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Taxes

The Late Edition: November 26, 2012
Posted By:  - 11/26/12

Today’s Taxpayer News!

Pete Sepp weighs in on retiring Illinois Democrat Rep. Jesse Jackson Jr. and the roughly $45,000 annual taxpayer-funded pension he’ll walk away with unless he agrees to decline it.

According to Market Watch, Republican lawmakers are seeking a way to save small businesses from the massive tax increases the President seeks to impose on them.

How would the “fiscal cliff” affect healthcare spending and appropriations? Deseret News has the scoop.

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The Late Edition: November 19, 2012
Posted By:  - 11/19/12

Today’s Taxpayer News!

NTU’s Pete Sepp discusses the lame-duck Congress and what they ought to be doing in the last weeks of their term in this Washington Times op-ed.

The tax hikers are ready for the “fiscal cliff” battle:

House Minority LeaderNancy Pelosi statesthat a deal cannot be struck to avoid the “fiscal cliff” without including tax hikes to “bring in revenue.”

New York Times economist Paul Krugman reminisces about the 1950’s-style 91% tax rate on the top income bracket.

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The Late Edition: November 12, 2012
Posted By:  - 11/12/12

Today’s Taxpayer News!

Inside Investing Daily’s Bill Bonner highlights NTU statistics on the disproportionate share of taxes the top 1% of earners are forced to pay into the federal government’s coffers.

If labor groups like the AFL-CIO and the SEIU have their way, Congress and the President will inflict tax hikes on those making over $200,000 at the end of the year.

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Sports Memorabilia and Health Care Reform
Posted By: Michael Tasselmyer - 10/25/12

An article published in the Bradenton Herald on Thursday highlights one of the interesting, if not unintended, consequences of the new Medicare taxes that the Patient Protection and Affordable Care Act is set to levy beginning in 2013.

Sports memorabilia enthusiasts may have noticed the recent surge of high-dollar collectibles flooding auction houses: Bobby Knight's NCAA Championship rings; Don Larsen's New York Yankees pinstripes; even Evander Holyfield's heavyweight boxing championship belts.

Perhaps not so coincidentally, these valuable items are hitting the auction market right before January 1st, when a new 3.8 percent Medicare tax on investment income will take effect for high-income individuals. As mentioned in the article:

"And starting Jan. 1, there will be a new Medicare tax on income from investments for higher-earning people. The IRS hasn't issued rules yet, so money from the sale of collectibles may be subject to the new levy. "The 3.8 percent Medicare tax would probably be the thing that immediately popped into my mind in terms of what folks may be thinking about," said David Boyle, Americas director of personal financial services for the accounting firm Ernst & Young."

Currently, income generated from collectibles held for more than a year is eligible to be taxed at a rate of 28 percent. So, if I'm a wealthy individual who bought Babe Ruth's 1920 uniform for $4.4 million and sold it a few years later for $5 million, I could owe 28 percent of the difference in capital gains taxes. With the PPACA's passage, that amount could increase by 3.8 percent beginning in 2013.

The new Medicare tax, combined with the possibility of Bush-era tax cuts expiring and the estate tax, apparently has some athletes and sports figures more closely examining the benefits of cashing in on their most sought-after mementos sooner rather than later.

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The Late Edition: October 3, 2012
Posted By:  - 10/03/12

Today’s Taxpayer News!

In this article from American Free Press, NTU’s Pete Sepp delves into the relationship between the EPA’s Renewable Fuels Standard requirement which mandates that increasing portions of corn be diverted to ethanol, and the higher prices Americans could end up paying for food as a result.  

Just in time for tonight’s first Presidential debate, Fox News takes a look at five key tax increases put forth by President Obama that hinder the ability of small businesses to be successful.

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The Late Edition: 2 October, 2012
Posted By:  - 10/02/12

Today’s Taxpayer News!

NTUF launched its line-by-line analysis of the spending agendas for Ohio Senate candidates Sherrod Brown and Josh Mandel, finding the two swing-state candidates are about $110 billion apart.

A recent report by State Budget Solutions found that each state government carries an average debt load of $13,425 per capita, amounting to an astounding $4 trillion for the nation as a whole.

Are Obama claims about Romney’s tax plan accurate? The Tax Foundation hits back on charges of severe middle class tax hikes should Romney’s plan be implemented.

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The Late Edition: October 01, 2012
Posted By:  - 10/01/12

NTU’s Pete Sepp weighs in on the battle over defense spending and the cancelation of the costly F-35 fighter program.

According to a new report from the Tax Policy Center, 90 percent of Americans will be hit with higher taxes---equaling a jaw-dropping total of $536 billion for 2013---unless Congress acts to stop the batch of tax hikes and automatic cuts.

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Speaking of Taxpayers, August 31 (AUDIO): Social Media Tips for Taxpayers Groups
Posted By:  - 08/31/12

Subscribe to NTU's podcast "Speaking of Taxpayers" via iTunes!

     
   
   
   
   
   

NTU's communications manager and "Speaking of Taxpayers" co-host Doug Kellogg offers valuable tools for new taxpayer advocacy groups venturing into social media, the "Fiscal Five" returns with new tax-related issues from at home and abroad, and NTUF's Dan Barrett takes a closer look into Paul Ryan's voting record.

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The Late Edition: August 29, 2012
Posted By:  - 08/29/12

Today’s Taxpayer News!

NTU’s vice president Pete Sepp was featured in a recent article in the Washington Times examining the whereabouts of $1 million in federal stimulus funds that the Federal Communications Commission handed over to a London-based company in hopes of it creating jobs. Unfortunately for taxpayers, the company, SamKnows Ltd, created all of zero new jobs in the United States.

Good news for taxpayers still reeling from the General Services Administration’s reckless spending bout that resulted in $823,000 worth of taxpayer dollars wasted on a training conference. A recent article from the Washington Post  highlights the GSA’s self-reported savings of $11 million since April.

Rep. Tom Cole (R-OK) speaks out in US News against taxpayers being forced to fork over $18 million in 2012 to both the Democratic and Republican parties for their respective conventions.

 


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Speaking of Taxpayers, August 24 (AUDIO): Online Sales Tax Threat Looms in Washington
Posted By:  - 08/28/12

Subscribe to NTU's podcast "Speaking of Taxpayers" via iTunes!

      
   
   
   
   
   

NTU's Andrew Moylan joins the podcast to discuss the subtle forces mounting a push for federal mandated online sales taxation & NTUF's Demian Brady discusses the plethora of post office re-namings taking Congress' attention.
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