Deadbeat Al Sharpton still owes Millions in Taxes

The faux Reverend and MSNBC  Host Al Sharpton is always talking about the rich needing to pay more taxes...it's time for them to pay their fair share. Here's an idea before he discusses others paying higher taxes how about serial race-baiter pay his own taxes.

The NY Post reported that Sharpton, along with his nonprofit National Action Network and two for-profit firms he runs, have $4.7 million in outstanding debt and liens, according to federal and state tax records.

Among the debts include $806,875 that Sharpton owes the state, along with $2.6 million in federal liens against him for unpaid personal income taxes, the Post stated.

Recent filings showed the National Action Network owed $813,576 to the federal government at the end of 2012, and his company Rev-Al Communications owes $447,826 to the state, while the Bo-Spanky Consulting firm has $18.21 in outstanding debt, according to the Post.

Bo-Spanky Consulting?  Forgetting the taxes for a moment because it's only 18 bucks. Would you ever hire a consulting firm called Bo-Spanky Consulting? 

According to the only preacher I know who doesn't believe in the Commandment about not bearing false witness the records are wrong he has been paying down his debt.

Sharpton told the Post he's paying down the debts according to negotiated agreements.

"It's significantly less. It's nowhere near the millions of dollars. We have totally lived up to our agreement with them," Sharpton the Post. "It's being paid down."

Read More: The Lid 

Is Obama Coming for your 401K?

The Rush Limbaugh Show Feb 25th 2013

Your Mortgage Interest Deduction is up for grabs in the New Fiscal Cliff debate.

 

Democrats, led by President Barack Obama, want lawmakers to consider a fresh set of tax increases in the next several weeks when they discuss whether to cut spending.

Republicans oppose raising tax rates, especially after they just raised some of them for the first time in two decades in the New Year’s deal that extended most – but not all – of the expiring Bush tax cuts. 

But much of what Obama is talking about is raising tax revenue without actually raising tax rates. In Washington-speak, lawmakers will try to collect more tax money by closing tax loopholes, perhaps limiting popular tax deductions and to some degree changing the way citizens pay into the popular Medicare and Social Security programs.

One Democrat idea would be to limit how much mortgage interest, state taxes or charitable giving can be deducted from taxes by high-income earners. The New Year’s deal started phasing out some of the tax exemptions claimed by high-income earners and limiting their tax deductions. This could gain in popularity because tax rates remain unchanged and middle-income Americans would not be affected. 

A bipartisan presidential commission in 2010 favored scaling back mortgage-interest deductions, in part because they effectively subsidize the wealthy by offering them a bigger discount off a higher tax rate. The problem is that rolling this program back is fraught with risk in today’s impaired housing market.

Read More: McClatchy

Read more here: http://www.mcclatchydc.com/2013/01/09/179447/as-new-fiscal-crises-near-democrats.html#storylink=cpy

Read more here: http://www.mcclatchydc.com/2013/01/09/179447/as-new-fiscal-crises-near-democrats.html#storylink=cpy

Nonprofit groups battle over charitable deductions

Marxists like Obama, Reed and Pelosi, don't like charity. They want the US Gov. to be the beginning and end of charity. It's all about power. Basically, the Administration wants to redistribute money away from charities to line the pockets of the followers. SF

 

The White House and the nation’s most prominent charities are embroiled in a tense behind-the-scenes debate over President Obama’s push to scale back the nearly century-old tax deduction on donations that the charities say is crucial for their financial health.

In a series of recent meetings and calls, top White House aides have pressed nonprofit groups to line up behind the president’s plan for reducing the federal deficit and averting the year-end “fiscal cliff,” according to people familiar with the talks.

In part, the White House is seeking to win the support of nonprofit groups for Obama’s central demand that income tax rates rise for upper-end taxpayers. There are early signs that several charities, whose boards often include the wealthy, are willing to endorse this change.

But the White House is also looking to limit the charitable deduction for high-income earners, and that has prompted frustration and resistance, with leaders of major nonprofit organizations, such as the United Way, the American Red Cross and Lutheran Services in America, closing ranks in opposing any change to the deduction.

“It’s all castor oil,” said Diana Aviv, president of Independent Sector, an umbrella group representing many nonprofits. “And the members of the nonprofit sector I represent don’t want any part of it. It’s a medicine we’re not willing to drink.”

The dispute is the latest in a long-standing struggle over the popular tax provision, which allows people to deduct charitable donations from their taxable income. The battle is playing out at the highest levels of government and in the corridors of K Street.

Read More: The Washington Post

John Boehner does not look Happy

 

The post-election negotiations on U.S. deficit reduction that began with a surge of optimism sputtered this week with Republicans expressing political indignation over President Obama’s opening offer to keep a $500 billion mix of tax hikes and federal spending cuts from kicking in next month should no deal be reached.

“There has been no substantial progress over the past two weeks,” House Speaker John Boehner said Thursday at a press conference, adding to his daily reports that portrayed the closed-door negotiations as languishing.
A day later, the Ohio congressman and the Republicans' chief negotiator with the White House simply acknowledged talks had reached a “stalemate.”

Read More: Fox News

Tim Allen: Give Your Money Away Before Government Takes It

 

Sitcom star Tim Allen isn't an outspoken conservative, but he knows a thing or two about how money works. Or, in some cases, doesn't work if simply handed out or taken by the government.

Allen shared his personal tale on finances and Uncle Sam's lust for our cold, hard cash during an interesting exchange Wednesday on "Jimmy Kimmel Live."

JIMMY KIMMEL, HOST: Does your family ask you for money when you go back home?

TIM ALLEN: Yes!

KIMMEL: Do they? Yeah, yeah.

ALLEN: Does that ever work, you know? This folds into the government, doesn't it?

KIMMEL: I think it does work.

ALLEN: You can't give people money and help them. It doesn't work.

KIMMEL: Yeah, but they're willing to try.

ALLEN: Yeah, they are definitely willing to. Oh, God, did you bring up a sore one.

KIMMEL: Well, why don't you make an announcement right now that you’re headed home and you won't be giving any money to anyone?

ALLEN: Well, you know what I look at sometimes, I say, “Rather them than the government.”

KIMMEL: I see.

ALLEN: You know, you better give your money away before it gets taken from you.

Courtesy: Breitbart

How the Fiscal Cliff May Affect Your Taxes

 

In a few weeks, tax laws U.S. taxpayers have enjoyed for more than a decade are scheduled to expire. Along with long-standing and historically low tax rates, several popular tax credits and deductions already have or will soon expire.

That scenario is being described as a fiscal cliff. And if American taxpayers are nudged over that cliff by Congressional inaction, most of them will face dramatically higher tax bills.

Estimates by tax policy groups and government accountants put the total tax cost at more than $500 billion in 2013.

That averages out to almost $3,500 per household, according to calculations by the Tax Policy Center. Middle-class taxpayers are likely to see an average increase of almost $2,000.

Using Tax Policy Center data and hypothetical taxpayers, Bankrate shows what some tax bills might look like if lawmakers don't soon put up a guardrail at the fiscal cliff's edge.

Complete Break Down By: Yahoo Finance

The 10 Dumbest Ways the Government Wasted Your Money

By Sean Williams THE MOTLEY FOOL

It's back! As someone who greatly enjoys a little bit of humor and zest mixed in with economic figures, I look forward to the release of the Waste Book (link opens PDF), an annual summary of 100 ways the U.S. government is wasting taxpayer money, which is compiled by Oklahoma Sen. Tom Coburn and his political team.

Before you assume that politics are playing into this, let me assure you: I have a completely unbiased approach to pointing out the egregious uses of taxpayer and shareholderdollars, as I've made apparent by my weekly CEO Gaffesseries, my year-end worst CEO complication, and by looking at Sen. Coburn's Waste Book in 2011.

This year's version of Waste Book covers 100 purported wastes of taxpayer money totaling north of $18 billion. While this is but a blip compared to a $16 trillion deficit, it's nonetheless a questionable use of your tax dollars.

Therefore, I want to once again highlight 10 of the dumbest ways in which the U.S. government wasted your taxpayer dollars in 2012.

READ MORE: The Motley Fool

Biden: 'Yes, We Do' Want to Raise Taxes By a Trillion Dollars

DANIEL HALPER

"On top of the trillions of dollars of spending that we have already cut, we’re gonna ask – yes – we’re gonna ask the wealthy to pay more," said Biden. "My heart breaks, come on man. You know the phrase they always use? Obama and Biden want to raise taxes by a trillion dollars. Guess what? Yes we do in one regard. We want to let that trillion dollar tax cut expire so the middle class doesn’t have to bear the burden of all that money going to the super wealthy. That’s not a tax raise, that’s called fairness where I come from."

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