Tag Archives: pandering politicos

Oklahoma lawmakers screw the poor with tax-law change

This week the Tax Hall of Shame Award goes to the Oklahoma Legislature for preying on the poor.  As the New York Times reports, the legislature is balancing its $1.3 billion deficit by, among other things, cutting the state’s Earned Income Tax Credit.  This credit goes to low-income working citizens.  By eliminating the “refundable” portion of the credit, the state will cut benefits for a family with three or more children and a parent earning $13,850 a year by $312.

The Associated Press, in a pathetic example of on-the-one-hand-on-the-other-hand journalism, reported of the tax change, “Opponents say it targets the working poor. But supporters say it is needed to help fill a $1.3 billion hole in next year’s state budget.”

People focus on the IRS and the federal government when it comes to income taxes, but state policies also have a tremendous impact on individual pocketbooks as well. The Oklahoma Legislature, this week’s slam-dunk Tax Hall of Shame winner. Give a poor-reporting assist to the AP.

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… Continue Reading

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