Archives For Barack Obama

This shutdown was supposed to be about Obamacare – but like every major showdown in Washington these days it appears to be all about taxes.

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You probably circle April 15, the yearly filing day, to remember about taxes. It’s funny though because most people probably do not circle today, October 4: the actual birthday for the federal income tax. Today also happens to be its 100th birthday!

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“The IRS sucks; Obama’s handling of the IRS sucks; Congress sucks (but not because they’re sucking on tax reform); wealth should be re-distributed, but it can’t be through a tax policy that re-distributes the wealth; I’m definitely paying too much in taxes, but I think my tax rate is fair.. did I just contradict myself?; oh well, I actually don’t care that much; you see, I don’t know much about taxes, but I definitely don’t like them!”

If you’re confused, you should be. If you think this is a joke, it’s not (not really, at least). Let’s break America’s sentiment down, phrase by phrase:

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As discussed in our last Joy of Tax Law article, Apple has sheltered $44 billion in offshore tax havens. Like Apple, many other U.S.-based multinational companies are able to protect many of their billion dollar profits abroad through a U.S. Treasury tax loophole called the “check the box” rule.

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President Obama today appointed Office of Management and Budget official Danny Werfel to serve as acting commissioner of the Internal Revenue Service.

Werfel, 42, replaces Steven Miller, who was asked to resign Wednesday in the wake of revelations that IRS employees inappropriately targeted conservative groups.

“Throughout his career working in both Democratic and Republican administrations, Danny has proven an effective leader who serves with professionalism, integrity and skill,” Obama said.

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From the President to Grover Norquist, from the Tea Party to the Green Party, one hears “simplify the tax code” over and over and over again. Except no one is really willing to do it, not even the public.

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American’s show a surprising level of consensus on the redistribution of wealth.

A Harvard business professor and economist teamed up with Duke’s Department of Psychology to gauge American’s optimal level of wealth inequality.  In a survey of over 5,000 “regular” americans, the researchers discovered that respondents: 1) severely underestimated the level of current inequality, 2) constructed ideal wealth distributions that were far more equitable than their mistakenly low estimates, and 3) even among groups typically not associated with wealth redistribution – conservatives and the wealthy – desire for a more equal distribution remained consistent.

So even though President Barack Obama’s leaked comment, “I actually believe in redistribution,” became a go-to attack point for the GOP in the 2012 election, reality suggests that there is little disagreement over wealth inequality.

Watch the video below for a visually stunning presentation of the study.  For the full report, click here.

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JDKatz: Attorney's At Law

JDKatz, P.C. is a full-service law firm focused on tax law and estate planning. We are dedicated to minimizing your existing liability and risks while providing valuable tax planning to streamline your tax issues in the future. Please call us at 301-913-2948 to schedule an appointment to meet with one of our trusted attorneys.

With speculation rife that a former federal prosecutor may be tapped to become the next SEC chairman, investors and businesses are reacting cautiously to the prospect of a new law enforcement regime on Wall Street. Continue Reading…

WASHINGTON, Jan 18 (Reuters) – In a surprising blow to the Internal Revenue Service, a federal judge on Friday barred the agency from regulating thousands of non-professional tax return preparers, throwing into doubt a multimillion-dollar enforcement program already under way.

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Obama Vetoes Death Star

President Obama making like a Jedi

Over the weekend the White House confirmed that it will not spend $852 quadrillion to begin construction on a Death Star (the most powerful weapon in the universe)… Disturbing, is this move by President Obama.

But actually.  The  Obama administration launched a website in 2011 called We the People with the goal of engaging citizens in policy discussions by pledging to respond to any petition with more then 25,000 signatures.  On Nov. 14, a petition was launched to “Secure resources, funding and begin construction of a Death Star by 2016.” It reads:

By focusing our defense resources into a space-superiority platform and weapon system such as a Death Star, the government can spur job creation in the fields of construction, engineering, space exploration, and more, and strengthen our national defense.

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