In her weekly press briefing, House Minority Leader Nancy Pelosi called President Barack Obama’s tax policy “very clear,” saying that couples bringing in over $250,000 per year do not “get the pie sweetened” for them under his plan.
“The fact is we’ve been very clear. President Obama has said it in his campaign and since then and in this campaign as well. The Democrats want to be — have fairness in our tax code; that we want to go forward with giving — having the tax cuts for those making over $250,000, a couple making over $250,000, to have those tax cuts expire,” said Pelosi on Thursday at the Capitol.
“What that is is a tax cut for 100 percent of the American people. It’s just that over $250,000, you don’t get the pie sweetened for you. And with that, to say when we go down that path and inject some more certainty into our economy and our fiscal soundness, we then go to the table, put everything on the table and talk about tax fairness, tax simplification. You cannot do it dribs and drabs. You have to do it comprehensively.
Mind you, her pie is plenty sweet…
the Democratic House Minority Leader received between $1 million and $5 million in partnership income from ”Matthews International Capital Management LLC,” a group that emphasizes that it has a “A Singular Focus on Investing in Asia.”A quick trip to the company website reveals a featured post extolling the virtues of outsourcing. (DC)
Disclosure forms reveal that Democratic National Committee chair Debbie Wasserman Schultz, a member of Congress from Florida, previously held funds with investments in Swiss banks, foreign drug companies, and the state bank of India. This revelation comes mere days after the Democratic chair attacked presumptive Republican presidential candidate Mitt Romney for holding money in Swiss bank accounts in the past.
“Americans need to ask themselves, why does an American businessman need a Swiss bank account and secretive investments like that?” the DNC chair, a chief surrogate for President Obama’s reelection team, said on Fox News Sunday two days ago. “Just something, a thought, that I’d like to leave folks with.”
Because, it’s not do as I do, it’s do as I say. The same rules don’t apply to me. But I can attack you for them.
And the tax man, and greedy IRS agents are everywhere.
Won a Gold, Silver or Bronze medal in London??
When U.S. athletes at the London Olympic Games bow their heads to receive a medal, one would hope they are not thinking about their taxes. But as with much in life, Olympic glory has a price — a tax price, that is.
Legislation to exempt U.S. Olympic athletes from having to pay tax on prize money won at the games was proposed on Wednesday in the U.S. Congress by Senator Marco Rubio.
Podium athletes get checks – $25,000 for gold, $15,000 for silver and $10,000 for bronze – and the winnings are taxable for Americans.
“It’s no different from winning ‘Wheel of Fortune’ or the lottery,” said Alex Knight, a tax partner at the Atlanta accounting firm of Habif, Arogeti & Wynne.
On first glance, a tax break for American Olympians seems like a good idea, but some tax experts said it was just the sort of well-intentioned proposal that had made the U.S. tax code into what Rubio himself called “a complicated and burdensome mess.”
The U.S. tax code has not been thoroughly overhauled since 1986 and is riddled with special tax breaks. Both Democrats and Republicans, in principle, favor revising the code by getting rid of tax breaks so tax rates can be lowered.
“I have sympathy for Olympic athletes,” who practice for many years often without pay for a shot at the games, said Norman Ornstein, a resident scholar at the American Enterprise Institute, a conservative think tank in Washington, D.C.
“But the athletic associations that put up these bonuses for medal winners should put up enough money to cover the taxes too. If it’s a $25,000 award, add in a third of that so that it’s $25,000 after taxes,” he said.
Addressing the problem by adding a tax break for Olympic athletes would only further complicate the code, he said.
Matthew Gardner, an analyst at Citizens for Tax Justice, a left-leaning think tank, said:
“The main reason why our tax system is so complicated is that Congress keeps deciding that certain types of income are special, and should get special tax breaks.”
Even Olympic medals themselves could be seen as valuable gifts and taxable by the U.S. government, Knight said.
Taking into account precious metal market prices, tax on a gold medal could be upwards of $200.
Still, Knight said, the Internal Revenue Service probably will not be chasing after athletes for tax revenue. “I have to imagine that would be a public relations nightmare,” he said.
But the Leftist Chicago Tribune: Olympic champions shouldn’t be exempt from paying taxes on earnings when champion teachers, doctors and police officers have to pay income taxes.U.S. military personnel pay taxes, though there are exemptions for those serving in combat zones.
And the Internal Revenue Service is not likely to press athletes to pay taxes on the value of their Olympic medals.