Category Archives: Tax

February 6, 2018

Hard Lessons From the Federal Student-Loan Program’s Coming $36 Billion Shortfall

Prospect of taxpayer losses increases the chances that Congress will make major changes to the program.

U.S. officials have long maintained the federal government would make a profit on its $1.4 trillion student loan portfolio or at least break even, but two recent reports suggest just the opposite will be the case. Government lending to college and graduate students could soon become an immense drain on federal coffers, worsening an already deteriorating U.S. budget picture.

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January 28, 2018

America First: European CEOs Go One By One To Tell Trump They Are Investing Billions Back In The US (Video)

The president of Seimens, Joe Kaeser, said, “since you have been so successful in tax reform we have decided to develop the next generation gas turbines in the United States.” Trump responded “That’s great!”

President Donald J. Trump hosted a dinner with European business leaders and CEOs at the World Economic Forum in Davos, Switzerland Thursday evening. Trump has been making the rounds in Davos, holding bilateral meetings with other world leaders and conducting business roundtables. Trump met with various business leaders in shadow of the recent economic boom in America.

In a stunning moment, one by one, European titans of industry from companies like Adidas, Siemens and Bayer went around the table to thank Trump for the passage of tax cuts and the easing of corporate tax burdens. Almost every CEO had a new US-based investment or strategic business to announce.

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January 24, 2018

Trickle Down: Starbucks Workers Win Pay Raises, Expanded Benefits Thanks to Trump Tax Plan

Starbucks will spend $250 million of its corporate tax cut to boost the pay and expand the benefits of its American workers.

The coffee chain joins some 200 American corporations that are already raising wages thanks to a corporate tax cut signed into law by President Trump last month. Starbucks, a mega-corporation with a far-left worldview, has now joined a handful of other far-left corporations — Apple and Disney — in validating the idea that tax cuts benefit everyone, or what is known as trickle-down economics.

According to Reuters, Starbucks will save some $425 million in taxes, more than of which it plans to pass on to its employees. This will come in the form of a pay raise, as well as stock grants worth between $500 to $2000, depending on seniority.

On Tuesday, the Walt Disney Company announced that, thanks to the Trump tax cut, it would award its 125,000 employees one-time cash bonuses of $1,000 and invest $50 million into education programs for its workers.

Last week, Apple announced $2,500 bonuses for most of its employees in the form of stock units. The left-wing company also said it would repatriate some $200 billion to the U.S. and invest a total of $350 billion into our economy over the next five years. This is expected to create some 22,000 American jobs.

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January 1, 2018

11 Outrageous Ways Federal Government Wasted $473 Billion in Taxpayer Money

The federal government wastes or ineffectively uses billions of taxpayer dollars every year. In late November, Sen. James Lankford (R-OK) released the annual waste report: “Federal Fumbles: 100 Ways the Government Dropped the Ball.”

The report provides examples of waste and mismanagement that took place over eleven months, including newly documented past waste and ongoing wasteful practices.

The total wasted dollars dug up for the report: $473 billion. Lankford wrote in the introductory remarks in the report:

Included in ‘Federal Fumbles’ is just a sampling of instances where federal agencies or departments have wasted or inefficiently used billions of your dollars. The program and grant funding discussed in this book has already been allocated or spent and cannot be recovered. But highlighting it here provides lessons for agencies and hopefully encourages Congress to utilize its oversight and legislative authority to prevent future waste and misuse of federal tax dollars.

Lankford said the report should be utilized by members of Congress to curtail the waste and make sure federal agencies “are doing the right thing, the right way.”

“Americans rightly expect great things from their leaders in Washington,” Lankford said. “I offer this book as a guide for elected officials of both parties to identify areas of improvement so we may come together to do the work our constituents expect and our country deserves.”

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December 17, 2017

Keeping ‘Dreamers’ would cost taxpayers $26B over next 10 years, feds say

The CBO estimates that the bill would increase budget deficits by $25.9 billion over the 2018-2027 period while increasing net revenues by $0.9 billion.

Allowing 2 million illegal immigrant “Dreamers” to remain in the U.S. would cost taxpayers $25.9 billion over the next decade, the Congresssional Budget Office says in a report released Friday.

Dreamers are the prospective beneficiaries of the DREAM Act (Development, Relief and Education for Alien Minors), legislation introduced in the U.S. Senate earlier this year to provide a pathway to citizenship for some illegal immigrants.

They would include those who’ve participated in DACA (Deferred Action for Childhood Arrivals), received temporary protected status, or have fulfilled certain educational requirements.

Under the bill, immigrants who benefited from DACA would be eligible for Medicaid, food stamps, education funding, and various other programs, provided that the applicants meet certain requirements.

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Sweden Forced to Raise Retirement Age To Pay For Mass Immigration Policy

The increasing costs of population growth in Sweden, driven almost entirely mass migration, have forced the government to seriously consider raising the national retirement age to pay for the additional costs.

Swedish Socialist party Finance Minister Magdalena Andersson announced that the retirement age would likely be raised in the near future in order to offset increased welfare costs, Swedish newspaper Expressen reports.

“Looking at those who start working at 30, there should be opportunities to work longer than 65,” Andersson said.

The minister made her remarks following an economic report from the Local Authorities and County Council (SKL) released earlier this week. The report claimed that the welfare state would grow faster than revenue obtained through taxation due to the dramatic rise of Sweden’s population.

Due to the influx of migrants during the migrant crisis and Sweden’s growing birthrate, the population of the country has expanded faster than almost any other European country.

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November 27, 2017

Tax Cut Bill to Stop Cash Payments to Illegal Immigrants (Video)

House version of tax reform would require Social Security number to get the ‘additional child tax credit’

Buried in the tax reform bill the House of Representatives passed last week is a small provision — one long advocated by immigration hawks — to close a loophole that allows illegal immigrants to get cash from the government.

Congress prohibited such transfer payments in 1996, but the Internal Revenue Service’s interpretation is that the prohibition does not apply to a government assistance program created after that statute. Known as the additional child tax credit, the program is designed for low-income people whose tax burden is too low to qualify for the regular $1,000-per-child credit. It allows families, in other words, to get more money back on their tax returns than they originally pay.

Illegal immigrants with an Individual Tax Identification Number, or ITIN — which is available to any worker in America who does not have a Social Security number — can claim the additional child tax credit. The House version of the Tax Cuts and Jobs Act includes language that would bar that practice by requiring a Social Security number to be eligible for the payment.

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November 11, 2017

Report: Trump Wants Scientology’s Tax Exemption Revoked

As for the Church of Scientology and its tax-exempt status, that’s a long, convoluted story that involves the church obtaining it in the late ’50s, losing it a decade later, then fighting for over two decades to get it back. After a 26-year bitter feud with the IRS, the organization secured their tax exemption, which has allowed the organization to acquire even more wealth and influence and shroud itself even further from public scrutiny.

“I told President Trump & his family we needed to revoke their tax exempt status. They couldn’t agree more.”

According to administration official Lynne Patton, President Trump believes the tax exempt status of the Church of Scientology should be revoked.

In a report that’s part attempted hit-piece on the Trump administration and part exposé on the sketchy tax dealings of Hollywood’s most influential cult, the Huffington Post details a back and forth between Patton, a “loyal family aide” and Department of Housing and Urban Development official, and “King of Queens” star Leah Remini, a former Scientologist who wants to see the infamously secretive organization brought to justice:

In an unsolicited Twitter message, Lynne Patton, who has worked for the Trump family since 2009, told actress Leah Remini of Trump’s position and said she would interface with the IRS directly to seek more information in an effort to initiate revocation. Remini sent HuffPost copies of Patton’s messages and has declined to comment further.

It’s not clear if Patton ever communicated with the IRS. But if Trump did express an opinion on the church and Patton did contact the IRS about it, as her message suggests, that would be a highly inappropriate level of interference with the IRS by the administration, one expert said.

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October 23, 2017

Non-Western Immigrants Consume 59% Of Denmark’s Tax Revenue

The report doesn’t mince words, saying the data “shows conclusively that immigration has been an economic disaster for Denmark.”

The flow of refugees into Sweden has made that once idyllic country a mess. Police have set up “no-go zones” they deem too dangerous to go into, famed feminists have abandoned cities, where refugees flock, and the number of rapes has skyrocketed.

Now it turns out that neighboring Denmark is also suffering dramatic effect from the deluge of refugees into that country.

“A recent study conducted by Denmark’s Ministry of Finance concluded that in 2014, immigrants and their descendants cost Danish taxpayers at net loss of 28 billion Crowns per year,” according to the National Economics Editorial. That’s $42 billion.

“Furthermore, when Western immigrants were removed from the equation, the net cost rose to 33kr billion.” That’s nearly $50 billion.

In comparison, ethnic Danes contributed a surplus of $84 billion in 2014.

The report doesn’t mince words, saying the data “shows conclusively that immigration has been an economic disaster for Denmark.”

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September 28, 2017

Illegal immigration costing record $135 billion a year, study shows (Video)

President Trump, Attorney General Jeff Sessions and conservatives in Congress are moving aggressively to deal with illegals, especially those with long criminal records. But their effort is being fought by courts and some 300 so-called “sanctuary communities” that refuse to work with federal law enforcement.

The swelling population of illegal immigrants and their kids is costing American taxpayers $135 billion a year, the highest ever, driven by free medical care, education and a huge law enforcement bill, according to the the most authoritative report on the issue yet.

And despite claims from pro-illegal immigration advocates that the aliens pay significant off-setting taxes back to federal, state and local treasuries, the Federation for American Immigration Reform report tallied just $19 billion, making the final hit to taxpayers about $116 billion.

State and local governments are getting ravaged by the costs, at over $88 billion. The federal government, by comparison, is getting off easy at $45 billion in costs for illegals.

Original source.