How Much Of A Tax Break Did You Get From Your Off Shore Account?

 

 

Oh sorry, you might not have one but maybe every American should get one of those 'babies'. The off shore accounts are literally robbing the American taxpayer blind. Each and every one of us have to pay more taxes because of them. For the rich, who don't believe in the redistribution of the wealth, they sure don't have a problem with distributing their tax obligations over to the middle class and poor?

Think I am being too shrill?

Think again because the facts are overwhelming. In offshore and hidden accounts, the Global elite has hidden an astounding $18 TRILLION! That is right the figure is trillion and not billion. Keep in mind that in 2010, the Gross Domestic Product (GDP) of the United States was just over $14 TRILLION. In fact, 80% of international banking goes through offshore accounts.

In a 2008 Senate report, they estimated that the offshore accounts were costing American taxpayers at least $100 billion a year! My guess is that figure is much higher today. The estimate is that 31% of the net profits of the United States multinational corporations are hidden in offshore accounts so they can't be taxed.

If you add in the corporate tax deductions (corporate welfare) which is another $100 billion, you have almost half the cost of medicare each year.

As President Obama is attempting to get tough with the tax evaders, more and more of them are considering giving up their citizenship instead of paying their fair share. That sure puts into perspective the patriotism and sacrifice made by the soldiers in Afghanistan and Iraq, doesn't it?

So as you fill out and send in your taxes don't forget you are subsidizing those with offshore accounts because they don't want to pay their fair share. How does that make you feel?

CEO Compensation is Totally Out of Hand

 

 

 

As Republicans fight tooth and nail to give more tax breaks to the wealthy, the new statistics on CEO compensation are shocking. If the average worker got the same increase in compensation that their bosses received, the workers would be getting an 8% raise this year. The amounts corporate executives are collecting is outrageous.

Here are the top five CEO's compensation packages for 2012:

1. Disney's Robert Iger ($37.1 million)

2. Viacom's Philippe Dauman ($33.4 million)

3. eBay's John Donahoe ($29.7 million)

4. Starbuck's Howard Schultz ($28.9 million)

5. Occidental Petroleum's Stephen Chazen ($28.5 million)

Here are the executives that had the largest increase of their compensation packages from 2011:

1. DirecTV's Michael White (212%)

2. eBay's John Donahoe (81%)

2. General Electric's Jeffrey Immelt (81%)

3. Starbuck's Howard Schultz (80%)

4. Eaton's Alexander Cutler (77%)

Amazingly, the gap in pay between CEO's and their workers is extremely wide: This is how much more these CEO's get paid than their average workers.

1. Target's Gregg W. Steinhafel (597 times more)

2. Disney's Robert A Iger (557 times more)

3. Honeywells' David M. Cote (440 times more)

4. News Corp's Rupert Murdoch (409 times more)

5. Kraft Foods Irene Rosenfeld (388 times more)

Best Nations In The World Where To Retire

 

 

 

BusinessInsider.com has published the 21 best places in the world where a person should retire. Everything from health needs to finances were factored into the selection. Not surprisingly, all of the top five are in Europe. Only until you get to number 11 on the list do you find Australia - the first non-European nation.

1. Norway

Health: 8.5/10
Finances: 7.9/10
Quality of life: 8.7/10

Norwegians boast the kind of healthy lifestyle and quality of life Americans would dream of. The country scored a full two points higher than the U.S. in financial well-being

2. Switzerland

Health: 8.4/10
Finances: 8.3/10
Quality of life: 9.2/10

Switzerland has one of the highest qualities of life in the world, but Norwegians are slightly more financially fit.

3. Luxembourg

Health: 8.5/10
Finances: 8.0/10
Quality of life: 7.8/10

Get used to seeing Western European countries like Luxembourg on this list. They make up the entire top 10.

4. Sweden

Health: 8.3/10
Finances: 7.4/10
Quality of life: 8.5/10

Sweden's health care system has long been ranked among the highest in the world, which is something for retirees to consider. And in his book, The Flight of the Creative Class, U.S. economist Richard Florida ranks it as one of the most creative environments for works in Europe

5. Austria

Health: 9.0/10
Finances: 6.5/10
Quality of life: 8.3/10

It's no coincidence that No. 5 Austria shares a border with four other countries on this list. Who wouldn't want to retire with a view of the Swiss Alps?

See the complete list by clicking here.....

On Sequester.....Not One Cent In Pay For Congress!

 

 

 

"What won't happen is that Congress stops getting paid, their staffs are laid off and the perks are done away with immediately.  In fact, they didn't even work this weekend to find a solution. Stop the pay, the perks and their staff and we will have a solution very, very soon. "

There is a sense that the implementation of sequester is turning out not to be a big deal. In fact, several of my friends have indicated maybe it is a good action to cut back on our debt. The newspapers have been warning of dire circumstances leading up to the deadline. Just two days after the deadline passes the media on one morning show featured the sink hole in Florida over sequester.

Don't be fooled. This is very serious business.

Sequester, in the long term, will dramatically affect our economy and economic growth. Thousands of Americans will lose their jobs. Our national security will be at risk because of across the board cuts instead of strategic cuts. Programs like Head Start, our National Parks, environmental protection, ADAPT for people with HIV/AIDS, etc will be devastated.

What won't happen is that Congress stops getting paid, their staffs are laid off and the perks are done away with immediately.  In fact, they didn't even work this weekend to find a solution. Stop the pay, the perks and their staff and we will have a solution very, very soon.

What won't happen with sequester is economic justice.

The middle class and poor will be punished and the oil companies will still receive their massive depletion allowances , loop holes will enable major corporations to pay no taxes and off shore accounts will enable them hide money to avoid taxes. Just ask Mitt Romney and he can explain how it works for the rich.

The concept that we can't build a just and fair tax system in America is just outrageous. The Republicans in the House of Representatives would rather shut down America then require those who are cheating the system to pay their fair share. No discussion is allowed about creating a system of fairness. Just shut government down and refuse to move an inch.

This economic stalemate will hurt average Americans but not the big guns. This Sequester is dangerous and damaging just as we are making an economic comeback. Those who don't believe in science, basic economics and that the world is square want us to believe this is all for the good of the country.

Don't you dare buy into it.

Editorial Cartoon of the Week: Republicans And Sequester

 

 

 

The Cities With the LOWEST Taxes!

 

 

Yesterday this site had the list of the cities with the highest taxes. Today the list is those with the lowest taxes. Sick of taxes? These are the cities where you should homestead! One of them is Houston led by an openly LGBT Mayor! What is clear from the top ten list on 24/7 Wall Street is that you better head to the Plains states and settle down. Here are the top five cities with the lowest taxes:

1. Cheyenne, WY.

- Taxes for family earning $25,000: $2,424 (5th lowest)
- Taxes for family earning $150,000: $4,702 (2nd lowest)
- Unemployment rate: 5.2% (tied for 10th lowest)

No city measured has a lower burden on families than Cheyenne. A family of three earning $25,000 would have had a 9.7% tax burden in 2011, the fifth lowest of all cities. The tax burden becomes even lighter as someone moves up the income ladder. A family of three earning $150,000 had a tax burden of just 3.1%, lower than any other city. For a family of three making $75,000 to $150,000, the city has the second lowest property tax burden behind Birmingham, Alabama.

2. Anchorage, AK

- Taxes for family earning $25,000: $2,236 (3rd lowest)
- Taxes for family earning $150,000: $5,095 (2nd lowest)
- Unemployment rate: 5.2% (tied for 10th lowest)

Anchorage has a tax rate lower than all but one major city in the United States. The low taxes are even better given that the city’s median household income of $72,813 in 2011 was higher than all other cities. Anchorage’s one weak spot is its property tax burden, which is generally among the top quarter of all cities measured. The city is just one of a handful where residents are not required to pay any sales taxes. In addition, the auto tax burden is among the lowest of all cities. This week, the Anchorage Chamber of Commerce will host a debate on the pros and cons of changing the state’s oil tax law.

3. Houston, TX

- Taxes for family earning $25,000: $2,709 (14th lowest)
- Taxes for family earning $150,000: $6,571 (6th lowest)
- Unemployment rate: 6.1% (17th lowest)

Houston is one of just eight cities in which a family of three earning $150,000 a year paid less than 5% of its annual income in taxes in 2011. One major reason is the absence of any state income or local income tax, which cost a similar family an average of $6,835 in the cities where income taxes are levied. However, residents did pay one of the nation’s highest sales taxes, at 8.25%. This cost a family earning $150,000 in Houston almost $2,500 in sales taxes — higher than in two-thirds of cities surveyed. Additionally, the city had one of the nation’s highest property tax rates, at $2.53 per $100 of assessed property value.

4. Fargo, ND

- Taxes for family earning $25,000: $2,228 (2nd lowest)
- Taxes for family earning $150,000: $7,908 (10th lowest)
- Unemployment rate: 3.2% (the lowest)

Fargo has a very low tax burden compared to most large cities, especially for families who make little money. For a family of three making just $25,000, the tax burden was just $2,280 in 2011, the second lowest of all cities. Although both the city and the state do not collect as much in total tax revenue from households, the 3.2% unemployment rate means that more people are likely to own homes, spend more money when shopping, and purchase cars, driving up tax payments in those categories. In addition, North Dakota collects revenue through various oil and gas taxes, such as the oil gross production tax, the gas gross production tax and the oil extraction tax.

5. Jacksonville, FL

- Taxes for family earning $25,000: $2,956 (26th lowest)
- Taxes for family earning $150,000: $6,429 (4th lowest)
- Unemployment rate: 7.7% (21st highest)

As residents of Florida, individuals and families living in Jacksonville pay neither a state nor local income tax. Partly because of this, the tax burden for wealthier families remained low in 2011. A typical family of three with two sources of income, earning $150,000 per year, would have paid 4.3% of its income on state and local taxes — less than all but four other cities. However, a family earning just $25,000 per year would have had to pay 11.8% of its annual income in taxes. Florida’s 6% sales tax accounts for the majority of the state’s tax revenue.

See the rest of the top ten here....

What Cities Have The Highest Taxes?

 

 

Every year at tax time I realize how hard New York City is on people who have small businesses out of their homes. Yikes! However, 24/7 Wall Street points out that New York is actually not in the top five cities with the highest taxes. Both Los Angeles and New York are in the second tier!

Here are the top five cities with the most taxes on their citizens:

1. Bridgeport, Conn.

- Taxes for family earning $25,000: $3,708 (5th highest)
- Taxes for family earning $150,000: $23,501 (the highest)
- Unemployment rate: 11.7% (3rd highest)

No city taxed its residents more heavily than Bridgeport in 2011. In 2011, its effective residential property tax rate was $2.77 per every $100 in assessed home value — the sixth highest in the nation. Citizens are also paying more in property taxes, due to the high value of homes in the area, at over $434,000 for a person earning $150,000 a year. In defending his city to the Connecticut Post, Bridgeport Mayor Bill Finch noted the average resident paid only $6,431 in taxes a year and notes that the city’s residents are “of modest means” and that residents’ tax rates are also affected by the close proximity of far wealthier cities. The median household income in Bridgeport is just $35,379, more than $15,000 below than the national median.

2. Philadelphia, PA

- Taxes for family earning $25,000: $4,513 (2nd highest)
- Taxes for family earning $150,000: $19,951 (2nd highest)
- Unemployment rate: 10.6% (7th highest)

A family of three that made just $25,000 a year in 2011 would have been stuck with a tax burden worth a whopping 18.1% of their income, tied with Birmingham, Ala., for the highest of all cities. Taxes did ease a bit as one moved down the sliding scale, although burdens were still near the top. For a family of three making $150,000 in 2011, the total tax burden was 13.3% — the second highest of all cities measured by the report.

3. Columbus, Ohio

- Taxes for family earning $25,000: $3,369 (12th highest)
- Taxes for family earning $150,000: $18,241 (4th highest)
- Unemployment rate: 6.5% (23rd lowest)

Columbus residents are hit by the one-two punch of sales and property taxes that are higher than most. For instance, a family of three earning $50,000 in 2011 had to fork over $2,116.50 in income taxes and had to pay an additional $4,025 in property taxes. The income tax burden was higher than all but four cities, while the property tax burden was higher than all but five. Not all is bad, though. The sales tax and auto tax burden across all incomes were in the lower half of cities reviewed.

4. Louisville, KY.

- Taxes for family earning $25,000: $3,594 (8th highest)
- Taxes for family earning $150,000: $18,008 (5th highest)
- Unemployment rate: 7.9% (20th highest)

For a family of three that earned between $100,000 and $150,000, the average tax burden was 12%, higher than all but four other cities reviewed. The tax burden for people earning $25,000 to $50,000, although higher at 14.4%, is less of jump compared to most of the cities on this list. The 14.4% tax burden is the eighth highest out of all the cities measured. The biggest tax burden comes from income taxes. Depending on a family’s income, Louisville has either the second or third highest income tax among all cities measured.

5. Chicago, Ill.

- Taxes for family earning $25,000: $3,898 (4th highest)
- Taxes for family earning $150,000: $14,814 (14th highest)
- Unemployment rate: 9.7% (12th highest)

As of 2011, Chicago residents paid the highest effective sales tax rate of any city studied, at9.75%. This increased the tax burden for lower-income earners, who paid a higher percentage of their income in sales taxes. Partly because of the city’s sales tax, a Chicago family earning $25,000 had a state and local tax burden equal to 15.6% of their income, while for a family earning $150,000, the figure was just 9.9%. Poorer residents are also burdened by the state-level flat income tax, which was raised from 3% to 5% in 2011.

Here are the rest of the top ten cities....

Let The Poor Pay For The Cake!

 

 

Being poor in America is getting to be tougher and tougher. Congressional Republicans have described the poor as the 'takers' as if they enjoyed living in poverty. The Republicans in Congress want to cut programs that will help American living in poverty move into the middle class. At the same time they want to cut taxes for the rich.

Now comes along a group of Republican Governors who actually want to tax those making less while cutting taxes for those who make more. Republican Governors in Louisiana, Kansas and Nebraska are all submitting proposals that would dramatically cut or do away with the income and corporate taxes and at the same time increase sales taxes.

Sales taxes would place an additional burden on the poor and the middle class. High sales taxes will discourage Americans from buying new merchandise just as the economy is recovering. The Republicans are not only having a "Let Them Eat Cake" moment but now they are expecting the poor to pay for the cake!

In an article by Richard Stevenson in the New York Times, he reports:

"Republican governors are moving aggressively to cut personal and corporate income taxes, including proposals that would increase reliance on state sales taxes, setting up ambitious experiments in tax reform that could shape what is possible on a national level.

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In Louisiana, Gov. Bobby Jindal is pushing to repeal the state’s personal and corporate income taxes and make up the lost revenue through higher sales taxes. Gov. Dave Heineman of Nebraska is calling for much the same thing in his state. Gov. Sam Brownback of Kansas wants to keep in place what was supposed to be a temporary increase in the state sales tax to help pay for his plan to lower and eventually end his state’s income tax.

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But Democrats say the approach would lead to cutbacks in education, health care and other vital services while shifting relatively more of the tax burden to those who can least afford it.

“These aren’t pro-growth policies — they’re shell games that reward the wealthiest Americans at the expense of everyone else,” said Danny Kanner, a spokesman for the Democratic Governors Association.

Nationwide, sales taxes account for about 46 percent of state revenues, and personal and corporate income taxes for about 42 percent, according to the National Conference of State Legislatures. States with relatively low income tax rates like Louisiana, which raises about $3 billion a year from its personal and corporate income tax system, can more easily shift toward a sales tax-only system than states with much higher rates, like New York or California.

Louisiana already has the nation’s third-highest sales tax, after Tennessee and Arizona. Combined state and local sales taxes average 8.84 percent, according to the Tax Foundation.

The Top Five States With The Lowest Taxes

 

 

Where should you move if you want to pay very low taxes? Well, 24/7 Wall Street has published a list of the top ten states with the lowest taxes. Here are the top five and you can view the remainder at their site.

1. Alaska

- Taxes paid by residents as pct. of income: 7.0%
- Total state and local taxes collected: $6.17 billion (11th lowest)
- Pct. of total taxes paid by residents: 24.5% (the lowest)
- Pct. of total taxes paid by non-residents: 75.5% (the highest)

2. South Dakota

- Taxes paid by residents as pct. of income: 7.6%
- Total state and local taxes collected: $2.58 billion (the lowest)
- Pct. of total taxes paid by residents: 57.0% (8th lowest)
- Pct. of total taxes paid by non-residents: 43.0% (8th highest)

3. Tennessee

- Taxes paid by residents as pct. of income: 7.7%
- Total state and local taxes collected: $18.24 billion (23rd highest)
- Pct. of total taxes paid by residents: 63.2% (13th lowest)
- Pct. of total taxes paid by non-residents: 36.8% (13th highest)

4. Louisiana

- Taxes paid by residents as pct. of income: 7.8%
- Total state and local taxes collected: $16.15 billion (24th highest)
- Pct. of total taxes paid by residents: 53.1% (4th lowest)
- Pct. of total taxes paid by non-residents: 46.9% (4th highest)

5. Wyoming

- Taxes paid by residents as pct. of income: 7.8%
- Total state and local taxes collected: $3.48 billion (5th lowest)
- Pct. of total taxes paid by residents: 33.1% (2nd lowest)
- Pct. of total taxes paid by non-residents: 66.9% (2nd highest)

How Much Longer Are You Personally Willing To Finance This Fool Donald Trump?

 

 

The developer, who would paste his name on a condom machine in a men's room if they still existed, has manipulated tax havens, tax breaks, tax loopholes and obtaining incentives from government to build his ugly buildings.

Donald Trump, after promising a game changer for the election, came out swinging like a wimp. The real estate mogul clearly desperate for attention outlined a proposal that he would donate a charity $5 million if Obama opened up his college papers. Of course this smells to the high heavens of sleaze and sensationalism that hurts and divides this country. The man seems to know no boundaries.

Now, Mr. Trump as every right to free speech (even if it is of the worst kind) however it is totally unacceptable that the taxes we pay to New York enable him to be a billionaire.

The Los Angeles Times reports:

"From his first high-profile project in New York City in the 1970s to his recent campaigns to reduce taxes on property he owns around the country, Trump has displayed a consistent pattern. He courted public officials, sought their backing for government tax breaks under extraordinarily beneficial terms and fought any resistance to deals he negotiated

He has boasted of manipulating government agencies, misleading officials in one case into believing he had an exclusive agreement to develop a property and then retroactively changing the development's accounting practices to shrink his tax bill. In New York, Trump was the first developer to receive a public subsidy for commercial projects under programs initially reserved for improving slum neighborhoods. Such incentives have now become the norm in the powerful New York real estate community.

Karen Burstein, a former auditor general of New York City, reviewed a major Trump project in the 1980s and concluded he had "cheated" the city out of nearly $2.9 million. Decades later, Burstein said she was still appalled at the way Trump operated.

"It's extraordinary to me that we elevated someone to this position of public importance who has openly admitted that he has used government's incompetence as a wedge to increase his private fortune," she said in a recent interview.

Rep. Jerrold Nadler (D-N.Y.) fought Trump over hundreds of millions of dollars in federal funding that the developer wanted for a luxury apartment complex in Nadler's district.

"He sought to abuse the taxpayer and stretch the law," Nadler said. "He said he ought to get a massive government subsidy. I said, 'Listen, Mr. Trump, if you think this is a good project, you spend the money.' "

Enough is enough! None of us get this tax advantages and I am damn sick and tired of him making money off of my hard earned money. A free loader is a free loader no matter if they are rich and poor. Let's end the financing of this man's wealth and his destructive and bizarre behavior.