A Quote by Jim Cooper
While tax refunds amount to substantial income for many Americans, current IRS rules do not allow taxpayers to directly deposit their refund into more than one account.
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The A.M.T. is a parallel system for calculating tax liability intended to ensure that high-income taxpayers pay a substantial amount in federal tax even if they have large deductions or other items to offset income.
Mr. Speaker, in 1848, Karl Marx said, a progressive income tax is needed to transfer wealth and power to the state. Thus, Marx's Communist Manifesto had as its major economic tenet a progressive income tax. Think about it, 1848 Karl Marx, Communism.... I say it is time to replace the progressive income tax with a national retail sales tax, and it is time to abolish the IRS, my colleagues. I yield back all the rules, regulations, fear, and intimidation of our current system.
The media's apoplectic reaction to 2018 tax refunds displays a fundamental misunderstanding of the U.S. tax code and the very notion of what a refund actually is.
It's tax day and while many Americans are filing their taxes with a groan, taxpayers in the Badger State have reason to cheer. In Wisconsin, we have enacted more than $2 billion in tax cuts, giving our citizens much-needed relief, call us crazy Midwesterners but we think you know how to spend your money better than the government.
However accurate or inaccurate the agency's numbers may be, tax law explicitly presumes that the IRS is always right -- and implicitly presumes that the taxpayer is always wrong -- in any dispute with the government. In many cases, the IRS introduces no evidence whatsoever of its charges; it merely asserts that a taxpayer had a certain amount of unreported income and therefore owes a proportionate amount in taxes, plus interest and penalties.
Low-income taxpayers deserve the same rights as everyone else. It was wrong of the IRS to target low-income taxpayers, and I am please by the decision to correct this unfair practice.
Any substantial tax reform would involve substantial redistributions of tax burdens and substantial changes in asset values, and you need some 'lubrication' (i.e., transition rules).
What I do is allow middle-income families to finally be able to save their money tax-free. No tax on interest dividends or capital gains for middle-income Americans.
The people who are having the hard time right now are middle-income Americans. Under the president's policies, middle-income Americans have been buried. They're just being crushed. Middle-income Americans have seen their income come down by $4,300. This is a tax in and of itself. I'll call it the economy tax. It's been crushing.
In 1848, Karl Marx said, a progressive income tax is needed to transfer wealth and power to the state. Thus, Marx's Communist Manifesto had as its major economic tenet a progressive income tax. ... I say it is time to replace the progressive income tax with a national retail sales tax, and it is time to abolish the IRS.
Yesterday the IRS announced that obese Americans are entitled to certain tax breaks. Apparently, under the new rules, you're allowed to claim two or more chins as dependents.
The U.S. has been living in a situation of excesses for too long. Consumers were out spending more than their income and the country was spending more than its income, running up large current-account deficits. Now we have to tighten our belts and save more.
Politicians like to talk about the income tax when they talk about overtaxing the rich, but the income tax is just one part of the total tax system. There are sales taxes, Medicare taxes, social security taxes, unemployment taxes, gasoline taxes, excise taxes - and when you add up all of those taxes [many of which are quite regressive], and then you look at how they affect the rich and the poor, you essentially end up with a system in which the best off 20 percent of Americans pay one percentage point more of their income than the worst off 20 percent of Americans.
We will lower the tax burden on middle class Americans by asking the very wealthy to pay their fair share. Middle class taxpayers will have a choice between a children's tax credit or a significant reduction in their income tax rate.
Let's take the nine states that have no income tax and compare them with the nine states with the highest income tax rates in the nation. If you look at the economic metrics over the last decade for both groups, the zero-income-tax-rate states outperform the highest-income-tax-rate states by a fairly sizable amount.
In general, anyone who paid the long distance telephone tax will get the refund on their 2006 federal income tax return. This includes individuals, businesses and non-profit organizations.
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