November 25, 2010
Americans to Congress: Extend The Bush Tax Cuts
4 out of 5 Americans say it is at least “somewhat important” for Congress to extend the Bush tax cuts before they expire at the end of the year, according a recent poll by Gallup.
In the same poll, more than 50% of Americans say it is “very important” that Congress act to prevent the estate tax from going up significantly next year as it is scheduled to do.
Most Americans say the Democratic-run Congress should address the important issue of taxes during the lame duck session between now and the start of the next year, when the Republicans take control of the House.
But the Democrats in the House have been divided on how exactly to address the expiration of the Bush tax cuts. Some have crossed the aisle to join Republicans to demand the cuts be extended for all income levels.
President Barack Obama and a majority of Democrats have been critical of the tax cuts since they were enacted by a Republican Congress and former President George W. Bush.
But severe public outcry over the President’s insistence to eliminate the Bush tax cuts all together has resulted in Obama easing his criticism of the tax cuts for lower-income earners. However, he insists that taxes be raised only on those earning more than $250,000 a year – including small businesses that file as individuals.
Does President Obama understand that cutting the Bush tax cut will hamper the key to reviving the economy – job growth?
Respectfully President Obama, extending the Bush tax cuts for all Americans is the right thing to do, both politically and economically.
Source: New York Post, gallup.com
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March 4, 2009
Another Obama Cabinet Pick Has Tax Problems
President Barack Obama’s pick for U.S. trade representative is the fourth nominee to have tax issues. Former Dallas Mayor Ron Kirk will file amended tax returns for 2005 through 2007 and pay almost $10,000 in back taxes.
Ron Kirk’s tax problems stem from excess deductions for basketball tickets and failure to report speaking fees.
White House officials and key senators call the errors minor and predicted that the issue should Kirk’s nomination to be U.S trade representative.
“When you put anybody’s tax filings under a microscope, people don’t have to be dishonest,” said Senate Majority Leader Harry Reid, D-Nev. “It’s just hard to do all the right things. It certainly shouldn’t disqualify him.”
Senate Finance Committee aides uncovered Kirk’s tax issues during weeks of his examination and evaluation for the cabinet position. Kirk, a lawyer and the Texas Democratic Party’s 2002 Senate nominee, will file amended tax returns for the last three years and pay the Internal Revenue Service $9,975 plus interest.
This careless error pales in comparison to some other Obama Cabinet picks.
Treasury Secretary Timothy Geithner paid $43,000 in back taxes before his confirmation. Tom Daschle, the former Senate majority leader who withdrew his bid to lead the Health and Human Services Department, paid $128,203 in back taxes, plus interest, for failing to report as income the car and driver a friend had provided to him.
Labor Secretary Hilda Solis’ confirmation was delayed for weeks amid questions about her husband’s unpaid taxes. Outside the Cabinet, an Obama pick for a top White House job withdrew over questions about her tax compliance.
Texas Sen. John Cornyn, a member of the GOP leadership and the finance committee who defeated Kirk in the 2002 race, had been supportive of the nomination. But Monday night, an aide called the tax problems “a very serious offense.”
“He’s very disappointed,” Cornyn spokesman Kevin McLaughlin said. “He’s hopeful Mr. Kirk will take the opportunity to provide an explanation when he comes before the finance committee.”
The top Republican on the panel, Sen. Charles Grassley of Iowa, “will reserve judgment on the nomination until the vetting process, including the hearing and any follow-up questions resulting from the hearing, is completed,” said spokeswoman Jill Gerber.
His tax bill includes three main discrepancies:
1. He owes $5,800 because of $37,750 in honorariums from 16 speeches dating to 2004. He assigned the fees to be paid directly to a scholarship fund at his alma mater, Austin College in Sherman. The Finance Committee said he should have reported the income and claimed a corresponding charitable deduction.
2. Kirk owes $2,600 stemming from deductions for season tickets to the NBA Dallas Mavericks: $6,208, $7,035 and $4,139 in 2005, 2006 and 2007, respectively.
A memo issued by Democratic and GOP Finance Committee staffs said, however, that “he has substantiated $9,900 of the total $17,382 as qualifying entertainment expenses.”
3. An additional $1,000 in back taxes involved deductions for $25,218 in tax and accounting fees over three years. Kirk attributed 90 percent to his law practice, but that was too high.
Last October, Kirk also paid the IRS $2,188 plus $139 interest for tax year 2006, after the IRS notified him that he had failed to report a $5,000 speaking honorarium and $819 in dividend income.
Expect some tough questioning by members of Congress but the consensus is that Ron Kirk will be confirmed as the U.S. trade representative and join Obama’s cabinet.
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December 16, 2008
REMEMBER THE BARACK OBAMA TAX PROMISE
Now that Obama is readying to take over the presidential reins. Let’s review his campaign tax promise.
First of all Obama has proposed to raise taxes of only the most affluent Americans, those who earn over $250,000 a year.
He would also triple the earned-income tax credit for low-wage earners and increase work incentives for those Americans at the bottom.
His plan would also cut taxes for the middle class.
The Obama Tax plan is supposed to broaden tax relief of the middle and lower class and cut taxes for small businesses and those companies that keep jobs in here in the United States.
Obama also has a plan to have the government invest in health care, clean energy, education and innovation. His plan will create jobs and help protect domestic jobs.
Find out more of the Obama Tax Plan
Here is more on his plan:
Cut taxes for 95 percent of workers and their families with a tax cut of $500 for workers or $1,000 for working couples.
Provide generous tax cuts for low- and middle-income seniors, homeowners, the uninsured, and families sending a child to college or looking to save and accumulate wealth.
Eliminate capital gains taxes for small businesses, cut corporate taxes for firms that invest and create jobs in the United States, and provide tax credits to reduce the cost of healthcare and to reward investments in innovation.
Dramatically simplify taxes by consolidating existing tax credits, eliminating the need for millions of senior citizens to file tax forms, and enabling as many as 40 million middle-class Americans to do their own taxes in less than five minutes without an accountant or tax advisor.
Tax Relief For Middle Class Families will include:
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