Relevant and even prescient commentary on news, politics and the economy.

Corporate taxes down, workers’ taxes up–that’s America today

by Linda Beale Corporate taxes down, workers’ taxes up–that’s America today Corporate taxes used to constitute a significant portion of federal revenues, almost a third in 1950.  Payroll taxes from workers were considerably less–around 10% in 1950.  Andrew Leonard, Who Really Pays Taxes? Salon.com (Aug. 28, 2012).The times have changed.  Corporate taxes have declined steeply […]

RS goofing on foreign trust letters, says AICPA

by Linda Beale RS goofing on foreign trust letters, says AICPA The American Institute of CPAs (AICPA) is asking the IRS Commissioner to resolve what it suggests is a “widespread problem” for taxpayers.  Download AICPA Letter to IRS on Erroneous Form 3520 Letters to Taxapyers.082812.   For 2010 and earlier years, the IRS apparently has made […]

Not many flee because of taxes…Dow Jones gets real

by Linda Beale Dow Jones video admits there’s not much other than anecdotal tales that even millionaires readily move from one state to another to avoid taxes OK.  Admittedly long title.  But you get the point.  The anti-tax gurus are forever saying that states (and countries) can’t increase taxes from our historically very low point […]

Is That It for Financial Crisis Cases?

Peter J. Henning, a colleague of Linda Beale, poses the question in the NYT: Is That It for Financial Crisis Cases? Last week turned out to be a good one for Goldman Sachs. The Justice Department closed a criminal investigation of the firm and its chief executive, Lloyd C. Blankfein, and the firm disclosed that […]

Romney’s Private Equity Magic Trick–equity manager’s gain, taxpayers’ losses

by Linda Beale Romney’s Private Equity Magic Trick–equity manager’s gain, taxpayers’ losses (Reich Video) Mitt Romney claims that his business experience at Bain Capital is a superb qualification for the presidency.  He implies that this experience will carry over to his economic policies, with the suggestion that he will become a “job creator-in-chief” like all […]

ID theft as basis of systemic IRS tax refund fraud problems

by Linda Beale ID theft as basis of systemic IRS tax refund fraud problems Early in 2012, the IRS and Justice Department announced a major crackdown on identity theft and enforcement efforts against tax refund fraud.  See IIRS, Identity Theft Crackdown Swweps Across the Nation: More than 200 Actions Taken in Past Week in 23 […]

The fallacy of privatization: anti-government screeds and the Romney agenda

by Linda Beale The fallacy of privatization: anti-government screeds and the Romney agenda As a prominent tax professor points out, Mitt Romney accumulated most of his additional wealth in a business that generally doesn’t do anything to increase national wealth. Mitt Romney accumulated his wealth as managing director of Bain Capital, a leveraged buyout fund […]

Romney is still hiding his tax history (Part IV)

by Linda Beale Romney is still hiding his tax history (Part IV) As I noted in several prior posts about the reasons that multiple years of the Romneys’ tax returns are essential to evaluating Romney as a presidential candidate, the fact that Romney has adamantly refused to release returns other than the 2010 actual return […]

Corporations Don’t Need More Tax Breaks

by Linda Beale Corporations Don’t Need More Tax Breaks If you listen to the corporate lobbyists, and the right-wingers who plead their cases for them in Congress and in the media, you’d think that corporations are so heavily taxed that it is threatening their ability to continue to conduct business and be competitive in world […]

Does the Tea Party support Tax Dodgers?

by Linda Beale Does the Tea Party support Tax Dodgers? Andrew Leonard’s July 27 article in Salon, Tea Party Shields Tax Dodgers, looks at the way Jim DeMint and Rand Paul are carrying water for the big banks–suggesting that Treasury shouldn’t be implementing the “FATCA” legislation passed as part of the HIRE act because it […]