Tax Rascal

To Tax and to Please…

Categories: Featured, Politics, Tax News, Tax Policy

The gay marriage debate extends all the way to the tax code

President Barack Obama’s surprise announcement last week of his support for gay marriage has the whole country talking about either the equality or sanctity of marriage, depending on your political perspective.

Though the President’s announcement has no practical effect on government policy, it has exposed the shifting fault lines in America’s culture wars. Since 1996, when Congress and President Clinton passed the Defense of Marriage Act (DOMA) defining marriage exclusively as the legal union of one man and one woman, public opinion has changed across the political spectrum. As Slate observes,

Democrats, who initially opposed gay marriage and then were evenly divided, are gradually uniting in favor


His Very Own Cross of Gold

Categories: Economy, Featured, Politics, Tax Policy

Obama’s new deficit plan is as high on populist rhetoric as it is on taxes

The conservative’s dilemma

The American conservative has reached a certain crisis of conscience. With the American economy caught between a rock and a hard place, he must sail cautiously the dangerous waters of economic stalemate and double-dip recession fears, charting a delicate course between two equal and opposite dangers.

On the one side stands taxes, to which he is ideologically opposed, not so much because he objects to funding the government, but because he believes the government’s role should be a small one and because he fears the money, which he could put to work, will just be wasted. On the other side of the … Read more...

Barry Grows a Pair

Categories: Economy, Featured, Politics, Tax Policy

President Obama introduces his deficit-reduction plan

Mr. Obama tries a combative stance on for size

Who knows what might have caused the president to shift gears? Perhaps it was because he was twice rebuffed by the permatan Speaker of the House, the right honorable John Boehner of Virginia, during the course of the budget talks in July. Perhaps it was Mr. Boehner’s very public smack down, the next month, of Mr. Obama’s request to present his jobs bill to a joint session of congress on the 7th of September.

That last one surely must have stung. Especially as the proposed date was unceremoniously pushed forward because it happened to clash with a scheduled debate of the current crop of GOP … Read more...

Solyndra Casts Shadow on Obama Stimulus

Categories: Business, Economy, Featured, Politics

Rumors of a scandal swirl as the bankrupt corporation owes taxpayers $535 million

Four months ago, there was President Obama, intrepid stimulator of the economy, sage creator of jobs, fount of hope and change, summoner of transcendence and transparency in governance, on a visit to the Solyndra plant in Fremont, CA, inspecting solar panels on the factory floor, shaking the hands of construction workers–in hard hats and reflective vests!–and addressing the beneficiaries of his stimulus and the innovators leading the world in the green energy technology revolution. He closed his speech at Solyndra, the recipient of a $535 million dollar loan from the U.S. taxpayer, with a ringing endorsement of the company and its work:

Every day that you build


Obama Jobs Speech – Obama Finally Gets to Work

Categories: Economy, Featured, Politics, Tax Policy

The Obama Jobs Speech Proposes a Solution and Sparks Tax Debate

President Barack Obama’s jobs speech to a joint session of Congress last Thursday night seemed to provide a blip of hope against a backdrop of unrelenting economic malaise, political gridlock in the capital, and the recent news that job growth had ground to a halt in August, the worst performance since September 2010. In an uncharacteristic display of executive leadership, President Obama abandoned the conciliatory, above-the-partisan-fray tone that has characterized much of his Presidency as well as the sweepingly inspirational, and conveniently vague, platitudes that swept him to electoral victory and, sounding confident and even mildly combative, delivered his plan to get America working again.

Despite a bevy of …


Categories: Featured, Politics

The 2012 elections will be all about taxes like them or not.

Tax mavens looking forward to next year’s general election are feverishly sharpening their knives. Because, make no mistake about it, taxes will figure grandly at the coming feast. The recent, Kick the can debt ceiling agreement has made this unavoidable. By their intransigence on precisely the issue of taxation, the members of the Tea Party have contrived to make taxes and spending the main item on the electoral menu.

And it is not solely the matter of whether to tax or not to tax, but whom to tax, how to tax, and at what rate. The 2012 elections, with 33 senate seats at play, 11 gubernatorial races on … Read more...

Osama Bin Laden and Taxes

Categories: Featured, Politics

How Osama Bin Laden dead may affect taxes

The initial reaction to these headlines is easy to guess. What, no? What is the connection between Osama Bin Laden, his death, and taxes, really? Oh come on, seriously, this is just another blatant attempt to surf the news, isn’t it?

Well, without venturing too deeply into chaos theory, with its butterfly wings flapping there and tornadoes starting here – indeed can we legitimately apply the so-called butterfly effect, which presupposes a “small” change producing “large” differences in outcome, to an event as momentous as the September 11th attack to which Bin Laden is tied, his death being, in the end, a mere footnote to the monumental event? – it is still … Read more...

“Obamacare” Reform Sparks Online Revolt

Categories: Uncategorized

Remember when you didn’t know a new political scheme was unpopular until someone published a letter to the editor? Or until you stumbled on a blog? Now, thanks to Twitter, you can get opinions on Obamacare faster than ever!

Here’s a sampling of what people are saying about this tax issue:

Obamacare: all in favor say…

@Acaseofzombism : #obamacarefacts Under ObamaCare garfield will no longer hate mondays

@CyberWasteland : Under ObamaCare E.T. would’ve died. #obamacarefacts

@southworth : Under ObamaCare, Obama will bring about the Biblical Apocalypse, and it will be labeled a pre-existing condition. #obamacarefacts

@jephjacques Under ObamaCare, the CIA will replace the prozac in your tap water with its generic #obamacarefacts

Obamacare: opponents say…

@Mike_McC : Under ObamaCare, …

Obama’s New Plan: Bring Our Money Home?

Categories: Uncategorized

Barack Obama has an exciting new plan to raise revenue: make companies pay taxes on the money they earn. Okay, so it’s not new, and it’s not that exciting. But it is a little more complicated than that.

Basically, the current plan is designed to tax income earned overseas, whether or not it’s returned to the US. Right now, if Apple sells an iPod in Italy, they pay Italian taxes on their Italian income. As long as they keep the money in Italy, they don’t have to pay US income taxes on it.

  • The case for the plan is that it closes a giant loophole in the current tax scheme. And it’s not as if companies will just stop

Seven Reasons Conservatives Should Love the New Obama Budget

Categories: Uncategorized

The Dow is back down to where it was last time we had a charismatic Democratic president making big, budget-busting promises. And this time, there’s not an intern in sight to spoil the party. We all know we’re in for a giant spending spree: billions for solar-powered underwater basket-weaving communes, all paid for by taxes on people who, y’know, make stuff and do stuff.

But is it that big a disaster? Obama spent ten years teaching at the University of Chicago, a center of modern conservative thought. Did a decade of rubbing shoulders with Milton Friedman’s disciples rub off on him at all?

The answer is yes. In his budget speech last week, he announced several new programs that are … Read more...


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