From TheHill.com:
A House bill still being drafted aims to raise $150 billion each year to pay for new jobs.
Under a bill being drafted by Democratic Reps. Peter DeFazio (Ore.) and Ed Perlmutter (Colo.), the sale and purchase of financial instruments such as stocks, options, [...]
Last Friday Lynnley Browning of NYTimes.com posted an article on Bradley C. Birkenfeld, and his chances of a billion dollar payout from the IRS. For those of you who might not be familiar, Birkenfeld was a private banker at the Swiss bank UBS. He divulged the tax evasion secrets [...]
From MercuryNews.com:
Gov. Arnold Schwarzenegger was having a feel-good Thanksgiving week, passing out turkeys in East Los Angeles and giving thanks for "the blessings of freedom and democracy."
But then came the heartburn.
A gossip Web site Friday morning revealed that the IRS filed [...]
Last week the Roni Deutch Tax Center – Tax Help Blog posted a season entry with holiday gift advice for employers and employees. Since there is so much confusion over presents and holiday bonuses from employers I wanted to make sure and share this informative article with my readers. [...]
Last week one of my favorite blogs, The Glass Hammer posted a very interesting article by Liz Cornish on how to thrive in today’s tough economy. You can check out a section of the entry below, or click here for the full text.
It’s been a tough [...]
The United States Senate voted last week to debate their health care bill, the Patient Protection and Affordable Care Act. However, their legislation is significantly different than the bill passed by the House of Representatives a few weeks ago. To help anyone curious about the differences between the two Democratic [...]
From the WallStreetJournal.com:
A few weeks ago, President Barack Obama signed legislation extending an $8,000 tax credit for first-time home buyers. The refundable tax credit, available even if a family has no taxable income, will enable many more buyers to close on a home. But it also [...]
According to an article on Bloomberg.com, the jobless rate rose in 29 of states across the country last month. California, Delaware, South Carolina and Florida were all among the list of states with record unemployment rates, while Michigan, Nevada, and Rhode Island had the highest jobless rates with 15.1%, [...]
From the Associated Press:
Schoolteacher Kinzi Blair makes only $46,000 a year, but she has what many would consider a "Cadillac" health plan, now targeted for a big tax increase by health reformers.
She has $10 co-pays and no deductible. She gets generic prescription drugs for [...]
Over the weekend, the United States Postal Service announced that it had lost $3.8 billion over the past fiscal year, which ended on September 30th. Their report claimed that they also delivered about 26 billion less pieces through the mail then they had the prior year, which translates to a [...]
From CNNMoney.com:
In a sign that more foreclosures could be on the horizon, 23% of people with mortgages owe more than their home is worth, according to a report released Tuesday.
Almost 10.7 million U.S. mortgages were "underwater" as of September, said research firm First [...]
Last Wednesday, the Senate Majority Leader Harry Reid and key Democratic leaders announced their highly anticipated health care reform bill, which has already been voted to the debate floor. For those of you who do not remember, the House of Representatives unveiled their plan a few weeks ago. The [...]
Check out the following new Ask the Tax Lady answers and feel free to ask me questions through one of the links below. You can send me an email, direct message or @ reply, and I will do my best to get an answer for you!
From Politico.com:
In an attempt to illustrate the real world consequences of reform's taxes, Senate Republicans are pointing out a provision that would tax the makers of swine flu vaccines and drugs. The provision raises $2.3 billion annually from drug makers who sell their products through government programs.
[...]
After voting to extend the homebuyers credit just a few weeks ago, Congress is already making plans to extend $37 billion in tax cuts for individuals and businesses in 2010. Leaders of the House of Representatives have been working on legislation and assert that they plan to pass the legislation [...]
Eric Dash, of the New York Times, posted a fascinating article on the pathology of a financial crisis. It includes information discovered by government investigators who are performing financial autopsies on over 100 banks that have collapsed in the United States. They have already looked at over 40 financial [...]
From Reuters.com:
Check Out home-related retailers Sears Holdings and Williams-Sonoma reporting better-than-expected quarterly results. Does this mean consumers are feathering their nests again?
Somewhat, according to Barclays analyst Michael Lasser, who said Williams-Sonoma’s results were “an indication that upper-income consumers are spending a bit more, [...]
At a small business finance forum in Washington, Timothy Geithner reminded small businesses that the credit crunch is not over yet and warned listeners not to get too far ahead of themselves. He went on to explain that while many big businesses are already seeing profits, small business owners still [...]
In a recent press release, the IRS announced their efforts to deliver $123.5 million in tax refunds to taxpayers who have not received them because of mailing errors. They also reminded taxpayers that the best way to avoid this problem is to e-file your return and have your refund [...]
According to Reuters, President Obama warned the country about the need to stop rising federal deficits yesterday. He asserted that if government debts continue to pile up, that it could result in a “double-dip” recession.
With the U.S. unemployment rate at 10.2 percent, Obama told FOX News his [...]
Earlier in the week, David Gamage of UC-Berkeley published a new paper on how state governments can address their recession related budget problems. You can find a section of the abstract below, courtesy of Tax Prof, or download the full PDF at Preventing State Budget Crises: Redefining 'Tax' [...]
As the nation continues to debate the House of Representatives health care reform bill, new statistics have emerged showing that improper payments made by the federal government to people, firms, and contractors rose to $98 billion this year. Over half of the errors were reportedly made in the Medicare and [...]
From Bloomberg.com:
Residential construction in the U.S. unexpectedly dropped in October amid concern a homebuyer tax credit would expire, illustrating the market’s dependence on government help to sustain a recovery as job losses mount.
Builders broke ground on 529,000 houses at an annual pace, down 11 percent [...]
According to the IRS, about 15 million Americans may have underpaid the government by around $400 because of confusion with Obama’s "Making Work Pay" tax credit. In a worst case scenario, all 15 million of those taxpayers will have to pay back that $400 on their next tax bill, in [...]
From ABCNews.com:
Under an IRS voluntary disclosure program that allows U.S. taxpayers to come clean about secret foreign bank accounts and avoid possible prosecution, over 14,700 Americans have now admitted to hiding assets overseas, the IRS and the Justice Department announced today.
The number nearly doubles [...]
The day after Thanksgiving – known as “Black Friday” to enthusiastic bargain hunters – is one biggest shopping day of the year for retail stores across the county. However, you may not know that it is also one of the best days of the year to buy a new car. [...]
Possibly taking cues from California, the New York state tax department is thinking about publishing a list of the top 200 business and individual taxpayers who owe the state delinquent taxes. According to NY Daily News, the tax department is hoping to publish this “Most Wanted List” online to [...]
With the holiday season just around the corner, millions of taxpayers are looking for ways to save money this Thanksgiving. Between travel expenses, food and supplies for a huge dinner, and other expenses, the total costs for “Turkey Day” can add up quickly. To help my readers have a fun-filled [...]
From Nasdaq.com:
A bipartisan group of senators who favor lowering estate taxes are studying a proposal to gradually reduce the tax until it reaches 35% in 2019.
The senators, led by Sens. Jon Kyl (R., Ariz.), and Blanche Lincoln (D., Ark.) , have long sought to cut the [...]
Last week, I made an appearance on KFI-AM's the Charles Payne Show. During my segment, I discussed the Obama’s administration and how the President’s policies will affect the American taxpayers. The video embedded below features the audio from my interview, you can watch it below or checkout my YouTube [...]
After successfully lobbying for an extension and expansion of the first-time homebuyers credit, the National Association of Realtors is reportedly set to focus it efforts on relieving the commercial real estate credit crunch. According to Market Watch, there are hundreds of billions of dollars in commercial loans that will require [...]
The Federal Reserve made a surprising announcement today regarding bank overdraft fees, which have become a major source of profits for banking institutions. By October 2010, they will be required to have customers sign up for an overdraft program in order to charge them fees. According to ABCNews.com some [...]
From MarketWatch.com:
The U.S. government's borrowing needs will likely be much less than originally expected, as bank have been repaying funds received during the crisis, Treasury Secretary Timothy Geithner told news channel CNBC.
"We are likely to have to borrow substantially less than we initially anticipated'" [...]
The Federal governments popular taxpayer amnesty program has allowed hundreds of Americans with offshore accounts come forward and avoid criminal prosecution and/or excessive monetary penalties. After seeing the success of the Federal program, some states – including Connecticut, New York and Hawaii – are offering similar programs as well. You [...]
While some experts assert the United States’s economy is improving, state and local governments are reportedly still facing tax increases, setbacks, and budget problems. According to preliminary reports, state agencies in this country will likely face a combined deficit of at least $51 billion next year, which is significantly higher [...]
From Bloomberg.com:
Mortgage applications to purchase homes in the U.S. plunged last week to the lowest level in almost nine years as Americans waited for the outcome of deliberations to extend a government tax credit.
The Mortgage Bankers Association’s index of applications to buy a house dropped [...]
There is certainly no easy fix to the government’s massive debt. However, some Senators are saying that Congress is not making any progress in fixing the problem, and that “business as usual” is not working. Senator Evan Bayh (D-Indiana) has proposed that a special commission be created to force Congress [...]
Entrepreneur.com posted a great article earlier this week explaining that although financing a business on credit may be risky, it can also be very rewarding. The author interviewed me a few months ago and I am even quoted in the beginning of the article. Check out the except with my [...]
From WSWS.org:
California finance officials have announced that the state has a current budget deficit of $1.1 billion. News of the shortfall comes less than 10 weeks after a balanced budget deal was reached by Republican Governor Arnold Schwarzenegger and the State Legislature.
An October report [...]
[...]
