The fat cats enjoy IRS credits for taxes paid overseas to avoid paying income taxes in the United States. It's a big loophole and Congress refuses to close it. Even with the changes in recent years to the IRS code, the effective corporate tax rate of profits brought into this country is half the regular … Continue reading Why can’t we stop bestowing huge credits for corporations who pay taxes to Russia?
Tag: Income tax
Middle class seniors forced to pay for that 40% corporate tax cut with reductions to Medicare
Happy holidays came a few days early for big corporations and rich shareholders. Their income tax rate in 2018 will drop from 35% to 21% - exactly a 40% decrease. Next year, Medicare premiums will go from $109 to $134 per month - a 23% increase in one year. This additional deduction from Social Security … Continue reading Middle class seniors forced to pay for that 40% corporate tax cut with reductions to Medicare
Seniors – get divorced and save on income taxes?
Now that nearly everyone, of every persuasion, seems to want to be married, seniors should advise the newly matrimonial-prone that true love expressed can cost you big bucks, when dealing with Uncle Sam. Here is a mock 1040 for a mythical single filer Herman Schmidlap: Herman is filing single, and the return would be the … Continue reading Seniors – get divorced and save on income taxes?
Medicare tax gets you mandatory program for health insurance that costs fortune in co-pays, deductibles
The usual self-centered politicians and their masters at Fix the Debt, Libertarian Caucus, Tea Party and Fox News, along with a pack of pitiful former government officials like Ed Rendell, this week bemoaned the so-called "doc fix", which brings Medicare payments to providers up to miserable levels, instead of a 21% cut. That reduction in … Continue reading Medicare tax gets you mandatory program for health insurance that costs fortune in co-pays, deductibles