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Taxing Olympic Athletes

Athletes tax their bodies.  The U.S. taxes athletes.  As Yakov Smifnoff might say, "What a country!" To put it plainly the IRS defines income as 'everything unless we specifically say it's not.'  There's a method to the madness.  Imagine a scenario where a handful of specific items are classified as income.  The result is we'd all scramble [...]

Supreme Court Ruling on Obamacare First Step onto Proverbial Slippery Slope

Much has been written about last week's Supreme Court ruling on Obamacare - specifically the compulsory portion known as the "individual mandate."  Reactions have largely focused on the tax hikes coming in 2013 that will pay for it, speculation about how (un)affordable health care may be in the future and the headwind likely facing the [...]

Obama’s Income in Top 1%

According to recently released tax returns President Obama and his wife paid a 20.5% federal tax rate on $789,674 in Adjusted Gross Income ("AGI") for 2011.  This level of income lands the Obama household in the top 1% of US households when compared to the median income of just under $50,000. And what will President [...]

TaxMasters Learns Karma is a B*tch!

From the immortal Pauly Shore came this gem:  "Karma is a bitch!" Last week TaxMasters, the firm claiming to solve everyone's IRS problems, filed for bankruptcy making it the latest high profile tax resolution firm (following JK Harris and Roni 'Tax Lady' Deutch) to go out of business. There's no need to fret.  For those who missed their opportunity to be taken by [...]

Policy or Politics?

Later today President Obama will make a speech in New Hampshire aimed squarely at voters who can't help but notice the recent rise in gasoline prices.  But will his words reflect his policy (lack thereof to be precise) or his politics? President Obama is expected to call for increased domestic production.  Similarly he's expected to [...]

Obama’s Corporate Tax Plan Reveals Much about the Emperor’s New Clothes

In a move that makes eminent economic sense the Obama administration is set to ask Congress to reduce the corporate tax ratefrom 35% to 28%.  In doing so a number of so-called "loopholes" will be reduced or eliminated. Reduce the rate and broaden the base?  Bingo!  That's how to increase revenue.  That's precisely the type of [...]

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