A Critique of Both Presidential Candidates, and a Suggested Tax Solution

Jlknapp505's Blog

There’s a point behind some of Romney’s criticism.
While Obama had Congressional power, he worked to get the Affordable Health Care Act passed. That took much of his political capital. Attempting to also get immigration reform, education reform, any number of other issues addressed, would simply have meant that nothing got passed, given the obstructionist aims of Republicans.
But Obama allowed Congress to work through most of this without risking his own political status. This is not the action of a strong president.
He also didn’t risk that status by attempting to address any other hot-button issue such as immigration reform.
That weakness or unwillingness is now coming around. He’s been a weak president. Put into context, that’s understandable. He’s the first Black president. A serious mistake can set back 70 years of progress in a nation that has had a history of enslavement of Blacks and oppression of minorities…

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Examining one of the biggest problems in America

OpinionJC

If there is one place you’re going to learn a lot about the background of JC and his values, it is probably here in politics. It won’t take you long to figure out which party my allegiances lie with (or who I’m voting for, for that matter). Here’s my first bit of political insight, and I’m going to rely on one of the best political commentators around, Walter Williams, to make my point.

My father has been a big influence on a lot of my views. Politics is no exception to that rule. I’m not sure how long my father has been reading Walter Williams’ blogs, but recently he began sending me one of his columns every Wednesday. Most I agree with and take a lot from, but there is one that stuck out more than most.

In an April 25 column on Townhall.com entitled Devious Taxation, Williams analyzes…

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My thoughts on the Jimmy Carr tax scandal

Rewan Tremethick

Jimmy CarrtoonLast week, it emerged that comedian Jimmy Carr has been using a tax-avoidance scheme to pay only 1% income tax, effectively saving himself £1.6million every year. The scheme, which is completely legal, works by allowing investors to pay in their earnings, and then have them loaned back to them. As the loan could technically be recalled by the company, it does not qualify for income tax.

This is quite a complex issue, with Twitter naturally a hub of jokes, fury and denial. There were three main camps that people seemed to fall into;

  1. The scheme was legal, he did nothing wrong.
  2. This is disgraceful.
  3. It was wrong, but well done Jimmy for handling it so well.

I’d like to address each of these points which, in themselves, bring up a lot of other issues.

He did nothing wrong


Of course, the most obvious defence here is that the…

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On the brighter side…

The Daily Dare Blog

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Reading through my news feeds and turning on the TV, all I have been hearing about are negative things. Wars here, disease there, and of course… recession everywhere. Although it may not seem like it sometimes, the economy and all the destructive things that occur in this world can easily be controlled and eliminated. How? Easily, I say.

Before getting in over our heads I want to start with the basics, where all things began. Thought! This sofa that I am sitting on existed in the mind of someone before it was manufactured and manifested into reality. Leaders are not brought about because they want to step up, but are brought into existence by the mentality of the group that asked for a leader. It follows too that every word I am writing at this moment had its beginnings in my mind. The common thread that connects us all is…

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Insight on employment tax credits.

MJLM InfoFlash

By Thomas Jones, Partner, Tax Services

Our nation’s unemployment rate hovers at nine percent and monthly job losses continue to rise. That has generated discussions in Washington about innovative fiscal policy instruments, such as job creation tax credits, to help stimulate labor demand. In 2010, Washington took action and signed the Hiring Incentive to Restore Employment (HIRE) Act into law, which provided two new tax benefits to employers. The first perk was a payroll tax exemption which Congress is trying to extend past its 2011 year-end expiration date. The second benefit of the HIRE Act was the New Hire Retention Credit, which provides general business tax credits for hiring and retaining qualified employees for a consecutive 52 weeks.

Such a credit has been tried only once before at the federal level, with the 1977-78 “New Jobs Tax Credit” that offered corporations with taxable income a credit proportional to the…

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retireby25

 

Tax Avoidance, in my opinion is a product of the unrecognized loopholes that are yet to be addressed in our Constitution, because contrary to Tax Evasion, these are legal tax evasive techniques. Though I still recommend just paying the right taxes, for reference sake, here are some of the known techniques to “AVOID” taxes.

source:Wikipedia

Tax avoidance is the legal utilization of the tax regime to one’s own advantage, to reduce the amount of tax that is payable by means that are within the law. The term tax mitigation is not however a synonym for tax avoidance. Its original use was by tax advisors as an alternative to the pejorative term tax avoidance. The term has also been used in the tax regulations of some jurisdictions to distinguish tax avoidance foreseen by the legislators from tax avoidance which exploits loopholes in the law. The United States Supreme…

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By Naively Putting Tax Hikes on the Table, Jeb Bush and Lindsey Graham Join the Charlie Brown Club

International Liberty

Even though America’s fiscal problem is entirely the result of too much government spending, I wrote earlier this year that there were all sorts of scenarios where I would agree to a tax increase.

But I then pointed out that all of those scenarios were total fantasies and that it would be more realistic to envision me playing center field for the New York Yankees.

The fundamental problem is that politicians never follow through on promises to reduce spending – even if you use the dishonest Washington definition that a spending cut occurs whenever the budget doesn’t rise as fast as previously planned.

And to make matters worse, they always seem to want class-warfare tax hikes that do heavy economic damage rather than the loophole closers that at least get rid of some of the inefficient corruption in the tax code.

That’s why I like the…

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