Rep. Gomberg: Collect back taxes, reduce tax incentives to Shepherd’s Flat and make Wall Street cough up what they cost Oregon in the 2008 crash BEFORE we go after PERS and our own taxpayers!

 Tax Fairness, Taxes  Comments Off on Rep. Gomberg: Collect back taxes, reduce tax incentives to Shepherd’s Flat and make Wall Street cough up what they cost Oregon in the 2008 crash BEFORE we go after PERS and our own taxpayers!
Apr 012013
 
Rep. David Gomberg D-Central Coast

Rep. David Gomberg
D-Central Coast

Provided by Rep. Gomberg

(SALEM, OR)-  In a House floor speech, Freshman Representative David Gomberg called for enhanced measures to collect revenue due to the State of Oregon. “Responsible taxpayers need to be confident that everyone is paying their fair share,” said Gomberg.

Over the past six weeks, senior members of both parties have debated cutting pensions or increasing taxes to balance the state budget. Gomberg asserted that “fair share” should be a third part of the discussion. He gave several examples.

The Department of Revenue reports over $600 million in delinquent accounts. This reflects people who have filed tax returns but have not sent payments. The amount approximates the difference between what has been proposed for education funding and what has been requested by school districts. The Department of Revenue reports that delinquent accounts, unfiled returns and unreported income total over $1.3 billion per year.

The State Treasurer has filed 12 lawsuits against Wall Street firms alleging that Oregon was defrauded of over $150 million in pension returns. That amount, with interest, approximates much of the amount proposed to be withdrawn from PERS.

The Department of Energy is re-examining $30 million in tax credits to the Shepherd’s Flat Wind Farm in Eastern Oregon and has consulted the Department of Justice. The New York based developer had subdivided in order to triple credit receipts. The amount approximates the amount requested for capital construction for the entire Oregon Community College system. Gomberg argued that large tax credits should be audited for goals and performance in the way state agencies are.

In a remonstrance unusual for a freshman legislator, Gomberg called for bi-partisan support of efforts to collect revenue due.  “I am hesitant to underfund education, cut critical programs, reduce hard earned pensions or increase taxes for any Oregonians while there is still money on the table.”

David Gomberg represents the Central Oregon Coast and Coastal Range in House District 10. He is a small business owner, operating a wholesale kite business and kites stores in Lincoln City and Seaside.

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Some interesting research into why the corporations are doing great while the American people generally continue to scratch for income

 Taxes  Comments Off on Some interesting research into why the corporations are doing great while the American people generally continue to scratch for income
Mar 302013
 
Wikipedia graphic

Wikipedia graphic

We’ve been hearing more and more about how fantastic Wall Street is doing and how corporate profits are blowing through the roof – while America’s middle class and those below are in the worst shape since World War II. Something structural has changed. What used to hold up the country’s economic floor has seriously deteriorated implying that Americans will have to do with a lot less – and that’s just how it is.

There was an article in the Bend Bulletin this week that sought to break the issue down to a level most of us can understand. Click here.

pig.feb13

Not rich? Maybe you qualify for a check from the IRS ‘cuz you qualify for an EITC!

 Tax Fairness, Taxes  Comments Off on Not rich? Maybe you qualify for a check from the IRS ‘cuz you qualify for an EITC!
Jan 282013
 

TAX CREDITS FOR WORKING FAMILIES COULD BE WORTH THOUSANDS OF DOLLARS

“As working families in Oregon start to prepare their tax returns this year, they need to know they may be eligible for federal and state tax credits worth thousands of dollars,” said Nina Roll, Director of Family Care Connection’s Child Care Resource & Referral program at Oregon State University Extension Service. “Families are facing incredible economic pressures, and can’t afford to leave this money on the table.”

Federal and state tax credits can help offset the cost of child care and other expenses for working families. For 2012, families may be eligible for a number of federal tax credits, including:

Earned Income Tax Credit, which helps provide a wage supplement for low and moderate-income families (those earning less than $50,270 annually). This credit is worth up to $5,891, and is refundable.

Child Tax Credit, designed to help families meet some of the costs of raising children. This credit is worth up to $1,000 per child. Families who owe little or no income tax can receive some or all of this credit as a refund if they earned at least $3,000 in 2012.

Child and Dependent Care Tax Credit, designed to offset some of the child or dependent care costs that families incur in order to work. This credit is worth up to $2,100, though the amount that can be claimed is limited by a family’s federal income tax liability.

For 2012, Oregon tax credits can help you with:

Up to $1,800 from the Oregon Child and Dependent Care Tax Credit.

Up to 40% of your qualifying child care expenses without limit from the Working Family Child Care Tax Credit.

Up to $353 from the Oregon Earned Income Tax Credit.

“These credits can help families in Oregon make ends meet, but they must file a tax return to claim the credits,” Roll said. “Our goal is to help more families learn about the benefits of these tax credits, so they don’t miss out.”

Visit www.cashoregon.org/taxprep/sites.htm to find out where you can get FREE help with your taxes. You can also contact the AARP Foundation’s Tax Aide Program toll-free at 888-227-7669 or use the online locator at www.aarp.org/applications/VMISLocator/searchTaxAideLocations.action

Oregon tracks national trend – Most income gains going to those already at the top

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Jul 192012
 

Reflecting a well documented national trend over the past ten years, Oregon’s wealthiest 1% have gotten just about all the income gains since the economy began “recovering” in 2010. It’s in the latest report by the Oregon Center for Public Policy. The OCPP also points to a pending state ballot measure that would allow Oregon’s rich elite to pass on even more of what they accumulated during their lives to their children, which many contend is partly what causes a concentration of wealth in a few hands, in the first place. For more, click here.

Newport: Tax Fairness Rally, Tuesday, April 17th, 4-6 pm, in front of City Hall

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Apr 162012
 

As Americans continue to be badly divided over what is responsible for the country’s four year stalled economy, there are those who have stuck to one basic point of analysis that is confirmed by the IRS and the Congressional Budget Office; that the top 1% of taxpayers own or control nearly half the country’s wealth which is being invested in foreign markets to create job opportunities there, rather than in the U.S.

As they have for the past few years, MoveOn, Service Employees International Union and Coastal Progressives are holding a Tax Fairness Protest Tuesday in front of Newport City Hall calling for a return to higher tax rates on the wealthy and American corporations. The groups say many among the rich and their corporations not only pay no taxes, but actually get huge tax-incentive checks from the U.S. Treasury. These and other common themes of tax and social justice will no doubt be among talking points as protesters wave their signs in front of Newport City Hall in support for a big change in the way our government is funded, who pays and for what services.

Those with similar opinions or philosophical inclinations are invited to join with MoveOn, SEIU and CP in front of Newport City Hall, Tuesday, 4-6pm.

Voter petitions are making the rounds, headed for November…

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Apr 162012
 


Marijuana plant
Wikipedia photo

A number of voter petitions are making the rounds of the state, gathering signatures aimed at getting them on the November ballot. The top signature gathering has been associated with, (what else), expanding the acceptability and legality of marijuana use. Another petition that is getting closer to having enough signatures is a one that would bar the state from raising fees on real estate transfers – a lucrative source of new revenue used widely in other states. The story is in today’s Oregonian. Click here.

Lower Income Families! Don’t leave money on the table!!

 Tax Fairness, Taxes  Comments Off on Lower Income Families! Don’t leave money on the table!!
Jan 312012
 


Courtesy graphic

TAX CREDITS FOR WORKING FAMILIES COULD BE WORTH THOUSANDS OF DOLLARS TO YOU

“As working families in Oregon start to prepare their tax returns this year, they need to know they may be eligible for federal and state tax credits worth thousands of dollars,” said Nina Roll, Director of Family Care Connection’s Child Care Resource & Referral program at Oregon State University Extension Service. “Families are facing incredible economic pressures, and can’t afford to leave this money on the table.”

Federal and state tax credits can help offset the cost of child care and other expenses for working families. or 2011, families may be eligible for a number of federal tax credits, including:

* Earned Income Tax Credit, which helps provide a wage supplement for low and moderate-income families (those earning less than $49,078 annually). This credit is worth up to $5,751, and is refundable.

* Child Tax Credit, designed to help families offset some of the costs of raising children. This credit is worth up to $1,000 per child. Families who owe little or no income tax can receive some or all of this credit as a refund if they earned at least $3,000 in 2011.

* Child and Dependent Care Tax Credit, designed to offset some of the child or dependent care costs that families incur in order to work. This credit is worth up to $2,100, though the amount that can be claimed is limited by a family’s federal income tax liability.

In addition, Oregon also offers:
Oregon Child and Dependent Care Tax Credit, worth up to $1,800;
Oregon Working Family Child Care Tax Credit, a refundable credit worth up to 40% of qualifying child care expenses; and
Oregon Earned Income Tax Credit, also refundable and worth up to $345.

“These credits can help families in Oregon make ends meet, but they must file a tax return to claim the credits,” Roll said. “Our goal is to help more families learn about the benefits of these tax credits, so they don’t miss out.”

Find out where you can get FREE help with your taxes by calling the IRS toll-free at (800) 906-9887. Or go to www.irs.gov. You can also contact the AARP Tax-Aide toll-free at (888) AARP-NOW or (888) 227-7669.

Oregon Center for Public Policy: Tax cuts worsen Oregon’s deficit

 Tax Fairness, Taxes  Comments Off on Oregon Center for Public Policy: Tax cuts worsen Oregon’s deficit
Dec 282011
 

New Year Brings $118 Million Tax Cut for Oregon’s Wealthiest
Provided by Oregon Center for Public Policy

A tax cut for Oregon’s wealthiest taxpayers that will cost $118 million this budget period will take effect in the new year, unless lawmakers vote to extend the temporary top marginal income tax rates put into effect by Measure 66.

“This is not the time to allow a tax cut to Oregon’s most fortunate taxpayers,” said Chuck Sheketoff, executive director of the Oregon Center for Public Policy. “That money should instead be used to shore up the budget to prevent further cuts to education, health and human services and public safety.”

New Year Brings $118 Million Tax Cut for Oregon’s Wealthiest (PDF)

The tax cut set to take effect on January 1 is the result of how lawmakers drafted the law that became Measure 66, which was referred to voters and approved in a January 2010 special election.

Measure 66 temporarily raised the top marginal tax rate from 9 percent to 10.8 percent for couples making between $250,000 and $500,000, and to 11 percent for couples making more than $500,000. The new top rates apply only to the income received above those levels and impact only about 3 percent of Oregon taxpayers.

For both of these income groups, the top marginal tax rates will go down to 9.9 percent on January 1.

“When the 2009 legislature scheduled the end of the higher rates, they expected the economy to be in much stronger shape than it is now,” said Sheketoff. “With the sluggish national recovery and the state still struggling with a revenue shortfall, letting the top rates go down is a mistake.”

Though the country’s recovery from the deepest recession in decades has been slow, by some measures Oregon’s economy has performed better than the national economy with the temporary higher tax rates in place, according to Sheketoff. He cited, for example, an economic index produced by the Federal Reserve Bank of Philadelphia and referenced in the most recent state economic forecast, which shows Oregon’s economy outperforming all other western states and ranking sixth best in the nation over the past year.

The legislature will have an opportunity to keep the higher top marginal tax rates in place when it convenes in February 2012. Declining revenue forecasts since the legislature adjourned last June has lawmakers considering cuts to public services.

“Cuts to schools, health care, child care and other public structures don’t create prosperity or rebuild our middle class,” said Sheketoff. “Investments in our people and state lay the foundation for a brighter future.”

The Oregon Center for Public Policy is a non-partisan research institute that does in-depth research and analysis on budget, tax and economic issues. The Center’s goal is to improve decision making and generate more opportunities for all Oregonians.

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News Lincoln County welcomes varying views on the above topic. Address them to: Dave@NewsLincolnCounty.com

Oregon: More tax breaks for the wealthy, small increase in minimum wage

 Taxes  Comments Off on Oregon: More tax breaks for the wealthy, small increase in minimum wage
Dec 222011
 


Courtesy graphic

An initiative recently passed by the voters raised taxes on the wealthiest Oregonians to prevent massive cuts to programs for schools, the poor and the disabled. However, those cuts are being partially restored starting at the first of the new year which was also laid out in that initiative. It means although the state’s fiscal problems are just as bad as they were then, the tax cuts will, none the less, take effect.

The story is in the Oregonian. Click here.

City of Newport takes note of Court of Appeals prohibition of local governments taxing real estate income.

 Taxes  Comments Off on City of Newport takes note of Court of Appeals prohibition of local governments taxing real estate income.
Sep 092011
 

When a political entity like a city or county charges a property management firm more for a business license because they manage a lot of properties, does that constitute an illegal tax? A circuit court judge in Portland said no. But the State Court of Appeals Friday overruled the lower court by declaring that such a tax escalator based on “income levels” of a real estate firm is not legal and ordered the city of Portland to refund the illegal “overage.”

How this latest ruling might affect Newport’s business license ordinance as applied to local property management firms like Dolphin Realty, Yaquina Bay Properties and Mishey Real Estate remains unclear. The city’s attorney and others will be studying the ruling with an eye to seeing if the city of Portland appeals the case to the State Supreme Court.

But in the meantime, the ruling caught the eye of Newport Finance Director David Marshall who immediately conferred with city officials and announced that the city will drop it’s “business license surcharge” on the property management firms while it revamps its entire business license ordinance. Marshall also said the ruling will certainly add to the discussions with the firms and the city attorney when they meet for a workshop on the issue at city hall September 19th. Dolphin Realty, Yaquina Bay Properties, and Mishey Real Estate have protested the graduated business license fee based on the number of housing or commercial properties they manage, which they view as constituting a graduated tax based on income.

The Newport property management firms contend that they should be subject to no more than the same flat rate business license fee as any other business, with a slight surcharge indexed for the number of employees. They have protested vehemently an additional escalator that was imposed by the city for the number of residential and commercial units they manage on behalf of their client property owners which they claim is at the heart of Friday’s State Court of Appeals ruling. One school of thought suggests that any property that is income property is, in fact, a business, and so should be subject to a business license fee (or tax as some call it), and that it should be paid by the property owner not the property manager.

We’ll see what they all come up with at their September 19th workshop at city hall.

Toledo City Council adopts city budget with tax, fee and utility rate hikes along with raises for ‘underpaid’ department heads

 Taxes, Toledo, Utilities  Comments Off on Toledo City Council adopts city budget with tax, fee and utility rate hikes along with raises for ‘underpaid’ department heads
Jun 152011
 

Toledo City Councilors adopted the city’s budget for fiscal year 2011-12 which raises fees, taxes and utility rates for all Toledo residents and businesses. The budget also sets aside a total budget of $40,000 for raises for city department heads which, according to a city survey, are paid substantially less than their professional counterparts in other Oregon cities of similar size.

City Manager Michelle Amberg, backed up by Mayor Monica Lyons, told a questioning resident that Toledo department heads don’t have collective bargaining rights as city workers have, and so they have not received any major pay raise in years, apart from standard cost of living increases. Amberg said the city has been lucky to have department heads who love their jobs and love living in Toledo, but if for any reason they chose to leave for a better job, the city would have to pay a far higher salary to a qualified replacement. “It would have quite an effect on the city budget” said Amberg. She used an example of the city finance director. She said the going rate for a finance director for a city the size of Toledo is around $91,000 a year. She said the current finance director doesn’t make nearly that much. “So if we can give our finance director a decent raise we’re money ahead.” She said the situation is nearly identical with each department head position in the city. She said the $40,000 set aside for raises doesn’t mean it will all be awarded since each employment situation is unique.

The budget also involves tax, fee and utility rate hikes; $3.65 a month more for water and $5.60 more a month for sewer. Garbage pick-up will rise 90-cents a month and a first-ever fee on electric bills will be levied at around 75-cents a month. Total hit to the family budget: around $11.00 a month. And, of course the customary 3% increase in property taxes for home and commercial property owners.

Recently there have been a number of major utility breakdowns that have proven the need to raise water and sewer rates to pay for repairs before both utility systems completely fall apart from old age. Both water and sewer systems have been in the ground for well over sixty years. Some sections even longer. With the rate increases taking effect July 1st, the city will finally be charging enough for water and sewer that the federal government will invite Toledo to apply for low interest loans and grants that will hasten the replacement of it’s aging utility systems.

Newport trying to ensure every business in town is pulling their weight down at city hall

 Taxes, Tourism  Comments Off on Newport trying to ensure every business in town is pulling their weight down at city hall
Jun 072011
 

When it comes to running cities and counties, nothing’s cheap anymore. That’s why Newport is reviewing its laws, codes, fees and tax schedules to ensure that revenues coming into the city are properly levied and that nobody gets a free ride. Or a complicated ride, or a less than fair ride, or, or, or….

Enter the discussion: Business license fees and hotel/motel/vacation rental room taxes. The current laws covering those revenues are seen by many to be in deep need of a tune up as to which kinds of businesses, with multiple sub-businesses, should pay what, and for how much.

A task force made up of major sectors of Newport’s tourism community have spent the last few months going over the city rules about all this while also checking with other cities and counties around Oregon to see how they view their own situations. The task force told the city council Monday night that Newport’s business license fees and room tax rates were not comparatively out of line. But how they are applied need adjusting. And they gave a progress report on a near-final set of recommendations on how the city’s business license and room tax codes should be changed.

They displayed a progressively higher business license fee for businesses with a higher number of employees. They also asked the council to make sure that city coffers are getting room taxes from everyone who has rental property, even if they’re just renting the other side of a duplex, “they’re making money, and making money is a business” they said.

The task force also said that if a company is based outside of Newport, yet does business in Newport it should, in most cases, be required to get a Newport business license. However, they appeared to be agreeable to special events like Farmers Markets, Seafood and Wine, and the Lincoln County Fair to fall under a single umbrella fee paid by the event promoter.

The task force said it would continue to meet to iron out any wrinkles in their final recommendations to the council. City Finance Director David Marshall said that fiscal year 2011-2012 business license renewals will go out in the mail to all local Newport businesses before the end of the month so any changes in business license provisions won’t take effect until next fiscal year, starting in July of 2012.

Betty Krause: Tax filing angel to Newport area seniors. Come say Thank You!

 Senior and Disabled, Senior Centers, Taxes  Comments Off on Betty Krause: Tax filing angel to Newport area seniors. Come say Thank You!
Jun 032011
 

Betty Krause (L), Bill Ensign (R)

In 1972 as part of her work on her Master of Business Education Degree from Oregon State University, Betty Krause was required to participate in a voluntary public service project. She chose to help in a new effort to help people prepare their income tax returns. And now, 40 years later she is still at it! Her project later part of what is now known as the AARP Tax-Aide program and Betty is recognized as one of only 3 people in the United States who have served in this capacity for 40 years.

When she and her husband retired to Newport in 1995, Betty joined the local AARP Tax-Aide group and continued her work. In those days tax returns were prepared using pencil and paper ( and eraser). Then, 1997 AARP began using desktop computers with tax preparation software. Currently, Betty uses a laptop with a sophisticated software program installed.

In recognition of her many years of service, Betty was given a 40 year pin and Plaque which was presented by Bill Ensign, State Coordinator of the AARP Tax-Aide program. A reception for Betty is scheduled at the Newport Senior Activity Center for June 6th at 10:00 a.m. in the Education Room. Anyone interested in congratulating Betty is encouraged to attend.

Toledo residents, businesses face possible .75% (less than 1%) fee increase in electric bills

 Taxes, Toledo  Comments Off on Toledo residents, businesses face possible .75% (less than 1%) fee increase in electric bills
May 042011
 

Facing a sizeable budget deficit for the next fiscal year starting in July, the Toledo City Council reviewed a proposal Wednesday night that would raise the city’s franchise fee on electricity by three-quarters of one percent. Total revenues raised by such a proposed increase; $867,000 a year according to a city report. The report reveals that 60% would go to the city’s general fund, and 40% to the street fund.

Since the franchise fee would be added on to each electric customer’s bill, residential and business, an electric bill of $75 per month would rise 56-cents a month and 75-cents a month on a $100 a month electric bill.

The council only discussed the proposed franchise fee increase. It will be included in further city budget discussions, likely targeted for a June 1st decision. There was a brief flurry of comments about a Georgia Pacific “gift” to the city, or GP purchase of city property, that might negate the need for a franchise fee increase, but it was discussed only conceptually. Councilor Mark Camara urged his fellow councilors to not let such a notion of a GP “gift” or purchase sway the council from doing what it needs to do, and that is “balance the budget as if no such gifting or purchase is in the offing.” Camara said if the city accepted a gift or purchase arrangement, the city would be right back looking at franchise fee increases in a year or two.

On June first (if not before), it should all be a little clearer to Toledo residents.

Rep. Schrader: It’s time to have a serious conversation about our nation’s fiscal health.

 Taxes  Comments Off on Rep. Schrader: It’s time to have a serious conversation about our nation’s fiscal health.
Apr 252011
 

Rep. Kurt Schrader, D-Oregon

Dear Friends,

It’s time to have a serious conversation about our nation’s fiscal health.

Oregon families have conversations about family budgets every day and they have the right to expect their representatives to deal with our nation’s fiscal problems the same way. One thing is clear. We are on an unsustainable fiscal path and inaction is not an option. Inaction means in less than 14 years the entire federal budget will be taken up by interest payments on our debt and to fund entitlement programs. That means no money to educate our children and prepare the next generation. No funding for public safety or the defense of our nation. And no funding to repair and maintain our roads, bridges and other transportation systems.

In other words, unless we do something the 21st Century will not be an American century.

A problem of this magnitude requires bold action. We have to cut spending, but we have to be smart about it. Cutting too much, too fast could devastate our economy. Even John McCain’s own economic advisor has said the ‘meat axe’ approach would cost 700,000 jobs. Earlier this month I introduced a series of benchmarks including serious spending reductions, real tax reform, protections for entitlement programs and budget process reforms.

You can see my full plan by clicking here.

As a small businessman, state legislator and now as your Representative in Congress, I know the choices won’t be easy but we have an obligation to our children and grandchildren to get it right.

Sincerely,

Kurt Schrader
Member of Congress

When it comes to taxes, there’s a multi-million dollar difference between “head of household” and “community patriarch”

 Taxes  Comments Off on When it comes to taxes, there’s a multi-million dollar difference between “head of household” and “community patriarch”
Apr 252011
 

A long running battle between the “Gypsy Community Patriarch” of Portland and the IRS has taken an interesting twist. The IRS had confiscated the “patriarch’s” money claiming that he willfully understated his tax obligations. But a judge ordered the IRS to give the money back, and then sentenced the “patriarch” to a federal work camp. The clash of cultural definitions of what is earned vs simply being “held” is in this story from the Oregonian. Click here.

Toledo’s city government budget could be balanced with 1.5% franchise fee on electricity.

 Taxes, Toledo  Comments Off on Toledo’s city government budget could be balanced with 1.5% franchise fee on electricity.
Apr 222011
 

Toledo City Manager Michelle Amberg told her city council this week that there are a number of ways to fill a $100,000+ gap in the city budget. One that she says she’s leaning toward is a 1.5% boost in the city’s electrical franchise fee.

According to a Central Lincoln People’s Utility District spokesperson, the CLPUD includes franchise fees as their cost of doing business inside a city or county. However, anything over 3.5% is added to customer monthly bills. So If a Toledo family pays an average of $100 a month for electricity, it would raise their monthly bill $1.50 a month. If they pay $50 a month, it would go up 75-cents a month. Whether franchise fees on electricity will be used to help balance Toledo’s city budget for the fiscal year 2011-12 is up to the city council which is immersed in that budget setting process.

(Mac users, the video works now) Tax Protesters complain about corporate and wealthy tax dodgers.

 Taxes  Comments Off on (Mac users, the video works now) Tax Protesters complain about corporate and wealthy tax dodgers.
Apr 202011
 


(Click image to play video)

A group of tax protesters gathered at Highways 101 and 20 Monday, Tax Day. These protesters, joining thousands of others across the country were angry that two-thirds of American corporations pay no taxes at all to the U.S. Treasury including the likes of Boeing, GE and most oil companies. The protesters point to an IRS report that four hundred of America’s wealthiest individuals take home more money than half the population of the country.

President Obama Sunday indicated his own frustration with the huge redistribution of wealth in America that has taken place over the past 30 years. A stark redistribution upward. He blamed too few people holding too much money, money that should be in circulation in this county instead of being invested in foreign countries that offer up obedient and low paying workers in China, Singapore and Vietnam. Obama and Oregon’s own Congressional delegation supports a streamlining of the U.S. Tax Code so that the top corporations and the most wealthy pay a larger share of the country’s costs to be a country. The tax code in the 1950’s was 91% for the rich. Today, it’s mostly 15%, causing a huge draw down on the country’s ability to invest in education, job creation and re-establishing its rightful place in the world economy.

Others called for an end to “America always being at war with somebody.” One protester said “spending a billion dollars every other day in Iraq and Afghanistan and not having it count in the budget is mindless and only shows the political power of America’s military weapons industry to dominate Washington.”

Here’s an IRS report that may explain why there appears to be something like class conflict beginning to emerge in the U.S.

 Taxes  Comments Off on Here’s an IRS report that may explain why there appears to be something like class conflict beginning to emerge in the U.S.
Apr 172011
 

For the past few years there has been a growing chorus of conservatives who claim that democrats or the liberal wing of the Democratic Party are trying to re-distribute the country’s wealth as a “slide toward Socialism.” According to the Internal Revenue Service, it’s true that there has been a dramatic shift in who holds the country’s wealth. Except the IRS reports the country’s wealth has been flowing uphill, not down. Such a revelation would seem to bolster arguments that America’s recovery from the worst recession in 80 years is being dragged down by too much money being held in too few hands. The IRS actually uses the phrase “the richest 400 American taxpayers” as commanding an enormous amount of wealth that exceeds that of half the the country. The story is in the Oregonian. Click here.