Tag: Taxes
Albanese has to do what Morrison and Frydenberg didn’t. Have the guts to do and fix that which led us to, and created the crisis we find ourselves in now. Make those that profited from the LNP’s gross generosity pay, and take those steps immediately rather than later….increase their taxes and collect what they haven’t paid.
Anthony Albanese and his Treasurer, Dr Jim Chalmers, have inherited many problems that won’t be solved quickly or easily. Nor will they be solved without the new government being willing to persuade voters to accept the sort of tax changes no pollie wants to talk about in an election campaign.
Source: Treasury boss Steven Kennedy’s cure for debt and deficit
Washington: Former US president Donald Trump suffered twin setbacks on Friday, local time, when the Justice Department cleared the way to release his tax records and disclosed a memo showing he urged top officials last year to falsely claim his election defeat was “corrupt”. The department, reversing course from the stance it took when Trump was in office, paved the way for the Internal Revenue Service to hand over the Republican businessman-turned-politician’s tax records to congressional investigators – a move he has long fought.
Source: In one-two punch to Donald Trump, Justice Deptartment approves release of taxes, memo
ProPublica’s bombshell report on America’s super-wealthy paying little or nothing in taxes reveals not only their humongous wealth but also how they’ve parlayed that wealth into political power to shrink their taxes to almost nothing. Jeff Bezos, the richest man in America, reportedly paid no federal income taxes in 2007 and 2011. Elon Musk, the second richest, paid no taxes in 2018. Warren Buffett, often ranking number 3, paid a tax rate of 0.1 percent between 2014 and 2018. The real scandal is it’s legal.
This is nonsense. Cy Vance looking into Trump’s finances poses no more threat to the average Trump voter than Trump getting ticketed for speeding outside Mar-a-Lago—though you can bet he’d insist that was political persecution too. But careful reasoning has never been essential to Trump’s political identity. Displaced grievance has been, and it will remain so for the rest of his life.
Trump’s Next Line of Defense – The Atlantic
“Despite his best efforts to stymie this investigation into his criminal wrongdoing, this decision affirms that Donald Trump is not above the law,” said Ryan Thomas, spokesperson for Stand Up America. “However, it’s incredibly telling that Trump doesn’t want congressional and criminal investigators to see what he’s hiding in his tax returns.”
‘Very Bad News for Trump’ as Federal Judge Rejects His Claim That Tax Records Subpoena Amounts to ‘Harassment’ | Common Dreams News
Anywhere else in the world this guy would have been dumped and jailed for not complying with his nation’s laws. (ODT)
The wealthy can delay the legal process for a lifetime. The US justice system is becoming Indian. (ODT)
via Manhattan DA Subpoenas 8 Years Of Trump Taxes | Crooks and Liars
The New York State Assembly passed a bill Wednesday that would allow Congress to get President Donald Trump’s state tax returns.
The Assembly voted 84-53 to require New York’s tax commissioner to release any state tax return requested by the Joint Committee on Taxation, the Senate Finance Committee and the House Ways and Means Committee for any “specified and legitimate legislative purpose.”
“Transparency is essential, especially when it comes to the conflicts or potential conflicts of those who craft public policy,” Assemblyman David Buchwald (D), the bill’s sponsor, said during the floor vote, according to Bloomberg.
The Assembly also voted Wednesday 85-49 on an amendment to the bill directing the New York Tax Department to give Congress state tax returns specifically for elected officials. The original bill would have let Congress request any New York resident’s state tax returns.
via New York Assembly Votes To Allow Release Of Trump’s State Tax Returns | HuffPost Australia
Trump’s Returns
Mnuchin is not yet complying with the Democrats’ request for Trump’s tax return partially because he does not see “the legitimacy of the asserted legislative purpose.”
The history of the provision shows, however, that Congress enacted this measure to enable investigations into private individuals and the highest-ranking government officials to ensure that they are not getting favorable treatment or evading their taxes.
Maryanne Trump Barry, the president’s sister, resigned her seat as a federal appeals court judge on Thursday to avoid an investigation into her ― and her brother’s ― alleged tax fraud.
The Murdoch Party in America shows their true colours (ODT)
After new polling was released showing the overwhelming popularity of raising taxes on millionaires and billionaires, Fox News and Fox Business figures blasted voters as “brainwashed” and ignorant and even claimed that some taxes on the wealthy are “anti-human.”
A Fox News poll released at the end of January showed that a vast majority of registered voters — 70 percent in total — support raising income taxes on families making more than $10 million per year, and 65 percent support raising income taxes on those making more than $1 million per year. A Morning Consult/Politico poll released on Monday showed 61 percent of registered voters favor a wealth tax on households worth more than $50 million. Two other recent polls also found majority support for increasing taxes on the rich. But Fox hosts and guests decried these proposals as “one big giant con” amounting to a “war on the wealthy.”
via Fox melts down after polls show vast majority favor taxing the rich more
it’s literally just a giant giveaway to millionaires, billionaires, and wealthy corporations. The non-partisan Tax Policy Center estimates that 80 percent of the benefits in the new plan will go to the richest 1 percent, while nearly one in three working families would end up paying more.
via Congress’ Tax Plan is a give-way to the Rich, not a Reform
How the worm – and the world – turns. When the Abbott government came to power just four years ago, it claimed its arrival signalled the “end of the age of entitlement”. Don’t laugh, it’s happening – but in the opposite way to what treasurer Joe Hockey had in mind.
How about Rt-Wing Commentators at News Corp for whom reason has been Jettisoned. Andrew Bouldn’t bother to listen to this. ( Old Dog)
Essential finds only 12 per cent of respondents (including 14 per cent of Coalition voters) are “bothered a lot” by “the feeling that some poor people don’t pay their fair share”, whereas 53 per cent (40 per cent of Coalition voters) are bothered a lot by “the feeling that some wealthy people don’t pay their fair share”.
Source: The most arrogant people in Australia are business people and we’re sick of them
At last, novel solutions are entering politics! Mike Dowson considers the “Buffet Rule”, for catching wealthy tax-evaders.
(ZEROHEDGE) Back in September 2012 we first presented “the world’s biggest hedge fund nobody had ever heard of”: a small, previously unknown company called Braeburn Capital which, however, managed more cash than even Ray Dalio’s Bridgewater, the world’s largest hedge fund. How had the little …
Source: How the Rothschilds Use America to Dodge Billions in Taxes AnonHQ
“If your against me your against Team Australia, Shorten”
Mathias Cormann ‘not ruling out’ increasing taxes to fund national security boost, Iraq campaign
Finance Minister Mathias Cormann says he will not rule out raising taxes to help pay for Australia’s mission in Iraq and a recent funding boost to national security agencies.
olddogthoughts 