of oil and gas trapped in impermeable rocks, American businesses worked out how to free that energy and then commercialised that technology at a rapid pace; the resulting “shale gale” is now billowing the economy’s sails.
Some of the money for fracking technology came from the federal government, but the shale revolution has largely happened despite Mr Obama and his tribe of green regulators. It has been driven from the bottom up—by entrepreneurs and by states like North Dakota (see article) competing to lure in investors with notably more fervour than, say, France.
This fits a pattern. Pressed for cash, states are adopting sweeping reforms as they vie to attract investments and migrants. Louisiana and Nebraska want to abolish corporate and personal income taxes. Kansas has created a post called “the Repealer” to get rid of red tape and pays a “bounty” to high schools for every vocational qualification their students earn in certain fields; Ohio has privatised its economic-development agency; Virginia has just reformed its petrol-tax system.
In this second, can-do America, creative policymaking is being applied to the very problems Congress runs away from, like infrastructure spending. While the federal government twiddles its thumbs, states and cities, which are much shorter of cash, are coming up with new ways to raise money for roads, bridges and schools. Chicago has a special trust to drum up private funds to refurbish decrepit city buildings. Indiana has turned to privatisation to raise money for road-building.
Even education is showing some signs of change. The states are giving America’s schools their biggest overhaul in living memory. Forty-five of them are developing new curriculums. Tests are becoming more rigorous, and schools and teachers are at last being held accountable for results. Thirty-eight states have reformed teachers’ pay, tying it, in many instances, to their students’ exam results. Forty-two now allow independently managed, but government-funded, “charter schools”. It is too soon to tell what this upheaval will yield, but a long overdue shake-up is finally under way.
Regulation, innovation, infrastructure, education: each of these is crucial to competitiveness. Put together the small things happening in the states, and they become something rather big. That is the essence of the America that works.
