The Barack H Obama Foundation Got Tax Exempt Status in Just One Month, Back in 2011.
A fresh Op-Ed this morning by IRS head Steven Miller reveals the lengths to which the IRS and the White House are going to spin the on-going scandal. “The agency was simply trying to manage the explosive growth in applications for 501(c)(4) status that started pouring in to the IRS in 2010. The Internal Revenue Service recognizes that we should have done a better job of handling | Read More »
Timeline of the IRS Scandal — Pieced Together From Various Media Outlets
With all the reports coming in fast and furiously from different news agencies, here’s a pieced-together timeline of events. The information below is a timeline of events taken from numerous media outlets with their links provided. Early 2010: WSJ: The report [Inspector General’s report due out this week] indicates that in 2010 and 2011, some IRS workers weren’t just singling out groups because their names | Read More »
“Carried Interest” is Not the Problem Everyone Wants It To Be
John Steele Gordon’s recent Op-Ed in the WSJ opened with following observation: “The question of how to fairly and equitably tax capital gains has been a political problem since the modern personal-income tax was adopted in 1913”. Being a business/financial historian, he gives an adequate overview of the history of capital gains and how it has reached its present state. But because he is not | Read More »
The AMT: Is it Necessary?
The IRS is reminding taxpayers and Congress alike that if the annual “AMT patch” isn’t renewed before the end of the year, millions of taxpayers (28 million) would be on the hook for thousands more per person in tax payments. But we need more than just a “patch”. We should strive to eliminate the AMT from the tax code. Here’s why: The Alternative Minimum Tax | Read More »