Tax Rascal

Congressman Rahall Gets Caught Double Dipping

Categories: Uncategorized
Congressman Rahall Gets Caught Double Dipping

The Tax Rascal may hate taxes, but we also believe that the law is the law, and that lawmakers specifically should obey the rules they expect the rest of us to follow.  Of course, not everyone believes the same as we do.

Take Congressman Nick J. Rahall II for example.  The congressman owns a house in his home state of West Virginia (in the district he represents) and like many members of Congress, owns property in Washington, D.C. as well.

Now D.C. has something called a homestead tax deduction, which basically means tax payers who own property in the city and actually live in that property as their primary residence (versus renting it out or running a business, etc.) are … Read more...

How Much Does Government Tax You?

Categories: Economy, Featured, Personal Finance, Politics, Tax Policy, Uncategorized
How Much Does Government Tax You?

How much of your paycheck will go to government in 2013?

The answer, of course, partly depends upon which state you live in, but the simplified answer can be stated this way: way too much!

Patrick Tyrrell at the Heritage Foundation has an excellent piece out that breaks down the approximate amount an average middle class single filer would pay in each state (see image to the right).  Naturally we need to control for certain variables, but this thought experiment is nothing short of scary regardless of one’s personal situation.

The federal income tax for 2013 will be around 28%, depending on what happens with the fiscal cliff.  Add to that the Social Security and Medicare payroll tax at 15.3% … Read more...

Our Prayers are with the Victims, Family Members in Newtown, CT

Categories: Uncategorized
Our Prayers are with the Victims, Family Members in Newtown, CT

The Tax Rascal and Rapid Tax would like to extend our deepest sympathies and condolences to the victims, families and everyone else affected by the tragedy in Newtown, CT earlier today.  In the immediate aftermath of this horrific shooting, we lift of up our thoughts and we pray for peace and healing.… Read more...

New ObamaCare Taxes Revealed

Categories: Business, Economy, Featured, Personal Finance, Politics, Tax News, Tax Policy, Uncategorized
New ObamaCare Taxes Revealed

When Nancy Pelosi was Speaker of the House, she famously quipped that Congress would have to pass the 2010 omnibus healthcare bill in order to find out what was in it.  Congress complied, and now America is starting to find out what is inside the bill come law: taxes, taxes and more taxes.

The Internal Revenue Service recently released new rules for investment income taxes on capital gains and dividends earned by so-called “high income” payers.

Enter: the first surtax to be applied to capital gains and dividend income at 3.8%.  But the surtax is more complicated than it seems, because it applies to a broad range of investment securities such as stocks, bonds, commodity securities, specialized derivatives and more.… Read more...

Union Shakes Down Tax Payers

Categories: Economy, Featured, Politics
Union Shakes Down Tax Payers

Across the nation local governments are having to cut back due to the constraints of economic reality.  Yet as everyone is asked to sacrifice, some unions simply refuse to do so.  There are those who believe they are owed not just guaranteed salary increases and cadillac health benefits but much, much more.

Do you need a nose job?  Maybe some liposuction?  Or do you need some hair removed from your upper lip?

If you do, make sure you become a teacher in Buffalo, NY!

Teachers in Buffalo have what may be the most incredible, and most egregious “health care” benefits of all: free plastic surgery.

And when I say free, I mean it.  The 3,400 teachers in Buffalo who are … Read more...

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