Dennys: News Politics Comedy Science Arts & Food: Lobbyists, IRS Square Off Over New Law to Catch Rich Tax Dodgers

Dennys: News Politics Comedy Science Arts & Food: Lobbyists, IRS Square Off Over New Law to Catch Rich Tax Dodgers



From Denny:  It's an election year and reeling in tax dodgers is a populist position. Americans are furious the wealthy and corporations don't pay taxes at all or very little, certainly not their fair share.



How much does the government lose to rich tax cheats? 



Did you know the Treasury Department loses as much as $100 billion each year in owed taxes because of offshore accounts? Think how that would affect the bottom line to ease the budget deficit - instead of taking away school lunch programs for needy children.



New tax dodger law 



The good news is there is a new law in town. It's called the Foreign Account Tax Compliance Act (FATCA). Foreign financial institutions must report accounts held by American citizens to the U.S. government. The penalty if they fail to report? Not providing that information means those firms face a 30 percent withholding tax on their U.S. revenue. Ouch!



The bad news is that the law does not take effect until 2013 even though it was passed in March 2010. Worse, now enter the gang of lobbyists - yes, more than the usual 100 per lawmaker already leeching off the taxpayers in Washington - who are descending upon the capitol to reject or modify this law. Screaming for help are the foreign financiers and trade associations that have set their sights upon nasty K Street as their messiah.



*** To read more just click on the link ***

Funny Tax Season: Cartoons and Late Nite Jokes

From Denny: And, first, on the serious side this tax season, Beware the Scam Artists. There are those commercials assuring you how they can get you tax resolution if you owe back taxes. With all the job loss it's no wonder there are so many Americans struggling to pay their taxes.



Well, do yourself a huge favor and talk directly to the IRS. Under the Obama administration they are a far more friendly, kinder IRS. They will help set up lowered payments for you, even if you made a deal with them months or years earlier on other back taxes.



They will still negotiate with you while you try to find a job or recover from the chaotic economy. I know what I'm talking about because I hear it everywhere around me: People in Louisiana and the Gulf Coast are getting to be IRS policy experts these days since the BP Oil Spill Disaster a year ago.



Call the IRS on your own. Don't waste good money throwing it away to a tax resolution attorney or service. Often they don't get you as good a deal as when you negotiate directly with the IRS. After all, the whole point is you are struggling to pay, so why load yourself up with more debt you end up owing to a tax service? These guys can charge you thousands of dollars for that one cheap phone call you can do yourself.



Whatever you do, make sure you file your taxes even if you don't send in payment. The IRS is a lot more amenable when you have complied with the law and filed in a timely manner.



To date, there is over $330 billion owed to the IRS, most from the wealthy who just plain refuse to pay what they owe. Isn't it about time Obama started chasing down Big Business and the greedy before they go after out of work or under employed Formerly Known As Middle Class Americans?

Sellout Obama and Bush Tax Cuts Firestorm Angers America

Obama continues to bully a bad tax plan down the throats of America.





 





President refuses to caucus with his own Democrats, stiff-arms them



From Denny: President Obama continues to refuse to caucus with his own Democratic Party. How illogical and insane is this? Answer: very. For some reason this President has adopted a President Nixon autocratic condescending leadership style of which the Democrats are now thoroughly in revolt.



Black Caucus refuses to support the President



Even the African-American caucus does not support him on this Bush Tax Cuts plan he tried to ram down every one's throat. Obama never consulted with any of his own party but rather this plan just suddenly appeared out of thin air via Obama and his senior advisers who met solely with Republican leadership. Increasingly, the Democratic leadership is abandoning Obama on key issues - like national security.



Democrats part ways with Obama 



Here's how the Democratic leadership have gone their own way on current legislation up for vote: