The Dickey and the Tiahrt Amendments to our nation’s gun laws make it more difficult than it should be to trace ownership of these guns.
When Congress sets the IRS budget, they allot funding in four different categories, and the IRS cannot move funds between those categories unless they get approval from Congress. The Enforcement category is the one most responsible for collecting and auditing tax returns. The enforcement division lost 15,000 employees from 2010 to 2018. So the IRS gets its funding cut even though it generates enough revenue to pay for itself.
Target, Walmart, and other big box stores want your business; they just don’t want to pay for your schools, fire, and police:
A big box store comes to town and builds a new store. They ask for a tax break right after they open. The city has spent money (probably borrowed) to put in streets, fire hydrants, and utilities, banking on a future tax revenue stream. Then the store uses the loophole to cut the revenue stream. Less tax revenue means less money for schools, fire, and police. What’s wrong with this picture?
Most of the founding fathers did not want America to become like the Europe they had left. They did not want a landed gentry and all the wealth and power handed down from generation to generation. George Washington said, “legislators cannot invent too many devices for subdividing property.” President, believed that entrenched economic inequality would create a political oligarchy in America because that was the relentless pattern throughout European history.
B.P.’s Gulf oil spill got them a $61 billion fine with a $17 billion tax break-When fines are tax-deductible, taxpayers get screwed.
On April 10, 2010, B.P.’s Deep-water Horizon rig had a blowout a mile underwater. The rig caught fire and eventually sank. The well leaked for 87 days, pouring 3.2 billion barrels of oil into the Gulf of Mexico. A barrel of oil contains 42 gallons, so 133,980,000 million gallons of oil spilled into the Gulf.
Corporations get a break and taxpayers get screwed, due to the tax-deductibility of government-levied fines.
Government agencies sometimes make deals with corporate wrongdoers. They impose a hefty fine, then specify how much is considered punitive and not deductible, and lastly what is remedial, which is deductible for the corporation. This information can be kept secret. As such, the agency can brag about a hefty fine, but the corporation gets a significant tax deduction.
Hard rock miners have a choice; they can do normal depreciation, like In the example above, or depending on what metal they’re mining, they can elect to use the depletion allowance, which allows them to deduct 15% to 22% of the revenue each year as long as the mine operates. That saves them a lot of taxes.
Itaintfair.org is an organization that works to unite Americans in political issues. Corporate America is shutting average Americans’ voices out, while they help themselves to taxpayer dollars. The economic playing field is tilted against the middle class — and we have the power to change that. For more information, please visit https://itaintfair.org/get-involved/
As a result of so many miners getting sick from breathing in coal dust over 78,000 people have died from pneumoconiosis, or black lung disease. In 1977, the government started charging an excise tax on each ton of coal mined for the disability payments and health care of afflicted miners. $15 to $26 billion by 2050; If Congress doesn’t put a stop to this, that’s what it could cost the American taxpayer.
Private equity, hedge funds and investment funds are made up of two different kind of partners, general partners, who put the investment group together and have all the authority to direct the investments of the group and limited partners who are the ones that put in the bulk of the money but have no say in what investments the general partners participate in.
Mining companies both foreign and domestic can lease land from the Federal Government for $2 to $4 an acre and pay no royalties for all the minerals taken out.
From 1977 to 2017, Mining companies had to put up bonds or collateral to prove they had the financial wherewithal to clean up their abandoned mine site. That’s no longer true.
The Nevada Current, a business newspaper, said that $26.6 billion of gold was taken out of Nevada from 2008 to 2017, so even a 5% royalty would amount to $1.6 billion.
The government does not keep track of all the minerals taken out by the various mining companies or monitor these companies’ financial health. That’s important because once the mines are not economically feasible many file bankruptcy.
The Federal Government owns 662 million acres of land in America.
Some states get a nominal fee for any minerals taken from within their boundaries.
Should the American taxpayers be compensated for those minerals, and why should taxpayers be the ones to have to pay for mine reclamation?
With a $23 trillion national debt, why did taxes go down at all? Why does the Social security tax stop at a max income of $132,900? Social Security and Medicare need more funding. Many households are not feeling the American Dream.
$15 an hour times 40 hours a week is $600, and that’s assuming you can get in that many hours; many full- time jobs in America are fewer than 40 hours a week. $600 a week times 52 weeks equals $31,200 a year.
The U.S. Population in 2019 was 329 million and contained about 128 million households. 37.1% or 47.61 million households earned less than $50,000 a year. 10.3% or 13.24 million households earned $200,000 plus. We show from The Massachusetts Institute of Technology a living wage calculator for various cities in the U.S. For a family of four with two workers went from a low of $59,987 to $85,154.
Businesses have dangled before public officials the lure of well-paying jobs after the government. In the 1970s only about 3% of retiring members of Congress went on to become Washington lobbyists. By 2016 fully half of all retiring senators and 42% of retiring representatives had turned to lobbying, regardless of party affiliation.
The conservatives have always argued that lowering tax rates, small government, and less regulation will lead to a higher GDP and more productivity, and higher wages. In the 1950s, corporate taxes accounted for 30% of government revenue. By 2012 it had fallen to 10%, and by 2019 it was 6.6%. Both individual and corporate taxes have gone down since 1950. Where is our growth, and where are the higher wages?
For many families, even a basic necessities lifestyle can be realized only if both the male and female household heads are in the labor force.
Again, some citizens are doing well in America; many aren’t.