Tag Archives: pandering politicos

IRS plays dead on campaign finance

Any small business that has been audited knows the IRS can be a junkyard dog when examining records for deductible meals, travel, mileage, and other business expenses.

Not so when it comes to reviewing political organizations.

As The New York Times summarizes, the IRS has pretty much rolled over on groups that use nonprofit “social welfare” organizations to hide the identities of potentially multi-million-dollar campaign contributors.

Not only did IRS Commissioner John Koskinen tell Congress that there would be no change in the tax code this year, he also said any new rules would take effect only after the 2016 Presidential Election.

Campaign spending by so-called “social welfare” organizations has gone from less than $6 million in 2006 to more than $300 million in 2012, and is likely to eclipse a half-billion dollars in 2016.

As The Times’ article concludes, “It is a gross insult to taxpayers to make them underwrite the brazen evasions of campaign operatives bundling dark money. The abuse is compounded by the latest I.R.S. retreat from its responsibility.”

Multinationals seek tax heavens, er, havens . . . oh, what’s the diff?

More and more U.S.-based corporations are growing wings and flying away from their U.S. tax obligations. Bloomberg puts it as simply as possible: “U.S. companies looking for lower tax bills are heading for the exits, and Congress is doing nothing to stop them.” The immediate impetus for the story was Pfizer’s proposed purchase of AstraZeneca,…Continue Reading

For privileged corporations, paying state taxes is increasingly becoming a thing of the past

States regularly offer tax incentives (or, depending on your point of view, corporate welfare) to major corporations in exchange for promises of expansion, corporate relocation, retention of old jobs, creation of new jobs, and anything else with the word ‘jobs’ in the sentence. If you think about it, it’s an almost mindless rush to the…Continue Reading

What to expect from the Ryan Administration

Mitt Romney will only release one year of past tax returns and won’t give any specific budget proposals. But sooner or later, he had to pick a vice-presidential candidate. So we can now look to Paul Ryan’s proposals as chairman of the House Budget Committee (Romney previously called a proposed Ryan budget “excellent work”) for…Continue Reading

Mitt Romney, through the funhouse mirror

Mitt Romney famously told a heckler on the campaign trail that corporations are people, too. A fellow named Geoff Sugerman was paying attention. Here’s his proposal: If corporations are people, why can’t people be corporations–with all the tax benefits of corporations Geoff has a website, peoplearecorporations.org., where he also promotes his political action committee, People…Continue Reading

Tax pandering season in high gear

The tax pandering season got into high gear with both President Obama and Presumptive-Nominee-In-His-Own-Mind Mitt Romney coming out with tax reform proposals on Wednesday. As The Washington Post points out, Romney would cut all individual income tax rates by 20%. But beware! Here’s Joe the Tax Guy’s Rule Of Across-the-Board Tax Cuts: Across-the-board cuts favor…Continue Reading