News

When President Obama proposed a tax increase on the wealthy it was debated by Republicans that the increased taxes would have adverse affects on the economy because the wealthy would decrease their spending. It was argued that a hike in taxes would directly affect other taxpayers who rely on the rich economically, such as employees,…

The U.S. federal budget deficit is lower than it was in 2012. The deficit grew February 2013 by $203.5 billion, the Treasury Department said, but it is still lower than 2012. This February, the gap was $28 billion less than what it had been the same time a year ago. If the first five months…

Analysts believe that in 2013 the budget deficit will shrink to $845 billion, which will be the lowest during Barack Obama’s presidency. Even thought that might bring a sigh of relief to many, the relief is short-lived because the deficit is expected to rise again after a few years. The cost of health for the…

The political class has been deeply worried about how to get the country to recover from its deep deficit. Democrats have now made their stance on fighting the deficit clear. They say they can reduce the deficit by $1.85 trillion in the next decade with a combination of tax rate increases and spending cuts. Republicans…

To tackle the U.S. deficit, taxpayers are being asked to pay more in taxes. That and spending cuts are the only solutions to resolve the deficit that Washington has offered. President Obama admits that there still is no long-term plan for introducing tax reforms for beating the deficit and the debt. An increase in taxes…

Regardless of income level, many American households are facing a financial squeeze because of an increase in payroll and other taxes. Spending had a slight increase of 0.2 percent, which was due to an increase in utility usage during due the severe weather this past winter. A lighter monthly pay check has forced households to…

The fact that the rich are now paying higher taxes comes as a surprise because most of us do not think of the rich as being abused in a tax system that notoriously favors the wealthy. President Barack Obama is reluctant to raise taxes for any tax bracket, except the rich, “I am prepared to…

More taxes for an average taxpayer is fair if taxes are being paid by businesses and the wealthy alike, but many times those who can afford fancy accounting tricks can often dodge their full tax liability. Call it ‘loopholes’ in the tax code that helps big businesses avoid their tax duty without repercussions, the reality…

Tax increases are inevitable, but an increase in taxes is not justified if there is no equivalent increase in income. American taxpayers are being burdened with more taxes because the U.S. needs to overcome its fiscal deficit. Excessive and unintelligent spending by government can result in the waste of existing resources. Some tax revenue brought…

Tax fraud is growing in spite of efforts made by the IRS and law enforcement agencies. In a recently busted fraudulent tax filing scheme, it was discovered that tax fraudsters were also using false tax credits to get refundable tax credits. A refundable tax credit not only reduces a tax liability to zero, but it…