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Showing posts with label taxes. Show all posts
Showing posts with label taxes. Show all posts

Tuesday, March 22, 2016

Gold sales about to ramp up in India as jeweler strike ends with agreement over import duty

With the world's largest population of gold buyers about to shift into high gear following the end of a jewelers strike that has hampered sales of the metal within India, the price of gold is expected to make a sharp move upwards due to the resurgence of people more than ready to purchase tons of the metal for ceremonies, holidays, and personal acquisition.

In a strike that has seen the jewelry industry battle government regulators over import duty taxes and restrictions to gold, a compromise was reached on March 21 that should begin to have significant effects on the price and supply of the metal worldwide.


Major news in the gold market over the weekend. With the world’s largest gold-consuming nation reaching an agreement to resume metal sales for the first time in nearly three weeks. 
That’s in India. A critical gold consumer globally, where buying had been idled since the beginning of March by a nation-wide strike by the jewelry sector.  
But that strike is now officially over. With the president of India Bullion and Jewelers Association, Mohit Kamboj, announcing late Saturday that jewellers have reached an agreement with the government to return to work.  
Details are still emerging, but here’s one of the most critical takeaways: as part of the back-to-work deal, the Indian government will not roll back the1% sales tax on gold that it announced in a surprise move as part of its February 29 budget.  
That sales tax had been the major trigger for the jewelers strike. But it appears that India’s gold sellers have relented on demands that the government shelve the extra levy.
Whatever the case, the good news for the gold market is that India will now be buying again — for the first time since February. Which should give a lift to gold prices — especially with reports suggesting there is a lot of “pent up” demand here after the 19-day strike. - Pierce Points

Sunday, November 29, 2015

Congress tries again to sneak in bill to take away your passport if you owe on taxes

Back in 2012, Congress began integrating new restrictions and capital controls on the American people in an attempt to keep wealth from fleeing across borders and out of the U.S. banking system.  During that legislative session, the Senate voted on a rider in the Highway appropriations bill numbered 1813, to restrict any confiscate any American’s passport from those who owed $50,000 or more in tax obligations.  This legislation was eventually killed in the house three years ago, but on Nov. 20 it is being brought up again in this year’s same appropriation bill.
passport
Titled, Developing a Reliable and Innovative Vision for the Economy Act, this bill contains numerous pork projects that go beyond simply funding America’s highway system, and like most appropriation bills submitted by Congress, contains a combination of taxpayer waste and removal of civil rights, similar to how the NDAA was pushed through a few years ago in a Defense appropriations bill.
Read more on this article here...

Saturday, May 2, 2015

Remember when Soros and Buffett wanted the rich to be taxed more? Fooled you!

Remember a few years back when billionaire Warren Buffett attempted to sound humanitarian and declare that he and others who live in the 1% penthouse should pay more in taxes?  Or when George Soros in an interview back in 2012 stated that Republicans were protecting the rich under the ‘Buffett Rule’ and he would be more than happy to pay his fair share of annual revenues?  Well, it appears that both have lied and fooled the brain dead sheeple as on April 30, Soros was discovered to have used a loophole in the tax rules to that helped him defer taxable income to the tune of $13.3 billion, in which he owes nearly 40% of that to the Federal government by 2017.


Read more on this article here...

Tuesday, September 2, 2014

Government so afraid of Americans leaving they jacked up price to emmigrate

While not on the scale of Mexicans and other Central American aliens flocking to to the U.S. for the opportunity for jobs and free benefits, the first six months of 2014 has seen more Americans give up their citizenship to emmigrate elsewhere than all of 2013 combined.  And with more and more people thoroughly disgusted with the direction for both the political and economic futures in the land of the free, the government has apparently recognized this as a growing threat to their power and control, and is making it much harder to leave by jacking up the price to emmigrate over five times its normal fee.



Read more on this article here...

What is inversion, and why are U.S. companies using it to move offshore?

In last weeks business news we saw the major story of U.S. fast food company Burger King finalizing a merger with Canadian powerhouse Tim Hortons in which Burger King will use this deal to shuttle its company headquarters out of the U.S., and into Canada for all intents and purposes.  The objective here of course is to get out from under the draconian corporate tax structure the U.S. currently operates, with the name for this type of merger being called an inversion.

An inversion is where a company in one country merges with a company in another, and the primary company then transfers its corporate offices and address to the new country.  It is primarily used for tax purposes and has been the catalyst for dozens of former American corporations moving their HQ’s out of the U.S. over the past twenty years.



Read more on this article here...

Tuesday, April 22, 2014

President Obama wants to raise taxes to over 19% of entire GDP

It doesn’t matter which political party is in power, for the ability to finance their careers in office by stealing from the citizens will always be a massive temptation, especially when they find themselves short on funds due to their own corruption.  President Bush Sr. did this, President Clinton did it, and of course, the self-proclaimed Marxist Obama is doing it.
But as the budget deficit continues to grow astronomically, and the national debt climbs to levels more than 110% of our annual output, the Obama doctrine of wealth confiscation may be taking an even greater turn.  In a recent budget proposal to Congress the President offered a new baseline where he would seek to increase taxes by more than 1.6%, and equate government revenues from the people to over 19% of America’s total Gross Domestic Products (GDP).
 
Read more on this article here...

Where does your state rank in highest or lowest income taxes

Now that the dreaded April 15 IRS filing date has come and gone, it is time to look at how each state fares in relation to each other in imposing income taxes upon the citizens of their dominions.  Taxes across the board have become a staple of government policy, with sales, property, excise, and other fees taking a large piece of American’s dwindling paychecks.
Here are the highest “taxing” states in the US:
  1. California 13.3%
  2. Hawaii 11%
  3. Oregon 9.9% (a, b)
  4. Minnesota 9.85%
  5. Iowa 8.98% (b)
  6. New Jersey 8.97% (a)
  7. Vermont 8.95% (tie)
  8. Washington, D.C. 8.95% (tie)
  9. New York 8.82% (a, c)
  10. Maine 7.95%
 
 
Read more on this article here...

Tuesday, February 18, 2014

1%er advocates that those who don’t pay taxes shouldn’t get to vote

At the beginning of the Republic there was a great deal of debate on who should be allowed to vote.  The primary support for this segregation of voting rights was intrinsically tied to the owning of land, because it gave the voter a stake in the game to not only protect what they owned, but to assure the future welfare of the nation as a whole.  This form of voting was eventually shot down as it was considered a Poll Tax, and was deemed unconstitutional.

However, as the nation once again becomes divided by those who work and pay taxes, and those who don’t and collect welfare benefits, an outspoken 1%er named Tom Perkins came out on Feb. 14 and made the argument that those who pay the most taxes should have the largest say in who is elected to government, with votes being given dollar for dollar in how much they provide the government in revenues.




Read more on this article here...

Tuesday, January 7, 2014

Like cigarettes, pot could become tax that saves state budgets

On Jan 1, recreational pot laws went into effect in the states of Washington and Colorado.  And while it is too early to determine how this will equate in the rise of overall revenue for the marijuana industry, expectations are already under way by these states on how taxes received from the sale of the drug can help in subsidizing their general budgets.
Colorado projects $578.1 million a year in combined wholesale and retail marijuana sales to yield $67 million in tax revenue, according to the Legislative Council of the Colorado General Assembly. Wholesale transactions taxed at 15 percent will finance school construction, while the retail levy of 10 percent will fund regulation of the industry. - Bloomberg

Read more on this article here....

Colorado will use pot to fund schools

Dec. 31 begins the first day of Colorado’s new law which legalizes marijuana for recreational use.  In its first year, estimated revenues for businesses are expected to reach $578 million, yielding $67 million in tax revenue.  A large portion of that money will be going to fund education in Colorado, as well as the building of new schools.
Colorado projects $578.1 million a year in combined wholesale and retail marijuana sales to yield $67 million in tax revenue, according to the Legislative Council of the Colorado General Assembly. Wholesale transactions taxed at 15 percent will finance school construction, while the retail levy of 10 percent will fund regulation of the industry. - Bloomberg



Read more on this article here...

Thursday, December 27, 2012

Fiscal Cliff taxes in 2013 could affect 400000 jobs in one sector alone

The idiocy of taxation is that companies rarely pay for government legislation that seeks to grab more money from the productive parts of society.  This truth regarding new, old, or inane taxes may have no greater example than the 400000 jobs in the medical instrument industry, that could potentiall be lost of the fiscal cliff is not dealt with before the start of 2013.



Forbes cites a Manhattan Institute report that claims the excuse tax could cut as many as 43,000 jobs in the coming years, translating to a savings of roughly $3.5 billion.

"I want to repeal the medical device tax altogether,” Sen. Al Franken (D-Minnesota) said earlier this month, adding that time was running around without a fix before the bill’s “job-killing” tax takes its toll.

“For now, the best thing to do to ensure that this important industry continues to create jobs and producing life-saving devices is to delay this unwise tax," the senator said in a statement. “The medical device industry creates tens of thousands of good paying jobs in Minnesota and 400,000 nationwide. We should do everything we can to protect it."  - Russia Today

Thus, the continuing answer to failed fiscal policies and the move towards total marxism by Congress and the Obama administration is simply stealing more money from the productive people in America, and providing little or no value for their tax dollars.

Friday, November 30, 2012

President Obama and Congress discuss tax measure that would kill housing recovery

With the lack of fortutude by both Congress and the President to address their fiscal households over the past four years, the standard paradigm of wait until the last minute and legislate some draconian budget that will accomplish little, and hurt the majority of Americans, is staring them in the face.  With the proverbial 'fiscal cliff' just one month away from dropoff, the low IQ men and women who represent 310 Americans are putting tax cut issues on the table that would devastate not only the housing recovery, but nearly every homeowner in the country.

On Nov. 29, Congress and the White House began looking at the removal of the mortgage interest deduction for taxpayers who own a home, and believe it could be a low impact measure to save revenues towards cutting the deficit.



Of all the deductions woven into the sprawling U.S. tax code, few have been more fiercely guarded than the enormous tax break that lets homeowners deduct the interest they pay on their mortgages.

But as Congress and the White House negotiate the first major rewrite of tax laws in decades, changing the generations-old mortgage-interest deduction — which costs the government roughly $100 billion a year — has gone from far-off possibility to part of the conversation. - Washington Post

Congress passed the home mortgage interest deduction as a means to help Americans buy affordable housing, and create jobs and economic growth through construction and all the industries tied to home buying.  By removing this long standing deduction, not only would it add an average of $5000 to the tax burden of most homeowners, but it would take away a key selling point for realtors in offering home buying vs renting as an option.


Sunday, November 18, 2012

Paycheck calculator to show how the fiscal cliff will affect you

With the Bush tax cuts ending on Dec 31, and a whole new array of taxes are ready to be imposed on the American people beginning on Jan 1, it is difficult to sift through the myriad of articles which try to explain how the fiscal cliff will affect you, if it remains without change by Congress and the White House.

However, there is a now a website that provides a new paycheck calculator that shows American just how much they pay now, and will expect to pay next year if all new taxes go into affect.  The fine programmers at Paycheck City have created a neat application and graph that will allow visitors to see the difference between their 2012 taxes, and those projected for 2013.

Simply click on this link, and select the normal amount of standard deductions your family or individual returns allow.

Fiscal Cliff Calculator and Chart


While Paycheck City does not guarantee the results from this generic calculator, it does allow someone to get a rough, general, ballpark estimate of how much more they will have to pay, starting in 2013 due to the increased taxes.

Friday, April 20, 2012

Escape from California (Before it's too late)

The once breathtaking and economic marvel known as the state of California, which boasted the 8th largest GDP in the world, has become a cesspool of liberal ideologies, anti-business sentiment, and a psychopathic montage of finding new ways to screw their citizens.



In a breakdown of the decline of the state of California, the End of the American Dream broke down 16 different areas where Californians are running out of time to either escape from the coming disaster, or be consumed by it.

We will post just a few of the reasons here.



#2 California Is A Horrible Place To Do Business

For seven years in a row, CEOs ranked California as the worst place in the United States to do business. Thousands of good companies have left the state in recent years, and yet California lawmakers continue to pile on more rules, regulations and taxes.

#5 Desperate Municipalities Are Severely Slashing Government Services All Over The State
When you have no more money, you have to start cutting somewhere. In many cities in California, government services are being curtailed dramatically. Just check out what is going on in Costa Mesa....

Costa Mesa, a city of 110,000 south of Los Angeles, has slashed its payroll from 611 to 450. It is selling its police helicopters and has hired a neighboring city for air patrols. It's also pursuing a controversial effort to convert to a charter city from a general law city, which would give City Hall more power to outsource more work, said councilman Jim Righeimer.

 #7 California Has Some Of The Highest Tax Rates In The Nation
The last thing many California taxpayers want to hear is that taxes might be raised again. Californians already get absolutely hammered by taxes. California has one of the highest state income tax rates in the nation, one of the highest sales tax rates in the nation and the highest gasoline tax rate in the nation.

Unfortunately, it is only a matter of time before the politicians come around for even more.

#8 Poverty Is Absolutely Exploding In California
Once upon a time, California was viewed as a land of great opportunity.

Now it is a land of crushing poverty in many areas.

Sadly, the number of children living in poverty in the state of California has increased by a staggering 30 percent since 2007.

In addition, 60 percent of all students attending California public schools now qualify for free or reduced-price school lunches.

#11 California Has Some Of The Worst Schools In The Nation
Many families are moving away from California because the public schools are absolutely nightmarish. The truth is that California has some of the worst schools in the entire nation. In the late 70s, California was number one in per-pupil spending on education, but now the state has fallen to 48th place.

#14 California Has One Of The Worst Health Care Systems In America
All over California, hospitals are shutting down. A big reason for this is because of the massive numbers of poor people and illegal aliens that are taking advantage of "free" medical care at hospital emergency rooms. A number of good hospitals have been forced to shut down in recent years and now the state of California ranks dead last out of all 50 states in the number of emergency rooms per million people.

When corrupt and liberal politicians are allowed to run wild over a city and state government, the results are inevitable.  Detroit, New Orleans, Cleveland, and now, the entire state of California.

Wednesday, April 11, 2012

Tax raising by the government will not increase revenues but only lower GDP

Professor Antony Davies is back, and brings logic and facts to the ongoing debate over tax the rich economics.  In his easily followed video, the economic model in America validates that raising or lowering taxes increases the amount of revenue the government receives only slightly, whether the rich are taxed the current 35%, or the 90% they were stifled with just 60 years ago.


Picture courtesy of Progressive Think.com

However, what does change is economic growth, and the amount of money the worker has to improve their standard of living.  By decreasing overall GDP and growth when you tax corporations and the rich who actually create jobs, the PERCENT of revenues by the government remains the same, while actual revenue itself decreases.  Subsequently, the opposite happens when you lower taxes, as GDP growth creates a larger pie for the government to receive more money.



So you see, the argument that Obama, Buffett, and all other Marxist/Socialist/Progressives make when calling for higher taxes on the rich, is simply a process of class warfare and NOT a means to increase revenues to balance the budget, or lower the deficit.

In the scope of progressivism and marxism, it isn't about raising up people to be equal, but about bringing everyone else equally down.  Equal and poor, not equal and wealthy.

Friday, March 23, 2012

Bill in Congress could suspend your passport if you own taxes to the IRS

There is a new bill in Congress that is expected to pass that would allow the government to suspend your travel outside the country if you own taxes to the IRS.

Senate Bill 1813 (Highway trust fund), which was passed by the Senate last week and is now pending in the House of Representatives contains a provision that would allow the IRS to order the State Department to refuse to grant, refuse to renew, revoke or restrict the passport of any US citizen which the IRS certifies owes the IRS $50,000 or more in unpaid taxes. There is no requirement that the tax payer be guilty of or even charged with tax evasion, fraud, or any criminal offense - only that the citizen is alleged to owe the IRS back taxes of $50,000 or more.



With Capital Control measures expected to be implemented in 2013, which would force Americans to keep their money from going offshore, the laws being legislated are now affecting the average citizen far more than any action against terrorists, or in support of the 'War on Terror'.

Tuesday, March 20, 2012

New Republican budget seeks to cut taxes and shrink tax system

The Republican party should know that any attempt to submit a budget before the Senate and the President will come to naught, but perhaps gaining a little political capital from voters may be the reason.  On March 20th, a Republican coalition led by Paul Ryan forged a budget which cuts taxes for both individuals and corporate bodies, and removes several 'tiers' as well as the dreaded AMT.

While it has no chance of passage, the GOP 2013 budget, details of which have been leaked by the WSJ, proposes slashing corporate and individual tax rates, collapsing the current six tax bracket system into just two tiers (10% and 25%), lowering top corporate tax rate to 25% and scrapping the anachronism that is the AMT, or Alternative Minimum Tax. Finally, the proposed plan would nearly eliminate U.S. taxes on American corporations' earnings from overseas operations: something which companies with foreign cash would be rather happy to hear. - Zerohedge


While the jealousy class, otherwise known as the 1% of the 99%ers will not be thrilled with corporations receiving tax breaks, the rest of America should take a second look and realize the potential of what this means.  Because of the draconian tax system, companies have been shipping jobs, money, and infrastructure offshore for more than a decade, causing 8 million jobs to be lost in industrial and manufacturing sectors.  If companies were given cause to bring back the TRILLIONS of dollars they keep out of the American economy, then you would have an automatic force majeure in the financial system, and it, more than Obama's trillion dollar failed 'shovel ready' job program, would help bring the US out of recession, and start putting Americans back to work.

And with the removal of the tier system of taxation, maybe put some IRS agents OUT of work.

Monday, January 23, 2012

T minus one year from some of the biggest tax hikes in American history

We are now within one year of several tax breaks for the American people being cutoff, and the population being assessed massive increases in several key areas.  Since Congress and the White House have failed to address even a new budget, the chances of them overturning, or remitting these tax increases becomes smaller and smaller.

First Wave: Expiration of 2001 and 2003 Tax Relief
In 2001 and 2003, the GOP Congress enacted several tax cuts for small business owners, families, and investors (later re-upped by President Obama and Democrat Congress in 2010). The following tax hikes will occur on January 1, 2013:

Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which the majority of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The full list of marginal rate hikes is below:
- The 10% bracket rises to a new and expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%

Higher taxes on marriage and family.
Middle Class Death Tax.
Higher tax rates on savers and investors.
Second Wave: Obamacare Tax Hikes
There are twenty new or higher taxes in Obamacare. Some have already gone into effect (the tanning tax, the medicine cabinet tax, the HSA withdrawal tax, W-2 health insurance reporting, and the “economic substance doctrine”). Several more will go into effect on January 1, 2013. They include:

Medicare Payroll Tax Hike.
“Special Needs Kids Tax.”
Medical Device Tax.
“Haircut” for Medical Itemized Deductions.
Third Wave: The Alternative Minimum Tax and Employer Tax Hikes
When Americans prepare to file their tax returns in January of 2013, they’ll be in for a nasty surprise—the AMT won’t be held harmless, and many tax relief provisions will have expired. The major items include:

The AMT will ensnare over 28 million families, up from 4 million last year.
Full business expensing will disappear.
Taxes will be raised on all types of businesses.
Tax Benefits for Education and Teaching Reduced.
Charitable Contributions from IRAs no longer allowed. - Red Country

What used to be in your wallet?

Thursday, December 29, 2011

Tax the rich? Why not go after foundations that use tax code to profit themselves

501(c)3 corporations were created to help organizations such as churches and small charities avoid taxation for the work they do in helping the American people.  Unfortunately, the tax code is now so convoluted, that organzations such as the AARP can sell themselves to endorsements, to the tune of $600 million, and call it 'charitable benefits'.

Congress is attempting to fight back, but in this case, AARP may have the upper hand.  As a billion dollar non-profit, they have the resources to defend themselves quite easily from what is being deemed as an attack by the government to have the IRS re-evaluate their non-profit status.

Three members of Congress have shot a cannon at the American Association of Retired Persons (AARP). Republicans Herger (CA), Boustany (LA) and Reichert (WA) sent a letter to the head of the IRS asking that the tax status of AARP be reviewed. - Bruce Krasting via Zerohedge

AARP has come under fire in recent years for using its funds to support Obamacare, which will have a vastly negative result for their customers and members.  And like most Unions, foundations that act under the tax-exempt 501(c)3 protection end up being cash funnels for politicians, at the detriment of citizen representation.

Taxing the rich is a feel good proposition, but if you want to protest organizations that rake in serious dollars at the detriment of the common man, 501(c)3's may be the first place to look.
Just go ask your local mega-church Pastor who lives in a million dollar home, with private jets, and compounds while their congregations are without jobs and income.

Monday, September 26, 2011

Tax rich liberals... in fact, they WANT you too!

Michael Savage poignantly said that liberalism is a mental disorder, and judging by the statemens of two rich liberal supporters of President Obama, by gods he is right!

"Would you please raise my taxes?"

Oh, liberals gushed when a rich audience member asked Obama that question today. It seems relevant to point out that this rich liberal is Doug Edwards from the Obama-friendly and regulation-friendly Google.
Edwards has given $300,000 to politicians since 2000 -- every single dime to Democrats. He specifically said he wanted his higher taxes to cover Pell Grants.

That's about 60 Pell Grants he could have provided. - Timothy Carney, Washington Examiner


I dont know about you ladies and gentlemen, but I say BULLY!  Lets tax rich liberals!  Not only do people like Warren Buffet and Doug Edwards advocate it, they are volunteering!