May 12 07:16

Hedge Funds Descend On Puerto Rico As Biden Tax Threat Looms

With President Biden and the Democrats on the warpath to separate the richest Americans from their income, hedge funds managers are starting to expand into Puerto Rico - leaving open the possibility of relocating to the island to obtain huge tax breaks, according to Bloomberg.

Both ExodusPoint Capital Management and Millennium Management have opened local subsidiaries on the island, according to local records. ExodusPoint, headed by Michael Gelband, created a money-management in Puerto Rico on behalf of co-founder Hyung Soon Yee, who moved there last year.

Millennium, run by Izzy Englander, set up shop on the island just weeks after Biden won the 2020 US election.

And with Biden's proposed tax increases on the wealthy and corporations looming, those who venture to Puerto Rico may be able to avoid both state and federal taxes according to the report.

May 11 05:40

Taxation without representation

May 10 14:48

The Coming IRS Reign Of Terror

The one certainty is that the new powers Biden bestows on the IRS will be horrendously abused, and that most members of Congress won’t give a damn. Instead, they will pile on to further oppress American citizens and political activists. In 1967, a federal appeals court decision proclaimed, “The court will not place its stamp of approval upon a witch-hunt, a crusade to rid society of unorthodox thinkers and actors by using the federal income tax laws” to silence them. -- Unfortunately, such lofty sentiments are far more likely to be found in musty judicial compilations than in today’s Washington.

May 08 06:49

U.S. court authorizes IRS to seek identities of taxpayers who have used cryptocurrency

A federal court in the United States has authorized the Internal Revenue Service (IRS) to serve a "John Doe Summons" on the crypto exchange Kraken, seeking identities of U.S. taxpayers who have used cryptocurrency, the Department of Justice said on Wednesday.

The IRS is seeking information about taxpayers who conducted at least $20,000 worth of transactions in cryptocurrency from 2016 to 2020, the DOJ said in a statement.

"Those who transact with cryptocurrency must meet their tax obligations like any other taxpayer", acting Assistant Attorney General David Hubbert of the Justice Department's Tax Division said in the statement.

May 07 05:41

Thomas Reviews Are Individuals More Willing To Lie To A Computer Or A Human About Their Taxes?

Imagine your accountant asks you if you earned any income that wasn’t reported on a 1099 or W-2 this year, and you know that you have an extra $5000 of such income. Do you tell her? Probably. For starters, you might be worried that she is going to be suspicious if you lie to her. Something in your voice might give it away, or perhaps your income this year is lower than last year and she wants to know why. Further, you might have developed a rapport with your accountant, and lying to her might cause psychological discomfort.

May 05 06:47

How tax prep companies conspired to make filing your taxes so damn hard

In 1985, President Ronald Reagan called for a simple tax filing system under which most people would not have to fill out a tax return. Instead, they’d just receive a form from the IRS showing their refund or tax liability. In 2010, a White House advisory board proposed the same idea, noting that Americans spend billions of hours and hundreds of billions of dollars annually preparing their taxes. In 2019, Sen. Elizabeth Warren (D-Mass.) also proposed a free, easy filing system that would allow the bulk of taxpayers to avoid the unpleasantness of filling out returns that are dozens of pages long, with complicated sheets of instructions. She’s recently been promoting that bill again, ahead of Tax Day 2021.

With such a long history of support from across the political spectrum, why hasn’t America followed the lead of dozens of other countries in adopting a simple, government-run system for paying taxes?

May 04 09:42

The Walmart Tax Every American Taxpayer Pays

Every year, hardworking men and women all across the country face the harsh reality of paying their taxes. While the average American family has less than $1,000 in savings and nearly half have no retirement savings, in 2015, the average household paid $13,000 in income taxes. For so many Americans, this time of year is met with anxiety, fear, and anger as too many people struggle to pay their day-to-day bills, let alone their taxes.

But what should fuel hard-working, tax-paying Americans’ anger, is the fact that so many of their tax dollars are being used year after year to support one of the nation’s largest welfare recipients – Walmart. A company with annual profits that averaged $15.5 billion over the last five years.

Simply put, every American taxpayer is paying a tax they never heard of: The Walmart Tax.

May 04 07:16

Biden’s new plan lets the IRS snoop on your bank accounts…

Biden’s plan wants to give an extraordinary amount of new power to the IRS.

Take a look at this fact sheet from the Treasury Department, explaining a new provision that would require banks and financial institutions to start telling the tax agency what people have in their bank account, when money is moved around, and the like. This proposal, according to the fact sheet, “leverages the information that financial institutions already know about account holders, simply requiring that they add to their regular, annual reports information about aggregate account outflows and inflows. Providing the IRS this information will help improve audit selection so it can better target its enforcement activity on the most suspect evaders, avoiding unnecessary (and costly) audits of ordinary taxpayers.”

May 04 04:38

Biden’s Modest Tax Plan

Business lobbyists and conservative think tanks are not big fans of President Biden’s proposed tax increases on the wealthy.

The Tax Foundation has said that Biden wants to raise the capital gains tax to “highs not seen since the 1920s.” Suzanne Clark of the U.S. Chamber of Commerce called the same plan “outrageous.” Jay Timmons of the National Association of Manufacturers called the proposed increase in the corporate tax rate “archaic.” And Brendan Bechtel, the chief executive of the construction company that bears his family name, said that “it doesn’t feel fair.”

All of this rhetoric has obscured a basic fact about Biden’s tax plan: It would not actually raise tax rates on the rich to high levels, historically speaking.

May 03 09:18

For Taxpayers ONLY!

Apr 29 14:13

Unconstitutional Debt and Future Generations

...But here we are paying debts that are more than 100 years old and borrowing money as if there were no consequences. How much longer can a society last with a central government that does not pay its bills? Why have a Constitution that limits the government if no person or entity enforces the limitations? Why have taxes in the first place if borrowing and deferring debt will do?

Apr 29 07:18

Some Democrats Not Sold on Biden’s Proposed Capital-Gains Tax Boost

President Biden’s push to sharply raise taxes on capital gains for high-income households to help pay for his antipoverty program faces skepticism from some fellow Democrats, who say they are concerned higher rates could slow economic growth.

As part of a $1.8 trillion package released Wednesday, Mr. Biden is proposing a series of tax increases on wealthy Americans. He wants to raise the top income-tax rate to 39.6% from 37%, while also raising the capital-gains rate to 43.4% from 23.8% for households making more than $1 million. The plan would also change how capital gains are taxed at death and provide more funding to the Internal Revenue Service to collect more taxes owed.

Apr 28 10:13

The White House can raise taxes on the wealthy without touching the tax code at all

President Joe Biden wants to raise taxes on the wealthy to pay for some of his policy proposals. Part of the way he can go about that doesn’t entail touching the tax system at all — instead, he’d just have to put the IRS to work chasing down rich people to make sure they’re paying taxes they already owe.

Apr 28 06:33

Many lower- and middle-earning households may pay nothing in income taxes this year

A large swath of American households may pay nothing in income taxes for 2021, a new congressional report suggests.

Taxpayers with income of less than $75,000 are projected to have, on average, no tax liability after deductions and credits when they file their 2021 returns next spring. They will also will get money back from the IRS, according to recent estimates from the nonpartisan Joint Committee on Taxation.

For taxpayers earning $75,000 to $100,000, the average income tax rate paid this year is expected to be just 1.8%.

Apr 28 06:21

Some middle-class families will have a tax rate of zero this year — or less

The American Rescue Plan signed into law by President Joe Biden delivered $1.9 trillion of aid to shore up families, businesses, and cities and local governments amid the ongoing pandemic. But it will also have another impact by lowering the average individual tax rate to almost zero — and even less — for families earning below $75,000 a year.

So estimates the nonpartisan Joint Committee on Taxation (JCT), which recently published its forecast for average individual tax rates in 2021. Because of an expansion of tax credits such as the Child Tax Credit and federal stimulus payments, low-income families will effectively get an influx of money back from the IRS.

Middle-class taxpayers earning $50,000 to $75,000 will have an effective average tax rate of -1.9%, while those earning between $50,000 to $75,000 will face a tax rate of 1.8%, the JCT found.

Apr 27 05:38

White House defends Biden's raid on the richest 0.3%: Top economic advisor says almost doubling capital gains to 39.6% for those earning over $1M will only impact 500,000 Americans

White House officials on Monday defended Joe Biden's tax hike on the wealthy to pay for his $1.8 trillion 'human infrastructure' plan but couldn't address some specifics what the president has planned.

Biden will announce this week his proposal to nearly double taxes on capital gains to 39.6% for people earning more than $1 million. It would be the highest tax rate on investment gains since the 1920s.

'This change will only apply to three tenths of a percent of taxpayers, which is not the top 1 percent, it's not even the top one half of 1 percent. We're talking about three tenths of a percent, that's about 500,000 households in the country,' he said at the daily White House press briefing. 'So, for the other 997 out of 1000 households in the country, or the other 150 million households in the country, this is not a change that will be relevant.'

Apr 26 07:41

Top Economists Just Warned Latest Biden Tax Hike Would Have One Huge Consequence for Small Businesses

By Brad Polumbo

President Biden has already proposed trillions in new spending alongside massive tax hikes. But the White House is reportedly considering another large tax increase.

“The White House is considering raising the capital gains tax rate to 39.6 percent on people earning $1 million and over,” Fox Business reports. For context, the capital gains tax is “a tax on the growth in value of investments incurred when individuals and corporations sell those investments,” according to Investopedia.

The current top capital gains rate is 20 percent, so this hike would amount to roughly a doubling of the tax. And in 13 states, such as New York and California, with their own levies on capital gains, Biden’s proposal would result in some residents facing rates of more than 50 percent...

Apr 25 13:01

IRS is holding millions of tax returns, delaying refunds

The IRS is holding 29 million tax returns for manual processing, delaying tax refunds for many Americans, according to the National Taxpayer Advocate, an independent arm of the tax agency that looks out for consumers' interest. The delays are prompting some taxpayers to fret over social media about weeks of waiting in limbo for their money.

Typically, the IRS sends most refunds within three weeks of taxpayers filing their return. But this year is complicated by a several issues, including a backlog of 2019 paper tax returns that the IRS was unable to process after shuttering its offices during the coronavirus pandemic.

Apr 23 08:43

Those Tax Hikes I Warned About...

Apr 23 05:34

Biden plans to raise taxes on highest earners to 39.6% and capital gains to 43.4%: Stocks plummet as President launches ANOTHER raid on rich

President Joe Biden is calling to hike the top income tax rate back to where it was before the Trump tax cuts and nearly double capital gains rates for top earners to fund his phase two of his 'human infrastructure' plan.'

The moves to raise revenue would be used to pay for education, labor programs, universal pre-K, and continuation of an expanded child tax credit – all proposals Biden plans to spell out in an address to Congress next week.

The president would push the top income tax rate up to 39.6 per cent – where it was before Trump's 2017 tax cuts. Capital gains – where Biden has already called for changes to end a major 'loophole,' would jack up rates from their current 20 per cent for those earning more than $1 million.

Apr 23 05:29

Goldman Says "No Surprise" In Biden Cap Gains Proposal, Sees Congress Settling On 28% Tax Rate

Today the market freaked out when Bloomberg reported that the Biden Administration will propose to tax capital gains at the top ordinary income tax rate (39.6%, or 43.4% when the existing 3.8% tax on net investment income tax is added).

Well, according to Goldman, this is nothing more than the latest pipe dream trial balloon from progressives, one which won't actually take place and instead has been floated to set the negotiation "ask", with Goldman expecting that "Congress will settle on a more modest increase, potentially around 28%." As such there are no actual "surprises" in the proposal which has been floated in this exact format previously, and while it remains unclear when the tax rate increase would be effective, the bank's economists "think it is unlikely to apply to gains realized before May, and an increase effective Jan. 1, 2022 is more likely."

Apr 22 15:51

"Bitcoin Fixes This": Silicon Valley Icon Slams "Job-Crushing" Biden Tax Plan, "Oppressive Government"

With stocks tumbling following the report that Joe Biden is considering a proposal that would double the capital gains tax, as investors dump in hopes of locking in existing cap gains rates - an exercise in futility if Biden and the socialists in Congress decide to make such a tax change retroactive to all of 2021 - Bloomberg quickly polled several Wall Street traders who focused on the policy’s implications for investing, and concluded that while it was too soon to panic, prospects of a higher levy on stock profits could spark near-term selling as investors look to skirt a higher rate.

Here are some hot takes, courtesy of Bloomberg:

Chris O’Keefe, managing director at Logan Capital Management

Apr 22 06:54

Trend Of US Citizenship Renunciation To Rise "Dramatically"

The threat of higher US taxes, combined with other factors, could produce a sharp rise in the number of Americans seeking to give up their citizenship, an advisor working in the space says.

The number of US citizens looking to renounce nationality will increase “dramatically” because they’re looking to break free as taxes rise, an advisor handling such individuals has told this publication.

The US taxes its citizens on a worldwide basis - the only major country to do so - and expats must file annual returns to the Internal Revenue Service. With the Biden administration expected to push up income, capital and estate taxes in the coming year or so, high net worth Americans are in the firing line. And for expats, they can only escape the net if they give up their citizenship.

David Lesperance, a Canadian-born advisor working with HNW individuals seeking to mitigate heavy taxes, said this is a busy time, and not just because of the situation HNW Americans find themselves in.

Apr 21 04:48

Rich Democrats Revolt Over SALT As Biden Tax Hikes Face Pressure From Both Sides

Rich Democrats - typically 'coastal elites' - have publicly supported President Biden's tax hikes as long as the money is well spent, and, as long as Biden removes a Trump-era 10% cap on a special deduction for rich taxpayers known as SALT (State and Local Tax), which forced wealthy Americans to pay an additional $88.7 billion in 2021 alone.

The revolt puts Biden in a tough spot - after he promised to redistribute wealth from the rich, while promising that households making under $400,000 per year (ostensibly $200,000 for individuals) wouldn't see an increase. By removing Trump's SALT cap, Biden would be doing the exact opposite of making the rich pay 'their fair share.'

Apr 19 07:31

Apollo Joins Exodus To Florida As New York Tax Hike Drives Out Wealthy

The authors of a Bloomberg report claiming the trend of financial services firms moving from New York to Florida was rapidly starting to reverse couldn't have been more wrong. Barely two weeks after the New York State legislature passed a state budget that saddled the wealthiest New Yorkers with an effective tax rate north of 50%, the highest in the nation...

...more financial firms and their wealthiest employees are bidding the Big Apple adieu. Earlier this week, Bloomberg reported that Guggenheim's Scott Minerd was preparing to move to Miami as the firm moves to dedicate more resources to South Florida.

Apr 18 10:48

PUNISH HIM! : Pandemic good Samaritan faces hefty tax bill for his efforts

A Connecticut middle school teacher who raised $41,000 to help hundreds of his struggling neighbors during the COVID-19 pandemic got an unwelcome surprise for his charitable efforts: a form stating he could owe $16,031 in income taxes.

Apr 18 09:05

Watch out for this 2021 tax season phishing scam

As tax filing season peaks, a new scam has arrived.

The scam imitates popular online services TypeForm and Microsoft OneDrive with the aim of stealing sensitive personal information.

Email tax scams traditionally spike during the peak of tax season, banking on the fact that many individuals filing taxes are stressed out and may not give proper scrutiny to documents that appear to be from trusted companies.

"Unfortunately, cybercriminals know how stressful tax season is and pull out all the stops by launching email scams that crank the stress volume up to 11," said Abhishek Iyer, who wrote about the scheme for Armorblox, an email security company.

Apr 16 11:16

Congressman Despises Guns, Loves Gun Tax Dollars

The demographics of voters who lawfully own firearms have changed dramatically and taking their rights away and adding a fee to exercise a right, isn’t selling. Rep. Raskin isn’t talking about holding criminals accountable or hitting them with prison time. He’s tossing around the idea to tax a right because if he can’t ban it outright, he’s certainly not going to miss the opportunity to make money off of it.

Apr 13 08:09

Global Taxes – Global Stagnation

Apr 12 04:53

Study: Tax Hikes to Cause 1 Million Job Losses by 2023

New tax increases proposed by President Joe Biden would kill one million jobs and harm the economy, a new study released by the nation’s largest manufacturing association states.

For manufacturers, the tax reform of 2017 was like “rocket fuel” and if the new administration rolls back those reforms, “manufacturing workers will lose out on jobs, growth, and raises,” according to Jay Timmons, president and CEO of the National Association of Manufacturers (NAM).

“After decades of advocating for a tax system that provided competitive rates and modern international tax provisions, manufacturers in America kept our promises following the enactment of the 2017 tax reforms: we raised wages and benefits, we hired more American workers, and we invested in our communities,” Timmons said in a press release.

“If we undo those reforms, all of that will be put at significant risk.”

Apr 08 05:20

Biden caves on steep tax increase for businesses after bipartisan backlash

President Biden said Wednesday he’s willing to scale back a proposed corporate tax increase in his massive infrastructure plan amid resistance from a key Senate Democrat and a new study that said the plan would sap wages and economic growth in the long run.

Mr. Biden challenged opponents of the $2.25 trillion plan to put up or shut up on outlining their own ideas, while the Treasury Department projected the broader plan translates to roughly $2.5 trillion in tax hikes over 15 years.

“I’m wide open, but we got to pay for this,” Mr. Biden told reporters when asked about a corporate tax rate lower than the 28% that is in his plan. “I’ve come forward with the best, most rational way — in my view, the fairest way — to pay for it. But there are many other ways as well, and I’m open.”

Apr 07 08:05

YELLEN: GLOBAL TAX! Agreement By June…

Apr 07 07:14

US wanting other countries to raise corporate tax so it can profit is a bizarre super-capitalist demand

In typical ‘world-leading nation’ fashion, the US is now requesting that other countries raise corporate tax to a ‘global standard’ minimum. While good to combat tax havens, it’s only being done with America’s profits in mind.

On Monday, US Secretary of the Treasury Janet Yellen made a speech calling for a minimum global standard on corporate tax – effectively a demand that all countries of the world “cooperate” with the United States in order to raise their levies on businesses to a level which suits Washington. She stated that the goal of such a tax was to protect American interests by preventing companies from “shifting their earnings offshore” in the wake of planned raises designed to pay for Biden’s infrastructure plan. Yellen said the US sought to make a “level playing field” and berated a “30 year race to the bottom” on taxes.

Apr 07 07:12

The IMF And World Bank, Who Pay No Taxes, Are About To Talk About Tax Hikes And Inequality

The IMF and World Bank spring meetings are about to kick off, where those who pay no income tax get to talk about tax evasion, tax hikes, inequality, and Building Back Better. US Treasury Secretary Yellen will use the platform to push for a global standardization - upwards - of corporate tax rates. National Security Advisor Sullivan has also tweeted in support:

“The US is committed to end the race to the bottom on corporate tax rates and prevent corporations from shifting jobs overseas. A core piece of our national security strategy is national competitiveness: creating jobs & raising wages at home, not incentivizing tax havens.”

That as Democratic Senator Manchin says he doesn’t support the tax increase from 21% to 28% proposed by his own party, with 25% being the limit; and Republicans attack POTUS and FLOTUS for having used a corporate vehicle to reduce their tax on $13m of 2017-19 income from book royalties and speaking fees.

Apr 07 06:10

Biden Talks Tough On Tax Loopholes, But He & His Family Exploited Them For Decades

While recently touting his infrastructure project, President Biden griped "the wealthiest 1% of Americans saw their net worth increase by $4 trillion," he then ripped loopholes and deductions corporations utilized to avoid taxes.

However, a raging letter from the leader of a House conservative caucus about Biden’s own tax loopholes could foretell what Republicans will cover in their oversight agenda should they flip the House of Representatives in 2022.

Apr 05 06:25


What does it mean for the markets that the government now spends the proceeds from debt sales last spring that the Fed had monetized back then?

Apr 02 05:49

Tucker: Biden raises your taxes while he dodges his own

Apr 02 03:25

Buttigieg: ‘We’re Not Asking for High Taxes’ — We’re Asking Corporations and Wealthy ‘Pay Their Fair Share’

In a Thursday interview on MSNBC’s “Stephanie Ruhle Reports,” Secretary of Transportation Pete Buttigieg discussed President Joe Biden’s $2 trillion infrastructure plan.

Host Stephanie Ruhle asked Buttigieg if he is “prepared” for Republicans to run against the tax hike being necessary to pay for the massive plan.

Buttigieg advised that the Biden administration is “not asking for high taxes” but rather corporations and the wealthy “pay their fair share.” He argued the tax hike is “wildly popular among the American people.”

Webmaster's Commentary: 

We are all taxed way too much, people and corporations alike.

Apr 01 10:35

Tax Hikes are Coming

Apr 01 07:20


Mar 31 14:31

Lunatic left-wing transportation secretary Pete Buttigieg wants to tax Americans for every mile they drive

“The birth tax, the just for living tax, the death tax, the big butt tax, the white skin tax, the Christian tax, the family tax, the straight person tax, the deplorable tax, the free thinker tax, the sunlight usage tax, the just because you are you tax …”

Mar 31 07:20

Joe Biden Scraps Plans To Back Elizabeth Warren's Wealth Tax As Green New Deal Cost To Surpass $3tn

The news comes amid talks in Washington on funding Biden's initiative, with Democrats and Republicans remaining divided on whether to approve the tax hikes.

US president Joe Biden has scrapped plans to impose a wealth tax to fund his administration's Build Back Better Initiative valued up to $3tn, Politico reported on Wednesday, citing people familiar with the matter.

The wealth tax was led by numerous Democrats led by Sen Elizabeth Warren [D-Mass] and aimed to raise funds for US programmes and narrow rising income inequality, the report said.

The plans would seek a 2 percent annual tax for earners over $50m and 3 percent for people worth more than $1bn.

Webmaster's Commentary: 

So, Biden blocks taxes on the wealthy. Imagine my shock. Just imagine it.

Mar 31 06:49

Biden will today announce 7% corporate tax hike to 28% - the largest jump since the 90s - and 'target profits in tax havens' to raise $2TN for his huge climate-friendly infrastructure proposal

President Joe Biden will unveil Wednesday his long awaited Build Back Better initiative, an infrastructure and social welfare plan with an expected price tag of more than $4 trillion that will be mostly funded by corporate tax hikes.

Biden expects the nation's corporations to pay for $2 trillion in reengineering infrastructure in the midst of an economically and financially devastating pandemic.

The plan will include a 7% corporate tax hike – the largest increase since the 1990s – from the current rate of 21%.

Mar 30 07:46

REPORT: Biden Preparing $1 TRILLION Tax Hike to Pay for CoVID, Infrastructure, Climate Change

The Biden administration is reportedly preparing a $1 trillion tax hike to help finance the White House’s latest policy push including immigration, CoVID, infrastructure, climate change, and income inequality.

“When President Joe Biden’s team began putting together his infrastructure and jobs package this February, the White House National Economic Council circulated an internal proposal calling for about $3 trillion in new spending and $1 trillion in new tax hikes, according to three people with knowledge of the matter,” reports the San Diego Union Tribune.

“The choice to limit the impact on the federal deficit may help the White House counter critics who say that the nation’s spending imbalance is out of control. But it also sets up the administration for an enormous political challenge in convincing Congress to pass a package of tax increases on wealthy Americans and companies that together would represent the largest tax hike in generations,” adds the newspaper.

Webmaster's Commentary: 

Mar 29 10:51

Impact Of Tax Hikes On Stock Market

Mar 29 06:51

Transportation Secretary Mayor Pete Is Pushing For A "Vehicle Mileage Tax"

At what point to Democrats start to realize that they're running out of things to tax?

Could today be a wake up call? Perhaps the fact that Mayor Pete, now Transportation Secretary, is honestly pitching the idea of a vehicle mileage tax that would increase the further one travels, might wake some people up to the idea that we've gone too far?

Buttigieg told CNBC Friday that the idea was on the table to help pay for President Biden's upcoming infrastructure plans. "He spoke fondly of a mileage levy," CNBC wrote.

Mar 26 13:43

The top IRS agent in Philly charged with sexual assault

The top IRS criminal agent in Philadelphia, who has been the public face of the agency in many recent tax fraud cases, has been charged with sexually assaulting a coworker at an event in St. Louis last month.

Gregory Allen Floyd, 54, was charged with sexual abuse, a misdemeanor. According to the St. Louis police report, Floyd was at an outing with several other IRS employees in the city's downtown area on Sept. 28 when he became "increasingly sexually aggressive" toward the female agent.

As Floyd and the coworkers were leaving, Floyd grabbed the woman around the waist, pushed his hand between her legs and began groping her, the police report said.

Mar 23 05:55

Richest 1% Of Americans Hiding 20% Of Income From IRS

America's richest 1% aren't paying taxes on up to one-fifth of their income, according to Bloomberg, citing a new study which concludes that US tax evasion is far more widespread than previously estimated.

Mar 19 09:26

IRS delays tax filing deadline to May 17 because of COVID-related changes

The IRS said Wednesday it is delaying the April 15 tax filing deadline to May 17 giving taxpayers more time to prepare their filings amid the slew of pandemic-related tax changes.

The Treasury Department and the IRS said "the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021."

This will happen automatically, and individuals don’t need to file any forms or contact the IRS, the agency said in a statement.

"Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed," the IRS said.

Mar 19 08:49


Joe Biden has proposed a tax increase of $1 trillion. After giving the peasants a pittance in stimulus money because the ruling class destroyed the economy over a scamdemic, the master is now demanding you pay them more of what you earn.

Taxation is theft, it always has been and always will be. if anyone has a higher claim over your life, property, or laboring energies, they are your master and you are their slave. Now that that’s out of the way, master Biden is proposing stealing more for the ruling class, which hasn’t suffered in the least under its oppressive policies.

Mar 19 06:56

Tax break for unemployment benefits recipients!

Mar 18 10:49


Mar 16 06:21

Biden Plans Biggest Federal Tax Hike Since 1993 To Fund Infrastructure, Climate Initiatives

Households across the US rejoiced over the weekend as they received their first stimulus checks. And as BofA's team of analysts parses exactly how millions of Americans will spend this money (will they buy washing machines and toasters? Or dump it into crypto/GME?), Bloomberg is out with a chilling report alerting Americans to the inevitable reality that President Biden is about to switch gears from spending to fundraising.

Of course, we use that term loosely: Despite the fact that Biden just shelled out another $1.85 trillion to finance a third round of stimulus checks (not to mention hundreds of billions in handouts to states and municipalities), his administration isn't raising money to pay for that. Instead, they're looking to finance a Democratic "New New Deal".

Mar 15 06:50

Freelancers Punished In New IRS Rule Under COVID Stimulus

A few hundred pages into the latest $1.9 trillion Covid relief law, the “American Rescue Plan Act of 2021,” you’ll find Section 9674. It says that a “third party settlement organization” does not have to report to the Internal Revenue Service (IRS) any payments to contract workers under $600.

These third parties include Uber, Airbnb, Etsy, eBay, Freelancer, and other platforms which facilitate payments to gig workers. The problem is that this little amendment lowers the reporting threshold from $20,000 to $600. Previously, a gig worker could earn up to $20,000 on these platforms without the IRS being informed of their income.

Mar 09 13:25

Big Brother sets sights on bitcoin: Boom Bust digs into latest move by IRS to root out unreported crypto earnings

The US Internal Revenue Service (IRS) is launching a new investigation named “Operation Hidden Treasure,” to uncover unreported crypto-related income and to fight cryptocurrency fraud.

RT’s Boom Bust is joined by the program co-host Ben Swann to explore what the move may mean for the future of digital currencies, how this crackdown will be carried out and who the revenue agency will focus on.

The measure is going to really hit early adopters of digital currencies and people who have tried to live within the crypto ecosystem without coming out, according to the journalist. Swann added that it remained a big question what and who Operation Hidden Treasure is focused on.

“Anyone who had crypto, converted that into fiat dollar and didn’t pay taxes on it, or people who exchanged one token for another token, or people who move tokens out of exchange and into a cloud storage wallet,” he says.

Mar 03 10:57

IRS Sent $46 Million In Refunds To ‘Unauthorized’ Workers At One Atlanta Address

In what appears to be a significant oversight, the Internal Revenue Service sent a total of $46,378,040 in refunds to “unauthorized” workers at one address in Atlanta, Ga., according to a report from the Treasury Inspector General for Tax Administration.

Brought to light last year by WTHR-TV Indianapolis, the IRS’ $46 million in refunds included 23,994 tax payouts sent to the particular property in 2011.

As the audit report discloses, the Atlanta address is one of several that received a high number of refunds for Individual Taxpayer Identification Number (ITIN) tax returns. ITINs are issued to those who are ineligible to obtain a Social Security number. However, it seems, the application for these identification numbers is flawed.

Feb 19 07:50

This free gift from the government is going to expire in a few years

The mere concept of a death tax is pretty offensive when you think about it. They tax you when you earn. They tax you when you save. They tax you when you spend. And they even tax you when you die.

Feb 18 11:32

FLASHBACK - Joe Stack STATEMENT: Alleged Suicide Note From Austin Pilot Posted Online

My introduction to the real American nightmare starts back in the early ‘80s. Unfortunately after more than 16 years of school, somewhere along the line I picked up the absurd, pompous notion that I could read and understand plain English. Some friends introduced me to a group of people who were having ‘tax code’ readings and discussions. In particular, zeroed in on a section relating to the wonderful “exemptions” that make institutions like the vulgar, corrupt Catholic Church so incredibly wealthy. We carefully studied the law (with the help of some of the “best”, high-paid, experienced tax lawyers in the business), and then began to do exactly what the “big boys” were doing (except that we weren’t steeling from our congregation or lying to the government about our massive profits in the name of God). We took a great deal of care to make it all visible, following all of the rules, exactly the way the law said it was to be done.

Feb 09 07:16

Exclusive Interview: Hungary Scrapping Income Tax for Under-25s to Support Youth, Families

The Hungarian government is scrapping income tax for under-25s to help young people “to have a future in Hungary, to start a family, raise children, prosper, and live” the country’s families minister told Breitbart in an exclusive interview.

This is part one of two part-part interview with Katalin Novák, Hungary’s Minister for Family Affairs.

Katalin Novák, who has been helping to drive Prime Minister Viktor Orbán’s pro-family agenda for seven years now, told Breitbart London that, according to preliminary calculations, the policy could help some 460,000 people in the country of roughly ten million, and estimated that “the income of youngsters will increase by 22 per cent” as a result.

Feb 08 15:29

Renouncing American Citizenship Hits All-Time Record

Treasury Department records show that 2020 set a new record for the number of Americans who renounced their U.S. citizenship or gave up their long-term green cards. Common reasons for renouncing can be family, tax and legal complications for people who generally live outside the United States. There is an official list published quarterly, and the names for the fourth quarter 2020 made the annual total 6,707, a 237% increase from 2019. That may not sound like many, but the actual number of expatriates is often assumed to be higher, with many apparently not counted. Both the IRS and FBI track Americans who renounce. Some renouncers write why they gave up their U.S. citizenship, but tax considerations are often part of the equation. Expats have long clamored for tax relief. Adding fuel to the fire is FATCA, the Foreign Account Tax Compliance Act. This U.S. tax law was passed in 2010 and requires an annual Form 8938 filed with the IRS if your foreign assets meet a threshold.

Jan 29 12:30

‘Sad billionaire’ slams ‘LOSER’ GameStop investors – then laments Biden taxes he voted for as ATTACKING THE WEALTHY

A hedge fund manager who famously cried over a Democrat tax proposal – then voted for Joe Biden anyway – slammed Robinhood investors buying GameStop stock as “losers” spending government stimulus money to gamble on the markets.

People “sitting at home getting their checks from the government, trading their stocks” are the problem, Leon Cooperman said on Thursday.

In a lengthy appearance on CNBC’s Fast Money: Halftime Report, the CEO of the New York-based Omega Advisors took aim at the small investors buying up stocks the “more knowledgeable” short-sellers had undervalued, blaming the Federal Reserve’s low interest rates and even the government’s coronavirus stimulus checks.