To trigger job growth, Gingrich proposed to cut the U.S. corporate tax rate from 35 percent to 12.5 percent, a deeper cut than some other Republican politicians have offered. He would extend income tax cuts that expire in 2013, which were the subject of a pitched battle late last year when President Barack Obama tried to let tax reductions for wealthier Americans expire. And he would completely eliminate the capital gains tax on stock profits. Gingrich, proposed that the country move toward an optional flat tax for Americans of 15 percent, and strengthen the dollar by returning to “Reagan-era monetary policies,” and reform the Federal Reserve to promote transparency. [Reuters]
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Would the IRS Take the Heisman Trophy as Payment for Back Taxes?
- Caleb Newquist
- June 22, 2010
Maybe! But we’ll get back to that in a minute.
There was a fair amount schadenfreude aimed at the University of Southern California when the school was slapped with sanctions a couple weeks back and at Reggie Bush for his role in the whole sitch.
How Bush really feels about it seems to be a mystery since he’s been quoted saying, “[This] is the closest thing to death without dying” but also a less passionate response, “Whatever happens, happens.”
Borderline schizophrenia aside, Fox News reports that Reg might have to pay some back taxes on the estimated $300,000 in luxury gifts he allegedly received:
“If the entire $300,000 is determined to be taxable,” Los Angeles-based CPA Mark Greenberg said, “about 50 percent of that would go to the IRS and Franchise Tax Board. And with penalties and interest, it could go up to 60 percent since it’s going back a few years.”
Greenberg estimates that Bush, now the star running back for the New Orleans Saints, “ultimately will wind up paying about $150,000,” but “it could be up to $200,000” if his financial team can’t get the penalties and interest waived.
We’re sure Bush would never have to give up his trophy a la the Juice since A) he didn’t kill anyone and B) his sponsors are still firmly in his corner, so the money shouldn’t be a problem. That being said, having the IRS snooping around your financial situation is about annoying as a Keeping Up with the Kardashians marathon.
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The IRS Was Just Kidding About Not Providing Interstate Migration Data
- Caleb Newquist
- December 18, 2012
Last week, a number of conservative media outlets got a little bent out of shape […]
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Deloitte Tax Expert Makes Statement That He’s Likely to Regret
- Caleb Newquist
- June 14, 2011
“If there are Republicans who break with Grover Norquist’s position, I think that’s an important thing,” said Clint Stretch, managing principal of tax policy at Deloitte Tax LLP in Washington.
“I think it signals a willingness on their part to have the fight with him over whether every tax expenditure is a legitimate reduction in effective tax rate, or whether there are some that should be regarded the way they regard spending programs.” [Bloomberg, Earlier, Earlier]