Tuesday, April 19, 2011

Taxes and the Economy - #2827a - Where the Tax Money Is - Wall Street Journal (2) VIDEO: Greta Van Susteren Has Near Death Experience Holding Up Massive Tax Code - Fox (3) 20 Tax Facts That Will Blow Your Mind - The Blaze

A dominant theme of President Obama's budget speech last Wednesday was that our fiscal problems would vanish if only the wealthiest Americans were asked "to pay a little more." Since he's asking, imagine that instead of proposing to raise the top income tax rate well north of 40%, the President decided to go all the way to 100%...... Consider the Internal Revenue Service's income tax statistics for 2008, the latest year for which data are available. The top 1% of taxpayers—those with salaries, dividends and capital gains roughly above about $380,000—paid 38% of taxes. But assume that tax policy confiscated all the taxable income of all the "millionaires and billionaires" Mr. Obama singled out. That yields merely about $938 billion, which is sand on the beach amid the $4 trillion White House budget, a $1.65 trillion deficit, and spending at 25% as a share of the economy, a post-World War II record.Say we take it up to the top 10%, or everyone with income over $114,000, including joint filers. That's five times Mr. Obama's 2% promise. The IRS data are broken down at $100,000, yet taxing all income above that level throws up only $3.4 trillion. And remember, the top 10% already pay 69% of all total income taxes, while the top 5% pay more than all of the other 95%.  Read more........


Greta Van Susteren has Near Death Experience Holding up Massive Tax Code - Fox - ..... By “battle,” of course, is meant simply the segment in which Van Susteren and Barnes weed through certain portions of the 8,000 page tax code and attempt to make sense of it. Barnes, on his part, reminds the audience that he has ample experience with filing taxes and took a tax law course at Wharton and still has no idea what most of the code says, highlighting a particularly ridiculous section entitled the “Easement for Harmonious Shapes and Textures,” which aids individuals who may have farmland on their property.  “It’s obscene the way this is written. It’s incomprehensible,” Van Susteren laments, concluding that, saddest of all, “no one in Washington is going to tackle this.”  Read more.......



20 Tax Facts That Will Blow Your Mind - The Blaze - In honor of tax day, Business Insider put together a slide show on the 20 tax facts that will “make your head explode.” Here’s a sample: 1. The IRS has more employees than there are people in Flint, Michigan (106K vs 102K). 2. Americans spend $28 billion and 8 billion hours each year doing their taxes. 3. The number of pages in the tax code has increased 16,775% in the past century. 4. You could fill Dallas with the number of accountants Americans hire to help with taxes each year (over a million).  Read more.......

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