A Truth Journal: What Is Prez Obama Getting Right Lately? Enjoying the IRS Non-Scandal?

People filing tax forms in 1920

A Truth Journal: What Is Prez Obama Getting Right Lately? Enjoying the IRS Non-Scandal?: From Denny:  While the Republicans work zealously to manufacture non-scandals to grab media attention just what is the President really doing to correct government problems and on-going issues?

IRS Non-Scandal

My fellow media got all in a lather about the IRS "Scandal" because they really had nothing better to fuss about to try and drive advertising revenue.  Come on; we all love to hate the tax man.  That much the media knew would strike a chord with this story.  Even the Bible documents an historical hatred of government taxation.  None of us enjoy it.

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The Social Poets: From Obama, Tax Returns: Check Out How Your Personal Tax Dollars Spent On National Budget

The Social Poets: From Obama, Tax Returns: Check Out How Your Personal Tax Dollars Spent On National Budget: From Denny:  Today Prez Obama and VP Biden (and spouses) released their IRS tax returns.  Obama's was 48 pages long with an adjusted gross income of about $790,000.  Hey, those book sales add up over three years.  The Obamas also gave $172,000 to charities, about 22 percent of their income, much of it from a children's book.

Can you imagine paying $162,000 in taxes?  The President did.  The GE Corporation - and far too many other Wall Street folks - didn't even pay that much.  What's wrong with that picture?  Check out the links to their names above to go directly to the pdf files online for the Obamas and the Bidens if you want to see the actual returns and read the details.

What was interesting is the fun White House page where you can calculate how your federal tax dollars are used for the national budget.  OK, I wouldn't be inclined to put in personal information but there is a pull down menu of a few choices so you can get the idea.

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Lobbyists, IRS Square Off Over New Law to Catch Rich Tax Dodgers

From Denny:  It's an election year and reeling in tax dodgers is a populist position. Americans are furious the wealthy and corporations don't pay taxes at all or very little, certainly not their fair share.

How much does the government lose to rich tax cheats? 

Did you know the Treasury Department loses as much as $100 billion each year in owed taxes because of offshore accounts? Think how that would affect the bottom line to ease the budget deficit - instead of taking away school lunch programs for needy children.

New tax dodger law 

The good news is there is a new law in town. It's called the Foreign Account Tax Compliance Act (FATCA). Foreign financial institutions must report accounts held by American citizens to the U.S. government. The penalty if they fail to report? Not providing that information means those firms face a 30 percent withholding tax on their U.S. revenue. Ouch!

The bad news is that the law does not take effect until 2013 even though it was passed in March 2010. Worse, now enter the gang of lobbyists - yes, more than the usual 100 per lawmaker already leeching off the taxpayers in Washington - who are descending upon the capitol to reject or modify this law. Screaming for help are the foreign financiers and trade associations that have set their sights upon nasty K Street as their messiah.